Europe currently offers GSO the greatest opportunities. 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. Please check your spam or junk folder just in case. GSO LIKES A LITTLE, BUT NOT TOO much, market misery. Shortly thereafter Ostrover assumed responsibility for leveraged finance and Smith joined Goodman in the alternatives group. GSO now has offices in New York, London, Dublin and Houston. The defanged banks are receding into the background and making peace with new regulations designed to emasculate their balance sheets. Traders betting against the company lost money. Mr. McLellan was hired by Mr. Bagaria and initially worked within AIC from 2004 2006 before moving into the Strategic Value Fund. [9] The firm honed the skills needed to look at an ugly financial situation and determine the commercial viability of a financing for both the companies and investors. 1 salesperson by a third-party consulting firm, and Goodman and Moran decided to steal him away the day the news came out. Amid the froth GSO is now doing its preparatory work for the next crisis. The trio had remained close to James after he left DLJ for Blackstone, and they knew he was interested in striking some type of deal. 1 and having a big firm behind them. 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. The following March, Milken was indicted for racketeering and securities fraud. GSO represented 38.9 percent of Blackstones $629million of realized performance fees earned in 2012 and 16 percent of the firms $2billion in economic net income last year. EagleTree seeks to improve diversity and inclusion within the Firm, across its portfolio company investments and in the private equity industry, where possible. We stand on this very busy street corner and see all this activity, says customized credit strategies partner Daniel Smith. 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. Goodman is quick to credit the Blackstone brand for at least part of GSOs success. Afsane Jetha - Gaining Additional Experience. 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. [2], Perella left the firm for Morgan Stanley in 1993. Blackstone Groups GSO Capital: Lenders of Last Resort. 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. Mr. OKeefe earned a B.S. The EagleTree Capital team is currently investing its fifth private equity fund, EagleTree Partners V, with over $1.1 billion of committed capital. The company would sell its property inventory to a land bank created by GSO in return for a $125million cash infusion. What the three founders have built at GSO, they originally planned for CSFB. Prior to joining Alta Semper, she was an Associate at Cordiant Capital, an emerging markets fund manager based in Montreal, where she conducted financial analysis and due diligence, worked on structuring and executing direct lending deals in TMT (Technology, Media & Telecom), Structured Trade Finance and Specialty Financial Services in EMEA, Latin America and Southeast Asia. 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. Mr. OKeefe joined Wasserstein Debt Opportunities Management, LP in 2014 as an Associate. 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. Thoughtful Electronics and Accessories for Smart Homes | Market leader and accessory manufacturer of smart home products such as Google Home, Nest . Approach prospective clients and partners; make presentations. Mr. Lauder is currently the Chairman of Clinique Laboratories, a division of The Este Lauder Companies. 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. These initiatives and strategies include new product launches, entrance into new markets, add-on acquisitions and operational improvements. Kenyas sole electricity distributor cited a system disturbance as a possible cause for the blackout. When DLJ tried issuing its own highly confident letters, they meant nothing, as DLJ had a small balance sheet. 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. Portfolio, This content is from: 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". 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. degree in Business Administration from Western New England University with a concentration in finance. contact@wasserco.com. About Wasserstein Partners IV Wasserstein Partners IV is a mid-market buyout fund managed by WP Capital Management, the private equity investment company formerly associated with Wasserstein Perella Group and Wasserstein & Co. 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. 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. Remnants of the financial crisis continue to cast a shadow on markets, especially in Europe. He formerly served on the Board of Trustees of Lehigh University and served as Chairman of the Board of Trustees of Fordham Preparatory School. 2005-2023 Wall Street Oasis. Mr. Lauder has long been committed to civic causes, public policy issues and has pursued impact investments in Africa since 2012. 