wasserstein private equity

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. She previously served as Partner at Wall Street Technology Partners LP and Director of the Dresdner Kleinwort Wasserstein Private Equity Group. 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. The New England Patriots plan to release 37-year-old quarterback Brian Hoyer at the beginning of the 2023 league year, as first reported by SiriusXM NFL's Adam Caplan. 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. GSOs flagship hedge fund takes an activist or event-driven approach to credit. Most PE firms are open to accredited investors or those who are deemed high-net . GSO was very synergistic and complemented our other businesses well.. Journal Report. ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) POLICY, TermsofUse and Other Important Disclosure. A -. Mr. Lauder also created Central European Media Enterprises, Ltd (NASDAQ: CETV), a leading commercial television company that reaches 95 million people in seven countries throughout Central and Eastern Europe. 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. A deal between Blackstone and GSO, however, wasnt a no-brainer. Don't have an account? 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. McLellan began his career in direct investing in 2004. With assistance from the ESG Sub-Committee and outside ESG specialists, as appropriate, EagleTrees deal teams will manage and monitor material ESG issues that have been identified during portfolio company ownership. 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. Europe currently offers GSO the greatest opportunities. 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 . 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 . Over the last 30 years, Mr. Campbell has served as a member of the Boards of Directors of public and private companies operating both within the US and globally and for numerous investments while at Wasserstein & Perella Co., Veritas Capital and DC Capital. According to external marketing documents, its hedge fund has delivered a net annualized return of 13.6 percent since January 2010, compared with the HFRI Fund Weighted Composites return of 4.6 percent for the same period. David Geffen is the Warren Buffett of the entertainment industry, and they understood the value of that to the deal, he explains. By 1999, however, DLJ was hamstrung by its small balance sheet and a business that was primarily domestic. Though hurt by the financial crisis, Blackstone and GSO have emerged as dominant players in its aftermath. Thoughtful Electronics and Accessories for Smart Homes | Market leader and accessory manufacturer of smart home products such as Google Home, Nest . During his time at the IFC, he advised on the first PPP in the West Bank. 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. This website uses cookies so that we can provide you with the best user experience possible. 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. Work with portfolio companies to integrate sustainability considerations into their business plans, as applicable. Mr. Bagaria was a board director of LVI Services, Inc., Generation Brands and Playpower, Inc. During the most recent recession, Mr. Bagaria was a manager of a multi-billion dollar senior loan vehicle. The world had changed, and the firm needed a partner. The common things for fund are deals in the range of 10 - 50 millions dollars. Wasserstein Home | 849 followers on LinkedIn. 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. Sustainable Business. Fully 80 percent of GSOs senior management team is from DLJ. Bruce Wasserstein was an American investment banker, businessman, and writer who began his career as an attorney with Cravath, Swaine & Moore. 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. 1 or 2 in their markets, looks at about 1,000 deals every year and completes fewer than 5 percent of those. Remnants of the financial crisis continue to cast a shadow on markets, especially in Europe. They do it because they cant get the capital otherwise. And many companies say GSO doesnt scrape every penny out of a deal. Private equity (PE) refers to capital investment made into companies that are not publicly traded. This ESG Policy (the Policy) amends, restates and supersedes EagleTrees ESG Policy that was first formally adopted in 2017. 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. 1185 Avenue of the Americas If you disable this cookie, we will not be able to save your preferences. A link has been emailed to you - check your inbox. His company had been bleeding money for six years and had used up every penny of its capacity to issue secured debt. Approach prospective clients and partners; make presentations. GSOs hedge fund invested in public securities, mezzanine debt and distressed debt and provided some rescue lending for companies going through liquidity problems. On the strength of that bridge loan business, we built ourselves up into the leading firm, says James. Before that she was a Director of Dresdner Kleinwort Wasserstein Private Equity Group. The EagleTree Capital team is currently investing its fifth private equity fund, EagleTree Partners V, with over $1.1 billion of committed capital. In addition, we remain committed to compliance with national, state and local labor laws in jurisdictions in which we invest and to provide a safe and healthy workplace consistent with national and local laws. The big Swiss bank wanted Goodmans leveraged-finance business as well as DLJs merchant banking and real estate groups. Convene 117 West 46th Street, New York, May 23-24, 2023 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. 