Approach prospective clients and partners; make presentations. After the market bottomed in 2009, GSO launched its first rescue lending fund, which closed at $3.3billion. The next year it acquired nine CLOs from Allied Capital Corp., and a year later it bought Harbourmaster Capital Management, a $10billion European leveraged-loan manager, and four CLOs from Allied Irish Bank. But the $1billion price tag the proceeds of which the partners rolled over into GSO funds and the potential to take advantage of what they thought would be a huge shift on Wall Street helped alleviate their concerns. Take the highly confident letter, a piece of paper Drexel would issue to the board of a company as a promise that it would provide financing on deals. The firm had purchased a small CLO group, run by Daniel Smith, from Royal Bank of Canada. 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. Credit Suisse bought DLJ for $11.5billion in 2000 and combined the firm with its New Yorkbased investment banking unit, Credit Suisse First Boston. 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. The private equity business of the investment firm was not included . But Goodman shunted humility aside at least temporarily during his lunch with Moran. 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. In the late 1990s, Schwarzman, a client of DLJs, asked Goodman to start a credit business at Blackstone. Our e-commerce site allows you to purchase electronic devices & accessories smoothly at a great value. 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. Mr. Lauder is currently the Chairman of Clinique Laboratories, a division of The Este Lauder Companies. Wasserstein & Co. is an independent private equity and investment firm, with offices in New York and Los Angeles. 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). In 2004, he added New York Magazine to his media empire. Grace serves as the CEO of Queen's Gambit. [2], Perella left the firm for Morgan Stanley in 1993. Shortly thereafter Ostrover assumed responsibility for leveraged finance and Smith joined Goodman in the alternatives group. Wasserstein & Co. also manages a significant portfolio of debt and equity securities and other investments on behalf of our stockholders and other investors. 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. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. 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. 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. Prior to joining Wasserstein Debt Opportunities Management, LP he was Senior Product Manager at J.P. Morgan for three years in their Hedge Fund services business in the United States. 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. Private Equity Associates work as a team to initiate and continue the funding process of new private equity firms. Process, was the least enthusiastic about the tie-up, concerned that they were trading away their autonomy. 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. [8], In 2000, Wasserstein Perella ranked fifth in the U.S. as an adviser on mergers and acquisitions. Though the three founders couldnt be more different, theyve maintained their partnership without a blip for 20 years. Mr. Dutton has been working in the Hedge Fund Industry since 1997 and joined Wasserstein Debt Opportunities Management, LP in June 2013. Victoria Grace is a founding partner of Colle Capital Partners LP, an opportunistic, early stage technology venture fund. 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. Credit to Steve, he really trusted me on this one, adds James, who says Blackstone was looking for an area of asset management with room to grow that would complement its existing private equity, real estate and fund-of-hedge-funds businesses. Dresdner Kleinwort Wasserstein (DrKW) operates as the investment banking arm of Germany's Dresdner Bank AG. You can find out more about which cookies we are using or switch them off in settings. The Team. Jan 2003 - Mar 20052 years 3 months. Work with portfolio companies to address ever-changing cyber-security considerations. He has done extensive work on the implementation of precision medicine in the developing world. Wasserstein Perella & Co., sometimes referred to as "Wasserella", was a boutique investment bank established by Bruce Wasserstein, Joseph R. Perella, Bill Lambert, and Charles Ward in 1988, former bankers at First Boston Corp., until its eventual sale to Dresdner Bank in 2000 for some $1.4 billion in stock. 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. Mr. Bagaria was a board director of LVI Services, Inc., Generation Brands and Playpower, Inc. During the most recent recession, Mr. Bagaria was a manager of a multi-billion dollar senior loan vehicle. Track ESG-related metrics across our portfolio companies and engage and collaborate with portfolio companies to consider recommendations from these findings. Prior to founding Alta Semper, Afsane spent nearly five years with the Duet Group as the Managing Director of the firms African Private Equity platform, investing nearly US$200m across Sub-Saharan Africa. 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. As the market comes down, we put out a lot. Highlight the portfolio companys progress on ESG matters. Executives at two publicly traded alternatives firms say they arent so much concerned about Blackstone as a competitor in private equity but that theyve been blindsided by GSOs growth. 