wasserstein private equity

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. The GSO team is confident that the bright future investors are anticipating will lose its luster sooner or later, whether its because of inaction in Washington or rumblings from North Korea, Israel or Iran. Offered through a separated managed account platform exclusively for family offices and institutional investors, Proven regulatory capital efficient solution for insurance companies, #1 performing leveraged loan strategy inception to date in the eVestment database (out of 60 funds). 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. At present, he is a Senior Advisor at Providence Equity Partners, Inc., a leading private equity investment firm specialising in media, communications and information companies and is the Chairman of Governor Andrew Cuomos New NY Education Reform Commission. Wasserstein & Co. is a leading independent private equity and investment firm, focused primarily on leveraged buyout investments and related investment activities. Pam Wasserstein is the President of Vox Media, the leading independent modern media company, where she oversees strategic initiatives, including e-commerce and consumer businesses, as well as the New York Magazine brands. 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. Wasserstein Debt Opportunities specializes in US high yield investing, seeking to capitalize on price inefficiencies in non-large cap issues and underfollowed opportunities through a value-based and process-driven approach. The market is saying youre going bankrupt, Ostrover added. Terms & Conditions. But Goodman shunted humility aside at least temporarily during his lunch with Moran. While Goodman loves to talk, Ostrover has to be pressed for details. 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. contact@wasserco.com. Before joining Wasserstein Debt Opportunities Management, LP, Mr. McLellan was a Senior Vice President at Sheffield Asset Management, LLC (Sheffield), a Chicago-based fund with a contrarian value orientation. Between 2005 and 2012, GSOs assets grew at a compounded annual rate of 29 percent. Hard work got him noticed at Drexel, as well as a meeting with Moran. EagleTree believes its collaborativeapproach toinvesting createsvalue across a defined set of initiatives developed in partnership with portfolio company management. The controversial Wasserstein was married four times and had six children with three different women, one out of wedlock, leading to an inheritance dispute between his heirs. 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. The 30-year-old newly minted Drexel vice president told the DLJ executive, Im going to help build this big business at DLJ, and youre going to get rich and famous. Moran, who says he instantly liked Goodman and the wealth of experience he had gotten working on deals inside the Drexel pressure cooker, hired him. 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. Our investment activities are focused on middle-market leveraged buyout investments and related investment activities. The company offers its corporate, government, and institutional clients a variety of capital markets products and services, including short-term products and treasury, equity products, rates, credit products, foreign exchange debt origination, sales and marketing, research, risk . Register now to read this article and more for free. She holds her MBA from Harvard Business School and a Bachelor of Science in Economics from The Wharton School at the University of Pennsylvania. In the process, Drexel helped spark an unprecedented era of prosperity in the U.S. as companies like Ted Turners Turner Broadcasting System, Craig McCaws McCaw Cellular Communications and William McGowans MCI Communications Corp. rapidly expanded by using this newly available source of capital. Hovnanian, for his part, was not convinced that the market would react as positively as Ostrover suggested. 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. 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. Only logged in subscribers of this site will be able to access the shared article. GSO which Goodman jokingly refers to as the Warren Buffett of the dregs is at the center of a reshaped Wall Street, where newly chastened banks are retreating to traditional roles as advisers to corporations, underwriting bonds for only the most highly rated companies and riskless deals. At that time, Drexel had a lock on the business. This website uses cookies so that we can provide you with the best user experience possible. Wasserstein Debt Opportunities Management, LP (WDO) is a New York-based SEC-registered investment advisor focused predominately on leveraged loans and high yield bonds. But, as Smith says, its also a great place to lose money. 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. A +. 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. To be sure, Blackstone is not the only manager to have smelled opportunity in the financing void. Smith, who had been co-head of high-yield group among other positions at Van Kampen Investments, now runs GSOs customized credit strategies, including CLOs, closed-end funds and Franklin Square Capital Partners, its small-cap direct lending group. He was CEO since the firms formation in 2001 through 2012. Houston-based Scott oversees GSOs energy group. degree in Business Administration from Western New England University with a concentration in finance. At the same time, Blackstone had relationships with almost every major institutional investor in the world, a group that had, on average, $200million in assets invested with the firm. With over 15 years of experience, the principals of Orkila seek to leverage their deep industry knowledge and . She previously served as Partner at Wall Street Technology Partners LP and Director of the Dresdner Kleinwort Wasserstein Private Equity Group. In 2015, EagleTree spun out of Wasserstein & Co, which was formed in January 2001, when the merchant banking group of Wasserstein Perella became an independent firm. Though the three are equal partners at GSO, Smith and Ostrover often defer to Goodman for the final word. IN THE 1980S,WALL STREEThad a clear pecking order. In 2001, he established the Neue Galerie New York, of which he is President. 