wasserstein private equity

Prior to Duet, she was at GI Partners where she executed several transactions in the healthcare, consumer and real-estate sectors. Indeed, when Hovnanian announced the land banking deal on July 13, 2012, its stock rose, its senior secured debt traded up from 84 to 97 cents on the dollar, and the price of the CDS contracts collapsed. 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. Instead, banks dominated the leveraged-finance markets, with few institutional buyers such as high-yield mutual funds. The firm, which has a competitive advantage by doing most of its own loan originations and investing in companies that are No. Though hurt by the financial crisis, Blackstone and GSO have emerged as dominant players in its aftermath. from the University of California at Berkeley. Smith, who calls himself Mr. In contrast to the few traditional deals a year that a junior banker at Goldman might work on, Goodman cut his teeth on such unusual transactions as KKRs investment in Union Texas Petroleum Holdings in 1985 and Maxams 1986 takeover of Pacific Lumber Co. For the latter he and Joshua Friedman, then head of the capital markets group at Drexel, came up with a term sheet for a zero-coupon increasing-rate note whose complexity and model they still laugh about. [2], Perella left the firm for Morgan Stanley in 1993. Prior to joining Sheffield, Mr. McLellan worked at Apollo Global Management, LLC (AGM) from 2004 2010. Thoughtful Electronics and Accessories for Smart Homes | Market leader and accessory manufacturer of smart home products such as Google Home, Nest, Ring, Arlo, Echo devices among others. Our investment activities are focused on middle-market leveraged buyout investments and related investment activities. 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. In the meantime, it has cut back the pace of investments and is going after only the most compelling ones, in industry sectors including shipping, metals and mining, and natural gas. Its not the Wild West, not the personality-driven days of 20 years ago. 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. 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.While working at Sheffield from 2010 2016, Mr. McLellan led many of the largest positions analyzing long/short equity and credit investments. We, on the other hand, want to own the risk.. To support African health management excellence, he co-founded the African Institute for Health Care Management. About Wasserstein & Co. Wasserstein & Co. is a leading independent private equity and investment firm, focused primarily on leveraged buyout investments and related investment activities. We are using cookies to give you the best experience on our website. Alice Katwan. In 1993, Goodman hired Smith from Salomon Smith Barney, where he worked on restructurings. The private equity business of the investment firm was not included in the sale and was . 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. Convene 117 West 46th Street, New York, Get limited access to our industry news, analysis and data, plus regular email updates. Private equity is capital that is not noted on a public exchange. 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. Banks may no longer have the balance sheets, but big institutional investors like sovereign wealth funds, endowments and pension funds do. 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. 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. 2005-2023 Wall Street Oasis. 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. Wasserstein Debt Opportunities Management, LP (WDO) is a New York-based SEC-registered investment advisor focused predominately on leveraged loans and high yield bonds. Please check your spam or junk folder just in case. But its deals remained small, providing funding for companies like Pacific Lumber and Caff Nero, a U.K. coffeehouse chain. Shortly thereafter Ostrover assumed responsibility for leveraged finance and Smith joined Goodman in the alternatives group. When DLJ tried issuing its own highly confident letters, they meant nothing, as DLJ had a small balance sheet. Register now to read this article and more for free. 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. If you disable this cookie, we will not be able to save your preferences. Mr. Jones is currently Chairman of Wasserstein & Co. Douglas Ostrover, the O in GSO, invited him to lunch at Manhattans Core Club in July 2012, just as the U.S. housing market was showing a few signs of life. She has strong personal and professional ties to East Africa being a fourth generation Tanzanian. Mr. OKeefe earned a B.S. In February 1990, Drexel filed for bankruptcy; two months later Milken pled guilty to lesser charges, agreeing to pay a $600million fine and serve ten years in jail. 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. She is a graduate of the University of Pennsylvania's Wharton School where she earned her BS in Economics. GSO has $8billion in dry powder to put to work when rates eventually rise and investors inevitably sell at least some of the bonds theyve bought in recent years. Credit investors, on the other hand, are pessimists, aware that the upside of their investments is limited, evaluating everything that can go wrong in an effort to protect their principal. Mr. Bagaria began his career in the leveraged finance market in 1999. The Deutsche Bank portfolio was marked to about 5 cents on the dollar for the quarter ended March 31, 2009. Goodman is the storyteller of the group, Ostrover is Mr. Markets, and Smith wants to stay out of the limelight and just do deals. 