There is a wealth transfer going on from banks shareholders to the investors in our funds, says Goodman. Remnants of the financial crisis continue to cast a shadow on markets, especially in Europe. EagleTree has always strived to maintain a strong culture of good governance to ensure that it operates in a socially responsible manner. from the University of California at Berkeley. and co-managed the company for five years until its merger. But thats starting to change as European banks need to deleverage and raise capital and companies desperately require funding. degree in Individualized Study at New York University with studies at the London School of Economics, graduating cum laude. GSO is actively managing the leveraged-loan ETF, the first of its kind. The private equity business of the investment firm was not included . Bruce Wasserstein was an American investment banker, businessman, and writer who began his career as an attorney with Cravath, Swaine & Moore. GSO had partnered with TPG to buy a $2billion portfolio of bridge loans from Citigroup. Zachary joined Alta Semper in 2016 and brings more than nine years of advisory and investing experience to the firm. If Drexel came up with the junk bond and DLJ created the institutional leveraged-finance market, GSO is again reinventing the concept of providing capital to non-investment-grade companies this time as an asset manager. As a result, the high-yield and leveraged-loan markets never developed in Europe to the extent they did in the U.S. Wasserstein Debt Opportunities Management, LP (WDO) is a New York-based SEC-registered investment advisor focused predominately on leveraged loans and high yield bonds. How has the Suns' new starting group performed? Private equity investors are by nature optimistic and swaggering, thinking every deal is a potential blockbuster. In its five years in the Blackstone fold, GSO has gone from having two fund products to managing 27. 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. At PWP, we seek talented people capable of broad and creative thinking with the drive to provide the highest quality advice to our clients. or Want to Sign up with your social account? Performing, price-discounted debt that we expect to recover. Afsane speaks conversational French, Gujarati and basic Swahili. They do it because they cant get the capital otherwise. And many companies say GSO doesnt scrape every penny out of a deal. But unlike activist equity managers or loan-to-own credit funds, GSO doesnt seek to change management unless something goes wrong and it has no choice. 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. Blackstone referred Sony to GSO, which crafted a deal of mezzanine debt and equity warrants in the company. Currently, Mr. Campbell is the Chairman of all of the Fund II portfolio companies, Michael Baker International, LLC, and The SPECTRUM Group, LLC. The firms long-only strategies include a $24billion CLO business, making GSO the largest institutional investor in leveraged loans, as well as closed-end and other funds. He holds a BA in Finance from the American University of Cairo and an Executive Education in Corporate finance from London Business School. [8], In 2000, Wasserstein Perella ranked fifth in the U.S. as an adviser on mergers and acquisitions. 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. Our close-knit team shares 70 years of combined specialist experience gained at leading private equity and investment firms. In this regard, EagleTree has adopted a Diversity & Inclusion Statement and, in 2021, became a signatory to ILPAs Diversity in Action Initiative. We target investments of between $30 million and $150 million. Private Equity - Meaning, Investments, Structure, Explanation Having a better understanding of credit markets, having a better idea of how we could finance a creative idea, would make us better in private equity, says James. When DLJ tried issuing its own highly confident letters, they meant nothing, as DLJ had a small balance sheet. My Top SPAC Play for 2021 - Data Intelligence. 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. Afsane JethaUntitled From 2002 2004, Mr. McLellan worked as an analyst for Deutsche Bank focusing on Mergers & Acquisitions and Media Investment Banking. 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. Commingled private fund exclusively for US and Non-US based qualified individuals, family offices and institutional investors, #1 performing high yield fund inception to date in the eVestment database (out of 200 funds), The strategy has outperformed a blended index of loan and high yield bonds by > 2.5x since inception. IN THE 1980S,WALL STREEThad a clear pecking order. 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. New York, NY 10036, Ronald S. Lauder is an international philanthropist, diplomat, public servant, entrepreneur, investor and patron of the arts. Click here. The next year it acquired nine CLOs from Allied Capital Corp., and a year later it bought Harbourmaster Capital Management, a $10billion European leveraged-loan manager, and four CLOs from Allied Irish Bank. In 2001, he established the Neue Galerie New York, of which he is President. Richard Parsons is the Former Chairman of the Board of Citigroup Inc., and former Chairman of the Board, and CEO of Time Warner. Victoria has worked with, and made investments in a broad range of companies, including enterprise software, wireless technologies, medical devices . The 30-year-old newly minted Drexel vice president told the DLJ executive, Im going to help build this big business at DLJ, and youre going to get rich and famous. Moran, who says he instantly liked Goodman and the wealth of experience he had gotten working on deals inside the Drexel pressure cooker, hired him. Competition from increasingly bigger banks was fierce. With Drexel and Milken gone amid a recession, many market watchers thought high-yield financing would die. In 1992, Goodman hired Ostrover from Grantchester Securities, the high-yield arm of boutique investment bank Wasserstein Perella & Co., to run DLJs sales and trading. What Is Private Equity? - Forbes Advisor He currently serves on the Board of Governors of the Middle East Institute and is a former Vice Chairman of the organization. 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. document.write(new Date().getFullYear()); Alta Semper Capital LLP is a limited liability partnership registered in England and Wales under no. He was a graduate of the McBurney School, University of Michigan, Harvard Business School, and Harvard Law School, and spent a year at the University of Cambridge.He was prominent in the mergers and acquisitions industry, credited with working on 1,000 transactions with a . Private equity is composed of funds and investors that directly invest in private companies , or that engage in buyouts of public . 