Before that she was a Director of Dresdner Kleinwort Wasserstein Private Equity Group. Mr. Bagaria earned a B.A. Wasserstein purchased The American Lawyer, which he later sold, and New York magazine, which remains under his family's control. Private equity investors are by nature optimistic and swaggering, thinking every deal is a potential blockbuster. Blackstones acquisition of GSO has been an undisputed winner. Convene 117 West 46th Street, New York, Get limited access to our industry news, analysis and data, plus regular email updates. Former Senior Vice President of North America Sales at Genesys. 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. 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. 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. 2023 Forbes Media LLC. and co-managed the company for five years until its merger. He formerly served on the Board of Trustees of Lehigh University and served as Chairman of the Board of Trustees of Fordham Preparatory School. WHEN ASKED ABOUT HIS DECISION to switch from the sell side to the buy side, Goodman says his only regret is that he didnt make the move ten years earlier. GSO was very synergistic and complemented our other businesses well.. The defanged banks are receding into the background and making peace with new regulations designed to emasculate their balance sheets. The latest messages and market ideas from Afsane Jetha (@afsanejetha) on Stocktwits. After the market bottomed in 2009, GSO launched its first rescue lending fund, which closed at $3.3billion. Business Video. He was a graduate of the McBurney School, University of Michigan, Harvard Business School, and Harvard Law School, and spent a year at the University of Cambridge.He was prominent in the mergers and acquisitions industry, credited with working on 1,000 transactions with a . 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. He began his career at The First Boston Corporation. Eleven months later the U.S. housing rebound is official and Hovnanian Enterprises is flourishing, expecting 2013 to be its first profitable year since 2006. 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. Consider whether a potential portfolio companys business aligns with EagleTrees core values. Thoughtful Electronics and Accessories for Smart Homes | Market leader and accessory manufacturer of smart home products such as Google Home, Nest . 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. The firm seeks to . The company would sell its property inventory to a land bank created by GSO in return for a $125million cash infusion. Former partner at Wall Street Technology Partners and former Director of Dresdner Kleinwort Wasserstein Private Equity Group. 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. Process, was the least enthusiastic about the tie-up, concerned that they were trading away their autonomy. For its drawdown funds alone, it committed $3billion to 26 companies. 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. Wasserstein Debt Opportunities specializes in US high yield investing, seeking to capitalize on price inefficiencies in non-large cap issues and underfollowed opportunities through a value-based and process-driven approach. and co-managed the . 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 she was a partner at Wall Street Technology Partners LP, a $125mm mid stage technology fund. At its peak, GSO had $475million in hedge fund exposure to homebuilders and related industries and put out $600 million in financing across private market vehicles. 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. Over time GSO would sell the land back to the homebuilder. 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. You can find out more about which cookies we are using or switch them off in settings. 1185 Avenue of the Americas 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. This Policy is intended to provide a broad framework for EagleTrees overall approach to ESG. Mr. Montana earned a duel B.S. When Bruce Wasserstein and Joe Perella Ruled the World. 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. 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. More recently, he served as a member of the Presidents Council on Jobs and Competitiveness. These initiatives and strategies include new product launches, entrance into new markets, add-on acquisitions and operational improvements. Alexandria, VA 22314, 515 North Flagler Drive | Suite 1450 While Goodman loves to talk, Ostrover has to be pressed for details. With over 15 years of experience, the principals of Orkila seek to leverage their deep industry knowledge and . The firms mezzanine fund has one of the best records in the industry, up an average of 19.9 percent a year net since inception in July 2007. But they dont want to commit their capital. James Coulter, co-founder of private equity firm TPG, says the opportunity is much more attractive for managers and investors now that banks which threw cheap money from depositors at troubled companies financing problems and pocketed the profit are not in the mix. Jones received his MBA from the Yale School of Management and his B.S. The private equity business of the investment firm was not included in the sale and was . There Milken was leading whats now called the democratization of capital-raising, providing funding to small and medium-size companies that were starved for financing and whetting the appetites of investors for distressed and troubled companies that showed promise despite short-term woes. All Rights Reserved. Writing something down to zero is not your proudest moment, Goodman says. 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 wants to stay off the front pages of newspapers. 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. Joseph H. Lauder Institute of Management and International Studies. 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. A -. Earlier in his career, Ahmed worked with the International Finance Corporation (IFC), the private sector arm of the World Bank, in Cairo, advising government-owned enterprises in the MENA region and Sub-Saharan Africa on public-private partnerships (PPP). He worked across the private equity life cycle including fund raising, new investments, portfolio management and exits. Mr. Bagaria is the Advisors President and Chief Investment Officer. Many investors wouldnt know how to approach that.. 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. 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. With Drexel and Milken gone amid a recession, many market watchers thought high-yield financing would die. Victoria has extensive experience in originating, structuring and monitoring venture capital transactions. 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. 