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. With Drexel and Milken gone amid a recession, many market watchers thought high-yield financing would die. Orkila Capital was formed in 2013 to pursue proprietary and compelling growth equity investment opportunities in the media, entertainment and consumer sectors. GSO is actively managing the leveraged-loan ETF, the first of its kind. Terms aren't expected to be disclosed, but a person briefed on the matter said the price was about $417 million. Though it was satisfying to be on their own, Goodman, Ostrover and Smith were used to being No. 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. The tank plus-up, which Ukrainian ambassador to the United Kingdom Vadym Prystaiko announced on Saturday, should come as no surprise. Wasserstein Home | 849 followers on LinkedIn. She co-founded Work It, Mom! All Rights Reserved. Credit jumped off the page.. "It's all family, every aspect of this place," Mr. Moss, who has edited New York since 2004, said in an interview last week at . 99 Canal Center Plaza | Suite 400 When Sony was trying to buy EMI in the fall of 2011, it couldnt consolidate all the debt onto its balance sheet without getting downgraded. Mr. Jones received his MBA from the Yale School of Management and his B.S. (The sentence was later reduced to two years.). GSO is hoping to be a big part of the transformation. 2016 EagleTree intends to engage with clients and stakeholders, from time to time, in dialogue regarding how we can manage ESG issues in a way that is consistent with their initiatives. Loan prices dropped 30 points, obliterating almost the entire investment at least on paper. Blackstones offices on Park Avenue are nothing short of glitzy, with unobstructed views of the New York skyline and floors connected by grand staircases with polished metal banisters. Then, in the 1980s at First Boston, and at Wasserstein Perella after 1988, together they helped create "a dynasty of bankers and executives that has spread throughout Wall Street and corporate America". So the firm created the bridge loan, not promising capital but intended to tide the company over until it could obtain permanent financing. He holds an AB from Princeton University. Blackstone referred Sony to GSO, which crafted a deal of mezzanine debt and equity warrants in the company. From 2002 2004, Mr. McLellan worked as an analyst for Deutsche Bank focusing on Mergers & Acquisitions and Media Investment Banking. GSO put about $5billion of capital to work as the markets slid after the downgrade. Prior to founding Colle Capital, Ms. Grace was a partner at Wall Street Technology Partners LP, a mid-stage technology fund, from November 2000 to February 2014, and a director of Dresdner Kleinwort Wasserstein Private Equity Group from November 2000 to October 2004. A verification email is on its way to you. 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. You should only be asked to sign in once. Ara Hovnanian, CEO of Hovnanian Enterprises, knew little about GSO Capital Partners before the credit-oriented alternative asset manager offered the struggling homebuilder a lifeline last year. The deal wouldnt have happened without Goodman, Smith and Ostrovers former boss, Tony James, who had joined Blackstone as president in 2002 after Credit Suisse bought DLJ and who manages the firms day-to-day operations. During the road show, Blackstone disclosed its numbers, showing heft in private equity, real estate and funds of hedge funds, but credit was an afterthought, amounting to only about $5billion in assets. 300+ video lessons across 6 modeling courses taught by elite practitioners at the top investment banks and private equity funds -- Excel Modeling -- Financial Statement Modeling -- M&A Modeling -- LBO Modeling -- DCF and Valuation Modeling -- ALL INCLUDED + 2 Huge Bonuses. As the market comes down, we put out a lot. Having a better understanding of credit markets, having a better idea of how we could finance a creative idea, would make us better in private equity, says James. Mr. Bagaria is the Advisors President and Chief Investment Officer. In the old days highly cyclical companies in trouble could sell control to a competitor, a private equity firm or a hedge fund firm that took a loan-to-own strategy. About Wasserstein & Co. Wasserstein & Co. is a leading independent private equity and investment firm, focused primarily on leveraged buyout investments and related investment activities. 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. EagleTree Capital, All Rights Reserved | TermsofUse and Other Important Disclosure, 1185 Avenue of the Americas, 39thFloorNew York, NY 10036. Original price $69.99. But its deals remained small, providing funding for companies like Pacific Lumber and Caff Nero, a U.K. coffeehouse chain. Instead, banks dominated the leveraged-finance markets, with few institutional buyers such as high-yield mutual funds. Ostrover, now 50, who helped build the leveraged-finance business at investment bank Donaldson, Lufkin & Jenrette during the 1990s, explained his idea for solving Hovnanians liquidity problems. . 