[2] One First Boston analyst, Paul Mecurio, left corporate life to become a comedian. Prior to joining Apollo, Mr. Bagaria worked at Goldman Sachs & Co.s PIA (Goldman), Goldmans principal investment area responsible for the private equity and mezzanine funds. 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. WASSERSTEIN - Wasserstein All rights reserved. The approximately $4billion portfolio was distributed across GSOs own funds as well as Blackstones private equity portfolios. PE firms charge a management fee of typically 2% of AMU and a performance fee of 20% of the profits. 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. 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. She holds her MBA from Harvard Business School and a Bachelor of Science in Economics from The Wharton School at the University of Pennsylvania. As a consequence, banks want to syndicate risk into the market put together a road show and talk to 200 investors. Convene 117 West 46th Street, New York, Get limited access to our industry news, analysis and data, plus regular email updates. As a result, the high-yield and leveraged-loan markets never developed in Europe to the extent they did in the U.S. But by the end of 2009, the firm had $24billion in assets. Its a different kind of satisfaction walking into the CIOs office for the Bass brothers.. [7] The investment banking business of Dresdner Bank changed its name to Dresdner Kleinwort Wasserstein as a result of the deal. 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. Aligning our interests with our investors creates a long-term partnership forsuccess. Loan prices dropped 30 points, obliterating almost the entire investment at least on paper. Mr. Kelsey earned a B.S. PWP provides comprehensive financial restructuring and capital structure advice in connection with stressed and distressed situations, including amendments, debt exchanges, financings, distressed M&A, and balance sheet recapitalizations. By 1999, however, DLJ was hamstrung by its small balance sheet and a business that was primarily domestic. Even before James left CSFB, he and Goodman talked about going off on their own. Then, in the 1980s at First Boston, and at Wasserstein Perella after 1988, together they helped create "a dynasty of bankers and executives that has spread throughout Wall Street and corporate America". In 2006, four years after Wasserstein's departure, it dropped Wasserstein's name. Wasserstein Home | 848 followers on LinkedIn. The EagleTree Capital team is currently investing its fifth private equity fund, EagleTree Partners V, with over $1.1 billion of committed capital. He formerly served on the Board of Trustees of Lehigh University and served as Chairman of the Board of Trustees of Fordham Preparatory School. The GSO team is confident that the bright future investors are anticipating will lose its luster sooner or later, whether its because of inaction in Washington or rumblings from North Korea, Israel or Iran. Victoria serves on the board of Vostok New Ventures, an investment company with presence in Sweden. Current market conditions are setting the stage for a lot of future opportunities for GSO. He spent five years there, toiling on ten to 12 deals a year all of them different in a culture that rewarded Street smarts and a maniacal work ethic. 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. Wasserstein & Co. to Buy Back American Lawyer - DealBook When Smith was pitching deals at Credit Suisse, he was constantly being undercut by in-country banks. But its deals remained small, providing funding for companies like Pacific Lumber and Caff Nero, a U.K. coffeehouse chain. Convene 117 West 46th Street, New York, May 23-24, 2023 PWP provides strategic, financial and process advice to Directors and other fiduciaries in connection with transactions where there is an actual, apparent or potential conflict. While Goodman loves to talk, Ostrover has to be pressed for details. Though hurt by the financial crisis, Blackstone and GSO have emerged as dominant players in its aftermath. For $340 Million, Globecomm Allows Wasserstein to Take it Private 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. 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. Private Equity - Meaning, Investments, Structure, Explanation All HLS students are permitted to meet one-on-one with Wasserstein Fellows. Team Members - Colle Capital 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. Wasserstein Debt Opportunities Management, LP (WDO) is a New York-based SEC-registered investment advisor focused predominately on leveraged loans and high yield bonds. Consider whether a potential portfolio companys business aligns with EagleTrees core values. Banks may no longer have the balance sheets, but big institutional investors like sovereign wealth funds, endowments and pension funds do. Wasserstein & Co. is an independent private equity and investment firm, with offices in New York and Los Angeles. contact@wasserco.com. 