wasserstein private equity wasserstein private equity

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. 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. 2016 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 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. About - Swiftmile Manage and implement various projects in the fields of corporate finance, mergers & acquisitions, project finance, capital markets, private equity and asset management. The high activity for fund was in 2002. 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 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. But, as Smith says, its also a great place to lose money. 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. Victoria serves on the board of Vostok New Ventures, an investment company with presence in Sweden. Its a different kind of satisfaction walking into the CIOs office for the Bass brothers.. 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. Prior to that, he worked for 14 years in Senior Hedge Fund operations positions for top tier firms, including IFS State Street and HSBC. Today, the firm manages approximately $2 billion of capital on behalf of institutional and individual investors, including public and corporate pension funds, foreign governmental entities, endowments and foundations and high net worth individuals. 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. Earlier in her career, she was part of the Consumer Team at Permira in London which followed her time at Wasserstein Private Equity and Merrill Lynch in New York. She previously served as Partner at Wall Street Technology Partners LP and Director of the Dresdner Kleinwort Wasserstein Private Equity Group. We partner with entrepreneurs with the goal of building great brands. 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). Thoughtful Smart Home Products Wasserstein Home from the University of California at Berkeley. At that time, Drexel had a lock on the business. After earning his MBA in 1984, the Miami-born Goodman took a full-time job with Drexel in New York. Blackstone allowed us to take our business from being three years old to ten overnight, Ostrover says. Blackstone referred Sony to GSO, which crafted a deal of mezzanine debt and equity warrants in the company. The top skills needed for this position are business management, market analysis, finance and accounting, problem-solving, data . 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. Drexel was a place where analysts spent days buried in the dense financials of dicey companies. While Goodman loves to talk, Ostrover has to be pressed for details. Competition from increasingly bigger banks was fierce. 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. The trio had remained close to James after he left DLJ for Blackstone, and they knew he was interested in striking some type of deal. The GSO team has been through the ups and downs of numerous credit cycles, and theyre always worried and trying to protect the downside, says Timothy Walsh, chief investment officer of the $74billion New Jersey Pension Fund, which has committed to $1.1billion in investments in five GSO funds. Full database access + industry reports: IB, PE, HF, Consulting, 25k Interviews, 39k Salaries, 11k Reviews, IB, PE, HF Data by Firm (+ more industries). Mr. Bagaria earned a B.A. A Fundamentally Different Kind Of SPAC - Betsy S. Atkins 1 leveraged-finance player, lending to blemished companies that were in some of the fastest-growing sectors of the U.S. economy, including energy exploration and homebuilding. Hovnanian, for his part, was not convinced that the market would react as positively as Ostrover suggested. Alice Katwan on Linkedin. 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. IN THE 1980S,WALL STREEThad a clear pecking order. She previously served as Partner at Wall Street Technology Partners LP and Director of the Dresdner Kleinwort Wasserstein Private Equity Group. Though hurt by the financial crisis, Blackstone and GSO have emerged as dominant players in its aftermath. 1Ls are permitted to meet with Wasserstein Fellows even before the October 15th career advising start date. He currently serves on the Board of Governors of the Middle East Institute and is a former Vice Chairman of the organization. Approach prospective clients and partners; make presentations. OC403953. 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. 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. 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. The fund's final close was first reported . 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. (212) 702-5602 In 2008, Mr. Parsons served as a member of then-President-Elect Barack Obamas Economic Transition Team. Since the financial crisis investment banks have been deleveraging and governments around the world have imposed stricter capital requirements on financial institutions, as the U.S. is doing with the Dodd-Frank Wall Street Reform and Consumer Protection Act. 