Prior to that, among other positions, Victoria 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. Its amorphous, and you dont know the people. 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. Even so, GSO has 31 investment professionals in London, and they are doing more deals now than the firm is doing in the U.S. Nearly five full years after the worst of the financial crisis, the real estate market is finally on the mend, investors are wondering if homebuilders stocks have rallied too far, and the outlines of the new order of Wall Street are coming into sharper focus. He focused on Consumer Products and broader Sub-Saharan Africa. 1185 Avenue of the Americas, 39thFloor Wasserstein & Co. - Private Equity Company Info Description:Wasserstein & Co. is a private equity company based in New York, NY and has approximately $300 million in assets under management. In furtherance of this ethos and in accordance with our responsibilities to our clients and other stakeholders, EagleTree is committed to identifying and considering ESG issues, risks and opportunities associated with potential portfolio company investments and engaging with portfolio companies on these matters during our ownership. 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. a private-equity-owned . 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. He recently served on the Boards of Directors of Harry & David, Encompass Digital Media, and Access Scientific. 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 . Afsane holds an MBA from Harvard Business School and a BSc in Economics, from The Wharton School at the University of Pennsylvania. Alice Katwan on Linkedin. She previously served as Partner at Wall Street Technology Partners LP and Director of the Dresdner Kleinwort Wasserstein Private Equity Group. 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. Loan prices dropped 30 points, obliterating almost the entire investment at least on paper. The top skills needed for this position are business management, market analysis, finance and accounting, problem-solving, data . The next month Lehman Brothers Holdings filed for bankruptcy and all hell broke loose. The firm, which has a competitive advantage by doing most of its own loan originations and investing in companies that are No. 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. 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. Mr. Dutton earned a Masters degree in Economics from University College Dublin and a joint Honors degree in Business and Economics from Trinity College Dublin. Ostrover, who has a BA in economics from the University of Pennsylvania and an MBA from New York Universitys Leonard N. Stern School of Business, was ranked the No. The up-gunned, tracked MT-LBs are further evidence of the Kremlins worsening equipment crisis as it struggles to make good its losses in Ukraine. 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. Wasserstein Debt Opportunities Management, LP (WDO) is a New York-based SEC-registered investment advisor focused predominately on leveraged loans and high yield bonds. Shortly thereafter Ostrover assumed responsibility for leveraged finance and Smith joined Goodman in the alternatives group. Alexandria, VA 22314, 515 North Flagler Drive | Suite 1450 Mr. Bagaria is the Advisors President and Chief Investment Officer. Under Blackstone, GSO has the heft to write big enough checks to fully finance a solution, reducing a companys need to find additional capital elsewhere. About Wasserstein family. He holds a BA in Finance from the American University of Cairo and an Executive Education in Corporate finance from London Business School. With $58billion in assets under management and 235 employees, GSO has grown fivefold under the Blackstone umbrella. In 2007, the peak for the firms performance fees, private equity contributed the bulk of the total. Though the three founders couldnt be more different, theyve maintained their partnership without a blip for 20 years. The deal wouldnt have happened without Goodman, Smith and Ostrovers former boss, Tony James, who had joined Blackstone as president in 2002 after Credit Suisse bought DLJ and who manages the firms day-to-day operations. We, on the other hand, want to own the risk.. 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. But after his wife, Meg, refused to leave New York, Goodman quickly set his sights on DLJ, a midsize investment bank known for equity research and a certain scrappiness and entrepreneurial culture. "It's all family, every aspect of this place," Mr. Moss, who has edited New York since 2004, said in an interview last week at . Smith had joined Salomon from Drexel, leaving with a group during the bankruptcy. Victoria serves on the board of Vostok New Ventures, an investment company with presence in Sweden. Mr. Kelsey earned a B.S. Mr. McLellan joined Wasserstein Debt Opportunities Management, LP in 2017 as a Managing Director. What the three founders have built at GSO, they originally planned for CSFB. Prior to Cordiant, she gained advisory experience as a Summer Analyst with the Investment Banking and Equity Capital Markets teams at Scotiabank in Toronto. 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. 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. Convene 117 West 46th Street, New York, May 23-24, 2023 When the high-yield market trades at highs, we put out less capital, says Ostrover. Not the case? 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. 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. Investments can also be shared. Summarize the positive impact that our integration of ESG initiatives had on the portfolio companys business and/or culture. Current market conditions are setting the stage for a lot of future opportunities for GSO. Approach prospective clients and partners; make presentations. 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. Mr. Campbell is active in both geopolitical and philanthropic endeavors. 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. David Geffen is the Warren Buffett of the entertainment industry, and they understood the value of that to the deal, he explains. GSO now has offices in New York, London, Dublin and Houston. 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 overall number of key employees were 2. RELATED STORIES Dresdner deal nearly done - Sept. 15, 2000 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. Goodman is quick to credit the Blackstone brand for at least part of GSOs success. 