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). He is in charge of all of the Firms operations and leads the investment decision making process for all capital investments. [8], In 2000, Wasserstein Perella ranked fifth in the U.S. as an adviser on mergers and acquisitions. Look, the market hates your company, he told Hovnanian. Before that she was a Director of Dresdner Kleinwort Wasserstein Private Equity Group. All HLS students are permitted to meet one-on-one with Wasserstein Fellows. 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. 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. 100%. New York, NY 10036, Credit Suisse bought DLJ for $11.5billion in 2000 and combined the firm with its New Yorkbased investment banking unit, Credit Suisse First Boston. Ostrover asserted that not only would the market react positively to the initial financing but that the GSO-Blackstone brand would signal that there could be more behind it. 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. Prior to that, he worked for 14 years in Senior Hedge Fund operations positions for top tier firms, including IFS State Street and HSBC. If you're happy with cookies click proceed. Zachary has an MBA from The Wharton School at the University of Pennsylvania and a BA in Economics from Cornell University. Alexandria, VA 22314, 515 North Flagler Drive | Suite 1450 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. Dresdner won't acquire Wasserstein's private equity business, which will be spun off to the U.S. firm's existing shareholders. EagleTree seeks to improve diversity and inclusion within the Firm, across its portfolio company investments and in the private equity industry, where possible. Our e-commerce site allows you to purchase electronic devices & accessories smoothly at a great value. Respect the human rights of those affected by our investment activities and seek to confirm that our portfolio company investments do not support companies that utilize child or forced labor or maintain discriminatory policies. Part of GSOs success comes from leaving some money on the table. In July 2007, he sold American Lawyer Media to Incisive Media for about $630 million in cash. OC403953. 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. Former Senior Vice President of North America Sales at Genesys. Harvard labor economist Claudia Goldin summarises the distance we've travelled over the past hundred years, in a kind of Five Ages of Women. 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. 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. In recent years, the firm has invested in pharmaceutical manufacturing, retail pharmacy, cancer care and diagnostics platforms in Egypt, Nigeria and Morocco. At that time, Drexel had a lock on the business. [2], Perella left the firm for Morgan Stanley in 1993. Prior to founding Alta Semper, Afsane spent nearly five years with the Duet Group as the Managing Director of the firms African Private Equity platform, investing nearly US$200m across Sub-Saharan Africa. Prior to joining Sheffield, Mr. McLellan worked at Apollo Global Management, LLC (AGM) from 2004 2010. Duties include reviewing potential transactions, analyzing investor and partner needs, analyzing and making financial decisions, and preparing reports. In 2008, Mr. Parsons served as a member of then-President-Elect Barack Obamas Economic Transition Team. Smith, who calls himself Mr. Wasserstein Perella & Co., sometimes referred to as "Wasserella", 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. (5) Wasserstein. A verification email is on its way to you. . Oct. 15, 2009 12:58 pm ET. The firm had purchased a small CLO group, run by Daniel Smith, from Royal Bank of Canada. Though the three founders couldnt be more different, theyve maintained their partnership without a blip for 20 years. 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. a private-equity-owned . Our close-knit team shares 70 years of combined specialist experience gained at leading private equity and investment firms. Prior to the IFC Ahmed developed his investment banking and corporate finance experience as a senior associate with Beltone Investment Banking, Ernst & Young and the Arab African International Bank. Though he loved working on Wall Street, particularly at DLJ, Goodman wanted to spend all his time investing. 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. 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. Portfolio, This content is from: 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. The strategy of Alta Semper is to invest flexible and strategic capital into market-leading business models in the . In contrast to the few traditional deals a year that a junior banker at Goldman might work on, Goodman cut his teeth on such unusual transactions as KKRs investment in Union Texas Petroleum Holdings in 1985 and Maxams 1986 takeover of Pacific Lumber Co. For the latter he and Joshua Friedman, then head of the capital markets group at Drexel, came up with a term sheet for a zero-coupon increasing-rate note whose complexity and model they still laugh about. 