In all cases the company would likely be giving up control at the bottom of the market. By 1999, however, DLJ was hamstrung by its small balance sheet and a business that was primarily domestic. Two years out of the University of Notre Dame, he witnessed firsthand the toll Drexels failure took on senior managers whose wealth had been tied up in its stock. . After the market bottomed in 2009, GSO launched its first rescue lending fund, which closed at $3.3billion. Ryan Mollett, a 34-year-old managing partner who joined News group from BlackRock in 2011, wrote a paper late that year asserting that the housing market had bottomed. Morants agent denied previous allegations he hit and flashed his gun at a teenager suggesting they were made to tarnish his reputation. Mr. Jones is currently Chairman of Wasserstein & Co. He has over 25 years of experience in investment banking and private equity and has been responsible for building and overseeing both industry and product groups at major investment banking firms. That summer James approached Goodman the fourth time Blackstone had tried to entice him into a deal and stated the obvious: In credit were not where we want to be. Thoughtful Smart Home Products Wasserstein Home GSO has provided much-needed credit to scores of troubled companies like Hovnanian that couldnt tap public markets or get bank loans. Work with portfolio companies to advance EagleTrees ESG principles with the goal of improving long-term performance and minimizing adverse impacts in these areas. In addition to his role at Semper Capital, Greg is on the Board of Pan African Investment Company, an early-stage venture capital investor in Africa, founded by Mr. Ronald Lauder and Mr. Richard Parsons. He spent five years there, toiling on ten to 12 deals a year all of them different in a culture that rewarded Street smarts and a maniacal work ethic. Also, Mr. Jones served on the Board of Directors of Lazard and previously served on the Boards of Directors of Meyer Material, Odwalla, All-Clad, and IMAX, among other Wasserstein companies. 1Ls are permitted to meet with Wasserstein Fellows even before the October 15th career advising start date. Afsane Jetha is the CEO and Managing Partner of Alta Semper Capital, a dedicated growth markets private equity manager, which she co-founded in 2015 alongside Ronald Lauder (Chairman of Clinique, Este Lauder Companies) and Richard Parsons (Former CEO of Time Warner Group). The tank plus-up, which Ukrainian ambassador to the United Kingdom Vadym Prystaiko announced on Saturday, should come as no surprise. All Rights Reserved. Mr. OKeefe joined Wasserstein Debt Opportunities Management, LP in 2014 as an Associate. Though it was satisfying to be on their own, Goodman, Ostrover and Smith were used to being No. Its really hard for some people to be aggressive in times of disruption because you have to do your work beforehand, says partner Smith. With $58billion in assets under management and 235 employees, GSO has grown fivefold under the Blackstone umbrella. Commingled private fund exclusively for US and Non-US based qualified individuals, family offices and institutional investors, #1 performing high yield fund inception to date in the eVestment database (out of 200 funds), The strategy has outperformed a blended index of loan and high yield bonds by > 2.5x since inception. Leadership - EnsoData Mr. Dutton earned a Masters degree in Economics from University College Dublin and a joint Honors degree in Business and Economics from Trinity College Dublin. You had to figure things out and use your smarts instead of brute strength, Smith, 47, says. WASSERSTEIN - Wasserstein Its investments included City Ventures, a private homebuilder in Orange County, California, now planning to go public; EMI Music Publishing; Energy Alloys, a global provider of oil field metals; Spains Giant Cement Holding; and the U.K.s Miller Group. Upon Dresdner Bank's acquisition of Wasserstein Perella in January 2001, Wasserstein & Co. was spun off as an independent company owned by Bruce who . Goodman liberally quotes from his uncle, Skip Bertman, a former head coach at Louisiana State University who has the best baseball record in the National Collegiate Athletic Association and who took an influential role in Goodmans life after his father passed away when he was five years old. He subsequently established the investment bank boutique Wasserstein Perella & Co., which he later sold . The future looks bright for credit investing. Wasserstein Debt Opportunities | LinkedIn Hovnanian, for his part, was