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 subsequently established the investment bank boutique Wasserstein Perella & Co., which he later sold . 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. Greg is responsible for oversight and portfolio management at PIC. Tailor specific ESG inquiries and approaches based on various investment factors including the core industry sector of a particular investment. Please check your spam or junk folder just in case. 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. This Policy is intended to provide a broad framework for EagleTrees overall approach to ESG. degree in Business Administration from Western New England University with a concentration in finance. 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. or Want to Sign up with your social account? 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. When Smith was pitching deals at Credit Suisse, he was constantly being undercut by in-country banks. 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. 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. He began his career at The First Boston Corporation. 1999 Avenue of the Stars Suite 2840 Los Angeles, CA 90067United States, 1301 Avenue of the Americas 41st FloorNew York, NYUnited States. 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. Traders betting against the company lost money. Before joining Time Warner, in 1995, Mr. Parsons was Chairman and CEO of Dime Bancorp, Inc., one of the largest thrift institutions in the United States. Hard work got him noticed at Drexel, as well as a meeting with Moran. Mr. Wasserstein died in 2009. Track ESG-related metrics across our portfolio companies and engage and collaborate with portfolio companies to consider recommendations from these findings. In 1993, Goodman hired Smith from Salomon Smith Barney, where he worked on restructurings. A -. This was more like a family reunion than an acquisition, says Schwarzman. His company had been bleeding money for six years and had used up every penny of its capacity to issue secured debt. As applicable, EagleTrees Investment Committees in partnership with the ESG Sub-Committee will oversee and consider ESG issues, if any, that are material to a potential company investment. GSO LIKES A LITTLE, BUT NOT TOO much, market misery. Houston-based Scott oversees GSOs energy group. If you're happy with cookies click proceed. This Wasserstein & Co. works on 31 percentage points more the average amount of lead investments comparing to the other organizations. EagleTree has always strived to maintain a strong culture of good governance to ensure that it operates in a socially responsible manner. 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. Previously, he was the Managing Partner of the New York law firm Patterson, Belknap, Webb and Tyler. The company would sell its property inventory to a land bank created by GSO in return for a $125million cash infusion. Oct. 15, 2009 12:58 pm ET. Mr. Montana earned a duel B.S. 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. Though hurt by the financial crisis, Blackstone and GSO have emerged as dominant players in its aftermath. 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. Afsane Jetha began her career at Merrill Lynch and Wasserstein Private Equity before moving on to the consumer team at Permira in London. Before that she was a Director of Dresdner Kleinwort Wasserstein Private Equity Group. They began their partnership at the global investment bank, Wasserstein Perella & Co., where they led the merchant banking group. The high activity for fund was in 2002. For its drawdown funds alone, it committed $3billion to 26 companies. 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. Work with portfolio companies to advance EagleTrees ESG principles with the goal of improving long-term performance and minimizing adverse impacts in these areas. Ryan Mollett, a 34-year-old managing partner who joined News group from BlackRock in 2011, wrote a paper late that year asserting that the housing market had bottomed. 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. At Goldman, Mr. Bagaria worked primarily as an investor of GS Mezzanine, the largest mezzanine fund globally. GSO which Goodman jokingly refers to as the Warren Buffett of the dregs is at the center of a reshaped Wall Street, where newly chastened banks are retreating to traditional roles as advisers to corporations, underwriting bonds for only the most highly rated companies and riskless deals. Part of GSOs success comes from leaving some money on the table. We take a unique approach to asset management. The EagleTree Capital team is currently investing its fifth private equity fund, EagleTree Partners V, with over $1.1 billion of committed capital. 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. This Policy does, however, retain the same fundamental principles and our commitment to integrate ESG considerations into our investment management business and portfolio company ownership practices. Do you thrive in a challenging environment that combines intensity with collaboration? Mr. McLellan joined Wasserstein Debt Opportunities Management, LP in 2017 as a Managing Director. But its deals remained small, providing funding for companies like Pacific Lumber and Caff Nero, a U.K. coffeehouse chain. 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. 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. Well before the downgrade of the U.S.s credit rating in August 2011, GSO was busy preparing for the possibility that markets would freeze up if the rating agencies made good on their threats. Legacy ABOUT WASSERSTEIN. degree in Finance and Government from the University of Notre Dame in 2002, graduating magna cum laude. 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. *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. She has worked for GI Partners, Merrill Lynch, Wasserstein Private Equity, and Permira in London. New York, NY 10036 Ting-Li Wang/The New York Times. Terms aren't expected to be disclosed, but a person briefed on the matter said the price was about $417 million. 