wasserstein private equity

The approximately $4billion portfolio was distributed across GSOs own funds as well as Blackstones private equity portfolios. The Hovnanian deal was originated through the hedge fund but later expanded to include the rescue financing fund. Mr. Dutton earned a Masters degree in Economics from University College Dublin and a joint Honors degree in Business and Economics from Trinity College Dublin. 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. 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. 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. Mr. OKeefe joined Wasserstein Debt Opportunities Management, LP in 2014 as an Associate. The future looks bright for credit investing. 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. In 2008, Blackstone, looking to diversify, paid $1billion to acquire GSO, which then had a $3.2billion credit hedge fund, $500million in mezzanine investments and a $4.8billion collateralized loan obligation business. Wasserstein & Co. is a leading independent private equity and investment firm, focused primarily on leveraged buyout investments and related investment activities. By that July the three partners had launched GSO with 25 employees and one hedge fund. But things were changing, and they would get their chance soon. Investments can also be shared. The overall number of key employees were 2. At Apollo, Mr. Bagaria invested in several asset classes including senior debt, high yield bonds, mezzanine finance and equity. and co-managed the . About Wasserstein family. Zachary has an MBA from The Wharton School at the University of Pennsylvania and a BA in Economics from Cornell University. She holds a BCom in Economics and Finance from McGill University and speaks English, Arabic and Armenian, and is proficient in French. 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. His company had been bleeding money for six years and had used up every penny of its capacity to issue secured debt. [2] They included Robert S. Wiesenthal who became chairman of Sony; Jeffrey A. Rosen, vice chairman at Lazard; Raymond J. McGuire of Citigroup; Douglas L. Braunstein of JPMorgan Chase; Ronald Kramer, former President of Wynn Resorts and current CEO of Griffon Corporation; Michael B. Kraines of Sandler O'Neill; John H. Simpson, formerly Canyon Partners, now Broadhaven LLC; Robert Pruzan, founder of Centerview Partners; Deborah C. Wright of Carver Federal Savings Bank; Gail Zauder of Credit Suisse; current ABC News contributor, former mayor of Chicago and former chief of staff for President Obama Rahm Emanuel; Howard Kerzner, hotel tycoon and son of Sol Kerzner; Jon B. Kutler, founder of Quarterdeck Investment Partners, Inc., now with Admiralty Partners, Inc.; Michael J. Biondi, investment banking chair at Lazard, nicknamed Mr. Judgement;[3] Gary Parr at Lazard; Hugh "Skip" McGee III, former head of Lehman's investment banking, now at Barclays; Mark G. Shafir, former global co-head of M&A at Lehman Brothers, now with Citigroup; Walid Chammah, former CEO of Barclays International; Veritas Capital's Robert B. McKeon; and others. Morants agent denied previous allegations he hit and flashed his gun at a teenager suggesting they were made to tarnish his reputation. DLJ used its market position to keep reinvesting in the firm, building a leveraged-loan capability and creating a derivatives business and large distressed unit. 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. The private equity business of the investment firm was not included . The Deutsche Bank portfolio was marked to about 5 cents on the dollar for the quarter ended March 31, 2009. 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. 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. In 2004, he added New York Magazine to his media empire. The then-54-year-old CEO figured he had little to lose by listening to Ostrovers pitch. At that time, Drexel had a lock on the business. In addition to strengthening their firms credit business, Schwarzman and James saw benefits for its private equity operation. 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. After James joined Blackstone, Goodman took over CSFBs alternative capital division. GSO is hoping to be a big part of the transformation. He was CEO since the firms formation in 2001 through 2012. 17.5B Acquisition of Stake in Deutsche Telekoms German and Austrian Tower Business, $6B Acquisition of Ortho Clinical Diagnostics, $22.2B Combination with AT&Ts WarnerMedia, $525M Growth Equity Investment from Blackstone, $1.1B Senior Secured and Convertible Notes. She previously served as Partner at Wall Street Technology Partners LP and Director of the Dresdner Kleinwort Wasserstein Private Equity Group. In the U.S. banks provide about 30 percent of lending, with capital markets and investors providing the remainder. Wasserstein 3-in-1 Floodlight, Charger and Mount for Wyze Cam V3 (Camera Not Included) 4.8. That makes GSO Blackstones fastest-growing business in terms of both earnings and assets. Mr. Jones currently serves on the board of the health food company, Forager Project, Inc., as well as on the advisory boards of a number of investment firms. 