The following March, Milken was indicted for racketeering and securities fraud. 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. PWP provides financial and structuring advice in connection with capital raising alternatives, including debt, equity, and hybrid capital, identifying alternative sources of growth capital, including SPACs and private capital, and assisting with identifying investors, developing terms and structuring the transaction. Work with portfolio companies to integrate sustainability considerations into their business plans, as applicable. Never satisfied with his intense day job, Bruce's private equity firm Wasserstein & Co. holds stakes in the popular New York magazine, and the delicious Harry & David gift basket retailer, among . and co-managed the company for five years until its merger. You should only be asked to sign in once. Current market conditions are setting the stage for a lot of future opportunities for GSO. Victoria serves on the board of Vostok New Ventures, an investment company with presence in Sweden. The EagleTree Capital team is currently investing its fifth private equity fund, EagleTree Partners V, with over $1.1 billion of committed capital. The fund's final close was first reported . Engage with outside advisors, as necessary, to analyze and address ESG issues, risks and opportunities that arise. The trio had remained close to James after he left DLJ for Blackstone, and they knew he was interested in striking some type of deal. Executive Team - mClinical Technology He began his career at The First Boston Corporation. 2023 Forbes Media LLC. 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. Depending on the product, GSO has a host of competitors, including Apollo Group Management; Ares Capital Corp. (an Apollo spin-out); Avenue Capital Group; Carlyle Group; Goldman, Sachs & Co.; J.P. Morgan Asset Managements Highbridge Capital Management; KKR & Co.; Oaktree Capital Management; and TPG Capital. Many investors wouldnt know how to approach that.. In 1987 the Los Angelesbased Milken called Goodman, who by this time focused on LBOs, telling him he should move to Beverly Hills and work for Friedman (who would go on to co-found hedge fund firm Canyon Capital Advisors). 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. Bruce Wasserstein - Wikipedia The approximately $4billion portfolio was distributed across GSOs own funds as well as Blackstones private equity portfolios. Don't have an account? Tudor, Pickering, Holt & Co. Securities - Canada, ULC is a Member of the Canadian Investor Protection Fund and the New Self-Regulatory Organization of Canada. Afsane Jetha - Gaining Additional Experience. He is in charge of all of the Firms operations and leads the investment decision making process for all capital investments. 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. 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. 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. But thats starting to change as European banks need to deleverage and raise capital and companies desperately require funding. 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. Copyright 2023. Ostrover, who has a BA in economics from the University of Pennsylvania and an MBA from New York Universitys Leonard N. Stern School of Business, was ranked the No. or Want to Sign up with your social account? Duties include reviewing potential transactions, analyzing investor and partner needs, analyzing and making financial decisions, and preparing reports. Joseph H. Lauder Institute of Management and International Studies. He might have been young, but it was like a pro coming into an amateur team, adds James, who then ran DLJs investment bank. Prior to joining Wasserstein & Perella Co., Inc., Mr. Campbell was an officer of Manufacturers Hanover Trust Co., where he was a member of the Acquisition Finance Group that was responsible for originating, structuring, and syndicating leveraged loans for such notable sponsors as Kohlberg Kravis Roberts & Co., among others. 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. Key Takeaways. It wants to stay off the front pages of newspapers. Bruce Jay Wasserstein (December 25, 1947 - October 14, 2009) was an American investment banker, businessman, and writer. We conduct our buyout investment activities through the Wasserstein Partners family of funds. She has strong personal and professional ties to East Africa being a fourth generation Tanzanian. 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. 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. When Bruce Wasserstein and Joe Perella Ruled the World - WSJ 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. 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. 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. You couldnt hope to compete because the banks were so aggressive, he says. 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. Wasserstein 3-in-1 Floodlight, Charger and Mount for Wyze Cam V3 (Camera Not Included) 4.8. The firms long-only strategies include a $24billion CLO business, making GSO the largest institutional investor in leveraged loans, as well as closed-end and other funds. Former UFC Mens Bantamweight champion Cody Garbrandt celebrated a triumphant return to the Octagon on Saturday night. Before that she worked at Apollo Global Management, the private equity firm, where she evaluated . We want to buy you.. 99 Canal Center Plaza | Suite 400 We partner with entrepreneurs with the goal of building great brands. degree in Finance and Economics from the City University of New York with a concentration in Investment Analysis. OC403953. She previously served as Partner at Wall Street Technology Partners LP and Director of the Dresdner Kleinwort Wasserstein Private Equity Group. Afsane speaks conversational French, Gujarati and basic Swahili. Oct. 15, 2009 12:58 pm ET. 