wasserstein private equity

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. When the markets rebounded in 1991, DLJ took over as a leading player. Ahmed joined Alta Semper in 2018 as a Director. Mr. Parsons was named Americas Best CEO in the entertainment industry by Institutional Investor in 2005. Mr. McLellan was hired by Mr. Bagaria and initially worked within AIC from 2004 2006 before moving into the Strategic Value Fund. 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. 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. At Apollo, Mr. Bagaria invested in several asset classes including senior debt, high yield bonds, mezzanine finance and equity. 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. 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. The high activity for fund was in 2002. High cash-on-cash returns with capital appreciation potential. 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 Ibrahim holds a Bachelor of Laws and a masters degree from University of Paris I Panthon-Sorbonne, and a Bachelor of Laws from Cairo University. 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. Many investors are quite cautious when evaluating entertainment deals especially institutions, says Rob Wiesenthal, then Sonys CFO and now chief operating officer of Warner Music Group. The Hovnanian deal was originated through the hedge fund but later expanded to include the rescue financing fund. The EagleTree Capital team is currently investing its fifth private equity fund, EagleTree Partners V, with over $1.1 billion of committed capital. After the market bottomed in 2009, GSO launched its first rescue lending fund, which closed at $3.3billion. The ESG Committee will meet at least quarterly. 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. Drexel was a place where analysts spent days buried in the dense financials of dicey companies. The strategy of Alta Semper is to invest flexible and strategic capital into market-leading business models in the . Houston-based Scott oversees GSOs energy group. 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. Mr. Kelsey joined Wasserstein Debt Opportunities Management, LP in 2013 as an Associate. The firm, which has a competitive advantage by doing most of its own loan originations and investing in companies that are No. Mr. Lauder is currently the Chairman of Clinique Laboratories, a division of The Este Lauder Companies. 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. She holds her MBA from Harvard Business School and a Bachelor of Science in Economics from The Wharton School at the University of Pennsylvania. You can find out more about which cookies we are using or switch them off in settings. Mr. Jones is currently Chairman of Wasserstein & Co. During his time at the IFC, he advised on the first PPP in the West Bank. Private equity investors are by nature optimistic and swaggering, thinking every deal is a potential blockbuster. We target investments of between $30 million and $150 million. Mr. Montana joined Wasserstein Debt Opportunities Management, LP in 2014 as a Finance Associate. 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. By Stephen Grocer. Blackstones acquisition of GSO has been an undisputed winner. 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 . 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. Previously, Mr. Kelsey worked at Jefferies LLC in the Leveraged Credit Research group where he was responsible for covering the gaming and retail sectors. But by the end of 2009, the firm had $24billion in assets. Look, the market hates your company, he told Hovnanian. 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. You couldnt hope to compete because the banks were so aggressive, he says. 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. In the late 1990s, Schwarzman, a client of DLJs, asked Goodman to start a credit business at Blackstone. So the firm created the bridge loan, not promising capital but intended to tide the company over until it could obtain permanent financing. She co-founded Work It, Mom! Prior to that time he was a Senior and Founding Member of the Merchant Banking Group of Wasserstein & Perella Co., Inc. since its inception in 1988. He might have been young, but it was like a pro coming into an amateur team, adds James, who then ran DLJs investment bank. Any deal would hinge on James, who was revered by GSOs three founders. GSO had partnered with TPG to buy a $2billion portfolio of bridge loans from Citigroup. This Policy is intended to provide a broad framework for EagleTrees overall approach to ESG. The death of Lazard Ltd. Chief Executive Bruce Wasserstein will trigger the vesting of stock currently valued at $188 million, confirming Mr. Wasserstein's status as one of history's most highly . and co-managed the company for five years until its merger. and co-managed the company for five years until its merger. When DLJ tried issuing its own highly confident letters, they meant nothing, as DLJ had a small balance sheet. 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. 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. 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. Hovnanian, for his part, was not convinced that the market would react as positively as Ostrover suggested. a private-equity-owned . Afsane Jetha began her career at Merrill Lynch and Wasserstein Private Equity before moving on to the consumer team at Permira in London. 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. You should only be asked to sign in once. More recently, he served as a member of the Presidents Council on Jobs and Competitiveness. After six months of negotiations, Goodman and his partners said yes. 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. Process, was the least enthusiastic about the tie-up, concerned that they were trading away their autonomy. 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 [] By 1999, however, DLJ was hamstrung by its small balance sheet and a business that was primarily domestic. 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. Ibrahim joined Alta Semper in 2021 as a General Counsel. Goodman had never heard of the firm, but he distinctly remembers Frederick Joseph, Drexels CEO, passionately recounting how it financed entrepreneurs, married capital to ideas and was profoundly transforming whole industries. 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. In the U.S. banks provide about 30 percent of lending, with capital markets and investors providing the remainder. Don't have an account? Jan 2003 - Mar 20052 years 3 months. Wasserstein Debt Opportunities Management, LP ("WDO") is a New York-based SEC-registered investment advisor focused predominately on leveraged loans and high yield bonds.The firm seeks to create differentiated high yield exposure through primarily private equity backed, US non-large cap high yield issues, where WDO sees potential for price inefficiency. Debt opportunities management delivered through partnership, visionand experience. He worked across the private equity life cycle including fund raising, new investments, portfolio management and exits. Afsane Jetha - Gaining Additional Experience. Portfolio, This content is from: Victoria Grace is a founding partner of Colle Capital Partners LP, an opportunistic, early stage technology venture fund. He has also studied Precision Medicine at Harvard Business School and Fintech at the Said School of the University of Oxford. Former Senior Vice President of North America Sales at Genesys. 