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. After earning his MBA in 1984, the Miami-born Goodman took a full-time job with Drexel in New York. 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. and co-managed the company for five years until its merger. Business Video. Over time GSO would sell the land back to the homebuilder. Our e-commerce site allows you to purchase electronic devices & accessories smoothly at a great value. *SHIPS WITHIN 1 - 2 WORKING DAYS SUPER BRIGHT LIGHT - Over 2000 lumens of light will enhance your camera's vision in low-light conditions and allow. Key Takeaways. Previously she was a partner at Wall Street Technology Partners LP, a $125mm mid stage technology fund. The market is saying youre going bankrupt, Ostrover added. EagleTree continues to maintain policies and procedures that prohibit bribery and other illegal payments to public officials consistent with U.S. federal and state laws, and in an effort to protect our systems, networks, programs, devices and data from cyber-attacks, has implemented a robust cyber-security framework. 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. Original price $69.99. Work with portfolio companies to integrate sustainability considerations into their business plans, as applicable. GSO and Blackstone actively share information. You should only be asked to sign in once. 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. 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. When the high-yield market trades at highs, we put out less capital, says Ostrover. 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 top skills needed for this position are business management, market analysis, finance and accounting, problem-solving, data . 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 next month Lehman Brothers Holdings filed for bankruptcy and all hell broke loose. 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 . 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. degree in Business Administration from Western New England University with a concentration in finance. Afsane Jetha began her career at Merrill Lynch and Wasserstein Private Equity before moving on to the consumer team at Permira in London. It was a good time for Goodman, Smith and Ostrover to start their own firm. When DLJ tried issuing its own highly confident letters, they meant nothing, as DLJ had a small balance sheet. Alta Semper Capital Exits Egypts Macro Group Pharmaceuticals with the Successful Conclusion of its IPO, Alta Semper considers healthcare investment opportunities in Egypt, The Head of the Egyptian Macro Group told Al-Sharq: We are studying the acquisition of a local company in 2022. We want to buy you.. Journal Report. Mr. McLellan began his career in direct investing in 2004. Mr. Jones is currently Chairman of Wasserstein & Co. This content is from: Afsane holds an MBA from Harvard Business School and a BSc in Economics, from The Wharton School at the University of Pennsylvania. Goodman and Ostrover joke that Smith was responsible for DLJs success. At a bank youre working for anonymous shareholders, trying to make as much money as you can, he explains. Prior to founding DC Capital in 2007, Mr. Campbell was a Partner of Veritas Capital Management, LLC from 1992 through 2006 having been a Co-Founder of The Veritas Capital Fund, L.P. and one of the two Managing Members of the successor fund, The Veritas Capital Fund II, L.P. [7] The investment banking business of Dresdner Bank changed its name to Dresdner Kleinwort Wasserstein as a result of the deal. Competition from increasingly bigger banks was fierce. 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. Dresdner Kleinwort Wasserstein (DrKW) operates as the investment banking arm of Germany's Dresdner Bank AG. Senior Vice President of North America Sales at Twilio. Mr. Campbell is the Founder, Managing Partner and Chief Investment Officer. Summarize the positive impact that our integration of ESG initiatives had on the portfolio companys business and/or culture. 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. 39th Floor The Team. Mr. Lauder was appointed Ambassador to Austria by President Ronald Reagan after serving several years as Deputy Assistant Secretary of Defence for European and NATO policy. The future looks bright for credit investing. 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. The strategy of Alta Semper is to invest flexible and strategic capital into market-leading business models in the . Wasserstein & Co. also manages a significant portfolio of debt and equity securities and other investments on behalf of our stockholders and other investors. 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. Mr. OKeefe joined Wasserstein Debt Opportunities Management, LP in 2014 as an Associate. With no bank willing to lend to it, the Red Bank, New Jerseybased homebuilder had become a target for short-sellers; investors were betting billions of dollars in credit default swaps that the company Hovnanians father and three uncles had founded in 1959 would go belly-up. PWP provides comprehensive financial restructuring and capital structure advice in connection with stressed and distressed situations, including amendments, debt exchanges, financings, distressed M&A, and balance sheet recapitalizations. GSOs hedge fund invested in public securities, mezzanine debt and distressed debt and provided some rescue lending for companies going through liquidity problems. Approach prospective clients and partners; make presentations. In Europe 70 to 75 percent of lending is done by banks. 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. 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. Marina joined Alta Semper in January 2019. Though the three founders couldnt be more different, theyve maintained their partnership without a blip for 20 years. He was appointed Chief Compliance Officer in January 2017. Alice Katwan. View full details. GSOs investors, by contrast, had a paltry $22million invested with Goodman, Ostrover and Smith. 