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. Wasserstein Debt Opportunities - PitchBook Data In fact, the firm is preparing to be a buyer when rates rise and long-only mutual fund managers have to sell bonds to meet investor redemptions. Private equity is capital that is not noted on a public exchange. Indeed, when Hovnanian announced the land banking deal on July 13, 2012, its stock rose, its senior secured debt traded up from 84 to 97 cents on the dollar, and the price of the CDS contracts collapsed. 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. 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. He also engineered a $479 million purchase of home security company SecurityLink by Chicago private-equity . Credit investors, on the other hand, are pessimists, aware that the upside of their investments is limited, evaluating everything that can go wrong in an effort to protect their principal. 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. At a bank youre working for anonymous shareholders, trying to make as much money as you can, he explains. Ibrahim joined Alta Semper in 2021 as a General Counsel. With no bank willing to lend to it, the Red Bank, New Jerseybased homebuilder had become a target for short-sellers; investors were betting billions of dollars in credit default swaps that the company Hovnanians father and three uncles had founded in 1959 would go belly-up. The firm financed Sonys deal to buy EMI, giving the Japanese electronics maker access to a music catalog that included more than 200 songs by the Beatles. They have a zealous approach to protecting capital, and theyve found a way to extend credit to organizations that need it and structure it in a way that takes advantage of the environment at the time, says Blackstone chairman, CEO and co-founder Stephen Schwarzman. At Apollo, Mr. Bagaria invested in several asset classes including senior debt, high yield bonds, mezzanine finance and equity. Thats where you wanted to land a job if you were a Harvard Business School student. Afsane JethaUntitled Wasserstein 3-in-1 Floodlight, Charger and Mount for Wyze Cam V3 (Camera Not Included) 4.8. Prior to Emerging Capital Partners, Zachary was an M&A Executive at SABMiller and worked on beverage related transactions in South Africa, Nigeria, Angola, Kenya, Ethiopia, Malawi, and Tanzania. Former Senior Vice President of North America Sales at Genesys. Afsane Jetha began her career at Merrill Lynch and Wasserstein Private Equity before moving on to the consumer team at Permira in London. Bruce Wasserstein - Wikipedia Previously, he served as an Associate Principal at McKinsey & Company in the Financial Services Group. He might have been young, but it was like a pro coming into an amateur team, adds James, who then ran DLJs investment bank. Vince Capurso - General Tax Counsel / Board Director / Advisor 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. Under Blackstone, GSO has the heft to write big enough checks to fully finance a solution, reducing a companys need to find additional capital elsewhere. He focused on Consumer Products and broader Sub-Saharan Africa. Wasserstein US Equity Partners IV | Palico High cash-on-cash returns with capital appreciation potential. 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. The common things for fund are deals in the range of 10 - 50 millions dollars. GSO was also overly dependent on Merrill Lynch and Credit Suisse, both of which were starting to feel pressure in the early days of the subprime crisis. 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. As applicable, EagleTrees Investment Committees in partnership with the ESG Sub-Committee will oversee and consider ESG issues, if any, that are material to a potential company investment. 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 . The next month Lehman Brothers Holdings filed for bankruptcy and all hell broke loose. EagleTrees ESG initiatives will be overseen by its ESG Committee, which includes EagleTrees two Co-Managing Partners and other members of senior management. Mr. Bagaria earned a B.A. But things were changing, and they would get their chance soon. Mr. McLellan earned a B.S. 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. Drexel was a place where analysts spent days buried in the dense financials of dicey companies. 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. She co-founded Work It, Mom! 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. MVision Mr. Campbell received a B.S. Afsane Jetha is the Co-Founder, Managing Partner & CEO of Alta Semper Capital, a private equity manager founded in 2015 alongside Ronald Lauder (Chairman of Clinique LLC) and Richard Parsons (former CEO of Time Warner). March 29-30, 2023 Afsane Jetha started her career in finance at Merrill Lynch and Wasserstein Private Equity before gaining additional experience at Permira in London as part of the consumer team. Victoria has worked with, and made investments in a broad range of companies, including enterprise software, wireless technologies, medical devices . Former partner at Wall Street Technology Partners and former Director of Dresdner Kleinwort Wasserstein Private Equity Group. Credit geeks Goodman, Ostrover and Smith nonetheless went to Blackstones extravagant road show at New Yorks Pierre hotel in the spring of 2007, the first time that granular detail about the private equity firm was available to the public. Mr. McLellan was hired by Mr. Bagaria and initially worked within AIC from 2004 2006 before moving into the Strategic Value Fund. In this regard, EagleTree has adopted a Diversity & Inclusion Statement and, in 2021, became a signatory to ILPAs Diversity in Action Initiative. 