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. Earlier in her career, she was part of the Consumer Team at Permira in London which followed her time at Wasserstein Private Equity and Merrill Lynch in New York. Blackstone Groups GSO Capital: Lenders of Last Resort. The firm seeks to create differentiated high yield exposure through primarily private equity backed, US non-large cap high yield issues, where WDO sees potential for price inefficiency. Dealmaker Bruce Wasserstein, famously nicknamed "Bid 'em up Bruce," died at the age of 61 in 2009, leaving his heirs a fortune wrought from years of fierce deal making. ALM, which in January 2005 changed its name from American Lawyer Media, was formed by U.S. Equity Partners L.P., a private equity fund sponsored by Wasserstein & Co. Mr. Jones received his MBA from the Yale School of Management and his B.S. Apologizing for the seeming hokeyness of it, he refers to a black-and-white picture in his office of New Yorks Orchard Street early in the past century, with unpaved, muddy roads; pushcarts; and a glimpse of Ostrovers Smoked Fish. We build SMAs to meet clients yield and volatility targets. Mr. Campbell received a B.S. Though investors seem to have set their concerns aside, GSO maintains that Europe poses the same risks to the global economy it always did and that rates must rise sometime in the next four years. At a bank youre working for anonymous shareholders, trying to make as much money as you can, he explains. 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. I fell for it hook, line and sinker, says Goodman. During his time at the IFC, he advised on the first PPP in the West Bank. Prior to Emerging Capital Partners, Zachary was an M&A Executive at SABMiller and worked on beverage related transactions in South Africa, Nigeria, Angola, Kenya, Ethiopia, Malawi, and Tanzania. Updated June 5, 2014, 1:21 p.m. | An investor consortium led by Wasserstein & Company announced on Wednesday that it bought back ALM Media, which publishes The American Laywer and other titles, from its current owners, Apax Partners and the Royal Bank of Scotland.. 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. About Wasserstein family. 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. Mr. Bagaria earned a B.A. 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. Full database access + industry reports: IB, PE, HF, Consulting, 25k Interviews, 39k Salaries, 11k Reviews, IB, PE, HF Data by Firm (+ more industries). The firm seeks to create differentiated high yield exposure through primarily private equity backed, US non-large cap high yield issues, where WDO sees potential for price inefficiency. Key Takeaways. That also plummeted in value. He also served on the Board of Directors of the Center for a New American Security and the National Guard Youth Foundation. Wasserstein 3-in-1 Floodlight, Charger and Mount for Wyze Cam V3 (Camera Not Included) 4.8. She previously served as Partner at Wall Street Technology Partners LP and Director of the Dresdner Kleinwort Wasserstein Private Equity Group. Prior to this endeavor, she built a rich resume in the financial services sector, specifically working with private equity investment. Smith is the third generation in his Indianapolis Irish family to graduate from the Catholic university; two of his four kids are currently studying there. 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. The Deutsche Bank portfolio was marked to about 5 cents on the dollar for the quarter ended March 31, 2009. Other deals include the $25 billion merger of Swiss Bank Corp and UBS and the $10 billion merger of Morgan Stanley & Co. and Dean Witter Discover & Co.[10], "One of the Best Recruiters in the Neighborhood", "Michael J. Biondi, Banker and Deal Maker, Dies at 50", "Directors and Executive Officers of Lazard", "Investment banking: Walking away from Wall Street", Bruce Wasserstein, Chairman and CEO of Wasserstein Perella, https://en.wikipedia.org/w/index.php?title=Wasserstein_Perella_%26_Co.&oldid=1093705238, This page was last edited on 18 June 2022, at 09:47. Mr. Lauder is also Chairman of the Board of Governors of the Joseph H. Lauder Institute of Management and International Studies at the Wharton School at the University of Pennsylvania. EagleTree Capital is an independent private equity firm located in New York. On day one Credit Suisse gave the firm more than $500million to manage a big part of the approximately $3billion it had raised from outside investors, including the Bass brothers, Blackstone, Cornell University, K2 Advisors, MetLife, Notre Dame and Quellos Group (now owned by BlackRock). If you miss your Wasserstein Fellow appointment without notifying OPIA at least 24 hours in advance to cancel or reschedule your appointment, you will be barred from signing up [] But by the end of 2009, the firm had $24billion in assets. In 2008, Blackstone, looking to diversify, paid $1billion to acquire GSO, which then had a $3.2billion credit hedge fund, $500million in mezzanine investments and a $4.8billion collateralized loan obligation business. He began his career at The First Boston Corporation.He recently served on the Boards of Directors of Harry & David, Encompass Digital Media, and Access Scientific. Russias War On Ukraine: Daily News And Information From Ukraine, Bayern Munich Remain First But Must Switch Off Complacency Ahead Of PSG Fixture, More Ex-British Challenger 2 Tanks Are Bound For Ukraine As London Doubles Its Pledge, This African Country Of Millions Is Without PowerHeres What We Know, REI Workers In Cleveland Vote To Join The