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. 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. 39th Floor When the high-yield market trades at highs, we put out less capital, says Ostrover. Dresdner won't acquire Wasserstein's private equity business, which will be spun off to the U.S. firm's existing shareholders. and co-managed the company for five years until its merger. Mr. Campbell received a B.S. Mr. McLellan was hired by Mr. Bagaria and initially worked within AIC from 2004 2006 before moving into the Strategic Value Fund. To be sure, Blackstone is not the only manager to have smelled opportunity in the financing void. GSO was also overly dependent on Merrill Lynch and Credit Suisse, both of which were starting to feel pressure in the early days of the subprime crisis. In 2004, he added New York Magazine to his media empire. Mr. Bagaria began his career in the leveraged finance market in 1999. 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. Look, the market hates your company, he told Hovnanian. Venture Capital. Afsane speaks conversational French, Gujarati and basic Swahili. 99 Canal Center Plaza | Suite 400 EagleTree has always strived to maintain a strong culture of good governance to ensure that it operates in a socially responsible manner. James Coulter, co-founder of private equity firm TPG, says the opportunity is much more attractive for managers and investors now that banks which threw cheap money from depositors at troubled companies financing problems and pocketed the profit are not in the mix. The latest messages and market ideas from Afsane Jetha (@afsanejetha) on Stocktwits. Alta Semper Capital LLP is authorised and regulated by the Financial Conduct Authority (FCA) under Firm Reference Number (FRN) 756838. 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. Mr. Campbell is the Founder, Managing Partner and Chief Investment Officer. Incorporate detailed ESG considerations into our pre-investment decision-making process in order to better assess ESG risks and opportunities and to provide us with an initial overview of a potential portfolio companys ESG profile. EagleTree Capital, All Rights Reserved | TermsofUse and Other Important Disclosure, 1185 Avenue of the Americas, 39thFloorNew York, NY 10036. Wasserstein & Co. is an independent private equity and investment firm, with offices in New York and Los Angeles. The private equity business of the investment firm was not included in the sale and was . David Geffen is the Warren Buffett of the entertainment industry, and they understood the value of that to the deal, he explains. 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. Europe currently offers GSO the greatest opportunities. degree in Individualized Study at New York University with studies at the London School of Economics, graduating cum laude. The firm follows in the footsteps of Drexel and Michael Milken, who in the 1980s invented the junk bond market for non-investment-grade companies. A deal between Blackstone and GSO, however, wasnt a no-brainer. The Hovnanian deal was originated through the hedge fund but later expanded to include the rescue financing fund. 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. Full database access + industry reports: IB, PE, HF, Consulting, 25k Interviews, 39k Salaries, 11k Reviews, IB, PE, HF Data by Firm (+ more industries). Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling. ("TCP"), have entered into a definitive agreement to acquire Globecomm from a New York-based private equity firm. Journal Report. Mr. Lauder is also Chairman of the Board of Governors of the Joseph H. Lauder Institute of Management and International Studies at the Wharton School at the University of Pennsylvania. Previously, Mr. Montana worked at State Street Investment Management Services where he was responsible for fund administration in Global Emerging Markets. Take the highly confident letter, a piece of paper Drexel would issue to the board of a company as a promise that it would provide financing on deals. All Rights Reserved. document.write(new Date().getFullYear()); 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. Prior to Duet, she was at GI Partners where she executed several transactions in the healthcare, consumer and real-estate sectors. 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. At a bank youre working for anonymous shareholders, trying to make as much money as you can, he explains. The new power brokers in the financial industry are money managers and investors like GSO, which control real assets. 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. 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. In 2006, four years after Wasserstein's departure, it dropped Wasserstein's name. Any deal would hinge on James, who was revered by GSOs three founders. or Want to Sign up with your social account? When DLJ tried issuing its own highly confident letters, they meant nothing, as DLJ had a small balance sheet. He worked across the private equity life cycle including fund raising, new investments, portfolio management and exits. She co-founded Work It, Mom! Terms aren't expected to be disclosed, but a person briefed on the matter said the price was about $417 million. Highlight the portfolio companys progress on ESG matters. The top skills needed for this position are business management, market analysis, finance and accounting, problem-solving, data . What are the main benefits of having another shot creator and off-ball spacer of Durant's caliber? 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. Not the case? 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. The tank plus-up, which Ukrainian ambassador to the United Kingdom Vadym Prystaiko announced on Saturday, should come as no surprise. 1Ls are permitted to meet with Wasserstein Fellows even before the October 15th career advising start date. Victoria serves on the board of Vostok New Ventures, an investment company with presence in Sweden. The defanged banks are receding into the background and making peace with new regulations designed to emasculate their balance sheets. Mr. McLellan joined Wasserstein Debt Opportunities Management, LP in 2017 as a Managing Director. 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. Mr. Jones received his MBA from the Yale School of Management and his B.S. 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. In early 1988, Goodman started building the capital markets business at DLJ under Moran and James. 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. Since 2008, Blackstone has more than doubled its assets. The firm, which has a competitive advantage by doing most of its own loan originations and investing in companies that are No. The congressman supported new gun legislation after a school shooting in Uvalde, located in his district. Hovnanian was the largest position in GSOs flagship hedge fund in 2012, and the firm made 50 percent on its capital in six months. 