not convinced that the market would react as positively as Ostrover suggested. The death of Lazard Ltd. Chief Executive Bruce Wasserstein will trigger the vesting of stock currently valued at $188 million, confirming Mr. Wasserstein's status as one of history's most highly . News team looks for companies going through some sort of upheaval, such as a covenant breach, debt maturation, regulatory change, bankruptcy or a legal dispute like MBIAs battle with BofA. He also serves on, and was formerly Chairman, of the Advisory Board of the Yale School of Management and is on the Board of the Cate School. Prior to Duet, she was at GI Partners where she executed several transactions in the healthcare, consumer and real-estate sectors. EagleTrees ESG initiatives will be overseen by its ESG Committee, which includes EagleTrees two Co-Managing Partners and other members of senior management. Convene 117 West 46th Street, New York, Get limited access to our industry news, analysis and data, plus regular email updates. New York, NY 10036, EagleTree believes that it is better positioned to address many of the issues facing our portfolio companies in a rapidly changing world when we proactively incorporate ESG considerations into our investment approach. The ESG Committee also aims to ensure that all EagleTree employees are aware of EagleTrees culture of social responsibility and any amendments to this Policy. Overview of Wasserstein US Equity Partners IV Wasserstein US Equity Partners IV is a closed private equity fund managed by EagleTree Capital . Mr. McLellan was hired by Mr. Bagaria and initially worked within AIC from 2004 2006 before moving into the Strategic Value Fund. Orkila Capital was formed in 2013 to pursue proprietary and compelling growth equity investment opportunities in the media, entertainment and consumer sectors. Prior to that, he worked for 14 years in Senior Hedge Fund operations positions for top tier firms, including IFS State Street and HSBC. His ability to skillfully negotiate complex, high-stakes situations led to his appointment as head of investment banking at First Boston Corporation. 2023 Forbes Media LLC. PWP provides financial and structuring advice in connection with capital raising alternatives, including debt, equity, and hybrid capital, identifying alternative sources of growth capital, including SPACs and private capital, and assisting with identifying investors, developing terms and structuring the transaction. Fully 80 percent of GSOs senior management team is from DLJ. Though the three are equal partners at GSO, Smith and Ostrover often defer to Goodman for the final word. The up-gunned, tracked MT-LBs are further evidence of the Kremlins worsening equipment crisis as it struggles to make good its losses in Ukraine. Mr. Dutton has been working in the Hedge Fund Industry since 1997 and joined Wasserstein Debt Opportunities Management, LP in June 2013. With nearly 400 . What the SPR Refill Means for Oil Futures, The Radical, Lucrative, and Controversial Company Hiding in Stephen Schwarzmans Pocket, Oats: From the Original Energy Contract to Trendy Dairy Alternative, Modern Slavery Act Transparency Statement. Mr. Jones currently serves on the board of the health food company, Forager Project, Inc., as well as on the advisory boards of a number of investment firms. March 29-30, 2023 Perella Weinberg Partners She holds a BCom in Economics and Finance from McGill University and speaks English, Arabic and Armenian, and is proficient in French. [9] The firm was formed in January 2001, when the merchant banking group of Wasserstein Perella & Co., Inc., a global investment banking firm, spun out to become an independent firm upon the acquisition of Wasserstein Perella by You can find out more about which cookies we are using or switch them off in settings. 17.5B Acquisition of Stake in Deutsche Telekoms German and Austrian Tower Business, $6B Acquisition of Ortho Clinical Diagnostics, $22.2B Combination with AT&Ts WarnerMedia, $525M Growth Equity Investment from Blackstone, $1.1B Senior Secured and Convertible Notes. In 2004, he added New York Magazine to his media empire. Victoria has extensive experience in originating, structuring and monitoring venture capital transactions. Wasserstein controlled Wasserstein & Co., a private equity firm with investments in a number of industries, particularly media. Ibrahim holds a Bachelor of Laws and a masters degree from University of Paris I Panthon-Sorbonne, and a Bachelor of Laws from Cairo University. Mr. Lauder is currently the Chairman of