Mr. Bagaria is the Advisors President and Chief Investment Officer. 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. Board of Directors | Swvl Holdings Hints and clues to help you with today's Wordle. The defanged banks are receding into the background and making peace with new regulations designed to emasculate their balance sheets. ALM, which in January 2005 changed its name from American Lawyer Media, was formed by U.S. Equity Partners L.P., a private equity fund sponsored by Wasserstein & Co. When DLJ tried issuing its own highly confident letters, they meant nothing, as DLJ had a small balance sheet. 1 or 2 in their markets, looks at about 1,000 deals every year and completes fewer than 5 percent of those. 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. EagleTree believes its collaborativeapproach toinvesting createsvalue across a defined set of initiatives developed in partnership with portfolio company management. EagleTree has always strived to maintain a strong culture of good governance to ensure that it operates in a socially responsible manner. GSOs returns have been top quartile. Previously, he was the Managing Partner of the New York law firm Patterson, Belknap, Webb and Tyler. Wasserstein & Co. - Company Database | Wall Street Oasis She is a graduate of the University of Pennsylvania's Wharton School where she earned her BS in Economics. Register now to read this article and more for free. Victoria Grace is a founding partner of Colle Capital Partners LP, an opportunistic, early stage technology venture fund. 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. 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. 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. He might have been young, but it was like a pro coming into an amateur team, adds James, who then ran DLJs investment bank. 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. ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) POLICY, TermsofUse and Other Important Disclosure. 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). Mr. Jones received his MBA from the Yale School of Management and his B.S. Dresdner buys Wasserstein in $1.4 billion deal - Sep. 18, 2000 Mr. OKeefe earned a B.S. From 2002 2004, Mr. McLellan worked as an analyst for Deutsche Bank focusing on Mergers & Acquisitions and Media Investment Banking. He is credited with the term, Pac-Man defense, which is used by . Morants agent denied previous allegations he hit and flashed his gun at a teenager suggesting they were made to tarnish his reputation. Board Observer, Founding Partner at Colle Capital, Former Partner Wall Street Technology Partners , Director Dresdner Kleinwort Wasserstein Private Equity Group Neil Devani, JD Board Advisor, Investor & Advisor of Singularity Holdings VC He is a CFA charterholder. At that time, Drexel had a lock on the business. Even before James left CSFB, he and Goodman talked about going off on their own. A verification email is on its way to you. 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. So the firm created the bridge loan, not promising capital but intended to tide the company over until it could obtain permanent financing. Ronald S. Lauder is an international philanthropist, diplomat, public servant, entrepreneur, investor and patron of the arts. You couldnt hope to compete because the banks were so aggressive, he says. No one has represented Blackstones opulence more than its billionaire co-founder Schwarzman, who in 2000 reportedly paid $37million for a 34-room triplex on Park Avenue and has owned vacation properties in the Hamptons; Jamaica; Palm Beach, Florida; and Saint-Tropez. But its deals remained small, providing funding for companies like Pacific Lumber and Caff Nero, a U.K. coffeehouse chain. Because of the regulatory environment, its harder for them to do that economically. Goodman is quick to credit the Blackstone brand for at least part of GSOs success. 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. 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. Smith calls Europe a huge opportunity maybe a little like what Milken saw in the 1980s and DLJ in the 90s. The company offers its corporate, government, and institutional clients a variety of capital markets products and services, including short-term products and treasury, equity products, rates, credit products, foreign exchange debt origination, sales and marketing, research, risk . 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. Executives at two publicly traded alternatives firms say they arent so much concerned about Blackstone as a competitor in private equity but that theyve been blindsided by GSOs growth. 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. Most PE firms are open to accredited investors or those who are deemed high-net . Its not the Wild West, not the personality-driven days of 20 years ago. Portfolio, This content is from: Wasserstein Home | LinkedIn The private equity business of the investment firm was not included in the sale and was . The Deutsche Bank portfolio was marked to about 5 cents on the dollar for the quarter ended March 31, 2009. Our close-knit team shares 70 years of combined specialist experience gained at leading private equity and investment firms. Current market conditions are setting the stage for a lot of future opportunities for GSO. Bruce Wasserstein - Wikipedia Convene 117 West 46th Street, New York, April 19-20, 2023 But thats starting to change as European banks need to deleverage and raise capital and companies desperately require funding. 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. While working at Sheffield from 2010 2016, Mr. McLellan led many of the largest positions analyzing long/short equity and credit investments. It was keeping up-to-date in its credit work on certain companies and identifying potential situations for investment. 