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. 1 leveraged-finance player, lending to blemished companies that were in some of the fastest-growing sectors of the U.S. economy, including energy exploration and homebuilding. Goodman is quick to credit the Blackstone brand for at least part of GSOs success. Amid the froth GSO is now doing its preparatory work for the next crisis. GSO has a view on about 1,000 companies through its CLO business, garnering leads that can be passed on to the hedge fund or other vehicles. Venture Capital. Goodman is the storyteller of the group, Ostrover is Mr. Markets, and Smith wants to stay out of the limelight and just do deals. 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 worked across the private equity life cycle including fund raising, new investments, portfolio management and exits. What the three founders have built at GSO, they originally planned for CSFB. Afsane Jetha co-founded Alta Semper Capital in 2015. Victoria has worked with, and made investments in a broad range of companies, including enterprise software, wireless technologies, medical devices . Process, was the least enthusiastic about the tie-up, concerned that they were trading away their autonomy. GSO represented 38.9 percent of Blackstones $629million of realized performance fees earned in 2012 and 16 percent of the firms $2billion in economic net income last year. 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. An ESG Sub-Committee has also been formed to function as an ESG working group that will carry out the day-to-day aspects of EagleTrees ESG efforts and initiatives and be available as a resource for investment team members. . Though the three founders couldnt be more different, theyve maintained their partnership without a blip for 20 years. At the same time, Blackstone had relationships with almost every major institutional investor in the world, a group that had, on average, $200million in assets invested with the firm. Not the case? Wasserstein Perella & Co. - Wikipedia Mr. Lauder has long been committed to civic causes, public policy issues and has pursued impact investments in Africa since 2012. 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. 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. 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. 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. Click here. Hard work got him noticed at Drexel, as well as a meeting with Moran. 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. 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. Former Senior Vice President of North America Sales at Genesys. The only opening that day was for Drexel, which was at the bottom of the Wall Street pecking order even as it dominated the business of financing non-investment-grade companies. 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. ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) POLICY, TermsofUse and Other Important Disclosure. High cash-on-cash returns with capital appreciation potential. Marina is based in Alta Sempers Cairo office. Mr. Lauder is currently the Chairman of Clinique Laboratories, a division of The Este Lauder Companies. EagleTree Capital, All Rights Reserved | TermsofUse and Other Important Disclosure, 1185 Avenue of the Americas, 39thFloorNew York, NY 10036. The tank plus-up, which Ukrainian ambassador to the United Kingdom Vadym Prystaiko announced on Saturday, should come as no surprise. When Sony was trying to buy EMI in the fall of 2011, it couldnt consolidate all the debt onto its balance sheet without getting downgraded. Prior to that, he was a managing director of Dresdner Kleinwort Wasserstein Private Equity Partners and related funds, and made and managed in excess of 30 private equity and partnership investments. On the strength of that bridge loan business, we built ourselves up into the leading firm, says James. WASSERSTEIN - Wasserstein Our initiatives in this regard are carried out by our Philanthropic Committee, which identifies several nonprofit charities each year with whom employees volunteer and EagleTree supports. Mr. Jones received his MBA from the Yale School of Management and his B.S. His research and publications focus on international development with a special focus on capacity building in health care and biopharmaceutical production in emerging economies. Blackstone referred Sony to GSO, which crafted a deal of mezzanine debt and equity warrants in the company. Over the last 30 years, Mr. Campbell has served as a member of the Boards of Directors of public and private companies operating both within the US and globally and for numerous investments while at Wasserstein & Perella Co., Veritas Capital and DC Capital. 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. Its not the Wild West, not the personality-driven days of 20 years ago. Most PE firms are open to accredited investors or those who are deemed high-net . Though it was satisfying to be on their own, Goodman, Ostrover and Smith were used to being No. He subsequently established the investment bank boutique Wasserstein Perella & Co., which he later sold . All those covenant-lite loans will be great opportunities for GSO to step in at some point. Wasserstein & Co. is a leading independent private equity and investment firm, focused primarily on leveraged buyout investments and related investment activities. 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. In September 1988 the Securities and Exchange Commission sued Drexel for insider trading and stock manipulation. Mr. OKeefe earned a B.S. 