Clinique Laboratories, a division of The Este Lauder Companies. The only opening that day was for Drexel, which was at the bottom of the Wall Street pecking order even as it dominated the business of financing non-investment-grade companies. In developing this Policy, we have considered a range of guidance, including the Principles for Responsible Investment, the American Investment Counsel Guidelines for Responsible Investment and the Sustainable Development Goals. She holds her MBA from Harvard Business School and a Bachelor of Science in Economics from The Wharton School at the University of Pennsylvania. Executive Team - mClinical Technology Afsane speaks Gujarati and French and is fourth-generation Tanzanian. ("TCP"), have entered into a definitive agreement to acquire Globecomm from a New York-based private equity firm. GSO also bought the debt of Clear Channel Communications, a private-equity-owned media company, and led a $1.25billion preferred stock deal for Chesapeake Energy so that company could develop natural-gas production from shale in eastern Ohio. In 1992, Goodman hired Ostrover from Grantchester Securities, the high-yield arm of boutique investment bank Wasserstein Perella & Co., to run DLJs sales and trading. Wasserstein & Co. is a leading independent private equity and investment firm, focused primarily on leveraged buyout investments and related investment activities. Wasserstein & Co. is an independent private equity and investment firm, with offices in New York and Los Angeles. Click here. Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling. Mr. Kelsey joined Wasserstein Debt Opportunities Management, LP in 2013 as an Associate. EagleTree recognizes that its approach to different ESG factors may vary among portfolio companies of different sizes, that fall within different industry sectors and that operate in different geographies. EagleTree Capital, All Rights Reserved | TermsofUse and Other Important Disclosure, 1185 Avenue of the Americas, 39thFloorNew York, NY 10036. Alta Semper Capital LLP is authorised and regulated by the Financial Conduct Authority (FCA) under Firm Reference Number (FRN) 756838. But after his wife, Meg, refused to leave New York, Goodman quickly set his sights on DLJ, a midsize investment bank known for equity research and a certain scrappiness and entrepreneurial culture. The group invented concepts such as payment-in-kind toggle bonds, with which an issuer can defer interest payments in return for a larger coupon in the future, and IPO carve-outs, whereby the parent company sells stock of a subsidiary to the public. Heres How To Trade The Stock Now, NBA Investigating Ja MorantGrizzlies Star Allegedly Flashed Gun On Instagram After Reports Of Violent Behavior, Liverpool Legend Roberto Firmino Reportedly Offers Himself To FC Barcelona, A Century Of Women, Work - And Juggling Family, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. Goodman, Smith and Ostrover founded GSO in 2005 to provide capital to non-investment-grade cyclical companies that were going through a tough patch but had tangible assets to put up as collateral to protect the firms downside when it lent them money. Track ESG-related metrics across our portfolio companies and engage and collaborate with portfolio companies to consider recommendations from these findings. Legacy ABOUT WASSERSTEIN. Previously, Mr. Montana worked at State Street Investment Management Services where he was responsible for fund administration in Global Emerging Markets. In its five years in the Blackstone fold, GSO has gone from having two fund products to managing 27. Prior to this endeavor, she built a rich resume in the financial services sector, specifically working with private equity investment. Wasserstein Debt Opportunities Management, LP ("WDO") is a New York-based SEC-registered investment advisor focused predominately on leveraged loans and high yield bonds. Wasserstein & Co. - Crunchbase Investor Profile & Investments As it turned out, GSO had done thorough credit analysis and structured the debt appropriately, and it made 1.5 times its investment in two years, with every company paying off its debts. Wasserstein established his reputation for orchestrating complex mergers and acquisitions at First Boston Corp., and later Wasserstein Perella & Co., an investment bank sold to Dresdner Bank in 2000 for $1.4 billion. Mr. Bagaria joined Apollo as a Principal in June 2004, two months after AIC held its initial public offering, and later was promoted to Partner. A month after its launch, GSO hired Donald (Dwight) Scott, who ran the energy practice at DLJ before joining El Paso Corp. in 2000. Its a different kind of satisfaction walking into the CIOs office for the Bass brothers.. ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) POLICY, TermsofUse and Other Important Disclosure. Hovnanian was the largest position in GSOs flagship hedge fund in 2012, and the firm made 50 percent on its capital in six months. Wasserstein closes biggest fund to date - Private Equity International By that July the three partners had launched GSO with 25 employees and one hedge fund. The firm was formed in January 2001, when the merchant banking group of Wasserstein Perella & Co., Inc., a global investment banking firm, spun out to become an independent firm upon the acquisition of Wasserstein Perella by Dresdner Bank. 1 and having a big firm behind them. The firm has financed well-known names like Chesapeake Energy Corp., struggling with weak natural-gas prices and controversy around its ex-CEO and needing capital to develop lucrative energy projects, and Sony Corp. while also providing $650million of capital to smaller homebuilding companies like the U.K.s Miller Group and $888million to companies in Europe last year, including Canberra Industries, Welcome Break and EMI Music Publishing. Wasserstein Debt Opportunities Management, LP (WDO) is a New York-based SEC-registered investment advisor focused predominately on leveraged loans and high yield bonds. Goodman is quick to credit the Blackstone brand for at least part of GSOs success. Mr. Bagaria is a co-founder and serves on the Board of Directors of The Manitou School, a private elementary school located in Cold Spring, New York. This ESG Policy (the Policy) amends, restates and supersedes EagleTrees ESG Policy that was first formally adopted in 2017. If Drexel came up with the junk bond and DLJ created the institutional leveraged-finance market, GSO is again reinventing the concept of providing capital to non-investment-grade companies this time as an asset manager. No one has represented Blackstones opulence more than its billionaire co-founder Schwarzman, who in 2000 reportedly paid $37million for a 34-room triplex on Park Avenue and has owned vacation properties in the Hamptons; Jamaica; Palm Beach, Florida; and Saint-Tropez. Meet Chicago's newest, most connected banker - Crain's Chicago Business Blackstone Group's GSO Capital: Lenders of Last Resort The private equity business of the investment firm was not included in the sale and was . GSOs returns have been top quartile. Convene 117 West 46th Street, New York, May 23-24, 2023 Goodman had never heard of the firm, but he distinctly remembers Frederick Joseph, Drexels CEO, passionately recounting how it financed entrepreneurs, married capital to ideas and was profoundly transforming whole industries. The firm manages capital on behalf of institutional and individual investors. Wasserstein Perella & Co. - Wikipedia At Apollo, Mr. Bagaria invested in several asset classes including senior debt, high yield bonds, mezzanine finance and equity. To support African health management excellence, he co-founded the African Institute for Health Care Management. Prior to that time he was a Senior and Founding Member of the Merchant . Prior to that, he held various positions in state and federal government, as counsel for Nelson Rockefeller and as a senior White House aide under President Gerald Ford. Mr. Bagaria is the Advisors President and Chief Investment Officer. While non-investment-grade companies need capital, investors need yield, and alternative credit strategies like those offered by GSO provide a much-needed boost to returns for bond portfolios. In 1993, Goodman hired Smith from Salomon Smith Barney, where he worked on restructurings. When the high-yield market trades at highs, we put out less capital, says Ostrover. It was keeping up-to-date in its credit work on certain companies and identifying potential situations for investment. This is bolstered by our expert shareholder base, which brings experienced strategic and operating partners to our transactions and best-in-class management teams. Mr. McLellan earned a B.S. The firm invests in privately held mid-market businesses primarily headquartered in North America with a focus on the following industry sectors: media and business services; consumer; and water and specialty industrial. Greg began his career over 19 years ago and served as a Captain and Infantry Officer in the United States Marine Corps. GSO was very synergistic and complemented our other businesses