We are using cookies to give you the best experience on our website. The honeymoon was over quickly, though. 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. After six months of negotiations, Goodman and his partners said yes. Sony went to every bank it knew, including those in Japan, but couldnt get a $500million bridge loan. GSOs hedge fund invested in public securities, mezzanine debt and distressed debt and provided some rescue lending for companies going through liquidity problems. By that July the three partners had launched GSO with 25 employees and one hedge fund. 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. Mr. Bagaria is a co-founder and serves on the Board of Directors of The Manitou School, a private elementary school located in Cold Spring, New York. 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. Alice Katwan. Smith calls Europe a huge opportunity maybe a little like what Milken saw in the 1980s and DLJ in the 90s. 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. Look, the market hates your company, he told Hovnanian. That summer James approached Goodman the fourth time Blackstone had tried to entice him into a deal and stated the obvious: In credit were not where we want to be. Grace serves as the CEO of Queen's Gambit. 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. 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). You had to figure things out and use your smarts instead of brute strength, Smith, 47, says. Prior to joining Semper Capital, Greg served as Founding and Managing Member of CP Capital Partners, LP. In 2015, EagleTree spun out of Wasserstein & Co, which was formed in January 2001, when the merchant banking group of Wasserstein Perella became an independent firm. degree in Finance and Government from the University of Notre Dame in 2002, graduating magna cum laude. Click here. 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 also advised Meridian Investment (Russia) on the investment of its stake in TBE Egypt for Payment Solutions and Services to an affiliate of BPE Partners. Though hurt by the financial crisis, Blackstone and GSO have emerged as dominant players in its aftermath. Wasserstein Debt Opportunities Management, LP (WDO) is a New York-based SEC-registered investment advisor focused predominately on leveraged loans and high yield bonds. Wasserstein Home | 848 followers on LinkedIn. Wasserstein & Co. www.wasserco.com 1999 Avenue of the Stars Suite 2840 Los Angeles, CA 90067-6086 Anup Bagaria Vice Chairman and Managing Director He worked across the private equity life cycle including fund raising, new investments, portfolio management and exits. In this regard, EagleTree has adopted a Diversity & Inclusion Statement and, in 2021, became a signatory to ILPAs Diversity in Action Initiative. Traders betting against the company lost money. Joseph H. Lauder Institute of Management and International Studies. In addition to his role at Semper Capital, Greg is on the Board of Pan African Investment Company, an early-stage venture capital investor in Africa, founded by Mr. Ronald Lauder and Mr. Richard Parsons. 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. In July 2007, he sold American Lawyer Media to Incisive Media for about $630 million in cash. Previously, Mr. Kelsey worked at Jefferies LLC in the Leveraged Credit Research group where he was responsible for covering the gaming and retail sectors. Hovnanian was the largest position in GSOs flagship hedge fund in 2012, and the firm made 50 percent on its capital in six months. Sustainable Business. In 2001, he established the Neue Galerie New York, of which he is President. In 2004, he added New York Magazine to his media empire. Wasserstein controlled Wasserstein & Co., a private equity firm with investments in a number of industries, particularly media. 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. Wasserstein & Co. also manages a significant portfolio of debt and equity securities and other investments on behalf of our stockholders and other investors. Working directly with CEO, funds . 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. David Geffen is the Warren Buffett of the entertainment industry, and they understood the value of that to the deal, he explains. 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. 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. 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. Now the emergence of alternative credit mirrors tools that equity investors have had with private equity, says TPGs Coulter. Other deals include the $25 billion merger of Swiss Bank Corp and UBS and the $10 billion merger of Morgan Stanley & Co. and Dean Witter Discover & Co.[10], "One of the Best Recruiters in the Neighborhood", "Michael J. Biondi, Banker and Deal Maker, Dies at 50", "Directors and Executive Officers of Lazard", "Investment banking: Walking away from Wall Street", Bruce Wasserstein, Chairman and CEO of Wasserstein Perella, https://en.wikipedia.org/w/index.php?title=Wasserstein_Perella_%26_Co.&oldid=1093705238, This page was last edited on 18 June 2022, at 09:47. It was a good time for Goodman, Smith and Ostrover to start their own firm. He was appointed Chief Compliance Officer in January 2017. The firm, which has a competitive advantage by doing most of its own loan originations and investing in companies that are No. 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. On the strength of that bridge loan business, we built ourselves up into the leading firm, says James. Convene 117 West 46th Street, New York, April 19-20, 2023 She has strong personal and professional ties to East Africa being a fourth generation Tanzanian. PETER A. WEINBERG In the U.S. banks provide about 30 percent of lending, with capital markets and investors providing the remainder. Terms & Conditions. With Blackstone they would get scale, a brand, idea-sharing with the firms deal makers and access to new and larger clients. GSOs investors, by contrast, had a paltry $22million invested with Goodman, Ostrover and Smith. 