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. She has strong personal and professional ties to East Africa being a fourth generation Tanzanian. Prior to joining Semper Capital, Greg served as Founding and Managing Member of CP Capital Partners, LP. . Heres How To Trade The Stock Now, NBA Investigating Ja MorantGrizzlies Star Allegedly Flashed Gun On Instagram After Reports Of Violent Behavior, Liverpool Legend Roberto Firmino Reportedly Offers Himself To FC Barcelona, A Century Of Women, Work - And Juggling Family, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. Prior to that, he worked for 14 years in Senior Hedge Fund operations positions for top tier firms, including IFS State Street and HSBC. It was DLJs limited balance sheet that taught Goodman, Ostrover and Smith how careful they had to be with their credit analysis and due diligence. Premium. Mr. Campbell is active in both geopolitical and philanthropic endeavors. Private equity (PE) refers to capital investment made into companies that are not publicly traded. Because of the regulatory environment, its harder for them to do that economically. But that is likely to change as banks shed assets to deleverage and companies need capital. He also has experience as an investment banker at New York boutique Wasserstein . They do it because they cant get the capital otherwise. And many companies say GSO doesnt scrape every penny out of a deal. Mr. OKeefe earned a B.S. PWP provides strategic, financial, and tactical advice in connection with executing complex mergers, acquisitions, company sales, and corporate divestitures, including carve-outs, joint ventures, and spin-offs, and relating to takeover preparedness and defense. 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. 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. This Policy is intended to provide a broad framework for EagleTrees overall approach to ESG. 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. Founded in 2001, MVision Private Equity Advisers is widely recognized as one of the world's leading independent international alternative assets advisory firms, raising capital for Private Equity, Real Estate, Real Assets, Credit and Direct transactions in both the developed and emerging markets. The private equity business of the investment firm was not included in the sale and was to be sold off to existing Wasserstein shareholders. The latest messages and market ideas from Afsane Jetha (@afsanejetha) on Stocktwits. She is a graduate of the University of Pennsylvania's Wharton School where she earned her BS in Economics. Leveraged loans offer a hedge against interest rates and can augment a largely xed-rate portfolio. The firm, which has a competitive advantage by doing most of its own loan originations and investing in companies that are No. Predecessor funds, U.S. Equity Partners I and II, were raised in 1997 and 2002 and invested approximately $750 million of committed equity capital. Engage with outside advisors, as necessary, to analyze and address ESG issues, risks and opportunities that arise. GSO has $8billion in dry powder to put to work when rates eventually rise and investors inevitably sell at least some of the bonds theyve bought in recent years. 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. 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. They began their partnership at the global investment bank, Wasserstein Perella & Co., where they led the merchant banking group. So the firm created the bridge loan, not promising capital but intended to tide the company over until it could obtain permanent financing. Credit jumped off the page.. 1 or 2 in their markets, looks at about 1,000 deals every year and completes fewer than 5 percent of those. The fund's final close was first reported . Wasserstein Debt Opportunities Management, LP (WDO) is a New York-based SEC-registered investment advisor focused predominately on leveraged loans and high yield bonds. Our e-commerce site allows you to purchase electronic devices & accessories smoothly at a great value. Bruce Wasserstein (1947 - 2009) - Genealogy - geni family tree or Want to Sign up with your social account? By that July the three partners had launched GSO with 25 employees and one hedge fund. Afsane Jetha co-founded Alta Semper Capital in 2015. He subsequently established the investment bank boutique Wasserstein Perella & Co., which he later sold . In the meantime, it has cut back the pace of investments and is going after only the most compelling ones, in industry sectors including shipping, metals and mining, and natural gas. Wasserstein & Co. - Private Equity Company Info Description:Wasserstein & Co. is a private equity company based in New York, NY and has approximately $300 million in assets under management. 