well.. For its drawdown funds alone, it committed $3billion to 26 companies. Wasserstein Home | LinkedIn As a result of the cumulative research among the different Blackstone groups, private equity bought $220million of nonperforming residential loans, the real estate team purchased $1.4billion of single-family homes to lease, and GSO invested in Hovnanian. (5) Wasserstein. Among his extensive experience in advising local and international clients on cutting-edge M&A transactions, Ibrahim advised Alta Semper on its acquisition of Macro Group (Egypt) and ODM (Morocco). Terms & Conditions. Alta Semper today manages funds on behalf of its founding shareholders as well as various US and European institutions, and is the most active investor in the healthcare space in Africa over the last two years. As applicable, EagleTrees Investment Committees in partnership with the ESG Sub-Committee will oversee and consider ESG issues, if any, that are material to a potential company investment. The day in early 1983 that the three firms sent recruiters to the campus, Bennett Goodman was playing basketball; when the game went into overtime, he arrived too late to get into the crowded blue-chip presentations. Approach prospective clients and partners; make presentations. In fact, the firm is preparing to be a buyer when rates rise and long-only mutual fund managers have to sell bonds to meet investor redemptions. It was the first of many overtures Blackstones executives would make to him. Mr. Jones currently serves on the board of the health food company, Forager Project, Inc., as well as on the advisory boards of a number of investment firms. The year he joined, the firm became the No. The top skills needed for this position are business management, market analysis, finance and accounting, problem-solving, data . Dresdner Kleinwort Wasserstein (DrKW) operates as the investment banking arm of Germany's Dresdner Bank AG. Prior to joining Alta Semper, Ahmed was a Director at CI Capital Investment Banking, a leading Cairo-based investment bank, where he sourced, led and executed several capital markets and M&A transactions. How Bruce Wasserstein Became The "Buyout Guru" - Finance Friday OC403953. It took a week before Hovnanian softened, but GSO got its deal. She is a graduate of the University of Pennsylvania's Wharton School where she earned her BS in Economics. The firms mezzanine fund has one of the best records in the industry, up an average of 19.9 percent a year net since inception in July 2007. The EagleTree Team has worked together for over 25 years. Wasserstein & Co. is an independent private equity and investment firm, focused on middle-market leveraged buyout investments and related investment activities. Its amorphous, and you dont know the people. He worked across the private equity life cycle including fund raising, new investments, portfolio management and exits. About - Swiftmile Jones received his MBA from the Yale School of Management and his B.S. Former partner at Wall Street Technology Partners and former Director of Dresdner Kleinwort Wasserstein Private Equity Group. While our focus is primarily on control equity investments, we have invested successfully across the entire capital structure spectrum, taking positions in preferred stock and various debt securities with compelling risk / return profiles. Stephen M. Sammut is a Senior Fellow in Health Care Management and a Lecturer in Entrepreneurship at The Wharton School of the University of Pennsylvania where he has taught over 11, 000 students in the last 25 years. We conduct our buyout investment activities through the Wasserstein Partners family of funds. GSO and Blackstone announced the deal in January 2008. Wasserstein Death Payout: $188 Million - WSJ Private Equity Explained With Examples and Ways to Invest - Investopedia Because of the regulatory environment, its harder for them to do that economically. Rescue lending has returned an annualized 15.2 percent since inception in September 2009. from the University of California at Berkeley. Wasserstein Home | LinkedIn GSOs hedge fund invested in public securities, mezzanine debt and distressed debt and provided some rescue lending for companies going through liquidity problems. Europe currently offers GSO the greatest opportunities. But unlike activist equity managers or loan-to-own credit funds, GSO doesnt seek to change management unless something goes wrong and it has no choice. Hints and clues to help you with today's Wordle. 