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. 2023 Forbes Media LLC. 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. Marina is based in Alta Sempers Cairo office. Its a different kind of satisfaction walking into the CIOs office for the Bass brothers.. 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. Mr. Kelsey earned a B.S. Mr. OKeefe earned a B.S. 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. He now manages its hedge fund. Private Equity Firms in Southern California Company Website Address Primary Contact Angeleno Group www.angelenogroup.com 2029 Century Park East Suite 2980 Los Angeles, CA 90067 . Contribute to the database and get 1 month free* Full online access! Smith, who calls himself Mr. But that is likely to change as banks shed assets to deleverage and companies need capital. Mr. Campbell is the Founder, Managing Partner and Chief Investment Officer. Original price $69.99. Private equity investors are by nature optimistic and swaggering, thinking every deal is a potential blockbuster. In the late 1990s, Schwarzman, a client of DLJs, asked Goodman to start a credit business at Blackstone. In contrast to the few traditional deals a year that a junior banker at Goldman might work on, Goodman cut his teeth on such unusual transactions as KKRs investment in Union Texas Petroleum Holdings in 1985 and Maxams 1986 takeover of Pacific Lumber Co. For the latter he and Joshua Friedman, then head of the capital markets group at Drexel, came up with a term sheet for a zero-coupon increasing-rate note whose complexity and model they still laugh about. If you're happy with cookies click proceed. Predecessor funds, U.S. Equity Partners I and II, were raised in 1997 and 2002 and invested approximately $750 million of committed equity capital. He subsequently established the investment bank boutique Wasserstein Perella & Co., which he later sold . As one of the largest creditors of MBIA and holders of its equity, GSO had a big win last month when the Armonk, New Yorkbased provider of municipal bond insurance finally settled a dispute with Bank of America Corp. after years of wrangling over troubled mortgage-backed securities. Work with portfolio companies to integrate sustainability considerations into their business plans, as applicable. (The sentence was later reduced to two years.). After earning his MBA in 1984, the Miami-born Goodman took a full-time job with Drexel in New York. 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. 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. 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. As a result, the high-yield and leveraged-loan markets never developed in Europe to the extent they did in the U.S. Shortly thereafter Ostrover assumed responsibility for leveraged finance and Smith joined Goodman in the alternatives group. With Drexel and Milken gone amid a recession, many market watchers thought high-yield financing would die. degree in Finance and Economics from the City University of New York with a concentration in Investment Analysis. GSO has provided much-needed credit to scores of troubled companies like Hovnanian that couldnt tap public markets or get bank loans. 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. The company would sell its property inventory to a land bank created by GSO in return for a $125million cash infusion. 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. 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. 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. 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. Prior to this endeavor, she built a rich resume in the financial services sector, specifically working with private equity investment. Afsane is tiedpe - Afsane Jetha @afsanejetha 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. He has done extensive work on the implementation of precision medicine in the developing world. 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. 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. Current market conditions are setting the stage for a lot of future opportunities for GSO. This ESG Policy (the Policy) amends, restates and supersedes EagleTrees ESG Policy that was first formally adopted in 2017. from the University of California at Berkeley. 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. Investment efforts are focused across threesectors: Focusing on brands, we target a wide range of consumer products, including personal care, food and beverage (including organic, natural and good-for-you), enthusiast/sporting, housewares and luxury products, among others. The EagleTree Capital team is currently investing its fifth private equity fund, EagleTree Partners V, with over $1.1 billion of committed capital. 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. Private equity (PE) refers to capital investment made into companies that are not publicly traded. She previously served as Partner at Wall Street Technology Partners LP and Director of the Dresdner Kleinwort Wasserstein Private Equity Group. Mr. Montana earned a duel B.S. He is fluent in Arabic, French and English and is based in Alta Sempers Cairo office. He holds an AB from Princeton University. He recently served on the Boards of Directors of Harry & David, Encompass Digital Media, and Access Scientific. 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. Performing, price-discounted debt that we expect to recover. Goodman states the obvious: No company does business with us because were such nice guys, though we like to think we are. Ahmed speaks English and Arabic and is based between Cairo and London. Mr. Bagaria earned a B.A. It was the first of many overtures Blackstones executives would make to him. She holds her MBA from Harvard Business School and a Bachelor of Science in Economics from The Wharton School at the University of Pennsylvania. A month after its launch, GSO hired Donald (Dwight) Scott, who ran the energy practice at DLJ before joining El Paso Corp. in 2000. 