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. The big Swiss bank wanted Goodmans leveraged-finance business as well as DLJs merchant banking and real estate groups. Previously, Mr. Kelsey worked at Jefferies LLC in the Leveraged Credit Research group where he was responsible for covering the gaming and retail sectors. 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. She co-founded Work It, Mom! Former partner at Wall Street Technology Partners and former Director of Dresdner Kleinwort Wasserstein Private Equity Group. Though investors seem to have set their concerns aside, GSO maintains that Europe poses the same risks to the global economy it always did and that rates must rise sometime in the next four years. That also plummeted in value. Mr. Lauder was appointed Ambassador to Austria by President Ronald Reagan after serving several years as Deputy Assistant Secretary of Defence for European and NATO policy. 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. 99 Canal Center Plaza | Suite 400 Wasserstein & Co. to Sell High Pressure Equipment Company Work with portfolio companies to integrate sustainability considerations into their business plans, as applicable. 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. 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. About Wasserstein Partners IV Wasserstein Partners IV is a mid-market buyout fund managed by WP Capital Management, the private equity investment company formerly associated with Wasserstein Perella Group and Wasserstein & Co. PETER A. WEINBERG Mr. Campbell received a B.S. 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. Wasserstein 3-in-1 Floodlight, Charger and Mount for Wyze Cam V3 (Camera Not Included) 4.8. 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. In the late 1990s, Schwarzman, a client of DLJs, asked Goodman to start a credit business at Blackstone. contact@wasserco.com. Lets face it, if a company can tap the public markets, they will, and theyll get a much better deal.. GSO LIKES A LITTLE, BUT NOT TOO much, market misery. 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. Hard work got him noticed at Drexel, as well as a meeting with Moran. 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. What are the main benefits of having another shot creator and off-ball spacer of Durant's caliber? This content is from: 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. Balkan Advisory Company, Sofia, Bulgaria. What Is Private Equity? - Forbes Advisor He later became CEO of Lazard Ltd, while at the same time sitting atop private equity firm Wasserstein & Co, which continues to operate. Many investors wouldnt know how to approach that.. When Smith was pitching deals at Credit Suisse, he was constantly being undercut by in-country banks. EagleTree continues to maintain policies and procedures that prohibit bribery and other illegal payments to public officials consistent with U.S. federal and state laws, and in an effort to protect our systems, networks, programs, devices and data from cyber-attacks, has implemented a robust cyber-security framework. Zacharys advisory experience was developed within the investment banking divisions of UBS and Goldman Sachs in New York and Johannesburg. As a consequence, banks want to syndicate risk into the market put together a road show and talk to 200 investors. The Deutsche Bank portfolio was marked to about 5 cents on the dollar for the quarter ended March 31, 2009. 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. EagleTree Capital is an independent private equity firm located in New York. Even before James left CSFB, he and Goodman talked about going off on their own. The EagleTree Team has worked together for over 25 years. Therefore, EagleTree may incorporate and alter different elements of this Policy for different portfolio companies across the stages of the investment management process, including during pre-acquisition, throughout ownership, and when positioning a portfolio company for an exit. Wasserstein controlled Wasserstein & Co., a private equity firm with investments in a number of industries, particularly media. My Top SPAC Play for 2021 - Data Intelligence. He is a CFA charterholder. Greg is responsible for oversight and portfolio management at PIC. Although they enjoyed being their own bosses, they missed the prestige, and the deals, that came with being part of a big organization. Mr. OKeefe earned a B.S. [2], Perella left the firm for Morgan Stanley in 1993. The EagleTree Capital team is currently investing its fifth private equity fund, EagleTree Partners V, with over $1.1 billion of committed capital. The tank plus-up, which Ukrainian ambassador to the United Kingdom Vadym Prystaiko announced on Saturday, should come as no surprise. The world had changed, and the firm needed a partner. GSO had partnered with TPG to buy a $2billion portfolio of bridge loans from Citigroup. Former UFC Mens Bantamweight champion Cody Garbrandt celebrated a triumphant return to the Octagon on Saturday night. The Retail, Wholesale and Department Store Union (RWDSU), yesterday said that, at REI Inc. in Cleveland, Ohio, have voted to join the RWDSU, making this the third unionized REI store in the U.S. Overview of Wasserstein US Equity Partners IV Wasserstein US Equity Partners IV is a closed private equity fund managed by EagleTree Capital . 