Retail, Wholesale And Department Store Union, What It Took To Bring Daisy Jones And The Six To TV, Texas GOP Censures Rep. Gonzales For Supporting Same-Sex Marriage And Gun Safety, New England Patriots Reportedly Set To Release Brian Hoyer, Leaving Two In The Quarterback Room, Salesforce Gapped Higher On Better-Than-Expected Earnings. The common things for fund are deals in the range of 10 - 50 millions dollars. If you disable this cookie, we will not be able to save your preferences. Smith, who calls himself Mr. Respect the human rights of those affected by our investment activities and seek to confirm that our portfolio company investments do not support companies that utilize child or forced labor or maintain discriminatory policies. New York, NY 10036 The higher amount of exits for fund were in 2011. Mr. Lauder also created Central European Media Enterprises, Ltd (NASDAQ: CETV), a leading commercial television company that reaches 95 million people in seven countries throughout Central and Eastern Europe. Legacy ABOUT WASSERSTEIN. Over the last 30 years, Mr. Campbell has served as a member of the Boards of Directors of public and private companies operating both within the US and globally and for numerous investments while at Wasserstein & Perella Co., Veritas Capital and DC Capital. 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. We target investments of between $30 million and $150 million. March 29-30, 2023 After two games, Kevin Durant looks to be extremely comfortable in the Phoenix Suns' offense. 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. Mr. Kelsey joined Wasserstein Debt Opportunities Management, LP in 2013 as an Associate. She previously served as Partner at Wall Street Technology Partners LP and Director of the Dresdner Kleinwort Wasserstein Private Equity Group. It wants to stay off the front pages of newspapers. We take a unique approach to asset management. After earning his MBA in 1984, the Miami-born Goodman took a full-time job with Drexel in New York. 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. She holds her MBA from Harvard Business School and a Bachelor of Science in Economics from The Wharton School at the University of Pennsylvania. The EagleTree Team has worked together for over 25 years. 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. But they dont want to commit their capital. It was keeping up-to-date in its credit work on certain companies and identifying potential situations for investment. In August the group put up $1billion in equity to buy a portfolio of busted bridge loans from Deutsche Bank, with the German bank providing 3-to-1 leverage. Premium. Mr. McLellan began his career in direct investing in 2004. . Under Blackstone, GSO has the heft to write big enough checks to fully finance a solution, reducing a companys need to find additional capital elsewhere. This ESG Policy (the Policy) amends, restates and supersedes EagleTrees ESG Policy that was first formally adopted in 2017. Terms & Conditions. If you're happy with cookies click proceed. The market is saying youre going bankrupt, Ostrover added. When the high-yield market trades at highs, we put out less capital, says Ostrover. Business Video. The Retail, Wholesale and Department Store Union (RWDSU), yesterday said that, at REI Inc. in Cleveland, Ohio, have voted to join the RWDSU, making this the third unionized REI store in the U.S. With Blackstone they would get scale, a brand, idea-sharing with the firms deal makers and access to new and larger clients. While Goodman loves to talk, Ostrover has to be pressed for details. Before that she was a Director of Dresdner Kleinwort Wasserstein Private Equity Group. . He recently served on the Boards of Directors of Harry & David, Encompass Digital Media, and Access Scientific. Credit jumped off the page.. Rescue lending has returned an annualized 15.2 percent since inception in September 2009. He is a CFA charterholder. Board Observer, Founding Partner at Colle Capital, Former Partner Wall Street Technology Partners , Director Dresdner Kleinwort Wasserstein Private Equity Group Neil Devani, JD Board Advisor, Investor & Advisor of Singularity Holdings VC Jason New, a onetime bankruptcy lawyer who had been with DLJ since 1999 and worked on some of the most complex distressed deals, such as financing Level 3 Communications and Qwest Communications, joined GSO at the start. 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. 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. Previously, Mr. Kelsey worked at Jefferies LLC in the Leveraged Credit Research group where he was responsible for covering the gaming and retail sectors. degree in Finance and Government from the University of Notre Dame in 2002, graduating magna cum laude. He began his business career in 1980 as a staff accountant at Coopers and Lybrand where he advanced to the position of tax manager, CPA, before his departure. GSO and Blackstone announced the deal in January 2008. When Smith was pitching deals at Credit Suisse, he was constantly being undercut by in-country banks. Marina is based in Alta Sempers Cairo office. Work with portfolio companies to advance EagleTrees ESG principles with the goal of improving long-term performance and minimizing adverse impacts in these areas. 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. Work with portfolio companies to integrate sustainability considerations into their business plans, as applicable. 