1185 Avenue of the Americas 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. [2] They included Robert S. Wiesenthal who became chairman of Sony; Jeffrey A. Rosen, vice chairman at Lazard; Raymond J. McGuire of Citigroup; Douglas L. Braunstein of JPMorgan Chase; Ronald Kramer, former President of Wynn Resorts and current CEO of Griffon Corporation; Michael B. Kraines of Sandler O'Neill; John H. Simpson, formerly Canyon Partners, now Broadhaven LLC; Robert Pruzan, founder of Centerview Partners; Deborah C. Wright of Carver Federal Savings Bank; Gail Zauder of Credit Suisse; current ABC News contributor, former mayor of Chicago and former chief of staff for President Obama Rahm Emanuel; Howard Kerzner, hotel tycoon and son of Sol Kerzner; Jon B. Kutler, founder of Quarterdeck Investment Partners, Inc., now with Admiralty Partners, Inc.; Michael J. Biondi, investment banking chair at Lazard, nicknamed Mr. Judgement;[3] Gary Parr at Lazard; Hugh "Skip" McGee III, former head of Lehman's investment banking, now at Barclays; Mark G. Shafir, former global co-head of M&A at Lehman Brothers, now with Citigroup; Walid Chammah, former CEO of Barclays International; Veritas Capital's Robert B. McKeon; and others. We target businesses across a broad range of media and business services subsectors, including: B2B, enthusiast, digital and consumer media; trade shows and conferences; marketing and content services, education; and outsourced services. 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. As the market comes down, we put out a lot. Blackstones acquisition of GSO has been an undisputed winner. Currently, Mr. Campbell is the Chairman of all of the Fund II portfolio companies, Michael Baker International, LLC, and The SPECTRUM Group, LLC. 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 has over 25 years of experience in investment banking and private equity and has been responsible for building and overseeing both industry and product groups at major investment banking firms. 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. Writing something down to zero is not your proudest moment, Goodman says. This Wasserstein & Co. works on 31 percentage points more the average amount of lead investments comparing to the other organizations. In the era of Dodd-Frank and the Volcker rule, GSO and others like it, with their ability to make commitments, have more market power than ever, says Brian ONeil, chief investment officer of the $9billion-in-assets Robert Wood Johnson Foundation, the U.S.s largest philanthropic organization focused on public health and one of GSOs first investors. But Goodman shunted humility aside at least temporarily during his lunch with Moran. degree in Finance, Investment, and Banking from the University of Wisconsin, graduating with Honors. He later became CEO of Lazard Ltd, while at the same time sitting atop private equity firm Wasserstein & Co, which continues to operate. This was more like a family reunion than an acquisition, says Schwarzman. He has over 25 years of experience in investment banking and private equity and has been responsible for building and overseeing both industry and product groups at major investment banking firms. 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 1995, Moran moved up to chief operating officer of fixed income, and Goodman took over all of leveraged finance. Bayern Munich is keeping pace with Borussia Dortmund at the top of the table ahead of the season-defining clash against Paris Saint-Germain on Wednesday. At Apollo, Mr. Bagaria invested in several asset classes including senior debt, high yield bonds, mezzanine finance and equity. This Policy is intended to provide a broad framework for EagleTrees overall approach to ESG. Greg began his career over 19 years ago and served as a Captain and Infantry Officer in the United States Marine Corps. The market is saying youre going bankrupt, Ostrover added. 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. 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. 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 breadth and scale of its funds allow it to offer a range of solutions to companies, including rescue financing and senior secured bank loans. The honeymoon was over quickly, though. Our investment activities are focused on middle-market leveraged buyout investments and related investment activities. Manage and implement various projects in the fields of corporate finance, mergers & acquisitions, project finance, capital markets, private equity and asset management. Zachary joined Alta Semper in 2016 and brings more than nine years of advisory and investing experience to the firm. 2023 Forbes Media LLC. 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. Do you thrive in a challenging environment that combines intensity with collaboration? He recently served on the Boards of Directors of Harry & David, Encompass Digital Media, and Access Scientific. 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. But in June 2004, John Mack, then CEO of CSFB in the U.S., announced he was leaving; the Credit Suisse board had decided not to renew his contract. 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. She previously served as Partner at Wall Street Technology Partners LP and Director of the Dresdner Kleinwort Wasserstein Private Equity Group. Mr. Jones received his MBA from the Yale School of Management and his B.S. 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. Though the three founders couldnt be more different, theyve maintained their partnership without a blip for 20 years. The common things for fund are deals in the range of 10 - 50 millions dollars. 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. 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. Zachary has an MBA from The Wharton School at the University of Pennsylvania and a BA in Economics from Cornell University. 1 or 2 in their markets, looks at about 1,000 deals every year and completes fewer than 5 percent of those. Engage with outside advisors, as necessary, to analyze and address ESG issues, risks and opportunities that arise. Mr. McLellan joined Wasserstein Debt Opportunities Management, LP in 2017 as a Managing Director. 