About Wasserstein family. He recently served on the Boards of Directors of Harry & David, Encompass Digital Media, and Access Scientific. Zachary has an MBA from The Wharton School at the University of Pennsylvania and a BA in Economics from Cornell University. We stand on this very busy street corner and see all this activity, says customized credit strategies partner Daniel Smith. GSO and Blackstone announced the deal in January 2008. He was CEO since the firms formation in 2001 through 2012. 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. He is in charge of all of the Firms operations and leads the investment decision making process for all capital investments. Lets face it, if a company can tap the public markets, they will, and theyll get a much better deal.. 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. No one has represented Blackstones opulence more than its billionaire co-founder Schwarzman, who in 2000 reportedly paid $37million for a 34-room triplex on Park Avenue and has owned vacation properties in the Hamptons; Jamaica; Palm Beach, Florida; and Saint-Tropez. Pam Wasserstein is the President of Vox Media, the leading independent modern media company, where she oversees strategic initiatives, including e-commerce and consumer businesses, as well as the New York Magazine brands. His ability to skillfully negotiate complex, high-stakes situations led to his appointment as head of investment banking at First Boston Corporation. The Capital Solutions Fund GSOs rescue lending vehicle is an object lesson in the maturation of alternative credit. Alta Semper Capital LLP is a limited liability partnership registered in England and Wales under no. 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. GSO was an early investor in the shale gas industry, which has been whipsawed by volatile pricing and other events. But thats starting to change as European banks need to deleverage and raise capital and companies desperately require funding. 2016 2023 Forbes Media LLC. 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. Upon his return from Vienna in 1987, he established the Ronald S. Lauder Foundation, which supports Jewish schools, camps and community centers in several countries in Eastern Europe. But Goodman shunted humility aside at least temporarily during his lunch with Moran. Though it was satisfying to be on their own, Goodman, Ostrover and Smith were used to being No. A month after its launch, GSO hired Donald (Dwight) Scott, who ran the energy practice at DLJ before joining El Paso Corp. in 2000. Private Equity. Credit jumped off the page.. 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. This Policy reflects our current approach to considering and addressing Environmental, Social and Governance (ESG) factors and which has been further developed and refined since we became a PRI signatory in 2019. 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. But that is likely to change as banks shed assets to deleverage and companies need capital. Hovnanian, for his part, was not convinced that the market would react as positively as Ostrover suggested. Other investments recently controlled by Mr. Campbell and for which he served as Chairman include, but are not limited to, National Interest Security Company, LLC; SC3, LLC; and International Development Solutions, LLC. 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. Wasserstein & Co. also manages a significant portfolio of debt and equity securities and other investments on behalf of our stockholders and other investors. When the high-yield market trades at highs, we put out less capital, says Ostrover. Mr. Dutton has been working in the Hedge Fund Industry since 1997 and joined Wasserstein Debt Opportunities Management, LP in June 2013. An ESG Sub-Committee has also been formed to function as an ESG working group that will carry out the day-to-day aspects of EagleTrees ESG efforts and initiatives and be available as a resource for investment team members. Blackstone allowed us to take our business from being three years old to ten overnight, Ostrover says. 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. Montana earned a duel B.S. 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. Traders betting against the company lost money. Mr. Jones received his MBA from the Yale School of Management and his B.S. Now the emergence of alternative credit mirrors tools that equity investors have had with private equity, says TPGs Coulter. and co-managed the company for five years until its merger. Prior to joining Apollo, Mr. Bagaria worked at Goldman Sachs & Co.s PIA (Goldman), Goldmans principal investment area responsible for the private equity and mezzanine funds. Wasserstein purchased The American Lawyer, which he later sold, and New York magazine, which remains under his family's control. Current market conditions are setting the stage for a lot of future opportunities for GSO. Blackstones real estate group saw similar evidence, and BAAM expected mortgage improvement based on results from its underlying hedge funds. The EagleTree Capital team is currently investing its fifth private equity fund, EagleTree Partners V, with over $1.1 billion of committed capital. Mr. Montana joined Wasserstein Debt Opportunities Management, LP in 2014 as a Finance Associate. This is bolstered by our expert shareholder base, which brings experienced strategic and operating partners to our transactions and best-in-class management teams. Mr. Lauder is currently the Chairman of Clinique Laboratories, a division of The Este Lauder Companies. He has done extensive work on the implementation of precision medicine in the developing world. Legacy ABOUT WASSERSTEIN. Richard Parsons is the Former Chairman of the Board of Citigroup Inc., and former Chairman of the Board, and CEO of Time Warner. Afsane Jetha started her career in finance at