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. Ahmed speaks English and Arabic and is based between Cairo and London. Though it was satisfying to be on their own, Goodman, Ostrover and Smith were used to being No. Our investment activities are focused on middle-market leveraged buyout investments and related investment activities. What the three founders have built at GSO, they originally planned for CSFB. Prior to founding DC Capital in 2007, Mr. Campbell was a Partner of Veritas Capital Management, LLC from 1992 through 2006 having been a Co-Founder of The Veritas Capital Fund, L.P. and one of the two Managing Members of the successor fund, The Veritas Capital Fund II, L.P. 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. So-called PE funds may also buy out . Mr. Dutton has been working in the Hedge Fund Industry since 1997 and joined Wasserstein Debt Opportunities Management, LP in June 2013. Now the emergence of alternative credit mirrors tools that equity investors have had with private equity, says TPGs Coulter. 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 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. Dresdner Kleinwort Wasserstein (DrKW) operates as the investment banking arm of Germany's Dresdner Bank AG. Goodman and Ostrover joke that Smith was responsible for DLJs success. The congressman supported new gun legislation after a school shooting in Uvalde, located in his district. RELATED STORIES Dresdner deal nearly done - Sept. 15, 2000 99 Canal Center Plaza | Suite 400 [4] Wasserstein stayed through the 2001 takeover by Dresdner Bank, but left the firm in 2002, following the 2001 merger of Dresdner and Allianz,[5] to head investment bank Lazard,[6] until his unexpected death in 2009. 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. Alta Semper Capital LLP is authorised and regulated by the Financial Conduct Authority (FCA) under Firm Reference Number (FRN) 756838. But, as Smith says, its also a great place to lose money. And it might be only the beginning of an even bigger U.K. commitment to Ukraines rearmament. The firm manages capital on behalf of institutional and individual investors. At PWP, we seek talented people capable of broad and creative thinking with the drive to provide the highest quality advice to our clients. We love your company., (Ostrover had his own hard-luck family bankruptcy story: His grandfather had to shutter Ostrovers Smoked Fish on New Yorks Lower East Side in the 1950s following a blackout; he couldnt pay his creditors because his customers fish had rotted.). 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. 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. He currently serves on the Board of Governors of the Middle East Institute and is a former Vice Chairman of the organization. Mr. Jones received his MBA from the Yale School of Management and his B.S. Wasserstein purchased The American Lawyer, which he later sold, and New York magazine, which remains under his family's control. Alta Semper Capital Exits Egypts Macro Group Pharmaceuticals with the Successful Conclusion of its IPO, Alta Semper considers healthcare investment opportunities in Egypt, The Head of the Egyptian Macro Group told Al-Sharq: We are studying the acquisition of a local company in 2022. (Though the hedge fund was launched in 2005, GSO has since stripped out mezzanine and other investments into separate funds.) Afsane Jetha - Gaining Additional Experience. In September 1988 the Securities and Exchange Commission sued Drexel for insider trading and stock manipulation. 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. He might have been young, but it was like a pro coming into an amateur team, adds James, who then ran DLJs investment bank. Remnants of the financial crisis continue to cast a shadow on markets, especially in Europe. Blackstone Groups GSO Capital: Lenders of Last Resort. New York, NY 10036 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). contact@wasserco.com. The Amazon Prime Video show's creative team reveals how a bidding war, authenticity, and passion fueled the adaptation of the best-selling novel. 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. 1185 Avenue of the Americas 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. 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. The new power brokers in the financial industry are money managers and investors like GSO, which control real assets. It was keeping up-to-date in its credit work on certain companies and identifying potential situations for investment. In 2001, he established the Neue Galerie New York, of which he is President. 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. degree in Finance and Economics from the City University of New York with a concentration in Investment Analysis. In developing this Policy, we have considered a range of guidance, including the Principles for Responsible Investment, the American Investment Counsel Guidelines for Responsible Investment and the Sustainable Development Goals. degree in Finance and Government from the University of Notre Dame in 2002, graduating magna cum laude. He also engineered a $479 million purchase of home security company SecurityLink by Chicago private-equity . 