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. Do you thrive in a challenging environment that combines intensity with collaboration? All rights reserved. While Goodman loves to talk, Ostrover has to be pressed for details. In 2007, the peak for the firms performance fees, private equity contributed the bulk of the total. We have a reputation for identifying and . 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. [7] The investment banking business of Dresdner Bank changed its name to Dresdner Kleinwort Wasserstein as a result of the deal. Investment efforts are focused across threesectors: Focusing on brands, we target a wide range of consumer products, including personal care, food and beverage (including organic, natural and good-for-you), enthusiast/sporting, housewares and luxury products, among others. 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. 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. Our close-knit team shares 70 years of combined specialist experience gained at leading private equity and investment firms. His research and publications focus on international development with a special focus on capacity building in health care and biopharmaceutical production in emerging economies. His company had been bleeding money for six years and had used up every penny of its capacity to issue secured debt. Though the three founders couldnt be more different, theyve maintained their partnership without a blip for 20 years. 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. On the strength of that bridge loan business, we built ourselves up into the leading firm, says James. Blackstone referred Sony to GSO, which crafted a deal of mezzanine debt and equity warrants in the company. degree in Business Administration from Western New England University with a concentration in finance. Hints and clues to help you with today's Wordle. To be sure, Blackstone is not the only manager to have smelled opportunity in the financing void. A link has been emailed to you - check your inbox. Highlight the portfolio companys progress on ESG matters. GSO is actively managing the leveraged-loan ETF, the first of its kind. 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. Blackstones acquisition of GSO has been an undisputed winner. 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 ESG Committee also aims to ensure that all EagleTree employees are aware of EagleTrees culture of social responsibility and any amendments to this Policy. Afsane holds an MBA from Harvard Business School and a BSc in Economics, from The Wharton School at the University of Pennsylvania. He began his career at The First Boston Corporation. Hard work got him noticed at Drexel, as well as a meeting with Moran. Land More Interviews | Detailed Bullet Edits | Proven Process, Land More Offers | 1,000+ Mentors | Global Team, Map Your Path | 1,000+ Mentors | Global Team, For Employers | Flat Fee or Commission Available, Build Your CV | Earn Free Courses | Join the WSO Team | Remote/Flex, WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file, 101 Investment Banking Interview Questions. 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. Don't have an account? Private equity is a financing method that facilitates companies to acquire direct investments from PE firms for a long-term without adopting the traditional ways of fundraising such as public listing or business loans. Victoria serves on the board of Vostok New Ventures, an investment company with presence in Sweden. Junk bonds also fueled the leveraged buyouts of the 1980s, when firms like KKR targeted companies that had once turned deaf ears to shareholder demands. Wasserstein & Co. also manages a significant portfolio of debt and equity securities and other investments on behalf of our stockholders and other investors. 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. Any deal would hinge on James, who was revered by GSOs three founders. Mr. McLellan was hired by Mr. Bagaria and initially worked within AIC from 2004 2006 before moving into the Strategic Value Fund. Drexel had unwittingly passed the high-yield baton to DLJ. GSO was very synergistic and complemented our other businesses well.. Prior to that time he was a Senior and Founding Member of the Merchant . The overall number of key employees were 2. Wasserstein & Co. is an independent private equity and investment firm, with offices in New York and Los Angeles. There is a wealth transfer going on from banks shareholders to the investors in our funds, says Goodman. 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 was launched in May 2013 by Rajay Bagaria with backing from Wasserstein & Co. Wasserstein & Co. is a private investment firm and the family office of the late Mr. Bruce Wasserstein, with offices in New York and Los Angeles. 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. She previously served as Partner at Wall Street Technology Partners LP and Director of the Dresdner Kleinwort Wasserstein Private Equity Group. Oct. 15, 2009 12:58 pm ET. With $58billion in assets under management and 235 employees, GSO has grown fivefold under the Blackstone umbrella. 