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. 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. GSO LIKES A LITTLE, BUT NOT TOO much, market misery. 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 . He also has experience as an investment banker at New York boutique Wasserstein . In all cases the company would likely be giving up control at the bottom of the market. Wasserstein Debt Opportunities Management, LP ("WDO") is a New York-based SEC-registered investment advisor focused predominately on leveraged loans and high yield bonds. The fund's final close was first reported . Before that she was a Director of Dresdner Kleinwort Wasserstein Private Equity Group. Bertman, who built an underdog team into a profitable legend for LSU, told Goodman that success took three Hs: hard work (in an interview his uncle calls that hustle), honesty and humility. 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. A -. 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. Previously, he served as an Associate Principal at McKinsey & Company in the Financial Services Group. 1 salesperson by a third-party consulting firm, and Goodman and Moran decided to steal him away the day the news came out. But they dont want to commit their capital. In 2001, he established the Neue Galerie New York, of which he is President. 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. 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. Todays Wordle #624 Hint, Clues And Answer For Sunday, March 5th, UFC 285 Results: Cody Garbrandt Defeats Trevin Jones In Return To The Octagon, The Early Returns Of Kevin Durant In The Phoenix Suns Offense, Desperate Russian Forces Are Sticking 80-Year-Old Naval Guns On 70-Year-Old Armored Tractors, Saturday, March 4. (The sentence was later reduced to two years.). She holds a BCom in Economics and Finance from McGill University and speaks English, Arabic and Armenian, and is proficient in French. She previously served as Partner at Wall Street Technology Partners LP and Director of the Dresdner Kleinwort Wasserstein Private Equity Group. He formerly served on the Board of Trustees of Lehigh University and served as Chairman of the Board of Trustees of Fordham Preparatory School. But thats starting to change as European banks need to deleverage and raise capital and companies desperately require funding. 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. Thoughtful Electronics and Accessories for Smart Homes | Market leader and accessory manufacturer of smart home products such as Google Home, Nest . 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. Our close-knit team shares 70 years of combined specialist experience gained at leading private equity and investment firms. Fully 80 percent of GSOs senior management team is from DLJ. There is a wealth transfer going on from banks shareholders to the investors in our funds, says Goodman. But, as Smith says, its also a great place to lose money. Between 2005 and 2012, GSOs assets grew at a compounded annual rate of 29 percent. Only logged in subscribers of this site will be able to access the shared article. 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. Mr. Montana earned a duel B.S. In recent years, the firm has invested in pharmaceutical manufacturing, retail pharmacy, cancer care and diagnostics platforms in Egypt, Nigeria and Morocco. His company had been bleeding money for six years and had used up every penny of its capacity to issue secured debt. Hints and clues to help you with today's Wordle. Prior to that, he worked for 14 years in Senior Hedge Fund operations positions for top tier firms, including IFS State Street and HSBC. But things were changing, and they would get their chance soon. . 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 . Previously, Mr. Montana worked at State Street Investment Management Services where he was responsible for fund administration in Global Emerging Markets. To be sure, Blackstone is not the only manager to have smelled opportunity in the financing void. Prior to joining Sheffield, Mr. McLellan worked at Apollo Global Management, LLC (AGM) from 2004 2010. The higher amount of exits for fund were in 2011. Victoria serves on the board of Vostok New Ventures, an investment company with presence in Sweden. 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. 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. degree in Business Administration from Western New England University with a concentration in finance. Wasserstein & Co. manages capital on behalf of institutional and individual investors. 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. 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. Though hurt by the financial crisis, Blackstone and GSO have emerged as dominant players in its aftermath. Private equity (PE) refers to a constellation of investment funds that invest in or acquire private companies that are not listed on a public stock exchange. We partner with entrepreneurs with the goal of building great brands. Upon Dresdner Bank's acquisition of Wasserstein Perella in January 2001, Wasserstein & Co. was spun off as an independent company owned by Bruce who . Oct. 15, 2009 12:58 pm ET. And it might be only the beginning of an even bigger U.K. commitment to Ukraines rearmament. 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. 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. The world had changed, and the firm needed a partner. 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. 2023 Forbes Media LLC. 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. Afsane speaks Gujarati and French and is fourth-generation Tanzanian. 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. GSO has provided much-needed credit to scores of troubled companies like Hovnanian that couldnt tap public markets or get bank loans. All HLS students are permitted to meet one-on-one with Wasserstein Fellows. Duties include reviewing potential transactions, analyzing investor and partner needs, analyzing and making financial decisions, and preparing reports. Shortly thereafter Ostrover assumed responsibility for leveraged finance and Smith joined Goodman in the alternatives group. 