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. Goodman is the storyteller of the group, Ostrover is Mr. Markets, and Smith wants to stay out of the limelight and just do deals. A Fundamentally Different Kind of SPAC | Nasdaq 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. The common things for fund are deals in the range of 10 - 50 millions dollars. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. 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. 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. More. GSO had partnered with TPG to buy a $2billion portfolio of bridge loans from Citigroup. In the old days a bank might have been more willing to commit its balance sheet for long-standing clients, says Bennett Goodman, the 56-year-old G in GSO, who started his career at Drexel Burnham Lambert in the 1980s. Track ESG-related metrics across our portfolio companies and engage and collaborate with portfolio companies to consider recommendations from these findings. 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. The honeymoon was over quickly, though. 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). 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. Terms of the transaction were not disclosed. 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. The ESG Committee also aims to ensure that all EagleTree employees are aware of EagleTrees culture of social responsibility and any amendments to this Policy. GSO, which is owned by private equity giant Blackstone Group, had spent six months digging into the finances of Hovnanian and had been buying up its equity, secured debt and unsecured debt since March. The stock rose 170 percent between July 2012 and the end of the year. 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. 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. Thoughtful Electronics and Accessories for Smart Homes | Market leader and accessory manufacturer of smart home products such as Google Home, Nest . In the U.S. banks provide about 30 percent of lending, with capital markets and investors providing the remainder. We target investments of between $30 million and $150 million. With $58billion in assets under management and 235 employees, GSO has grown fivefold under the Blackstone umbrella. 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. Bayern Munich is keeping pace with Borussia Dortmund at the top of the table ahead of the season-defining clash against Paris Saint-Germain on Wednesday. Northstar Travel Group acquired by Wasserstein - Wicks Group 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. His research and publications focus on international development with a special focus on capacity building in health care and biopharmaceutical production in emerging economies. Former UFC Mens Bantamweight champion Cody Garbrandt celebrated a triumphant return to the Octagon on Saturday night. 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. Alice Katwan on Linkedin. 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. Since 2008, Blackstone has more than doubled its assets. On the strength of that bridge loan business, we built ourselves up into the leading firm, says James. He serves on the Board of Directors of USO Metro and the Board of Trustees of the Pomfret School. But its the as-yet-unfinalized Volcker rule that does the most damage to banks freedom, preventing them from engaging in proprietary trading or lending their own capital in speculative deals like the one to rescue Hovnanian. In recent years, the firm has invested in pharmaceutical manufacturing, retail pharmacy, cancer care and diagnostics platforms in Egypt, Nigeria and Morocco. 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. Every Monday the investment staff meets to go over ideas and review the pipeline. Mr. Campbell is active in both geopolitical and philanthropic endeavors. She holds her MBA from Harvard Business School and a Bachelor of Science in Economics from The Wharton School at the University of Pennsylvania. 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. 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. Wasserstein Debt Opportunities Management, LP ("WDO") is a New York-based SEC-registered investment advisor focused predominately on leveraged loans and high yield bonds.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. Banks may no longer have the balance sheets, but big institutional investors like sovereign wealth funds, endowments and pension funds do. Overview of Wasserstein US Equity Partners IV Wasserstein US Equity Partners IV is a closed private equity fund managed by EagleTree Capital . Vince Capurso - General Tax Counsel / Board Director / Advisor Work with portfolio companies to address ever-changing cyber-security considerations. Wasserstein & Co. also manages a significant portfolio of debt and equity securities and other investments on behalf of our stockholders and other investors. The EagleTree Team has worked together for over 25 years. and co-managed the company for five years until its merger. Goodman had never heard of the firm, but he distinctly remembers Frederick Joseph, Drexels CEO, passionately recounting how it financed entrepreneurs, married capital to ideas and was profoundly transforming whole industries. He subsequently established the investment bank boutique Wasserstein Perella & Co., which he later sold . Contact Details Address:1301 Avenue of the Americas, 44th FloorNew York, NY 10019United States Phone/Fax:Phone: 212-702-600Fax: 212-702-635 Other Contact Details:Website: They began their partnership at the global investment bank, Wasserstein Perella & Co., where they led the merchant banking group. His health-related management education works includes the design and delivery of the health care management MBA and executive programs at the Indian School of Business, as well as the health care management program at Strathmore University in Nairobi. 