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. Goodman, Smith and Ostrover founded GSO in 2005 to provide capital to non-investment-grade cyclical companies that were going through a tough patch but had tangible assets to put up as collateral to protect the firms downside when it lent them money. His research and publications focus on international development with a special focus on capacity building in health care and biopharmaceutical production in emerging economies. Remnants of the financial crisis continue to cast a shadow on markets, especially in Europe. In 2004, he added New York Magazine to his media empire. 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: 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 has provided much-needed credit to scores of troubled companies like Hovnanian that couldnt tap public markets or get bank loans. Alice Katwan. After James joined Blackstone, Goodman took over CSFBs alternative capital division. 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. This Wasserstein & Co. works on 31 percentage points more the average amount of lead investments comparing to the other organizations. On top were three white-shoe firms: First Boston Corp., Goldman Sachs and Morgan Stanley. An Heir Who's Ready to Take the Reins at New York Magazine The future looks bright for credit investing. Tailor specific ESG inquiries and approaches based on various investment factors including the core industry sector of a particular investment. The year he joined, the firm became the No. They did their homework, and they were convinced that the market was underestimating our ability to succeed in a space housing that they thought was recovering, says Hovnanian. SUMMER analyst pay at smaller banks | Wall Street Oasis Mr. OKeefe joined Wasserstein Debt Opportunities Management, LP in 2014 as an Associate. 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. The congressman supported new gun legislation after a school shooting in Uvalde, located in his district. Since 2008, Blackstone has more than doubled its assets. Now the emergence of alternative credit mirrors tools that equity investors have had with private equity, says TPGs Coulter. Its investments included City Ventures, a private homebuilder in Orange County, California, now planning to go public; EMI Music Publishing; Energy Alloys, a global provider of oil field metals; Spains Giant Cement Holding; and the U.K.s Miller Group. Before joining Time Warner, in 1995, Mr. Parsons was Chairman and CEO of Dime Bancorp, Inc., one of the largest thrift institutions in the United States. Wasserstein Debt Opportunities Management, LP ("WDO") is a New York-based SEC-registered investment advisor focused predominately on leveraged loans and high yield bonds. Orkila Capital Prior to joining Sheffield, Mr. McLellan worked at Apollo Global Management, LLC (AGM) from 2004 2010. Alta Semper Capital LLP is a limited liability partnership registered in England and Wales under no. Summarize the positive impact that our integration of ESG initiatives had on the portfolio companys business and/or culture. Previously, he was the Managing Partner of the New York law firm Patterson, Belknap, Webb and Tyler. Private Equity Explained With Examples and Ways to Invest - Investopedia Between 2005 and 2012, GSOs assets grew at a compounded annual rate of 29 percent. Through this process, however, I feel like just getting a gig in any respectable private equity shop is tough -- and even though I came from a top 5 school and currently work in equity research at a bulge bracket, I still feel like I'm pretty low in the "pecking order" when it comes to recruiting simply because there are so many bankers trying . When DLJ tried issuing its own highly confident letters, they meant nothing, as DLJ had a small balance sheet. PWP provides advice to management teams and Boards of Directors on critical matters that require shareholder interaction and support, including shareholder votes on transactions and annual proxy matters, as well as shareholder activism preparation and managing a company campaign in response to an attempt by an activist to gain board control or influence. Working directly with CEO, funds . Process, was the least enthusiastic about the tie-up, concerned that they were trading away their autonomy. 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. Wasserstein Debt Opportunities | LinkedIn Zachary joined Alta Semper in 2016 and brings more than nine years of advisory and investing experience to the firm. 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. There is a wealth transfer going on from banks shareholders to the investors in our funds, says Goodman. Contribute to the database and get 1 month free* Full online access! Orkila Capital was formed in 2013 to pursue proprietary and compelling growth equity investment opportunities in the media, entertainment and consumer sectors. Competition from increasingly bigger banks was fierce. On the strength of that bridge loan business, we built ourselves up into the leading firm, says James. After two games, Kevin Durant looks to be extremely comfortable in the Phoenix Suns' offense. Marina is based in Alta Sempers Cairo office. 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.