Merrill Lynch and Wasserstein Private Equity before gaining additional experience at Permira in London as part of the consumer team. PWP provides strategic, financial, and tactical advice in connection with executing complex mergers, acquisitions, company sales, and corporate divestitures, including carve-outs, joint ventures, and spin-offs, and relating to takeover preparedness and defense. While non-investment-grade companies need capital, investors need yield, and alternative credit strategies like those offered by GSO provide a much-needed boost to returns for bond portfolios. Prior to joining Wasserstein & Perella Co., Inc., Mr. Campbell was an officer of Manufacturers Hanover Trust Co., where he was a member of the Acquisition Finance Group that was responsible for originating, structuring, and syndicating leveraged loans for such notable sponsors as Kohlberg Kravis Roberts & Co., among others. Do you thrive in a challenging environment that combines intensity with collaboration? 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. [8], In 2000, Wasserstein Perella ranked fifth in the U.S. as an adviser on mergers and acquisitions. 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. Track ESG-related metrics across our portfolio companies and engage and collaborate with portfolio companies to consider recommendations from these findings. PETER A. WEINBERG He serves on the Board of Directors of USO Metro and the Board of Trustees of the Pomfret School. 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. But by the end of 2009, the firm had $24billion in assets. After James joined Blackstone, Goodman took over CSFBs alternative capital division. Mr. Kelsey joined Wasserstein Debt Opportunities Management, LP in 2013 as an Associate. Premium. 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. Sony went to every bank it knew, including those in Japan, but couldnt get a $500million bridge loan. 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. 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. 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. 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 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. In the old days a bank might have been more willing to commit its balance sheet for long-standing clients, says Bennett Goodman, the 56-year-old G in GSO, who started his career at Drexel Burnham Lambert in the 1980s. Bruce Wasserstein was an American investment banker, businessman, and writer who began his career as an attorney with Cravath, Swaine & Moore. 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. 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. Highlight the portfolio companys progress on ESG matters. Tailor specific ESG inquiries and approaches based on various investment factors including the core industry sector of a particular investment. EagleTree Capital has taken into consideration a variety of representative policy documents, including the United Nations Principles for Responsible Investment, in the development of our Environmental, Social and Governance (ESG) Policy. Private equity is capital that is not noted on a public exchange. Afsane speaks conversational French, Gujarati and basic Swahili. [9] 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. David Geffen is the Warren Buffett of the entertainment industry, and they understood the value of that to the deal, he explains. Mr. Bagaria was a board director of LVI Services, Inc., Generation Brands and Playpower, Inc. During the most recent recession, Mr. Bagaria was a manager of a multi-billion dollar senior loan vehicle. Europe currently offers GSO the greatest opportunities. 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. The fund, which launched in August 2015 with a $750 million target and no hard-cap, is the largest fund to date for the firm. Manage and implement various projects in the fields of corporate finance, mergers & acquisitions, project finance, capital markets, private equity and asset management. I love the underdog. While his friends at Harvard including one he describes as having had pinstripes on his diapers did summer internships at Wall Streets toniest firms, Goodman took a job with Drexel. Victoria serves on the board of Vostok New Ventures, an investment company with presence in Sweden. The then-54-year-old CEO figured he had little to lose by listening to Ostrovers pitch. Prior to Emerging Capital Partners, Zachary was an M&A Executive at SABMiller and worked on beverage related transactions in South Africa, Nigeria, Angola, Kenya, Ethiopia, Malawi, and Tanzania. Senior Vice President of North America Sales at Twilio. As a result of the cumulative research among the different Blackstone groups, private equity bought $220million of nonperforming residential loans, the real estate team purchased $1.4billion of single-family homes to lease, and GSO invested in Hovnanian. Mr. McLellan joined Wasserstein Debt Opportunities Management, LP in 2017 as a Managing Director. She co-founded Work It, Mom! Mr. OKeefe joined Wasserstein Debt Opportunities Management, LP in 2014 as an Associate. The market is saying youre going bankrupt, Ostrover added. By Stephen Grocer. Mr. OKeefe earned a B.S. Copyright 2023. He later became CEO of Lazard Ltd, while at the same time sitting atop private equity firm Wasserstein & Co, which continues to operate. from the University of California at Berkeley. Contribute to the database and get 1 month free* Full online access! 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. It was keeping up-to-date in its credit work on certain companies and identifying potential situations for investment. 