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. The mission of Alta Semper is to invest flexible and strategic capital across selected growth markets, with a focus on the healthcare and consumer sectors. 1 salesperson by a third-party consulting firm, and Goodman and Moran decided to steal him away the day the news came out. He also serves on Semper Capitals Risk Management and Compliance committees. It took a week before Hovnanian softened, but GSO got its deal. March 29-30, 2023 Mr. Bagaria also held responsibilities related to secondary trading, investment team development, portfolio company work-outs and the development of Apollos energy lending and aviation investment platforms. The Team | Alta Semper | Private Equity Firm Mr. McLellan earned a B.S. 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. 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. Victoria has extensive experience in originating, structuring and monitoring venture capital transactions. She co-founded Work It, Mom! New York, NY 10036, 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. We want to buy you.. 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. 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. GSOs hedge fund invested in public securities, mezzanine debt and distressed debt and provided some rescue lending for companies going through liquidity problems. In recent years, the firm has invested in pharmaceutical manufacturing, retail pharmacy, cancer care and diagnostics platforms in Egypt, Nigeria and Morocco. 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. Heres How To Trade The Stock Now, NBA Investigating Ja MorantGrizzlies Star Allegedly Flashed Gun On Instagram After Reports Of Violent Behavior, Liverpool Legend Roberto Firmino Reportedly Offers Himself To FC Barcelona, A Century Of Women, Work - And Juggling Family, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. She previously served as Partner at Wall Street Technology Partners LP and Director of the Dresdner Kleinwort Wasserstein Private Equity Group. The ESG Committee will meet at least quarterly. Sustainable Business. Martin Paev, CFA - Member of the Board of Directors - Sirma Group Victoria Grace - Colle Capital Mr. Dutton has been working in the Hedge Fund Industry since 1997 and joined Wasserstein Debt Opportunities Management, LP in June 2013. When Bruce Wasserstein and Joe Perella Ruled the World. 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 congressman supported new gun legislation after a school shooting in Uvalde, located in his district. Afsane Jetha on Behance From 2002 2004, Mr. McLellan worked as an analyst for Deutsche Bank focusing on Mergers & Acquisitions and Media Investment Banking. Prior to joining Semper Capital, Greg served as Founding and Managing Member of CP Capital Partners, LP. 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. Wasserstein Partners Acquires Northstar Travel Group - Folio: Stephen M. Sammut is a Senior Fellow in Health Care Management and a Lecturer in Entrepreneurship at The Wharton School of the University of Pennsylvania where he has taught over 11, 000 students in the last 25 years. . Jason New, a onetime bankruptcy lawyer who had been with DLJ since 1999 and worked on some of the most complex distressed deals, such as financing Level 3 Communications and Qwest Communications, joined GSO at the start. During his time at the IFC, he advised on the first PPP in the West Bank. With over 15 years of experience, the principals of Orkila seek to leverage their deep industry knowledge and . On top were three white-shoe firms: First Boston Corp., Goldman Sachs and Morgan Stanley. Traders betting against the company lost money. The common things for fund are deals in the range of 10 - 50 millions dollars. 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. GSO now has offices in New York, London, Dublin and Houston. 100%. Perella Weinberg Partners GSO and Blackstone announced the deal in January 2008. All rights reserved. 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. Dresdner Kleinwort Wasserstein - Company Profile, Information, Business Loan prices dropped 30 points, obliterating almost the entire investment at least on paper. Original price $69.99. (The sentence was later reduced to two years.). The high-yield and leveraged-loan markets never developed there like they did in the U.S. Part of GSOs success comes from leaving some money on the table. Funds advised by Apax Partners announce the sale of ALM Media to Mr. Jones received his MBA from the Yale School of Management and his B.S. Mr. Bagaria is the Advisors President and Chief Investment Officer. DLJ used its market position to keep reinvesting in the firm, building a leveraged-loan capability and creating a derivatives business and large distressed unit. Goodman is the storyteller of the group, Ostrover is Mr. Markets, and Smith wants to stay out of the limelight and just do deals. Between 2005 and 2012, GSOs assets grew at a compounded annual rate of 29 percent. In the 1990s, GSOs three founders, then working for Hamilton (Tony) James at DLJ, took up where Drexel left off, building that firm into the No. 