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. After the market bottomed in 2009, GSO launched its first rescue lending fund, which closed at $3.3billion. 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. Hovnanian, for his part, was not convinced that the market would react as positively as Ostrover suggested. At Apollo, Mr. Bagaria invested in several asset classes including senior debt, high yield bonds, mezzanine finance and equity. He was appointed Chief Compliance Officer in January 2017. And it might be only the beginning of an even bigger U.K. commitment to Ukraines rearmament. Afsane Jetha began her career at Merrill Lynch and Wasserstein Private Equity before moving on to the consumer team at Permira in London. Wasserstein & Co. also manages a significant portfolio of debt and equity securities and other investments on behalf of our stockholders and other investors. Victoria serves on the board of Vostok New Ventures, an investment company with presence in Sweden. 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. Blackstone allowed us to take our business from being three years old to ten overnight, Ostrover says. 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. Mr. OKeefe earned a B.S. 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. In 2007, Merrill Lynch & Co. took a minority stake in GSO and the firm had its first closing for a new mezzanine fund. Richard Parsons is the Former Chairman of the Board of Citigroup Inc., and former Chairman of the Board, and CEO of Time Warner. In 1987 the Los Angelesbased Milken called Goodman, who by this time focused on LBOs, telling him he should move to Beverly Hills and work for Friedman (who would go on to co-found hedge fund firm Canyon Capital Advisors). GSO and Blackstone announced the deal in January 2008. Afsane Jetha began her career at Merrill Lynch and Wasserstein Private Equity before moving on to the consumer team at Permira in London. Previously, Mr. Montana worked at State Street Investment Management Services where he was responsible for fund administration in Global Emerging Markets. The EagleTree Team has worked together for over 25 years. 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. Alice Katwan. His research and publications focus on international development with a special focus on capacity building in health care and biopharmaceutical production in emerging economies. All Rights Reserved. If you miss your Wasserstein Fellow appointment without notifying OPIA at least 24 hours in advance to cancel or reschedule your appointment, you will be barred from signing up [] The Capital Solutions Fund GSOs rescue lending vehicle is an object lesson in the maturation of alternative credit. The company would sell its property inventory to a land bank created by GSO in return for a $125million cash infusion. You can find out more about which cookies we are using or switch them off in settings. This was more like a family reunion than an acquisition, says Schwarzman. 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. In this regard, EagleTree has adopted a Diversity & Inclusion Statement and, in 2021, became a signatory to ILPAs Diversity in Action Initiative. 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. document.write(new Date().getFullYear()); A patron of the arts and a noted collector, Mr. Lauder was Chairman of the Museum of Modern Art from 1995 to 2005 and now serves as the museums Honorary Chairman. 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 . Former UFC Mens Bantamweight champion Cody Garbrandt celebrated a triumphant return to the Octagon on Saturday night. Only logged in subscribers of this site will be able to access the shared article. 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. EagleTree continues to encourage all of its employees to actively engage in nonprofit volunteer activities and giving in our communities. 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. A +. Mr. Bagaria began his career in the leveraged finance market in 1999. The private equity business of the investment firm was not included in the sale and was . 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. In Europe 70 to 75 percent of lending is done by banks. Any deal would hinge on James, who was revered by GSOs three founders. Mr. Bagaria is the Advisors President and Chief Investment Officer. Victoria has worked with, and made investments in a broad range of companies, including enterprise software, wireless technologies, medical devices . Work with portfolio companies to advance EagleTrees ESG principles with the goal of improving long-term performance and minimizing adverse impacts in these areas. 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. Alta Semper Capital LLP is authorised and regulated by the Financial Conduct Authority (FCA) under Firm Reference Number (FRN) 756838. She holds her MBA from Harvard Business School and a Bachelor of Science in Economics from The Wharton School at the University of Pennsylvania. 