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. Richard was also previously the Head of Private Equity - Americas for Siemens Financial Services, Inc. Richard has invested in and worked . Victoria serves on the board of Vostok New Ventures, an investment company with presence in Sweden. or Want to Sign up with your social account? But Goodman shunted humility aside at least temporarily during his lunch with Moran. 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. In this regard, EagleTree has adopted a Diversity & Inclusion Statement and, in 2021, became a signatory to ILPAs Diversity in Action Initiative. The defanged banks are receding into the background and making peace with new regulations designed to emasculate their balance sheets. Incorporate detailed ESG considerations into our pre-investment decision-making process in order to better assess ESG risks and opportunities and to provide us with an initial overview of a potential portfolio companys ESG profile. Private equity (PE) refers to a constellation of investment funds that invest in or acquire private companies that are not listed on a public stock exchange. He was appointed Chief Compliance Officer in January 2017. EagleTrees ESG initiatives will be overseen by its ESG Committee, which includes EagleTrees two Co-Managing Partners and other members of senior management. 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. 1Ls are permitted to meet with Wasserstein Fellows even before the October 15th career advising start date. She previously served as Partner at Wall Street Technology Partners LP and Director of the Dresdner Kleinwort Wasserstein Private Equity Group. 300+ video lessons across 6 modeling courses taught by elite practitioners at the top investment banks and private equity funds -- Excel Modeling -- Financial Statement Modeling -- M&A Modeling -- LBO Modeling -- DCF and Valuation Modeling -- ALL INCLUDED + 2 Huge Bonuses. Writing something down to zero is not your proudest moment, Goodman says. David Geffen is the Warren Buffett of the entertainment industry, and they understood the value of that to the deal, he explains. 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 . Goodman is the storyteller of the group, Ostrover is Mr. Markets, and Smith wants to stay out of the limelight and just do deals. This was more like a family reunion than an acquisition, says Schwarzman. 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. More recently, he served as a member of the Presidents Council on Jobs and Competitiveness. 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. Other deals include the $25 billion merger of Swiss Bank Corp and UBS and the $10 billion merger of Morgan Stanley & Co. and Dean Witter Discover & Co.[10], "One of the Best Recruiters in the Neighborhood", "Michael J. Biondi, Banker and Deal Maker, Dies at 50", "Directors and Executive Officers of Lazard", "Investment banking: Walking away from Wall Street", Bruce Wasserstein, Chairman and CEO of Wasserstein Perella, https://en.wikipedia.org/w/index.php?title=Wasserstein_Perella_%26_Co.&oldid=1093705238, This page was last edited on 18 June 2022, at 09:47. Mr. OKeefe earned a B.S. Previously, Mr. Jones was Head of West Coast Investment Banking at Wasserstein Perella and, prior to that, was Managing Director at Salomon Brothers from 1988 through 1994. Afsane speaks conversational French, Gujarati and basic Swahili. Houston-based Scott oversees GSOs energy group. Venture Capital. 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. Prior to joining Alta Semper, she was an Associate at Cordiant Capital, an emerging markets fund manager based in Montreal, where she conducted financial analysis and due diligence, worked on structuring and executing direct lending deals in TMT (Technology, Media & Telecom), Structured Trade Finance and Specialty Financial Services in EMEA, Latin America and Southeast Asia. When Bruce Wasserstein and Joe Perella Ruled the World. GSO was very synergistic and complemented our other businesses well.. In 1992, Goodman hired Ostrover from Grantchester Securities, the high-yield arm of boutique investment bank Wasserstein Perella & Co., to run DLJ's sales and trading. The following March, Milken was indicted for racketeering and securities fraud. Afsane Jetha co-founded Alta Semper Capital in 2015. He subsequently established the investment bank boutique Wasserstein Perella & Co., which he later sold . Ryan Mollett, a 34-year-old managing partner who joined News group from BlackRock in 2011, wrote a paper late that year asserting that the housing market had bottomed. 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). Previously she was a partner at Wall Street Technology Partners LP, a $125mm mid stage technology fund. Prior to founding DC Capital in 2007, Mr. Campbell was a Partner of Veritas Capital Management, LLC from 1992 through 2006 having been a Co-Founder of The Veritas Capital Fund, L.P. and one of the two Managing Members of the successor fund, The Veritas Capital Fund II, L.P. 