wasserstein private equity

Prior to Duet, she was at GI Partners where she executed several transactions in the healthcare, consumer and real-estate sectors. She holds her MBA from Harvard Business School and a Bachelor of Science in Economics from The Wharton School at the University of Pennsylvania. 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. As the market comes down, we put out a lot. Private equity is composed of funds and investors that directly invest in private companies , or that engage in buyouts of public . The stock rose 170 percent between July 2012 and the end of the year. Chief Financial Officer - Appointed CFO of Gabelli Group in 2001, re-joined as CFO in 2014 (after serving company as independent director / advisor from 2008). Click here. 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. With Drexel and Milken gone amid a recession, many market watchers thought high-yield financing would die. 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 . 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. At Apollo, Mr. Bagaria invested in several asset classes including senior debt, high yield bonds, mezzanine finance and equity. Today it offers $27billion in alternative-investment funds, including the now $4billion hedge fund, $8billion in mezzanine funds financing buyouts for private equity $8billion in rescue lending and $7billion in small-cap direct lending. Credit to Steve, he really trusted me on this one, adds James, who says Blackstone was looking for an area of asset management with room to grow that would complement its existing private equity, real estate and fund-of-hedge-funds businesses. The company initially approached Blackstones private equity group for a $500million infusion of equity, but it wanted a controlling stake and Sony wasnt about to do that. Tudor, Pickering, Holt & Co. Securities - Canada, ULC is a Member of the Canadian Investor Protection Fund and the New Self-Regulatory Organization of Canada. When DLJ tried issuing its own highly confident letters, they meant nothing, as DLJ had a small balance sheet. 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. The Hovnanian deal was originated through the hedge fund but later expanded to include the rescue financing fund. 17.5B Acquisition of Stake in Deutsche Telekoms German and Austrian Tower Business, $6B Acquisition of Ortho Clinical Diagnostics, $22.2B Combination with AT&Ts WarnerMedia, $525M Growth Equity Investment from Blackstone, $1.1B Senior Secured and Convertible Notes. In 1988, Bruce established a private equity division of Wasserstein Perella & Co., called Wasserstein & Co., which he used to manage and invest his personal wealth and later, that of his family. 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. [2], Perella left the firm for Morgan Stanley in 1993. 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. But things are changing much more slowly in Europe than they did in the U.S. Every European country has its own business climate, union rules and regulatory system, and bankruptcy law isnt always clear enough for a manager like GSO to get the assurance it needs to invest in a troubled company. As a result, the high-yield and leveraged-loan markets never developed in Europe to the extent they did in the U.S. Click here to register, Not for publication, email or dissemination, When it comes to private wealth, PE is still an unknown name, PE outperformed in US state pension portfolios over past two decades report, Side Letter: LPs biggest concerns; growing family offices; Bains VC vindication, Indiana Public Retirement System commits $450m to PE. The high activity for fund was in 2002. Fully 80 percent of GSOs senior management team is from DLJ. 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. and co-managed the company for five years until its merger. Mr. Campbell received a B.S. Hints and clues to help you with today's Wordle. 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. What are the main benefits of having another shot creator and off-ball spacer of Durant's caliber? Mr. McLellan began his career in direct investing in 2004. 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. Garrett Moran, who ran the high-yield bond group at DLJ, says Goodman stalked him for six months, wanting to pitch his idea for a capital markets desk. View full details. Private equity is capital that is not noted on a public exchange. Mr. Jones is currently Chairman of Wasserstein & Co. Mr. Montana joined Wasserstein Debt Opportunities Management, LP in 2014 as a Finance Associate. 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. Alta Semper today manages funds on behalf of its founding shareholders as well as various US and European institutions, and is the most active investor in the healthcare space in Africa over the last two years. 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. Mr. Montana earned a duel B.S. Mr. Campbell is the Founder, Managing Partner and Chief Investment Officer. Debt opportunities management delivered through partnership, visionand experience. We want to buy you.. Blackstone allowed us to take our business from being three years old to ten overnight, Ostrover says. 