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. Oct. 15, 2009 12:58 pm ET. Don't have an account? Overview of Wasserstein US Equity Partners IV Wasserstein US Equity Partners IV is a closed private equity fund managed by EagleTree Capital . Our team consists of exceptional individuals who, through collaboration and sharing of diverse perspectives and experiences, formulate unique solutions to help our clients address complex strategic and financial challenges. The approximately $4billion portfolio was distributed across GSOs own funds as well as Blackstones private equity portfolios. Mr. OKeefe earned a B.S. Because of the regulatory environment, its harder for them to do that economically. Zachary joined Alta Semper in 2016 and brings more than nine years of advisory and investing experience to the firm. 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. Prior to that, he was a managing director of Dresdner Kleinwort Wasserstein Private Equity Partners and related funds, and made and managed in excess of 30 private equity and partnership investments. You couldnt hope to compete because the banks were so aggressive, he says. Competition from increasingly bigger banks was fierce. When DLJ tried issuing its own highly confident letters, they meant nothing, as DLJ had a small balance sheet. Garrett Moran, who ran the high-yield bond group at DLJ, says Goodman stalked him for six months, wanting to pitch his idea for a capital markets desk. These initiatives and strategies include new product launches, entrance into new markets, add-on acquisitions and operational improvements. GSO founders Goodman, Ostrover and Tripp Smith have emerged as lenders of last resort, filling the gaping financing void left by banks and opportunistic hedge funds in the wake of the 200809 financial crisis. Liverpool legend Roberto Firmino has offered himself to FC Barcelona through his agent, according to a report. 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. Though DLJ investment banking staffers left in droves after the deal including James, though he stayed two years as part of the merger agreement Goodman, Smith and Ostrover flourished. We have a reputation for identifying and . If youve been out in the battlefield for seven years, being shot at constantly, you dont know what to do if the bullets stop flying, he told Ostrover, who left the lunch uncertain whether the CEO would agree to his plan. He currently serves on the Board of Governors of the Middle East Institute and is a former Vice Chairman of the organization. After James joined Blackstone, Goodman took over CSFBs alternative capital division. Mr. Campbell received a B.S. The firm seeks to . 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. Many investors wouldnt know how to approach that.. What the three founders have built at GSO, they originally planned for CSFB. Mr. McLellan was hired by Mr. Bagaria and initially worked within AIC from 2004 2006 before moving into the Strategic Value Fund. Mr. Bagaria is the Advisors President and Chief Investment Officer. Most PE firms are open to accredited investors or those who are deemed high-net . Summarize the positive impact that our integration of ESG initiatives had on the portfolio companys business and/or culture. But they dont want to commit their capital. Though hurt by the financial crisis, Blackstone and GSO have emerged as dominant players in its aftermath. This Policy reflects our current approach to considering and addressing Environmental, Social and Governance (ESG) factors and which has been further developed and refined since we became a PRI signatory in 2019. Afsane Jetha began her career at Merrill Lynch and Wasserstein Private Equity before moving on to the consumer team at Permira in London. Joseph H. Lauder Institute of Management and International Studies. (212) 702-5602 We are using cookies to give you the best experience on our website. This Wasserstein & Co. works on 31 percentage points more the average amount of lead investments comparing to the other organizations. Prior to that time he was a Senior and Founding Member of the Merchant Banking Group of Wasserstein & Perella Co., Inc. since its inception in 1988. The EagleTree Capital team is currently investing its fifth private equity fund, EagleTree Partners V, with over $1.1 billion of committed capital. They have a zealous approach to protecting capital, and theyve found a way to extend credit to organizations that need it and structure it in a way that takes advantage of the environment at the time, says Blackstone chairman, CEO and co-founder Stephen Schwarzman. GSO founders Bennett Goodman, Tripp Smith and Douglas Ostrover have become a key source of capital for non-investment-grade companies struggling to get financing, and in the process they have made a lot of money for themselves; their parent, Blackstone Group; and their investors. document.write(new Date().getFullYear()); He also serves on Semper Capitals Risk Management and Compliance committees. Wasserstein Debt Opportunities Management, LP (WDO) is a New York-based SEC-registered investment advisor focused predominately on leveraged loans and high yield bonds. Zachary has an MBA from The Wharton School at the University of Pennsylvania and a BA in Economics from Cornell University. But things are changing much more slowly in Europe than they did in the U.S. Every European country has its own business climate, union rules and regulatory system, and bankruptcy law isnt always clear enough for a manager like GSO to get the assurance it needs to invest in a troubled company. EagleTree has a history of charitable giving and an active Philanthropic Committee that strives to support a number of charities from both a financial and volunteer perspective. 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. Debt opportunities management delivered through partnership, visionand experience. 