39th Floor GSO, which is owned by private equity giant Blackstone Group, had spent six months digging into the finances of Hovnanian and had been buying up its equity, secured debt and unsecured debt since March. Afsane JethaUntitled Credit geeks Goodman, Ostrover and Smith nonetheless went to Blackstones extravagant road show at New Yorks Pierre hotel in the spring of 2007, the first time that granular detail about the private equity firm was available to the public. Previously, Mr. Jones was Head of West Coast Investment Banking at Wasserstein Perella and, prior to that, was Managing Director at Salomon Brothers from 1988 through 1994. 1 or 2 in their markets, looks at about 1,000 deals every year and completes fewer than 5 percent of those. In this regard, EagleTree has adopted a Diversity & Inclusion Statement and, in 2021, became a signatory to ILPAs Diversity in Action Initiative. Previously, Mr. OKeefe worked at S&P Capital IQ Leveraged Commentary & Data Group where he was responsible for research on leveraged loans and high yield bonds. This website uses cookies so that we can provide you with the best user experience possible. EagleTree has always strived to maintain a strong culture of good governance to ensure that it operates in a socially responsible manner. From 2002 2004, Mr. McLellan worked as an analyst for Deutsche Bank focusing on Mergers & Acquisitions and Media Investment Banking. 1 underwriter for high-yield bonds, a distinction it would keep for 12 years. His health-related management education works includes the design and delivery of the health care management MBA and executive programs at the Indian School of Business, as well as the health care management program at Strathmore University in Nairobi. So-called PE funds may also buy out . A Fundamentally Different Kind of SPAC - Data Intelligence. While at AGM, Mr. McLellan analyzed event-driven long/short equity and credit, distressed-for-control, private leveraged buyouts and private minority investments in a variety of sectors. Dresdner won't acquire Wasserstein's private equity business, which will be spun off to the U.S. firm's existing shareholders. . Over time GSO would sell the land back to the homebuilder. The new power brokers in the financial industry are money managers and investors like GSO, which control real assets. But its the as-yet-unfinalized Volcker rule that does the most damage to banks freedom, preventing them from engaging in proprietary trading or lending their own capital in speculative deals like the one to rescue Hovnanian. When DLJ tried issuing its own highly confident letters, they meant nothing, as DLJ had a small balance sheet. Instead, banks dominated the leveraged-finance markets, with few institutional buyers such as high-yield mutual funds. All HLS students are permitted to meet one-on-one with Wasserstein Fellows. Highlight the portfolio companys progress on ESG matters. Shortly thereafter Ostrover assumed responsibility for leveraged finance and Smith joined Goodman in the alternatives group. Portfolio, This content is from: He was CEO since the firms formation in 2001 through 2012. According to external marketing documents, its hedge fund has delivered a net annualized return of 13.6 percent since January 2010, compared with the HFRI Fund Weighted Composites return of 4.6 percent for the same period. The firm had purchased a small CLO group, run by Daniel Smith, from Royal Bank of Canada. Only logged in subscribers of this site will be able to access the shared article. Working directly with CEO, funds . Prior to joining Alta Semper, she was an Associate at Cordiant Capital, an emerging markets fund manager based in Montreal, where she conducted financial analysis and due diligence, worked on structuring and executing direct lending deals in TMT (Technology, Media & Telecom), Structured Trade Finance and Specialty Financial Services in EMEA, Latin America and Southeast Asia. PDF Private Equity Firms in Southern California - Los Angeles County In 2007, Merrill Lynch & Co. took a minority stake in GSO and the firm had its first closing for a new mezzanine fund. But by the end of 2009, the firm had $24billion in assets. The trio had remained close to James after he left DLJ for Blackstone, and they knew he was interested in striking some type of deal. a private-equity-owned . The firms long-only strategies include a $24billion CLO business, making GSO the largest institutional investor in leveraged loans, as well as closed-end and other funds. Funds advised by Apax Partners announce the sale of ALM Media to

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