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. . Wasserstein, who was immortalized in a 1989 Forbes cover story that cemented his infamous nickname, had a passion for the media, having interned at Forbes during his student years in 1969. This ESG Policy (the Policy) amends, restates and supersedes EagleTrees ESG Policy that was first formally adopted in 2017. 100%. Wasserstein Perella & Co., sometimes referred to as "Wasserella" [citation needed], 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. Previously she was a partner at Wall Street Technology Partners LP, a $125mm mid stage technology fund. Prior to joining Alta Semper, Zachary was a Senior Associate at Emerging Capital Partners where he covered infrastructure and consumer / retail investments in Kenya. Mr. Montana joined Wasserstein Debt Opportunities Management, LP in 2014 as a Finance Associate. 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. [7] The investment banking business of Dresdner Bank changed its name to Dresdner Kleinwort Wasserstein as a result of the deal. Private equity investors are by nature optimistic and swaggering, thinking every deal is a potential blockbuster. The latest messages and market ideas from Afsane Jetha (@afsanejetha) on Stocktwits. His research and publications focus on international development with a special focus on capacity building in health care and biopharmaceutical production in emerging economies. or Want to Sign up with your social account? A deal between Blackstone and GSO, however, wasnt a no-brainer. Drexel was a place where analysts spent days buried in the dense financials of dicey companies. 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. Summarize the positive impact that our integration of ESG initiatives had on the portfolio companys business and/or culture. Mid-market firm Wasserstein & Co. has closed its latest flagship fund, Wasserstein Partners IV, on $790 million, according to a source familiar with the matter. It was the first of many overtures Blackstones executives would make to him. 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. Victoria serves on the board of Vostok New Ventures, an investment company with presence in Sweden. Prior to this endeavor, she built a rich resume in the financial services sector, specifically working with private equity investment. David Geffen is the Warren Buffett of the entertainment industry, and they understood the value of that to the deal, he explains. While our focus is primarily on control equity investments, we have invested successfully across the entire capital structure spectrum, taking positions in preferred stock and various debt securities with compelling risk / return profiles. Mr. McLellan earned a B.S. Track ESG-related metrics across our portfolio companies and engage and collaborate with portfolio companies to consider recommendations from these findings. We conduct our buyout investment activities through the Wasserstein Partners family of funds. The firm follows in the footsteps of Drexel and Michael Milken, who in the 1980s invented the junk bond market for non-investment-grade companies. In 1987 the Los Angelesbased Milken called Goodman, who by this time focused on LBOs, telling him he should move to Beverly Hills and work for Friedman (who would go on to co-found hedge fund firm Canyon Capital Advisors). He is in charge of all of the Firms operations and leads the investment decision making process for all capital investments. Investments can also be shared. The future looks bright for credit investing. EagleTree believes its collaborativeapproach toinvesting createsvalue across a defined set of initiatives developed in partnership with portfolio company management. 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. She has worked for GI Partners, Merrill Lynch, Wasserstein Private Equity, and Permira in London. All rights reserved. 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. degree in Finance and Economics from the City University of New York with a concentration in Investment Analysis. Annual high-yield issuance is more than double what it was in 2006 and 2007, 61 percent of bonds are trading at or above their call prices, and new issuance of covenant-lite leveraged loans in 2012 surpassed the levels seen during the credit craze in the middle of the past decade. Marina joined Alta Semper in January 2019. 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. He currently serves on the Board of Governors of the Middle East Institute and is a former Vice Chairman of the organization. EagleTree has always strived to maintain a strong culture of good governance to ensure that it operates in a socially responsible manner. High cash-on-cash returns with capital appreciation potential. Wasserstein Debt Opportunities Management, LP (WDO) is a New York-based SEC-registered investment advisor focused predominately on leveraged loans and high yield bonds. 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.. 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. [4] Wasserstein stayed through the 2001 takeover by Dresdner Bank, but left the firm in 2002, following the 2001 merger of Dresdner and Allianz,[5] to head investment bank Lazard,[6] until his unexpected death in 2009. From 2002 2004, Mr. McLellan worked as an analyst for Deutsche Bank focusing on Mergers & Acquisitions and Media Investment Banking. Mr. McLellan joined Wasserstein Debt Opportunities Management, LP in 2017 as a Managing Director. Afsane is tiedpersonally and professionallyto East Africa as she is a fourth-generation Tanzanian. 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. Dresdner won't acquire Wasserstein's private equity business, which will be spun off to the U.S. firm's existing shareholders.
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