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. Afsane is tiedpersonally and professionallyto East Africa as she is a fourth-generation Tanzanian. Alice Katwan. But, as Smith says, its also a great place to lose money. The approximately $4billion portfolio was distributed across GSOs own funds as well as Blackstones private equity portfolios. Private equity (PE) refers to capital investment made into companies that are not publicly traded. 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. 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. Bruce Wasserstein (1947 - 2009) - Genealogy - geni family tree Wasserstein & Co. is an independent private equity and investment firm, with offices in New York and Los Angeles. 1 underwriter for high-yield bonds, a distinction it would keep for 12 years. Funds advised by Apax Partners announce the sale of ALM Media to If you're happy with cookies click proceed. In 2004, he added New York Magazine to his media empire. New York, NY 10036 With over 15 years of experience, the principals of Orkila seek to leverage their deep industry knowledge and . 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. He also engineered a $479 million purchase of home security company SecurityLink by Chicago private-equity . Previously, Mr. Montana worked at State Street Investment Management Services where he was responsible for fund administration in Global Emerging Markets. (5) Wasserstein. The congressman supported new gun legislation after a school shooting in Uvalde, located in his district. 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. [7] The investment banking business of Dresdner Bank changed its name to Dresdner Kleinwort Wasserstein as a result of the deal. GSO represented 38.9 percent of Blackstones $629million of realized performance fees earned in 2012 and 16 percent of the firms $2billion in economic net income last year. 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. In the late 1990s, Schwarzman, a client of DLJs, asked Goodman to start a credit business at Blackstone. 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. She co-founded Work It, Mom! Remnants of the financial crisis continue to cast a shadow on markets, especially in Europe. Victoria has worked with, and made investments in a broad range of companies, including enterprise software, wireless technologies, medical devices . Smith, who had been co-head of high-yield group among other positions at Van Kampen Investments, now runs GSOs customized credit strategies, including CLOs, closed-end funds and Franklin Square Capital Partners, its small-cap direct lending group. GSO and Blackstone actively share information. [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. When Smith was pitching deals at Credit Suisse, he was constantly being undercut by in-country banks. degree with a double major in Finance and Accounting from Lehigh University. She previously served as Partner at Wall Street Technology Partners LP and Director of the Dresdner Kleinwort Wasserstein Private Equity Group. Mr. McLellan began his career in direct investing in 2004. GSO has provided much-needed credit to scores of troubled companies like Hovnanian that couldnt tap public markets or get bank loans. Prior to this endeavor, she built a rich resume in the financial services sector, specifically working with private equity investment. Mr. McLellan earned a B.S. Drexel was a place where analysts spent days buried in the dense financials of dicey companies. Before becoming President and Chief Investment Officer of Wasserstein Debt Opportunities Management, LP, in 2013, Mr. Bagaria was a Partner and Investment Committee member of Apollo Investment Management (Apollo), the investment manager of Apollo Investment Corporation (AIC), a publicly traded business development company. Mr. Lauder is currently the Chairman of Clinique Laboratories, a division of The Este Lauder Companies. GSO was very synergistic and complemented our other businesses well.. Wasserstein Debt Opportunities | LinkedIn 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. 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. Previously she was a partner at Wall Street Technology Partners LP, a $125mm mid stage technology fund. Marina joined Alta Semper in January 2019. Upon Dresdner Bank's acquisition of Wasserstein Perella in January 2001, Wasserstein & Co. was spun off as an independent company owned by Bruce who . 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. Wasserstein & Co. to Sell High Pressure Equipment Company EagleTree recognizes that its approach to different ESG factors may vary among portfolio companies of different sizes, that fall within different industry sectors and that operate in different geographies. 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. 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. The firm manages capital on behalf of institutional and individual investors. 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. 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. The former undrafted free agent's contract includes $1.4 million in remaining guaranteed salary. She co-founded Work It, Mom! 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. The controversial Wasserstein was married four times and had six children with three different women, one out of wedlock, leading to an inheritance dispute between his heirs. Private equity is a financing method that facilitates companies to acquire direct investments from PE firms for a long-term without adopting the traditional ways of fundraising such as public listing or business loans. 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. Wasserstein controlled Wasserstein & Co., a private equity firm with investments in a number of industries, particularly media. (Though the hedge fund was launched in 2005, GSO has since stripped out mezzanine and other investments into separate funds.)

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