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 six months of negotiations, Goodman and his partners said yes. This website uses cookies so that we can provide you with the best user experience possible. In one of the largest B2B media transactions this year, Northstar Travel Group, which provides a broad array of products in the retail and corporate events markets, was sold from one private-equity firmthe Wicks Groupto another, Wasserstein Partners, Northstar CEO Thomas Kemp said today. The ESG Sub-Committee generally will meet on at least a weekly basis and its responsibilities will include: (i) engaging with EagleTrees deal teams on pre-acquisition ESG due diligence matters; (ii) engaging with EagleTrees third-party ESG specialists to conduct annual portfolio company-level ESG reviews; (iii) responding to investor and other stakeholder ESG requests; (iv) conducting annual employee training; and (v) reviewing and updating this Policy and EagleTrees ESG program, as necessary, from time to time. In contrast, GSO will take a minority stake, a seat on the board and a debtlike investment that pays a big double-digit coupon, but it will let management retain control. Wasserstein, who was immortalized in a 1989 Forbes cover story that cemented his infamous nickname, had a passion for the media, having interned at Forbes during his student years in 1969. He was CEO since the firms formation in 2001 through 2012. Blackstones real estate group saw similar evidence, and BAAM expected mortgage improvement based on results from its underlying hedge funds. Victoria serves on the board of Vostok New Ventures, an investment company with presence in Sweden. He is credited with the term, Pac-Man defense, which is used by . Goodman is quick to credit the Blackstone brand for at least part of GSOs success. PETER A. WEINBERG 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. 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. But things are changing much more slowly in Europe than they did in the U.S. Every European country has its own business climate, union rules and regulatory system, and bankruptcy law isnt always clear enough for a manager like GSO to get the assurance it needs to invest in a troubled company. He began his career at The First Boston Corporation. 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. Wasserstein Debt Opportunities specializes in US high yield investing, seeking to capitalize on price inefficiencies in non-large cap issues and underfollowed opportunities through a value-based and process-driven approach. Acquisition of Stake in Deutsche Telekoms German and Austrian Tower Business, Acquisition of Ortho Clinical Diagnostics, Household / Personal Care & Beauty Products, Digital Infrastructure (Data Centers, Fiber, Satellite, Towers), New Self-Regulatory Organization of Canada. The Capital Solutions Fund GSOs rescue lending vehicle is an object lesson in the maturation of alternative credit. Most PE firms are open to accredited investors or those who are deemed high-net . She co-founded Work It, Mom! The firm follows in the footsteps of Drexel and Michael Milken, who in the 1980s invented the junk bond market for non-investment-grade companies. 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. degree with a double major in Finance and Accounting from Lehigh University. But although most Wall Street firms pulled out of the high-yield business, DLJ stayed in, doing some secondary trading and working with companies that felt they had been abandoned. Smith had joined Salomon from Drexel, leaving with a group during the bankruptcy. Goodman states the obvious: No company does business with us because were such nice guys, though we like to think we are. New York, NY 10036, 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. The breadth and scale of its funds allow it to offer a range of solutions to companies, including rescue financing and senior secured bank loans. The strategy of Alta Semper is to invest flexible and strategic capital into market-leading business models in the . 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. 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. 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. Mr. OKeefe joined Wasserstein Debt Opportunities Management, LP in 2014 as an Associate. He holds graduate and undergraduate degrees in life sciences and humanities from Villanova University, studied medicine and epidemiology at the Hahnemann Medical College, and has an MBA from the Wharton School of the University of Pennsylvania and a Doctorate in Business Administration from the Fox School of Business at Temple University. Patience is the key, says Smith, adding that GSOs funds and compensation are structured in such a way that staffers dont have to feel compelled to put money to work in deals that dont make sense.

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