wasserstein private equity wasserstein private equity

What are the main benefits of having another shot creator and off-ball spacer of Durant's caliber? 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. This is bolstered by our expert shareholder base, which brings experienced strategic and operating partners to our transactions and best-in-class management teams. 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. Earlier in her career, she was part of the Consumer Team at Permira in London which followed her time at Wasserstein Private Equity and Merrill Lynch in New York. Ibrahim joined Alta Semper in 2021 as a General Counsel. Wasserstein & Co. is an independent private equity and investment firm, focused on middle-market leveraged buyout investments and related investment activities. [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. He is a co-founder of Pangea University for the Health Sciences, a newly formed international platform for medical, nursing and health technology education for the emerging and frontier markets. 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. Business Video. 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. 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. For its drawdown funds alone, it committed $3billion to 26 companies. Perella Weinberg Partners LP and Tudor, Pickering, Holt & Co. Securities, LLC are members of FINRA and SIPC.Perella Weinberg UK Limited is authorized and regulated by the Financial Conduct Authority.Perella Weinberg Partners France is authorized and regulated by the ACPR and by the AMF. 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. 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). Wasserstein & Co. is an independent private equity and investment firm, with offices in New York and Los Angeles. 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. Over time GSO would sell the land back to the homebuilder. Premium. 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. 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. Victoria has worked with, and made investments in a broad range of companies, including enterprise software, wireless technologies, medical devices . He has also studied Precision Medicine at Harvard Business School and Fintech at the Said School of the University of Oxford. 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. Any deal would hinge on James, who was revered by GSOs three founders. Credit Suisse bought DLJ for $11.5billion in 2000 and combined the firm with its New Yorkbased investment banking unit, Credit Suisse First Boston. But they dont want to commit their capital. 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 . In the late 1990s, Schwarzman, a client of DLJs, asked Goodman to start a credit business at Blackstone. Copyright 2023. In recent years, the firm has invested in pharmaceutical manufacturing, retail pharmacy, cancer care and diagnostics platforms in Egypt, Nigeria and Morocco. At a bank youre working for anonymous shareholders, trying to make as much money as you can, he explains. Blackstones acquisition of GSO has been an undisputed winner. 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. Ahmed speaks English and Arabic and is based between Cairo and London. Its a different kind of satisfaction walking into the CIOs office for the Bass brothers.. 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. In all cases the company would likely be giving up control at the bottom of the market. Since 2008, Blackstone has more than doubled its assets. All rights reserved. Now the emergence of alternative credit mirrors tools that equity investors have had with private equity, says TPGs Coulter. Blackstones offices on Park Avenue are nothing short of glitzy, with unobstructed views of the New York skyline and floors connected by grand staircases with polished metal banisters. 2005-2023 Wall Street Oasis. 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. 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. 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. After about a year of fundraising, commitments from existing LPs reached $790m, surpassing the original $750m target. from the University of California at Berkeley. 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. Working directly with CEO, funds . After earning his MBA in 1984, the Miami-born Goodman took a full-time job with Drexel in New York. Leveraged loans offer a hedge against interest rates and can augment a largely xed-rate portfolio. 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. But by the end of 2009, the firm had $24billion in assets. degree in Finance, Investment, and Banking from the University of Wisconsin, graduating with Honors. 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. He recently served on the Boards of Directors of Harry & David, Encompass Digital Media, and Access Scientific. Goodman is the storyteller of the group, Ostrover is Mr. Markets, and Smith wants to stay out of the limelight and just do deals. Although they enjoyed being their own bosses, they missed the prestige, and the deals, that came with being part of a big organization. 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. 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. 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. But that is likely to change as banks shed assets to deleverage and companies need capital. Prior to joining Sheffield, Mr. McLellan worked at Apollo Global Management, LLC (AGM) from 2004 2010. Prior to that, he held various positions in state and federal government, as counsel for Nelson Rockefeller and as a senior White House aide under President Gerald Ford. Venture Capital. He might have been young, but it was like a pro coming into an amateur team, adds James, who then ran DLJs investment bank. 