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. In 1995, Moran moved up to chief operating officer of fixed income, and Goodman took over all of leveraged finance. The firms mezzanine fund has one of the best records in the industry, up an average of 19.9 percent a year net since inception in July 2007. Orkila Capital was formed in 2013 to pursue proprietary and compelling growth equity investment opportunities in the media, entertainment and consumer sectors. [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. She co-founded Work It, Mom! degree with a double major in Finance and Accounting from Lehigh University. 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. 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. You had to figure things out and use your smarts instead of brute strength, Smith, 47, says. 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. Prior to joining Alta Semper, Zachary was a Senior Associate at Emerging Capital Partners where he covered infrastructure and consumer / retail investments in Kenya. contact@wasserco.com. Today it offers $27billion in alternative-investment funds, including the now $4billion hedge fund, $8billion in mezzanine funds financing buyouts for private equity $8billion in rescue lending and $7billion in small-cap direct lending. At Goldman, Mr. Bagaria worked primarily as an investor of GS Mezzanine, the largest mezzanine fund globally. It was keeping up-to-date in its credit work on certain companies and identifying potential situations for investment. An Heir Who's Ready to Take the Reins at New York Magazine As a result, the high-yield and leveraged-loan markets never developed in Europe to the extent they did in the U.S. Salesforce beat earnings-per-share estimates after the closing bell on March 1, 2023. 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. Mid-market firm Wasserstein & Co. has closed its latest flagship fund, Wasserstein Partners IV, on $790 million, according to a source familiar with the matter. 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. A Fundamentally Different Kind Of SPAC - Betsy S. Atkins In its five years in the Blackstone fold, GSO has gone from having two fund products to managing 27. Investments can also be shared. Prior to joining Alta Semper, he was a Senior Associate at Matouk Bassiouny in Cairo, Egypt (a leading regional law firm). 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. Wasserstein Death Payout: $188 Million - WSJ These initiatives and strategies include new product launches, entrance into new markets, add-on acquisitions and operational improvements. Prior to joining Sheffield, Mr. McLellan worked at Apollo Global Management, LLC (AGM) from 2004 2010. Zacharys advisory experience was developed within the investment banking divisions of UBS and Goldman Sachs in New York and Johannesburg. Mr. Bagaria joined Apollo as a Principal in June 2004, two months after AIC held its initial public offering, and later was promoted to Partner. 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. Bruce Wasserstein Net Worth | Celebrity Net Worth 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. Terms of the transaction were not disclosed. 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. 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. Victoria Grace - Colle Capital 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. That summer James approached Goodman the fourth time Blackstone had tried to entice him into a deal and stated the obvious: In credit were not where we want to be. Wasserstein purchased The American Lawyer, which he later sold, and New York magazine, which remains under his family's control. 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 GSO team has been through the ups and downs of numerous credit cycles, and theyre always worried and trying to protect the downside, says Timothy Walsh, chief investment officer of the $74billion New Jersey Pension Fund, which has committed to $1.1billion in investments in five GSO funds. But the $1billion price tag the proceeds of which the partners rolled over into GSO funds and the potential to take advantage of what they thought would be a huge shift on Wall Street helped alleviate their concerns. 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. 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. Ahmed joined Alta Semper in 2018 as a Director. Dresdner won't acquire Wasserstein's private equity business, which will be spun off to the U.S. firm's existing shareholders. The overall number of key employees were 2. So the firm created the bridge loan, not promising capital but intended to tide the company over until it could obtain permanent financing. With assistance from the ESG Sub-Committee and outside ESG specialists, as appropriate, EagleTrees deal teams will manage and monitor material ESG issues that have been identified during portfolio company ownership. The company initially approached Blackstones private equity group for a $500million infusion of equity, but it wanted a controlling stake and Sony wasnt about to do that. In addition, we remain committed to compliance with national, state and local labor laws in jurisdictions in which we invest and to provide a safe and healthy workplace consistent with national and local laws. corporate development. The market is saying youre going bankrupt, Ostrover added. 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. PE LBO Modeling Test | Wall Street Oasis Leadership - EnsoData 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 . PE firms charge a management fee of typically 2% of AMU and a performance fee of 20% of the profits. He also has experience as an investment banker at New York boutique Wasserstein . 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. Zachary joined Alta Semper in 2016 and brings more than nine years of advisory and investing experience to the firm.
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