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. GSOs flagship hedge fund takes an activist or event-driven approach to credit. Look, the market hates your company, he told Hovnanian. Mr. Jones is currently Chairman of Wasserstein & Co. Don't have an account? 1 salesperson by a third-party consulting firm, and Goodman and Moran decided to steal him away the day the news came out. 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. 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. 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. 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. Jones received his MBA from the Yale School of Management and his B.S. 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. 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. Thoughtful Electronics and Accessories for Smart Homes | Market leader and accessory manufacturer of smart home products such as Google Home, Nest . We stand on this very busy street corner and see all this activity, says customized credit strategies partner Daniel Smith. Joseph H. Lauder Institute of Management and International Studies. Wasserstein & Co. manages capital on behalf of institutional and individual investors. 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 manages capital on behalf of institutional and individual investors. Its not the Wild West, not the personality-driven days of 20 years ago. Wasserstein & Co. is an independent private equity and investment firm, with offices in New York and Los Angeles. 1Ls are permitted to meet with Wasserstein Fellows even before the October 15th career advising start date. Its a different kind of satisfaction walking into the CIOs office for the Bass brothers.. What was a wide-open white space for us? Respect the human rights of those affected by our investment activities and seek to confirm that our portfolio company investments do not support companies that utilize child or forced labor or maintain discriminatory policies. Premium. Mr. McLellan was hired by Mr. Bagaria and initially worked within AIC from 2004 2006 before moving into the Strategic Value Fund. Smith, who calls himself Mr. She holds her MBA from Harvard Business School and a Bachelor of Science in Economics from The Wharton School at the University of Pennsylvania. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful. . 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. He formerly served on the Board of Trustees of Lehigh University and served as Chairman of the Board of Trustees of Fordham Preparatory School. The fund's final close was first reported . Blackstones real estate group saw similar evidence, and BAAM expected mortgage improvement based on results from its underlying hedge funds. Click here. Mr. Lauder has long been committed to civic causes, public policy issues and has pursued impact investments in Africa since 2012. 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. 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. 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. Through this process, however, I feel like just getting a gig in any respectable private equity shop is tough -- and even though I came from a top 5 school and currently work in equity research at a bulge bracket, I still feel like I'm pretty low in the "pecking order" when it comes to recruiting simply because there are so many bankers trying . But thats starting to change as European banks need to deleverage and raise capital and companies desperately require funding. 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. 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. 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. This website uses cookies so that we can provide you with the best user experience possible. (Though the hedge fund was launched in 2005, GSO has since stripped out mezzanine and other investments into separate funds.) 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. Thats where you wanted to land a job if you were a Harvard Business School student. Ahmed joined Alta Semper in 2018 as a Director. 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. Ahmed speaks English and Arabic and is based between Cairo and London. He later became 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. PWP provides advice to management teams and Boards of Directors on critical matters that require shareholder interaction and support, including shareholder votes on transactions and annual proxy matters, as well as shareholder activism preparation and managing a company campaign in response to an attempt by an activist to gain board control or influence. 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. 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. Terms & Conditions. 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. How has the Suns' new starting group performed? 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. GSO was an early investor in the shale gas industry, which has been whipsawed by volatile pricing and other events. Chief Financial Officer and Chief Compliance Officer. Wasserstein established his reputation for orchestrating complex mergers and acquisitions at First Boston Corp., and later Wasserstein Perella & Co., an investment bank sold to Dresdner Bank in 2000 for $1.4 billion. 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. Afsane speaks conversational French, Gujarati and basic Swahili. Prior to that time he was a Senior and Founding Member of the Merchant . Mr. OKeefe earned a B.S. Mr. Campbell is the Founder, Managing Partner and Chief Investment Officer. In September 1988 the Securities and Exchange Commission sued Drexel for insider trading and stock manipulation. 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. About Wasserstein & Co. Wasserstein & Co. is a leading independent private equity and investment firm, focused primarily on leveraged buyout investments and related investment activities. Remnants of the financial crisis continue to cast a shadow on markets, especially in Europe. But things were changing, and they would get their chance soon. To be sure, Blackstone is not the only manager to have smelled opportunity in the financing void. Zachary has an MBA from The Wharton School at the University of Pennsylvania and a BA in Economics from Cornell University. Private equity is composed of funds and investors that directly invest in private companies , or that engage in buyouts of public .
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