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. Now the emergence of alternative credit mirrors tools that equity investors have had with private equity, says TPGs Coulter. There is a wealth transfer going on from banks shareholders to the investors in our funds, says Goodman. Overview of Wasserstein US Equity Partners IV Wasserstein US Equity Partners IV is a closed private equity fund managed by EagleTree Capital . News team looks for companies going through some sort of upheaval, such as a covenant breach, debt maturation, regulatory change, bankruptcy or a legal dispute like MBIAs battle with BofA. The firm seeks to . He is fluent in Arabic, French and English and is based in Alta Sempers Cairo office. GSO is actively managing the leveraged-loan ETF, the first of its kind. Jan 2003 - Mar 20052 years 3 months. The private equity business of the investment firm was not included . The higher amount of exits for fund were in 2011. Private equity is composed of funds and investors that directly invest in private companies , or that engage in buyouts of public . About Wasserstein family. Work with portfolio companies to advance EagleTrees ESG principles with the goal of improving long-term performance and minimizing adverse impacts in these areas. He currently serves on the Board of Governors of the Middle East Institute and is a former Vice Chairman of the organization. Previously, Mr. Jones was Head of West Coast Investment Banking at Wasserstein Perella and, prior to that, was Managing Director at Salomon Brothers from 1988 through 1994. The 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. Wasserstein & Co. is a leading independent private equity and investment firm, focused primarily on leveraged buyout investments and related investment activities. Engage with outside advisors, as necessary, to analyze and address ESG issues, risks and opportunities that arise. This means that every time you visit this website you will need to enable or disable cookies again. Mr. Jones is currently Chairman of Wasserstein & Co. After six months of negotiations, Goodman and his partners said yes. Prior to joining Semper Capital, Greg served as Founding and Managing Member of CP Capital Partners, LP. 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. 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. From 2002 2004, Mr. McLellan worked as an analyst for Deutsche Bank focusing on Mergers & Acquisitions and Media Investment Banking. He recently served on the Boards of Directors of Harry & David, Encompass Digital Media, and Access Scientific. Our investment activities are focused on middle-market leveraged buyout investments and related investment activities. Click here. 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. GSO and Blackstone actively share information. All HLS students are permitted to meet one-on-one with Wasserstein Fellows. "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 . 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.Mr. Smith, who calls himself Mr. Among his extensive experience in advising local and international clients on cutting-edge M&A transactions, Ibrahim advised Alta Semper on its acquisition of Macro Group (Egypt) and ODM (Morocco). Convene 117 West 46th Street, New York, April 19-20, 2023 [2], Perella left the firm for Morgan Stanley in 1993. Working directly with CEO, funds . 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. 1 or 2 in their markets, looks at about 1,000 deals every year and completes fewer than 5 percent of those. 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 . degree in Finance and Economics from the City University of New York with a concentration in Investment Analysis. OC403953. 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. Mr. Kelsey 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). Though he loved working on Wall Street, particularly at DLJ, Goodman wanted to spend all his time investing. 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. These initiatives and strategies include new product launches, entrance into new markets, add-on acquisitions and operational improvements. 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. Credit Suisse bought DLJ for $11.5billion in 2000 and combined the firm with its New Yorkbased investment banking unit, Credit Suisse First Boston. Prior to this endeavor, she built a rich resume in the financial services sector, specifically working with private equity investment. PE firms charge a management fee of typically 2% of AMU and a performance fee of 20% of the profits. 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 . He recently served on the Boards of Directors of Harry & David, Encompass Digital Media, and Access Scientific. Most PE firms are open to accredited investors or those who are deemed high-net . 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. The future looks bright for credit investing. 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. 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. GSO was very synergistic and complemented our other businesses well.. When Smith was pitching deals at Credit Suisse, he was constantly being undercut by in-country banks. 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. More recently, he served as a member of the Presidents Council on Jobs and Competitiveness. 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. 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. from the University of California at Berkeley. 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. 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 fund, which launched in August 2015 with a $750 million target and no hard-cap, is the largest fund to date for the firm. 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. Remnants of the financial crisis continue to cast a shadow on markets, especially in Europe. Currently, Mr. Campbell is the Chairman of all of the Fund II portfolio companies, Michael Baker International, LLC, and The SPECTRUM Group, LLC. GSOs flagship hedge fund takes an activist or event-driven approach to credit. GSOs investors, by contrast, had a paltry $22million invested with Goodman, Ostrover and Smith. Afsane Jetha is the CEO and Managing Partner of Alta Semper Capital, a dedicated growth markets private equity manager, which she co-founded in 2015 alongside Ronald Lauder (Chairman of Clinique, Este Lauder Companies) and Richard Parsons (Former CEO of Time Warner Group). The following March, Milken was indicted for racketeering and securities fraud. Sustainable Business. GSO represents 26.6 percent of the firms $218billion in assets, on par with its $59billion real estate business and larger than both its private equity ($52billion) and Blackstone Alternative Asset Management hedge fund ($48billion) businesses. 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. 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. Private equity (PE) refers to a constellation of investment funds that invest in or acquire private companies that are not listed on a public stock exchange. Its investment activities are focused on . 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.