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. Land More Interviews | Detailed Bullet Edits | Proven Process, Land More Offers | 1,000+ Mentors | Global Team, Map Your Path | 1,000+ Mentors | Global Team, For Employers | Flat Fee or Commission Available, Build Your CV | Earn Free Courses | Join the WSO Team | Remote/Flex, WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file, 101 Investment Banking Interview Questions. 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. Mr. OKeefe joined Wasserstein Debt Opportunities Management, LP in 2014 as an Associate. David Geffen is the Warren Buffett of the entertainment industry, and they understood the value of that to the deal, he explains. Prior to joining Alta Semper, Ahmed was a Director at CI Capital Investment Banking, a leading Cairo-based investment bank, where he sourced, led and executed several capital markets and M&A transactions. He also has experience as an investment banker at New York boutique Wasserstein . Our investment activities are focused on middle-market leveraged buyout investments and related investment activities. Premium. 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. 2016 She holds her MBA from Harvard Business School and a Bachelor of Science in Economics from The Wharton School at the University of Pennsylvania. 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. The following March, Milken was indicted for racketeering and securities fraud. Don't have an account? Duties include reviewing potential transactions, analyzing investor and partner needs, analyzing and making financial decisions, and preparing reports. Wasserstein Home | 848 followers on LinkedIn. from the University of California at Berkeley. The firm, which has a competitive advantage by doing most of its own loan originations and investing in companies that are No. Hovnanian, who had lived through several real estate cycles, was shocked when Ostrover told him the price of the five-year CDS contracts on Hovnanian implied a 93 percent probability of default. Depending on the product, GSO has a host of competitors, including Apollo Group Management; Ares Capital Corp. (an Apollo spin-out); Avenue Capital Group; Carlyle Group; Goldman, Sachs & Co.; J.P. Morgan Asset Managements Highbridge Capital Management; KKR & Co.; Oaktree Capital Management; and TPG Capital. 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. Blackstones offices on Park Avenue are nothing short of glitzy, with unobstructed views of the New York skyline and floors connected by grand staircases with polished metal banisters. You couldnt hope to compete because the banks were so aggressive, he says. 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. GSO and Blackstone announced the deal in January 2008. A -. Jones received his MBA from the Yale School of Management and his B.S. She has worked for GI Partners, Merrill Lynch, Wasserstein Private Equity, and Permira in London. Its not the Wild West, not the personality-driven days of 20 years ago. 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. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. To be sure, Blackstone is not the only manager to have smelled opportunity in the financing void. Goodman and Ostrover joke that Smith was responsible for DLJs success. 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 . We are using cookies to give you the best experience on our website. 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. After earning his MBA in 1984, the Miami-born Goodman took a full-time job with Drexel in New York. Venture Capital. [9] I dont feel like Im going to get my throat ripped out when I call GSO, says one CEO who has done multiple deals with the company. Our team consists of exceptional individuals who, through collaboration and sharing of diverse perspectives and experiences, formulate unique solutions to help our clients address complex strategic and financial challenges. The EagleTree Capital team is currently investing its fifth private equity fund, EagleTree Partners V, with over $1.1 billion of committed capital. GSO was very synergistic and complemented our other businesses well.. But Goodman shunted humility aside at least temporarily during his lunch with Moran. GSOs flagship hedge fund takes an activist or event-driven approach to credit. He is fluent in Arabic, French and English and is based in Alta Sempers Cairo office. 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. Wasserstein & Co. also manages a significant portfolio of debt and equity securities and other investments on behalf of our stockholders and other investors. Shortly thereafter Ostrover assumed responsibility for leveraged finance and Smith joined Goodman in the alternatives group. Prior to that time he was a Senior and Founding Member of the Merchant . 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. In 2004, he added New York Magazine to his media empire. Though the three are equal partners at GSO, Smith and Ostrover often defer to Goodman for the final word. We love your company., (Ostrover had his own hard-luck family bankruptcy story: His grandfather had to shutter Ostrovers Smoked Fish on New Yorks Lower East Side in the 1950s following a blackout; he couldnt pay his creditors because his customers fish had rotted.). 