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. Victoria serves on the board of Vostok New Ventures, an investment company with presence in Sweden. Its alternative credit growing up. At a bank youre working for anonymous shareholders, trying to make as much money as you can, he explains. In August the group put up $1billion in equity to buy a portfolio of busted bridge loans from Deutsche Bank, with the German bank providing 3-to-1 leverage. In September 1988 the Securities and Exchange Commission sued Drexel for insider trading and stock manipulation. So-called PE funds may also buy out . Richard was also previously the Head of Private Equity - Americas for Siemens Financial Services, Inc. Richard has invested in and worked . The stock rose 170 percent between July 2012 and the end of the year. After six months of negotiations, Goodman and his partners said yes. From 2002 2004, Mr. McLellan worked as an analyst for Deutsche Bank focusing on Mergers & Acquisitions and Media Investment Banking. He also has experience as an investment banker at New York boutique Wasserstein . When Smith was pitching deals at Credit Suisse, he was constantly being undercut by in-country banks. 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. Amid the froth GSO is now doing its preparatory work for the next crisis. From 2002 2004, Mr. McLellan worked as an analyst for Deutsche Bank focusing on Mergers & Acquisitions and Media Investment Banking. In 2007, the peak for the firms performance fees, private equity contributed the bulk of the total. 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. That also plummeted in value. GSO was an early investor in the shale gas industry, which has been whipsawed by volatile pricing and other events. 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. *SHIPS WITHIN 1 - 2 WORKING DAYS SUPER BRIGHT LIGHT - Over 2000 lumens of light will enhance your camera's vision in low-light conditions and allow. Mr. McLellan earned a B.S. (The sentence was later reduced to two years.). He later became CEO of Lazard Ltd, while at the same time sitting atop private equity firm Wasserstein & Co, which continues to operate. 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. 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. . Wasserstein & Co. is an independent private equity and investment firm, with offices in New York and Los Angeles. Greg is responsible for oversight and portfolio management at PIC. As 2008 wore on and the credit crisis gathered steam, GSO started putting money to work. New York, NY 10036 Mr. Wasserstein died in 2009. 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. Our investment activities are focused on middle-market leveraged buyout investments and related investment activities. At present, he is a Senior Advisor at Providence Equity Partners, Inc., a leading private equity investment firm specialising in media, communications and information companies and is the Chairman of Governor Andrew Cuomos New NY Education Reform Commission. Afsane holds an MBA from Harvard Business School and a BSc in Economics, from The Wharton School at the University of Pennsylvania. Blackstone Groups GSO Capital: Lenders of Last Resort. This content is from: In 2006, four years after Wasserstein's departure, it dropped Wasserstein's name. The private equity business of the investment firm was not included . or Want to Sign up with your social account? Before that she worked at Apollo Global Management, the private equity firm, where she evaluated . EagleTrees ESG initiatives will be overseen by its ESG Committee, which includes EagleTrees two Co-Managing Partners and other members of senior management. FEATURED TITLE: Inside the Fund Management Firm, BEST-SELLER: The Definitive Guide to Carried Interest, PE outperformed in US state pension portfolios over past two decades, Side Letter: PEI Awards winners revealed; Chinas PE governance overhaul, PEI Awards 2022: Game Changer of the Year Mark Carney, Investor Relations, Marketing & Communications Forum. 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 Goodman loves to talk, Ostrover has to be pressed for details. Mr. Dutton has been working in the Hedge Fund Industry since 1997 and joined Wasserstein Debt Opportunities Management, LP in June 2013. At Apollo, Mr. Bagaria invested in several asset classes including senior debt, high yield bonds, mezzanine finance and equity. Todays Wordle #624 Hint, Clues And Answer For Sunday, March 5th, UFC 285 Results: Cody Garbrandt Defeats Trevin Jones In Return To The Octagon, The Early Returns Of Kevin Durant In The Phoenix Suns Offense, Desperate Russian Forces Are Sticking 80-Year-Old Naval Guns On 70-Year-Old Armored Tractors, Saturday, March 4. 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. Zachary joined Alta Semper in 2016 and brings more than nine years of advisory and investing experience to the firm. 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. degree in Finance and Government from the University of Notre Dame in 2002, graduating magna cum laude. Marina joined Alta Semper in January 2019. Contribute to the database and get 1 month free* Full online access!

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