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. Perella Weinberg Partners LP and Tudor, Pickering, Holt & Co. Securities, LLC are members of FINRA and SIPC.Perella Weinberg UK Limited is authorized and regulated by the Financial Conduct Authority.Perella Weinberg Partners France is authorized and regulated by the ACPR and by the AMF. Before that she worked at Apollo Global Management, the private equity firm, where she evaluated . If you're happy with cookies click proceed. The private equity business of the investment firm was not included . Prior to joining Sheffield, Mr. McLellan worked at Apollo Global Management, LLC (AGM) from 2004 2010. Alice Katwan on Linkedin. Wasserstein Debt Opportunities Management, LP (WDO) is a New York-based SEC-registered investment advisor focused predominately on leveraged loans and high yield bonds. Business Video. When the markets rebounded in 1991, DLJ took over as a leading player. The Team. 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. Mr. Bagaria is the Advisors President and Chief Investment Officer. 2005-2023 Wall Street Oasis. It was DLJs limited balance sheet that taught Goodman, Ostrover and Smith how careful they had to be with their credit analysis and due diligence. 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. 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. 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. The firm was formed in January 2001, when the merchant banking group of Wasserstein Perella & Co., Inc., a global investment banking firm, spun out to become an independent firm upon the acquisition of Wasserstein Perella by Dresdner Bank. So-called PE funds may also buy out . Previously, Mr. OKeefe worked at S&P Capital IQ Leveraged Commentary & Data Group where he was responsible for research on leveraged loans and high yield bonds. The private equity business of the investment firm was not included in the sale and was . After two games, Kevin Durant looks to be extremely comfortable in the Phoenix Suns' offense. 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. Its alternative credit growing up. Though he loved working on Wall Street, particularly at DLJ, Goodman wanted to spend all his time investing. She co-founded Work It, Mom! Aligning our interests with our investors creates a long-term partnership forsuccess. GSO has a view on about 1,000 companies through its CLO business, garnering leads that can be passed on to the hedge fund or other vehicles. There is a wealth transfer going on from banks shareholders to the investors in our funds, says Goodman. In all cases the company would likely be giving up control at the bottom of the market. There is a place for capital formation at market rates of return and driven by problem solvers, explains Coulter. 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. The private equity business of the investment firm was not included in the sale and was to be sold off to existing Wasserstein shareholders. But the GSO team immediately understood the annuity-like cash flow streams of music publishing and how much less volatile it is than recorded music and less subject to the decline of physical recorded media., Wiesenthal adds that GSO was flexible enough to let billionaire David Geffen, also an investor, participate in the transaction late in the game. 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. And this is good for the economy. TPG launched its own midmarket lender after the financial crisis and has both competed and partnered with GSO. In the U.S. banks provide about 30 percent of lending, with capital markets and investors providing the remainder. When DLJ tried issuing its own highly confident letters, they meant nothing, as DLJ had a small balance sheet. Our close-knit team shares 70 years of combined specialist experience gained at leading private equity and investment firms. In September 1988 the Securities and Exchange Commission sued Drexel for insider trading and stock manipulation. If Drexel came up with the junk bond and DLJ created the institutional leveraged-finance market, GSO is again reinventing the concept of providing capital to non-investment-grade companies this time as an asset manager. In recent years, the firm has invested in pharmaceutical manufacturing, retail pharmacy, cancer care and diagnostics platforms in Egypt, Nigeria and Morocco. GSO is actively managing the leveraged-loan ETF, the first of its kind. A -. Morants agent denied previous allegations he hit and flashed his gun at a teenager suggesting they were made to tarnish his reputation. Original price $69.99. Bruce Jay Wasserstein (December 25, 1947 - October 14, 2009) was an American investment banker, businessman, and writer. Harvard labor economist Claudia Goldin summarises the distance we've travelled over the past hundred years, in a kind of Five Ages of Women. 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. The high-yield and leveraged-loan markets never developed there like they did in the U.S. 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. In Europe 70 to 75 percent of lending is done by banks. At PWP, we seek talented people capable of broad and creative thinking with the drive to provide the highest quality advice to our clients. We target investments of between $30 million and $150 million. [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. 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. It was a good time for Goodman, Smith and Ostrover to start their own firm. The year he joined, the firm became the No. 1 or 2 in their markets, looks at about 1,000 deals every year and completes fewer than 5 percent of those. EagleTree has always strived to maintain a strong culture of good governance to ensure that it operates in a socially responsible manner. She co-founded Work It, Mom! 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. 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.
Alisha Lehmann Relationship,
Cairns Central Doctors,
Cote Funeral Home Obituaries,
Are There Mountain Lions In The Poconos,
Jean "foxy" Reynard,
Articles W