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. GSO was an early investor in the shale gas industry, which has been whipsawed by volatile pricing and other events. 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 company would sell its property inventory to a land bank created by GSO in return for a $125million cash infusion. 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. Terms & Conditions. Mr. Bagaria began his career in the leveraged finance market in 1999. 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. Writing something down to zero is not your proudest moment, Goodman says. Amid the froth GSO is now doing its preparatory work for the next crisis. Mr. Campbell is active in both geopolitical and philanthropic endeavors. The Deutsche Bank portfolio was marked to about 5 cents on the dollar for the quarter ended March 31, 2009. [9], Wasserstein Perella advised Axa Financial in the $11.5 billion sale of Donaldson Lufkin & Jenrette to Credit Suisse First Boston in 2000, Philip Morris in its $14.9 billion acquisition of Nabisco Holdings Corp. and Time Warner in its $128 billion merger with America Online. She previously served as Partner at Wall Street Technology Partners LP and Director of the Dresdner Kleinwort Wasserstein Private Equity Group. 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. 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. 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. Wasserstein & Co. manages capital on behalf of institutional and individual investors. That makes GSO Blackstones fastest-growing business in terms of both earnings and assets. Mr. Lauder has long been committed to civic causes, public policy issues and has pursued impact investments in Africa since 2012. 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. Prior to Cordiant, she gained advisory experience as a Summer Analyst with the Investment Banking and Equity Capital Markets teams at Scotiabank in Toronto. He holds a BA in Finance from the American University of Cairo and an Executive Education in Corporate finance from London Business School. This ESG Policy (the Policy) amends, restates and supersedes EagleTrees ESG Policy that was first formally adopted in 2017. Terms of the transaction were not disclosed. Rescue lending has returned an annualized 15.2 percent since inception in September 2009. In this regard, EagleTree has adopted a Diversity & Inclusion Statement and, in 2021, became a signatory to ILPAs Diversity in Action Initiative. I fell for it hook, line and sinker, says Goodman. In September 1988 the Securities and Exchange Commission sued Drexel for insider trading and stock manipulation. . In 2008, Mr. Parsons served as a member of then-President-Elect Barack Obamas Economic Transition Team. After the market bottomed in 2009, GSO launched its first rescue lending fund, which closed at $3.3billion. Wasserstein Debt Opportunities Management, LP ("WDO") is a New York-based SEC-registered investment advisor focused predominately on leveraged loans and high yield bonds. About Wasserstein & Co. Wasserstein & Co. is a leading independent private equity and investment firm, focused primarily on leveraged buyout investments and related investment activities. GSO put about $5billion of capital to work as the markets slid after the downgrade. from the University of California at Berkeley. Mr. McLellan was hired by Mr. Bagaria and initially worked within AIC from 2004 2006 before moving into the Strategic Value Fund. 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. 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. 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. He focused on Consumer Products and broader Sub-Saharan Africa. Predecessor funds, U.S. Equity Partners I and II, were raised in 1997 and 2002 and invested approximately $750 million of committed equity capital. The former undrafted free agent's contract includes $1.4 million in remaining guaranteed salary. 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. degree in Finance and Economics from the City University of New York with a concentration in Investment Analysis. In developing this Policy, we have considered a range of guidance, including the Principles for Responsible Investment, the American Investment Counsel Guidelines for Responsible Investment and the Sustainable Development Goals. Previously, he was the Managing Partner of the New York law firm Patterson, Belknap, Webb and Tyler. Blackstones real estate group saw similar evidence, and BAAM expected mortgage improvement based on results from its underlying hedge funds. Joseph H. Lauder Institute of Management and International Studies. 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. Mr. Jones is currently Chairman of Wasserstein & Co. There is a wealth transfer going on from banks shareholders to the investors in our funds, says Goodman. That also plummeted in value. The market is saying youre going bankrupt, Ostrover added.

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