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. Mr. Bagaria is a co-founder and serves on the Board of Directors of The Manitou School, a private elementary school located in Cold Spring, New York. from the University of California at Berkeley. Lets face it, if a company can tap the public markets, they will, and theyll get a much better deal.. Mr. McLellan began his career in direct investing in 2004. Mr. McLellan earned a B.S. The up-gunned, tracked MT-LBs are further evidence of the Kremlins worsening equipment crisis as it struggles to make good its losses in Ukraine. After six months of negotiations, Goodman and his partners said yes. While our focus is primarily on control equity investments, we have invested successfully across the entire capital structure spectrum, taking positions in preferred stock and various debt securities with compelling risk / return profiles. The firm, which has a competitive advantage by doing most of its own loan originations and investing in companies that are No. 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 Capital Solutions Fund GSOs rescue lending vehicle is an object lesson in the maturation of alternative credit. Bruce Wasserstein was an American investment banker, businessman, and writer who began his career as an attorney with Cravath, Swaine & Moore. Identify any business line that would cause us to refuse to invest, including: (i) the manufacture or sale of handguns, assault weapons and/or ammunition; (ii) the distribution or sale of pornography; (iii) the direct and primary production or packaging of tobacco or alcoholic beverages; (iii) the production, sale, trade or distribution of illegal drugs; or (iv) a business that would pose a high reputational risk to EagleTree, its clients and/or other stakeholders. But, as Smith says, its also a great place to lose money. Smith calls Europe a huge opportunity maybe a little like what Milken saw in the 1980s and DLJ in the 90s. EagleTree Capital has taken into consideration a variety of representative policy documents, including the United Nations Principles for Responsible Investment, in the development of our Environmental, Social and Governance (ESG) Policy. This means that every time you visit this website you will need to enable or disable cookies again. 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. With Drexel and Milken gone amid a recession, many market watchers thought high-yield financing would die. Upon Dresdner Bank's acquisition of Wasserstein Perella in January 2001, Wasserstein & Co. was spun off as an independent company owned by Bruce who . The EagleTree Capital team is currently investing its fifth private equity fund, EagleTree Partners V, with over $1.1 billion of committed capital. Before joining Wasserstein Debt Opportunities Management, LP, Mr. McLellan was a Senior Vice President at Sheffield Asset Management, LLC (Sheffield), a Chicago-based fund with a contrarian value orientation.While working at Sheffield from 2010 2016, Mr. McLellan led many of the largest positions analyzing long/short equity and credit investments. Mr. Montana joined Wasserstein Debt Opportunities Management, LP in 2014 as a Finance Associate. Our e-commerce site allows you to purchase electronic devices & accessories smoothly at a great value. The deal wouldnt have happened without Goodman, Smith and Ostrovers former boss, Tony James, who had joined Blackstone as president in 2002 after Credit Suisse bought DLJ and who manages the firms day-to-day operations. Wasserstein controlled Wasserstein & Co., a private equity firm with investments in a number of industries, particularly media. He has done extensive work on the implementation of precision medicine in the developing world. He formerly served on the Board of Trustees of Lehigh University and served as Chairman of the Board of Trustees of Fordham Preparatory School. degree in Individualized Study at New York University with studies at the London School of Economics, graduating cum laude. Afsane speaks Gujarati and French and is fourth-generation Tanzanian. If we were Schmeckle & Schmeckle or just stand-alone GSO, theres no way the board of Sony or some of these other companies would have gone along with some no-name firm, he explains. He also served on the Board of Directors of the Center for a New American Security and the National Guard Youth Foundation. Mr. OKeefe earned a B.S. 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. Shortly thereafter Ostrover assumed responsibility for leveraged finance and Smith joined Goodman in the alternatives group. 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. 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. The firm seeks to . degree in Finance and Economics from the City University of New York with a concentration in Investment Analysis. EagleTree continues to promote diverse perspectives. Balkan Advisory Company, Sofia, Bulgaria. Harvard labor economist Claudia Goldin summarises the distance we've travelled over the past hundred years, in a kind of Five Ages of Women. Drexel had unwittingly passed the high-yield baton to DLJ. When the high-yield market trades at highs, we put out less capital, says Ostrover. Only logged in subscribers of this site will be able to access the shared article. He later became Dealmaker Bruce Wasserstein, famously nicknamed "Bid 'em up Bruce," died at the age of 61 in 2009, leaving his heirs a fortune wrought from years of fierce deal making. 2023 Forbes Media LLC. 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. 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: 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. Former partner at Wall Street Technology Partners and former Director of Dresdner Kleinwort Wasserstein Private Equity Group. 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.). New York, NY 10036 Tudor, Pickering, Holt & Co. Securities - Canada, ULC is a Member of the Canadian Investor Protection Fund and the New Self-Regulatory Organization of Canada. Mr. Bagaria began his career in the leveraged finance market in 1999. (5) Wasserstein. Its alternative credit growing up. You can find out more about which cookies we are using or switch them off in settings. Goodman and Ostrover joke that Smith was responsible for DLJs success. Hovnanian was the largest position in GSOs flagship hedge fund in 2012, and the firm made 50 percent on its capital in six months. Process, was the least enthusiastic about the tie-up, concerned that they were trading away their autonomy. 