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. Private equity (PE) refers to capital investment made into companies that are not publicly traded. Afsane is tiedpersonally and professionallyto East Africa as she is a fourth-generation Tanzanian. Victoria has worked with, and made investments in a broad range of companies, including enterprise software, wireless technologies, medical devices . degree in Individualized Study at New York University with studies at the London School of Economics, graduating cum laude. PWP provides strategic, financial and process advice to Directors and other fiduciaries in connection with transactions where there is an actual, apparent or potential conflict. and co-managed the company for five years until its merger. The honeymoon was over quickly, though. Mr. Lauder is currently the Chairman of Clinique Laboratories, a division of The Este Lauder Companies. All Rights Reserved. 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. GSO represents 26.6 percent of the firms $218billion in assets, on par with its $59billion real estate business and larger than both its private equity ($52billion) and Blackstone Alternative Asset Management hedge fund ($48billion) businesses. In addition, we remain committed to compliance with national, state and local labor laws in jurisdictions in which we invest and to provide a safe and healthy workplace consistent with national and local laws. And this is good for the economy. TPG launched its own midmarket lender after the financial crisis and has both competed and partnered with GSO. He holds graduate and undergraduate degrees in life sciences and humanities from Villanova University, studied medicine and epidemiology at the Hahnemann Medical College, and has an MBA from the Wharton School of the University of Pennsylvania and a Doctorate in Business Administration from the Fox School of Business at Temple University. 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. 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. Premium. 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. 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. 1 leveraged-finance player, lending to blemished companies that were in some of the fastest-growing sectors of the U.S. economy, including energy exploration and homebuilding. The world had changed, and the firm needed a partner. But although most Wall Street firms pulled out of the high-yield business, DLJ stayed in, doing some secondary trading and working with companies that felt they had been abandoned. As a result, the high-yield and leveraged-loan markets never developed in Europe to the extent they did in the U.S. We want to buy you.. (Though the hedge fund was launched in 2005, GSO has since stripped out mezzanine and other investments into separate funds.) GSO LIKES A LITTLE, BUT NOT TOO much, market misery. Smith had joined Salomon from Drexel, leaving with a group during the bankruptcy. ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) POLICY, TermsofUse and Other Important Disclosure. Since the financial crisis investment banks have been deleveraging and governments around the world have imposed stricter capital requirements on financial institutions, as the U.S. is doing with the Dodd-Frank Wall Street Reform and Consumer Protection Act. FEATURED TITLE: Inside the Fund Management Firm, BEST-SELLER: The Definitive Guide to Carried Interest, PE outperformed in US state pension portfolios over past two decades, Side Letter: PEI Awards winners revealed; Chinas PE governance overhaul, PEI Awards 2022: Game Changer of the Year Mark Carney, Investor Relations, Marketing & Communications Forum. 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. Wasserstein Debt Opportunities Management, LP ("WDO") is a New York-based SEC-registered investment advisor focused predominately on leveraged loans and high yield bonds. Hovnanian, who had lived through several real estate cycles, was shocked when Ostrover told him the price of the five-year CDS contracts on Hovnanian implied a 93 percent probability of default. and co-managed the company for five years until its merger. Balkan Advisory Company, Sofia, Bulgaria. Current market conditions are setting the stage for a lot of future opportunities for GSO. Mr. McLellan earned a B.S. Tailor specific ESG inquiries and approaches based on various investment factors including the core industry sector of a particular investment. I love the underdog. While his friends at Harvard including one he describes as having had pinstripes on his diapers did summer internships at Wall Streets toniest firms, Goodman took a job with Drexel. EagleTree has always strived to maintain a strong culture of good governance to ensure that it operates in a socially responsible manner. In 1988, Bruce established a private equity division of Wasserstein Perella & Co., called Wasserstein & Co., which he used to manage and invest his personal wealth and later, that of his family. Thats where you wanted to land a job if you were a Harvard Business School student. He subsequently established the investment bank boutique Wasserstein Perella & Co., which he later sold . Convene 117 West 46th Street, New York, April 19-20, 2023 Mr. Montana joined Wasserstein Debt Opportunities Management, LP in 2014 as a Finance Associate. Wasserstein Home | 849 followers on LinkedIn. 