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. EagleTree aims to provide timely information to its clients and other stakeholders on the matters addressed herein and to work with them to foster transparency with regard to its ESG initiative. 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. Mr. Wasserstein died in 2009. Most PE firms are open to accredited investors or those who are deemed high-net . Mr. Bagaria began his career in the leveraged finance market in 1999. Wasserstein & Co. is an independent private equity and investment firm, focused on middle-market leveraged buyout investments and related investment activities. Our initiatives in this regard are carried out by our Philanthropic Committee, which identifies several nonprofit charities each year with whom employees volunteer and EagleTree supports. Bruce Jay Wasserstein (December 25, 1947 - October 14, 2009) was an American investment banker, businessman, and writer. A deal between Blackstone and GSO, however, wasnt a no-brainer. Mr. McLellan began his career in direct investing in 2004. Track ESG-related metrics across our portfolio companies and engage and collaborate with portfolio companies to consider recommendations from these findings. 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. She has worked for GI Partners, Merrill Lynch, Wasserstein Private Equity, and Permira in London. 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. She is a graduate of the University of Pennsylvania's Wharton School where she earned her BS in Economics. 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. A verification email is on its way to you. Convene 117 West 46th Street, New York, May 23-24, 2023 We decided that the banking system is a mess globally, so lets raise some money to lend to more troubled private companies that cant tap the markets and dont have access to the banks, says Ostrover. What are the main benefits of having another shot creator and off-ball spacer of Durant's caliber? In its five years in the Blackstone fold, GSO has gone from having two fund products to managing 27. Jones received his MBA from the Yale School of Management and his B.S. When the markets rebounded in 1991, DLJ took over as a leading player. 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. He serves on the Board of Directors of USO Metro and the Board of Trustees of the Pomfret School. [9] 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. 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. Credit Suisse bought DLJ for $11.5billion in 2000 and combined the firm with its New Yorkbased investment banking unit, Credit Suisse First Boston. PE firms charge a management fee of typically 2% of AMU and a performance fee of 20% of the profits. 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. She co-founded Work It, Mom! [2] One First Boston analyst, Paul Mecurio, left corporate life to become a comedian. Therefore, EagleTree may incorporate and alter different elements of this Policy for different portfolio companies across the stages of the investment management process, including during pre-acquisition, throughout ownership, and when positioning a portfolio company for an exit. GSO had partnered with TPG to buy a $2billion portfolio of bridge loans from Citigroup. Bruce Wasserstein was an American investment banker, businessman, and writer who began his career as an attorney with Cravath, Swaine & Moore. All those covenant-lite loans will be great opportunities for GSO to step in at some point. . This website uses cookies so that we can provide you with the best user experience possible. 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. Blackstone referred Sony to GSO, which crafted a deal of mezzanine debt and equity warrants in the company. Mr. OKeefe joined Wasserstein Debt Opportunities Management, LP in 2014 as an Associate. from the University of California at Berkeley. Jan 2003 - Mar 20052 years 3 months. Aligning our interests with our investors creates a long-term partnership forsuccess. But that is likely to change as banks shed assets to deleverage and companies need capital. There was little room for error. Previously, Mr. Montana worked at State Street Investment Management Services where he was responsible for fund administration in Global Emerging Markets. 99 Canal Center Plaza | Suite 400 The then-54-year-old CEO figured he had little to lose by listening to Ostrovers pitch. Wasserstein Debt Opportunities Management, LP ("WDO") is a New York-based SEC-registered investment advisor focused predominately on leveraged loans and high yield bonds.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. He brings more than ten years of investment banking and private equity investing experience in the consumer, healthcare and financial services sectors across the MENA region and Sub-Saharan Africa. 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. There is a place for capital formation at market rates of return and driven by problem solvers, explains Coulter. Marina is based in Alta Sempers Cairo office. Mr. Lauder has long been committed to civic causes, public policy issues and has pursued impact investments in Africa since 2012. Please check your spam or junk folder just in case. Performing, price-discounted debt that we expect to recover. Prior to joining Alta Semper, Zachary was a Senior Associate at Emerging Capital Partners where he covered infrastructure and consumer / retail investments in Kenya. PETER A. WEINBERG 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. 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. 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. About Wasserstein & Co. Wasserstein & Co. is a leading independent private equity and investment firm, focused primarily on leveraged buyout investments and related investment activities. 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.
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