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. But unlike activist equity managers or loan-to-own credit funds, GSO doesnt seek to change management unless something goes wrong and it has no choice. You couldnt hope to compete because the banks were so aggressive, he says. Afsane Jetha began her career at Merrill Lynch and Wasserstein Private Equity before moving on to the consumer team at Permira in London. In 2007, the peak for the firms performance fees, private equity contributed the bulk of the total. 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. I dont feel like Im going to get my throat ripped out when I call GSO, says one CEO who has done multiple deals with the company. 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. Convene 117 West 46th Street, New York, April 19-20, 2023 After James joined Blackstone, Goodman took over CSFBs alternative capital division. Wasserstein Debt Opportunities Management, LP (WDO) is a New York-based SEC-registered investment advisor focused predominately on leveraged loans and high yield bonds. 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. Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling. 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. The high-yield and leveraged-loan markets never developed there like they did in the U.S. He was CEO since the firms formation in 2001 through 2012. In this regard, EagleTree has adopted a Diversity & Inclusion Statement and, in 2021, became a signatory to ILPAs Diversity in Action Initiative. 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. Depending on the product, GSO has a host of competitors, including Apollo Group Management; Ares Capital Corp. (an Apollo spin-out); Avenue Capital Group; Carlyle Group; Goldman, Sachs & Co.; J.P. Morgan Asset Managements Highbridge Capital Management; KKR & Co.; Oaktree Capital Management; and TPG Capital. 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. Wasserstein Home | 848 followers on LinkedIn. 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. The New England Patriots plan to release 37-year-old quarterback Brian Hoyer at the beginning of the 2023 league year, as first reported by SiriusXM NFL's Adam Caplan. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. Victoria Grace is a founding partner of Colle Capital Partners LP, an opportunistic, early stage technology venture fund. 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. 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. From 2002 2004, Mr. McLellan worked as an analyst for Deutsche Bank focusing on Mergers & Acquisitions and Media Investment Banking. The higher amount of exits for fund were in 2011. Private Equity Associates work as a team to initiate and continue the funding process of new private equity firms. Bruce Wasserstein was an American investment banker, businessman, and writer who began his career as an attorney with Cravath, Swaine & Moore. Though the three founders couldnt be more different, theyve maintained their partnership without a blip for 20 years. You had to figure things out and use your smarts instead of brute strength, Smith, 47, says. 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. Zachary joined Alta Semper in 2016 and brings more than nine years of advisory and investing experience to the firm. 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 . She co-founded Work It, Mom! All rights reserved. GSO had partnered with TPG to buy a $2billion portfolio of bridge loans from Citigroup. The following March, Milken was indicted for racketeering and securities fraud. 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. 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. Ostrover asserted that not only would the market react positively to the initial financing but that the GSO-Blackstone brand would signal that there could be more behind it. This content is from: Loan prices dropped 30 points, obliterating almost the entire investment at least on paper. He also has experience as an investment banker at New York boutique Wasserstein . 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. 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. 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. Prior to Duet, she was at GI Partners where she executed several transactions in the healthcare, consumer and real-estate sectors. In the late 1990s, Schwarzman, a client of DLJs, asked Goodman to start a credit business at Blackstone. Before that she was a Director of Dresdner Kleinwort Wasserstein Private Equity Group. Mr. Campbell received a B.S. Marina joined Alta Semper in January 2019. The stock rose 170 percent between July 2012 and the end of the year. 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. New York, NY 10036 EagleTree has a history of charitable giving and an active Philanthropic Committee that strives to support a number of charities from both a financial and volunteer perspective. 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. Marina is based in Alta Sempers Cairo office. (The sentence was later reduced to two years.). The firm, which has a competitive advantage by doing most of its own loan originations and investing in companies that are No. [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. 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. Click here to register, Not for publication, email or dissemination, When it comes to private wealth, PE is still an unknown name, PE outperformed in US state pension portfolios over past two decades report, Side Letter: LPs biggest concerns; growing family offices; Bains VC vindication, Indiana Public Retirement System commits $450m to PE. [2] One First Boston analyst, Paul Mecurio, left corporate life to become a comedian. The firm had purchased a small CLO group, run by Daniel Smith, from Royal Bank of Canada. 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. 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. 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. In 2001, he established the Neue Galerie New York, of which he is President. We have a reputation for identifying and . Liverpool legend Roberto Firmino has offered himself to FC Barcelona through his agent, according to a report. 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. They have a zealous approach to protecting capital, and theyve found a way to extend credit to organizations that need it and structure it in a way that takes advantage of the environment at the time, says Blackstone chairman, CEO and co-founder Stephen Schwarzman. GSO founders Goodman, Ostrover and Tripp Smith have emerged as lenders of last resort, filling the gaping financing void left by banks and opportunistic hedge funds in the wake of the 200809 financial crisis. She holds a BCom in Economics and Finance from McGill University and speaks English, Arabic and Armenian, and is proficient in French. 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. 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. 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. 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.
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