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. Ronald S. Lauder is an international philanthropist, diplomat, public servant, entrepreneur, investor and patron of the arts. Mr. Parsons is also a member of the boards of The Estee Lauder Companies Inc., Lazard Freres and Company, and Madison Square Garden, Inc. Greg Parsons is the CEO of Semper Capital Management, and has been part of Semper Capital since 2008. Mr. Jones received his MBA from the Yale School of Management and his B.S. The Team. Private equity is composed of funds and investors that directly invest in private companies , or that engage in buyouts of public . Writing something down to zero is not your proudest moment, Goodman says. An ESG Sub-Committee has also been formed to function as an ESG working group that will carry out the day-to-day aspects of EagleTrees ESG efforts and initiatives and be available as a resource for investment team members. In its five years in the Blackstone fold, GSO has gone from having two fund products to managing 27. Previously, Mr. Montana worked at State Street Investment Management Services where he was responsible for fund administration in Global Emerging Markets. He reveres his middle-class upbringing first in Queens, New York, and later in Stamford, Connecticut and says that when he was growing up he didnt know anyone who worked on Wall Street. Summarize the positive impact that our integration of ESG initiatives had on the portfolio companys business and/or culture. With nearly 400 . Mr. McLellan joined Wasserstein Debt Opportunities Management, LP in 2017 as a Managing Director. Joseph H. Lauder Institute of Management and International Studies. Zacharys advisory experience was developed within the investment banking divisions of UBS and Goldman Sachs in New York and Johannesburg. 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. 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. Prior to joining Sheffield, Mr. McLellan worked at Apollo Global Management, LLC (AGM) from 2004 2010. Drexel was a place where analysts spent days buried in the dense financials of dicey companies. Mr. Jones is currently Chairman of Wasserstein & Co. We love your company., (Ostrover had his own hard-luck family bankruptcy story: His grandfather had to shutter Ostrovers Smoked Fish on New Yorks Lower East Side in the 1950s following a blackout; he couldnt pay his creditors because his customers fish had rotted.). EagleTree seeks to improve diversity and inclusion within the Firm, across its portfolio company investments and in the private equity industry, where possible. GSO had partnered with TPG to buy a $2billion portfolio of bridge loans from Citigroup. EagleTree continues to promote diverse perspectives. Former UFC Mens Bantamweight champion Cody Garbrandt celebrated a triumphant return to the Octagon on Saturday night. That also plummeted in value. Now the emergence of alternative credit mirrors tools that equity investors have had with private equity, says TPGs Coulter. 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. Richard Parsons is the Former Chairman of the Board of Citigroup Inc., and former Chairman of the Board, and CEO of Time Warner. In contrast, GSO will take a minority stake, a seat on the board and a debtlike investment that pays a big double-digit coupon, but it will let management retain control. Prior to Cordiant, she gained advisory experience as a Summer Analyst with the Investment Banking and Equity Capital Markets teams at Scotiabank in Toronto. 39th Floor She co-founded Work It, Mom! Prior to joining Apollo, Mr. Bagaria worked at Goldman Sachs & Co.s PIA (Goldman), Goldmans principal investment area responsible for the private equity and mezzanine funds. You can find out more about which cookies we are using or switch them off in settings. A -. Mr. Bagaria also held responsibilities related to secondary trading, investment team development, portfolio company work-outs and the development of Apollos energy lending and aviation investment platforms. The following March, Milken was indicted for racketeering and securities fraud. But Goodman shunted humility aside at least temporarily during his lunch with Moran. 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. 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.Mr. The ESG Sub-Committee generally will meet on at least a weekly basis and its responsibilities will include: (i) engaging with EagleTrees deal teams on pre-acquisition ESG due diligence matters; (ii) engaging with EagleTrees third-party ESG specialists to conduct annual portfolio company-level ESG reviews; (iii) responding to investor and other stakeholder ESG requests; (iv) conducting annual employee training; and (v) reviewing and updating this Policy and EagleTrees ESG program, as necessary, from time to time. 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. The breadth and scale of its funds allow it to offer a range of solutions to companies, including rescue financing and senior secured bank loans. In one of the largest B2B media transactions this year, Northstar Travel Group, which provides a broad array of products in the retail and corporate events markets, was sold from one private-equity firmthe Wicks Groupto another, Wasserstein Partners, Northstar CEO Thomas Kemp said today.

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