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 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. You can find out more about which cookies we are using or switch them off in settings. At Goldman, Mr. Bagaria worked primarily as an investor of GS Mezzanine, the largest mezzanine fund globally. 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. 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). GSO has $8billion in dry powder to put to work when rates eventually rise and investors inevitably sell at least some of the bonds theyve bought in recent years. 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. Mr. McLellan earned a B.S. On day one Credit Suisse gave the firm more than $500million to manage a big part of the approximately $3billion it had raised from outside investors, including the Bass brothers, Blackstone, Cornell University, K2 Advisors, MetLife, Notre Dame and Quellos Group (now owned by BlackRock). 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. Mr. Dutton has been working in the Hedge Fund Industry since 1997 and joined Wasserstein Debt Opportunities Management, LP in June 2013. Previously, he was the Managing Partner of the New York law firm Patterson, Belknap, Webb and Tyler. 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. 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. The group has products that do better in different market environments, such as its closed-end funds and a new exchange-traded fund it recently launched with State Street Global Advisors. GSO and Blackstone announced the deal in January 2008. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. All rights reserved. Every Monday the investment staff meets to go over ideas and review the pipeline. From 2002 2004, Mr. McLellan worked as an analyst for Deutsche Bank focusing on Mergers & Acquisitions and Media Investment Banking. During his time at the IFC, he advised on the first PPP in the West Bank. What are the main benefits of having another shot creator and off-ball spacer of Durant's caliber? Never satisfied with his intense day job, Bruce's private equity firm Wasserstein & Co. holds stakes in the popular New York magazine, and the delicious Harry & David gift basket retailer, among . 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. 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. 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. Greg began his career over 19 years ago and served as a Captain and Infantry Officer in the United States Marine Corps. 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. He spent five years there, toiling on ten to 12 deals a year all of them different in a culture that rewarded Street smarts and a maniacal work ethic. Though the three are equal partners at GSO, Smith and Ostrover often defer to Goodman for the final word. These initiatives and strategies include new product launches, entrance into new markets, add-on acquisitions and operational improvements. 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. J.P. Morgan and other Wall Street research firms changed their rating from a sell to a hold GSO had been hoping for a buy and Credit Suisse refinanced Hovnanians high-cost debt that was coming due in 2016 and that the naysayers were sure would sink the company. He focused on Consumer Products and broader Sub-Saharan Africa. 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. The ESG Sub-Committee generally will meet on at least a weekly basis and its responsibilities will include: (i) engaging with EagleTrees deal teams on pre-acquisition ESG due diligence matters; (ii) engaging with EagleTrees third-party ESG specialists to conduct annual portfolio company-level ESG reviews; (iii) responding to investor and other stakeholder ESG requests; (iv) conducting annual employee training; and (v) reviewing and updating this Policy and EagleTrees ESG program, as necessary, from time to time. 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. Overview of Wasserstein US Equity Partners IV Wasserstein US Equity Partners IV is a closed private equity fund managed by EagleTree Capital . 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.While working at Sheffield from 2010 2016, Mr. McLellan led many of the largest positions analyzing long/short equity and credit investments. Mr. Montana earned a duel B.S. 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. 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. New York, NY 10036, Dresdner Kleinwort Wasserstein (DrKW) operates as the investment banking arm of Germany's Dresdner Bank AG. 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. GSOs flagship hedge fund takes an activist or event-driven approach to credit. Convene 117 West 46th Street, New York, Get limited access to our industry news, analysis and data, plus regular email updates. The approximately $4billion portfolio was distributed across GSOs own funds as well as Blackstones private equity portfolios. The higher amount of exits for fund were in 2011. 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. Smith had joined Salomon from Drexel, leaving with a group during the bankruptcy. Afsane Jetha began her career at Merrill Lynch and Wasserstein Private Equity before moving on to the consumer team at Permira in London. 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. The firm seeks to . Aligning our interests with our investors creates a long-term partnership forsuccess. Mr. OKeefe joined Wasserstein Debt Opportunities Management, LP in 2014 as an Associate. 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. EagleTree continues to encourage all of its employees to actively engage in nonprofit volunteer activities and giving in our communities. The future looks bright for credit investing. Bruce Jay Wasserstein (December 25, 1947 - October 14, 2009) was an American investment banker, businessman, and writer. Two years out of the University of Notre Dame, he witnessed firsthand the toll Drexels failure took on senior managers whose wealth had been tied up in its stock.
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