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. Prior to joining Sheffield, Mr. McLellan worked at Apollo Global Management, LLC (AGM) from 2004 2010. EagleTree aims to provide timely information to its clients and other stakeholders on the matters addressed herein and to work with them to foster transparency with regard to its ESG initiative. Mr. Lauder is currently the Chairman of Clinique Laboratories, a division of The Este Lauder Companies. Don't have an account? Mr. Campbell is the Founder, Managing Partner and Chief Investment Officer. The overall number of key employees were 2. Meet Current Wasserstein Fellows - Harvard Law School Smith had joined Salomon from Drexel, leaving with a group during the bankruptcy. He might have been young, but it was like a pro coming into an amateur team, adds James, who then ran DLJs investment bank. Mr. OKeefe joined Wasserstein Debt Opportunities Management, LP in 2014 as an Associate. And, yes, we've come a long way, baby! Before that she was a Director of Dresdner Kleinwort Wasserstein Private Equity Group. EagleTrees ESG initiatives will be overseen by its ESG Committee, which includes EagleTrees two Co-Managing Partners and other members of senior management. 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 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. Though the three are equal partners at GSO, Smith and Ostrover often defer to Goodman for the final word. Mr. Jones is currently Chairman of Wasserstein & Co. 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. Previously, he served as an Associate Principal at McKinsey & Company in the Financial Services Group. Afsane is tiedpersonally and professionallyto East Africa as she is a fourth-generation Tanzanian. [2] They included Robert S. Wiesenthal who became chairman of Sony; Jeffrey A. Rosen, vice chairman at Lazard; Raymond J. McGuire of Citigroup; Douglas L. Braunstein of JPMorgan Chase; Ronald Kramer, former President of Wynn Resorts and current CEO of Griffon Corporation; Michael B. Kraines of Sandler O'Neill; John H. Simpson, formerly Canyon Partners, now Broadhaven LLC; Robert Pruzan, founder of Centerview Partners; Deborah C. Wright of Carver Federal Savings Bank; Gail Zauder of Credit Suisse; current ABC News contributor, former mayor of Chicago and former chief of staff for President Obama Rahm Emanuel; Howard Kerzner, hotel tycoon and son of Sol Kerzner; Jon B. Kutler, founder of Quarterdeck Investment Partners, Inc., now with Admiralty Partners, Inc.; Michael J. Biondi, investment banking chair at Lazard, nicknamed Mr. Judgement;[3] Gary Parr at Lazard; Hugh "Skip" McGee III, former head of Lehman's investment banking, now at Barclays; Mark G. Shafir, former global co-head of M&A at Lehman Brothers, now with Citigroup; Walid Chammah, former CEO of Barclays International; Veritas Capital's Robert B. McKeon; and others. We take a unique approach to asset management. Business Video. Tailor specific ESG inquiries and approaches based on various investment factors including the core industry sector of a particular investment. GSO put about $5billion of capital to work as the markets slid after the downgrade. While at AGM, Mr. McLellan analyzed event-driven long/short equity and credit, distressed-for-control, private leveraged buyouts and private minority investments in a variety of sectors. 1185 Avenue of the Americas They did their homework, and they were convinced that the market was underestimating our ability to succeed in a space housing that they thought was recovering, says Hovnanian. Alta Semper Capital LLP is a limited liability partnership registered in England and Wales under no. Marina is based in Alta Sempers Cairo office. GSO founders Bennett Goodman, Tripp Smith and Douglas Ostrover have become a key source of capital for non-investment-grade companies struggling to get financing, and in the process they have made a lot of money for themselves; their parent, Blackstone Group; and their investors. She has worked for GI Partners, Merrill Lynch, Wasserstein Private Equity, and Permira in London. Executive Team - mClinical Technology Fully 80 percent of GSOs senior management team is from DLJ. 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. He has done extensive work on the implementation of precision medicine in the developing world. He subsequently established the investment bank boutique Wasserstein Perella & Co., which he later sold . 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. Mr. McLellan began his career in direct investing in 2004. The private equity business of the investment firm was not included in the sale and was to be sold off to existing Wasserstein shareholders. The then-54-year-old CEO figured he had little to lose by listening to Ostrovers pitch. 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.