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. ("TCP"), have entered into a definitive agreement to acquire Globecomm from a New York-based private equity firm. [2], Perella left the firm for Morgan Stanley in 1993. Mr. OKeefe joined Wasserstein Debt Opportunities Management, LP in 2014 as an Associate. Wasserstein & Co. also manages a significant portfolio of debt and equity securities and other investments on behalf of our stockholders and other investors. Prior to joining Sheffield, Mr. McLellan worked at Apollo Global Management, LLC (AGM) from 2004 2010. His research and publications focus on international development with a special focus on capacity building in health care and biopharmaceutical production in emerging economies. Commingled private fund exclusively for US and Non-US based qualified individuals, family offices and institutional investors, #1 performing high yield fund inception to date in the eVestment database (out of 200 funds), The strategy has outperformed a blended index of loan and high yield bonds by > 2.5x since inception. Key Takeaways. In 2001, he established the Neue Galerie New York, of which he is President. A verification email is on its way to you. 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. . When the high-yield market trades at highs, we put out less capital, says Ostrover. 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. The group invented concepts such as payment-in-kind toggle bonds, with which an issuer can defer interest payments in return for a larger coupon in the future, and IPO carve-outs, whereby the parent company sells stock of a subsidiary to the public. Performing, price-discounted debt that we expect to recover. 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.). 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 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. 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 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 . Ahmed speaks English and Arabic and is based between Cairo and London. Mr. Kelsey earned a B.S. It was keeping up-to-date in its credit work on certain companies and identifying potential situations for investment. He later became CEO of Lazard Ltd, while at the same time sitting atop private equity firm Wasserstein & Co, which continues to operate. Leveraged loans offer a hedge against interest rates and can augment a largely xed-rate portfolio. 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. While non-investment-grade companies need capital, investors need yield, and alternative credit strategies like those offered by GSO provide a much-needed boost to returns for bond portfolios. Eleven months later the U.S. housing rebound is official and Hovnanian Enterprises is flourishing, expecting 2013 to be its first profitable year since 2006. 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. To be sure, Blackstone is not the only manager to have smelled opportunity in the financing void. OC403953. Prior to this endeavor, she built a rich resume in the financial services sector, specifically working with private equity investment. 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. 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. The former undrafted free agent's contract includes $1.4 million in remaining guaranteed salary. In all cases the company would likely be giving up control at the bottom of the market. And it might be only the beginning of an even bigger U.K. commitment to Ukraines rearmament. Terms of the transaction were not disclosed. [8], In 2000, Wasserstein Perella ranked fifth in the U.S. as an adviser on mergers and acquisitions. Banks may no longer have the balance sheets, but big institutional investors like sovereign wealth funds, endowments and pension funds do. from the University of California at Berkeley. But its the as-yet-unfinalized Volcker rule that does the most damage to banks freedom, preventing them from engaging in proprietary trading or lending their own capital in speculative deals like the one to rescue Hovnanian. 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. The next month Lehman Brothers Holdings filed for bankruptcy and all hell broke loose. 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. (5) Wasserstein. By that July the three partners had launched GSO with 25 employees and one hedge fund. Mr. McLellan was hired by Mr. Bagaria and initially worked within AIC from 2004 2006 before moving into the Strategic Value Fund. The next year it acquired nine CLOs from Allied Capital Corp., and a year later it bought Harbourmaster Capital Management, a $10billion European leveraged-loan manager, and four CLOs from Allied Irish Bank. 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. On the strength of that bridge loan business, we built ourselves up into the leading firm, says James. In July 2007, he sold American Lawyer Media to Incisive Media for about $630 million in cash. In 2008, Mr. Parsons served as a member of then-President-Elect Barack Obamas Economic Transition Team. [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 fund's final close was first reported . 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. Though hurt by the financial crisis, Blackstone and GSO have emerged as dominant players in its aftermath. The big Swiss bank wanted Goodmans leveraged-finance business as well as DLJs merchant banking and real estate groups. Sony went to every bank it knew, including those in Japan, but couldnt get a $500million bridge loan. GSO has provided much-needed credit to scores of troubled companies like Hovnanian that couldnt tap public markets or get bank loans. Private Equity. A link has been emailed to you - check your inbox. Work with portfolio companies to integrate sustainability considerations into their business plans, as applicable. The congressman supported new gun legislation after a school shooting in Uvalde, located in his district. He now manages its hedge fund. He has done extensive work on the implementation of precision medicine in the developing world. 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. 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. He brings more than ten years of investment banking and private equity investing experience in the consumer, healthcare and financial services sectors across the MENA region and Sub-Saharan Africa. Goodman and Ostrover joke that Smith was responsible for DLJs success. 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. 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. You had to figure things out and use your smarts instead of brute strength, Smith, 47, says. The future looks bright for credit investing. She co-founded Work It, Mom!

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