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 the remainder of Wasserstein Perella by Dresdner Bank. Oct. 15, 2009 12:58 pm ET. 39th Floor After about a year of fundraising, commitments from existing LPs reached $790m, surpassing the original $750m target. As 2008 wore on and the credit crisis gathered steam, GSO started putting money to work. There is a place for capital formation at market rates of return and driven by problem solvers, explains Coulter. 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. Before becoming President and Chief Investment Officer of Wasserstein Debt Opportunities Management, LP, in 2013, Mr. Bagaria was a Partner and Investment Committee member of Apollo Investment Management (Apollo), the investment manager of Apollo Investment Corporation (AIC), a publicly traded business development company. This was more like a family reunion than an acquisition, says Schwarzman. GSO and Blackstone actively share information. Contact Details Address:1301 Avenue of the Americas, 44th FloorNew York, NY 10019United States Phone/Fax:Phone: 212-702-600Fax: 212-702-635 Other Contact Details:Website: . Prior to joining Alta Semper, Zachary was a Senior Associate at Emerging Capital Partners where he covered infrastructure and consumer / retail investments in Kenya. Leveraged loans offer a hedge against interest rates and can augment a largely xed-rate portfolio. GSO is actively managing the leveraged-loan ETF, the first of its kind. 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. 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. (The sentence was later reduced to two years.). 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. GSO was also overly dependent on Merrill Lynch and Credit Suisse, both of which were starting to feel pressure in the early days of the subprime crisis. We stand on this very busy street corner and see all this activity, says customized credit strategies partner Daniel Smith. A -. Afsane Jetha began her career at Merrill Lynch and Wasserstein Private Equity before moving on to the consumer team at Permira in London. Thats where you wanted to land a job if you were a Harvard Business School student. He began his career at The First Boston Corporation. [9], Wasserstein Perella advised Axa Financial in the $11.5 billion sale of Donaldson Lufkin & Jenrette to Credit Suisse First Boston in 2000, Philip Morris in its $14.9 billion acquisition of Nabisco Holdings Corp. and Time Warner in its $128 billion merger with America Online. and co-managed the company for five years until its merger. In 2008, Mr. Parsons served as a member of then-President-Elect Barack Obamas Economic Transition Team. Prior to the IFC Ahmed developed his investment banking and corporate finance experience as a senior associate with Beltone Investment Banking, Ernst & Young and the Arab African International Bank. Writing something down to zero is not your proudest moment, Goodman says. 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. Zachary has an MBA from The Wharton School at the University of Pennsylvania and a BA in Economics from Cornell University. PWP provides strategic, financial, and tactical advice in connection with executing complex mergers, acquisitions, company sales, and corporate divestitures, including carve-outs, joint ventures, and spin-offs, and relating to takeover preparedness and defense. degree in Individualized Study at New York University with studies at the London School of Economics, graduating cum laude. Investments can also be shared. Many investors wouldnt know how to approach that.. Former UFC Mens Bantamweight champion Cody Garbrandt celebrated a triumphant return to the Octagon on Saturday night. 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. Do you thrive in a challenging environment that combines intensity with collaboration? He has also studied Precision Medicine at Harvard Business School and Fintech at the Said School of the University of Oxford. Ahmed speaks English and Arabic and is based between Cairo and London. At Apollo, Mr. Bagaria invested in several asset classes including senior debt, high yield bonds, mezzanine finance and equity. Though it was satisfying to be on their own, Goodman, Ostrover and Smith were used to being No. Salesforce beat earnings-per-share estimates after the closing bell on March 1, 2023. Liverpool legend Roberto Firmino has offered himself to FC Barcelona through his agent, according to a report. He serves on the Board of Directors of USO Metro and the Board of Trustees of the Pomfret School. Working directly with CEO, funds . We focus primarily on equipment and services relating to water (drinking, waste and industrial) and other general industrial businesses including: pipes, pumps and valves; specialty chemicals; engineering services; and sensors, meters and monitors. 1 underwriter for high-yield bonds, a distinction it would keep for 12 years. Before that she was a Director of Dresdner Kleinwort Wasserstein Private Equity Group. Mr. Kelsey earned a B.S. There is a wealth transfer going on from banks shareholders to the investors in our funds, says Goodman. As a consequence, banks want to syndicate risk into the market put together a road show and talk to 200 investors. The GSO team has been through the ups and downs of numerous credit cycles, and theyre always worried and trying to protect the downside, says Timothy Walsh, chief investment officer of the $74billion New Jersey Pension Fund, which has committed to $1.1billion in investments in five GSO funds.
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