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. GSOs returns have been top quartile. 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. There Milken was leading whats now called the democratization of capital-raising, providing funding to small and medium-size companies that were starved for financing and whetting the appetites of investors for distressed and troubled companies that showed promise despite short-term woes. Greg is responsible for oversight and portfolio management at PIC. Do you thrive in a challenging environment that combines intensity with collaboration? But thats starting to change as European banks need to deleverage and raise capital and companies desperately require funding. 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. EagleTree believes that it is better positioned to address many of the issues facing our portfolio companies in a rapidly changing world when we proactively incorporate ESG considerations into our investment approach. The Amazon Prime Video show's creative team reveals how a bidding war, authenticity, and passion fueled the adaptation of the best-selling novel. Alexandria, VA 22314, 515 North Flagler Drive | Suite 1450 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. Rescue lending has returned an annualized 15.2 percent since inception in September 2009. GSOs investors, by contrast, had a paltry $22million invested with Goodman, Ostrover and Smith. As a consequence, banks want to syndicate risk into the market put together a road show and talk to 200 investors. [2], Perella left the firm for Morgan Stanley in 1993. By Stephen Grocer. Grace serves as the CEO of Queen's Gambit. 1 and having a big firm behind them. Afsane Jetha began her career at Merrill Lynch and Wasserstein Private Equity before moving on to the consumer team at Permira in London. [1], In a 2007 New York Times article, Perella was described as "one of the financial industrys sharpest recruiters" who "discovered and helped train" Wasserstein Perella. 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. On day one Credit Suisse gave the firm more than $500million to manage a big part of the approximately $3billion it had raised from outside investors, including the Bass brothers, Blackstone, Cornell University, K2 Advisors, MetLife, Notre Dame and Quellos Group (now owned by BlackRock). Thats where you wanted to land a job if you were a Harvard Business School student. 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. Chief Financial Officer and Chief Compliance Officer. Marina joined Alta Semper in January 2019. Mr. Parsons was named Americas Best CEO in the entertainment industry by Institutional Investor in 2005. The private equity business of the investment firm was not included in the sale and was . We want to buy you.. Track ESG-related metrics across our portfolio companies and engage and collaborate with portfolio companies to consider recommendations from these findings. GSO LIKES A LITTLE, BUT NOT TOO much, market misery. EagleTrees ESG initiatives will be overseen by its ESG Committee, which includes EagleTrees two Co-Managing Partners and other members of senior management. . In early 1988, Goodman started building the capital markets business at DLJ under Moran and James. degree in Finance and Government from the University of Notre Dame in 2002, graduating magna cum laude. 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. [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. 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. Former UFC Mens Bantamweight champion Cody Garbrandt celebrated a triumphant return to the Octagon on Saturday night. degree with a double major in Finance and Accounting from Lehigh University. Hard work got him noticed at Drexel, as well as a meeting with Moran. About Wasserstein family. Goodman is quick to credit the Blackstone brand for at least part of GSOs success. 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. 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. 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 [] You should only be asked to sign in once. and co-managed the company for five years until its merger. 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. Annual high-yield issuance is more than double what it was in 2006 and 2007, 61 percent of bonds are trading at or above their call prices, and new issuance of covenant-lite leveraged loans in 2012 surpassed the levels seen during the credit craze in the middle of the past decade. Victoria has extensive experience in originating, structuring and monitoring venture capital transactions. Its investment activities are focused on . 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. Engage with outside advisors, as necessary, to analyze and address ESG issues, risks and opportunities that arise. 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. (Though the hedge fund was launched in 2005, GSO has since stripped out mezzanine and other investments into separate funds.) (The sentence was later reduced to two years.). The firm has financed well-known names like Chesapeake Energy Corp., struggling with weak natural-gas prices and controversy around its ex-CEO and needing capital to develop lucrative energy projects, and Sony Corp. while also providing $650million of capital to smaller homebuilding companies like the U.K.s Miller Group and $888million to companies in Europe last year, including Canberra Industries, Welcome Break and EMI Music Publishing. This website uses cookies so that we can provide you with the best user experience possible. GSO and Blackstone actively share information. 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.