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. In the U.S. banks provide about 30 percent of lending, with capital markets and investors providing the remainder. This ESG Policy (the Policy) amends, restates and supersedes EagleTrees ESG Policy that was first formally adopted in 2017. Wasserstein 3-in-1 Floodlight, Charger and Mount for Wyze Cam V3 (Camera Not Included) 4.8. Approach prospective clients and partners; make presentations. Afsane Jetha began her career at Merrill Lynch and Wasserstein Private Equity before moving on to the consumer team at Permira in London. Today it offers $27billion in alternative-investment funds, including the now $4billion hedge fund, $8billion in mezzanine funds financing buyouts for private equity $8billion in rescue lending and $7billion in small-cap direct lending. He is a co-founder of Pangea University for the Health Sciences, a newly formed international platform for medical, nursing and health technology education for the emerging and frontier markets. Prior to that, he worked for 14 years in Senior Hedge Fund operations positions for top tier firms, including IFS State Street and HSBC. Mr. Jones is currently Chairman of Wasserstein & Co. 39th Floor Remnants of the financial crisis continue to cast a shadow on markets, especially in Europe. Private equity is capital that is not noted on a public exchange. Incorporate detailed ESG considerations into our pre-investment decision-making process in order to better assess ESG risks and opportunities and to provide us with an initial overview of a potential portfolio companys ESG profile. Legacy ABOUT WASSERSTEIN. Wasserstein & Co. is an independent private equity and investment firm, focused on middle-market leveraged buyout investments and related investment activities. PE firms charge a management fee of typically 2% of AMU and a performance fee of 20% of the profits. The EagleTree Capital team is currently investing its fifth private equity fund, EagleTree Partners V, with over $1.1 billion of committed capital. His ability to skillfully negotiate complex, high-stakes situations led to his appointment as head of investment banking at First Boston Corporation. Patience is the key, says Smith, adding that GSOs funds and compensation are structured in such a way that staffers dont have to feel compelled to put money to work in deals that dont make sense. She is a graduate of the University of Pennsylvania's Wharton School where she earned her BS in Economics. Wasserstein & Co., the private equity firm founded by the late Bruce Wasserstein who also bought New York magazine in 2003, has made a deal to acquire satellite communications giant Globecomm Syst The common things for fund are deals in the range of 10 - 50 millions dollars. Earlier in his career, Ahmed worked with the International Finance Corporation (IFC), the private sector arm of the World Bank, in Cairo, advising government-owned enterprises in the MENA region and Sub-Saharan Africa on public-private partnerships (PPP). Chief Financial Officer - Appointed CFO of Gabelli Group in 2001, re-joined as CFO in 2014 (after serving company as independent director / advisor from 2008). Tudor, Pickering, Holt & Co. Securities - Canada, ULC is a Member of the Canadian Investor Protection Fund and the New Self-Regulatory Organization of Canada. [2] One First Boston analyst, Paul Mecurio, left corporate life to become a comedian. He formerly served on the Board of Trustees of Lehigh University and served as Chairman of the Board of Trustees of Fordham Preparatory School. 1 and having a big firm behind them. The Capital Solutions Fund GSOs rescue lending vehicle is an object lesson in the maturation of alternative credit. Before joining Time Warner, in 1995, Mr. Parsons was Chairman and CEO of Dime Bancorp, Inc., one of the largest thrift institutions in the United States. Mr. McLellan joined Wasserstein Debt Opportunities Management, LP in 2017 as a Managing Director. In the 1990s, GSOs three founders, then working for Hamilton (Tony) James at DLJ, took up where Drexel left off, building that firm into the No. Today, the firm manages approximately $2 billion of capital on behalf of institutional and individual investors, including public and corporate pension funds, foreign governmental entities, endowments and foundations and high net worth individuals. EagleTree Capital is an independent private equity firm located in New York. GSOs hedge fund invested in public securities, mezzanine debt and distressed debt and provided some rescue lending for companies going through liquidity problems. Blackstone allowed us to take our business from being three years old to ten overnight, Ostrover says. 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. If we were Schmeckle & Schmeckle or just stand-alone GSO, theres no way the board of Sony or some of these other companies would have gone along with some no-name firm, he explains. Goodman states the obvious: No company does business with us because were such nice guys, though we like to think we are. Greg is responsible for oversight and portfolio management at PIC. At Apollo, Mr. Bagaria invested in several asset classes including senior debt, high yield bonds, mezzanine finance and equity. 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. Dresdner Kleinwort Wasserstein (DrKW) operates as the investment banking arm of Germany's Dresdner Bank AG. The ESG Committee will meet at least quarterly. The group has products that do better in different market environments, such as its closed-end funds and a new exchange-traded fund it recently launched with State Street Global Advisors. Bruce Wasserstein was an American investment banker, businessman, and writer who began his career as an attorney with Cravath, Swaine & Moore. Other investments recently controlled by Mr. Campbell and for which he served as Chairman include, but are not limited to, National Interest Security Company, LLC; SC3, LLC; and International Development Solutions, LLC. 2005-2023 Wall Street Oasis. 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.

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