1 or 2 in their markets, looks at about 1,000 deals every year and completes fewer than 5 percent of those. The Team. In the era of Dodd-Frank and the Volcker rule, GSO and others like it, with their ability to make commitments, have more market power than ever, says Brian ONeil, chief investment officer of the $9billion-in-assets Robert Wood Johnson Foundation, the U.S.s largest philanthropic organization focused on public health and one of GSOs first investors. Chief Financial Officer and Chief Compliance Officer. When the high-yield market trades at highs, we put out less capital, says Ostrover. (Though the hedge fund was launched in 2005, GSO has since stripped out mezzanine and other investments into separate funds.) Offered through a separated managed account platform exclusively for family offices and institutional investors, Proven regulatory capital efficient solution for insurance companies, #1 performing leveraged loan strategy inception to date in the eVestment database (out of 60 funds). and co-managed the . Prior to joining Wasserstein Debt Opportunities Management, LP he was Senior Product Manager at J.P. Morgan for three years in their Hedge Fund services business in the United States. Previously, Mr. Kelsey worked at Jefferies LLC in the Leveraged Credit Research group where he was responsible for covering the gaming and retail sectors. degree with a double major in Finance and Accounting from Lehigh University. 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. That makes GSO Blackstones fastest-growing business in terms of both earnings and assets. 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. Mr. OKeefe joined Wasserstein Debt Opportunities Management, LP in 2014 as an Associate. Orkila Capital At Apollo, Mr. Bagaria invested in several asset classes including senior debt, high yield bonds, mezzanine finance and equity. She previously served as Partner at Wall Street Technology Partners LP and Director of the Dresdner Kleinwort Wasserstein Private Equity Group. Bertman, who built an underdog team into a profitable legend for LSU, told Goodman that success took three Hs: hard work (in an interview his uncle calls that hustle), honesty and humility. Private equity (PE) refers to capital investment made into companies that are not publicly traded. GSO was an early investor in the shale gas industry, which has been whipsawed by volatile pricing and other events. We, on the other hand, want to own the risk.. Kenyas sole electricity distributor cited a system disturbance as a possible cause for the blackout. Perella Weinberg Partners The market is saying youre going bankrupt, Ostrover added. Its really hard for some people to be aggressive in times of disruption because you have to do your work beforehand, says partner Smith. Fully 80 percent of GSOs senior management team is from DLJ. Many investors are quite cautious when evaluating entertainment deals especially institutions, says Rob Wiesenthal, then Sonys CFO and now chief operating officer of Warner Music Group. 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. Wasserstein purchased The American Lawyer, which he later sold, and New York magazine, which remains under his family's control. 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. Work with portfolio companies to integrate sustainability considerations into their business plans, as applicable. Please check your spam or junk folder just in case. Copyright 2023. Mr. Bagaria began his career in the leveraged finance market in 1999. 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. 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. 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. Junk bonds also fueled the leveraged buyouts of the 1980s, when firms like KKR targeted companies that had once turned deaf ears to shareholder demands. He also engineered a $479 million purchase of home security company SecurityLink by Chicago private-equity . The next month Lehman Brothers Holdings filed for bankruptcy and all hell broke loose. Mr. McLellan began his career in direct investing in 2004. He was CEO since the firms formation in 2001 through 2012. He later became Dealmaker Bruce Wasserstein, famously nicknamed "Bid 'em up Bruce," died at the age of 61 in 2009, leaving his heirs a fortune wrought from years of fierce deal making. GSO was very synergistic and complemented our other businesses well.. Douglas Ostrover, the O in GSO, invited him to lunch at Manhattans Core Club in July 2012, just as the U.S. housing market was showing a few signs of life. In furtherance of this ethos and in accordance with our responsibilities to our clients and other stakeholders, EagleTree is committed to identifying and considering ESG issues, risks and opportunities associated with potential portfolio company investments and engaging with portfolio companies on these matters during our ownership. The higher amount of exits for fund were in 2011. Mr. Jones is currently Chairman of Wasserstein & Co. 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Bruce Wasserstein (1947 - 2009) - Genealogy - geni family tree But after his wife, Meg, refused to leave New York, Goodman quickly set his sights on DLJ, a midsize investment bank known for equity research and a certain scrappiness and entrepreneurial culture. . Prior to that, he worked for 14 years in Senior Hedge Fund operations positions for top tier firms, including IFS State Street and HSBC. We take a unique approach to asset management. EagleTree seeks to improve diversity and inclusion within the Firm, across its portfolio company investments and in the private equity industry, where possible. 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. If youve been out in the battlefield for seven years, being shot at constantly, you dont know what to do if the bullets stop flying, he told Ostrover, who left the lunch uncertain whether the CEO would agree to his plan. 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. Its alternative credit growing up. Wasserstein & Co. - Company Database | Wall Street Oasis Bruce Jay Wasserstein (December 25, 1947 - October 14, 2009) was an American investment banker, businessman, and writer. All HLS students are permitted to meet one-on-one with Wasserstein Fellows. Ahmed joined Alta Semper in 2018 as a Director. At that time, Drexel had a lock on the business. ("TCP"), have entered into a definitive agreement to acquire Globecomm from a New York-based private equity firm.
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