wasserstein private equity wasserstein private equity

. In 2007, the peak for the firms performance fees, private equity contributed the bulk of the total. GSOs flagship hedge fund takes an activist or event-driven approach to credit. Wasserstein Home | 849 followers on LinkedIn. By that July the three partners had launched GSO with 25 employees and one hedge fund. Afsane Jetha co-founded Alta Semper Capital in 2015. Wasserstein Debt Opportunities Management, LP (WDO) is a New York-based SEC-registered investment advisor focused predominately on leveraged loans and high yield bonds. Blackstones acquisition of GSO has been an undisputed winner. Jason New, a onetime bankruptcy lawyer who had been with DLJ since 1999 and worked on some of the most complex distressed deals, such as financing Level 3 Communications and Qwest Communications, joined GSO at the start. Although they enjoyed being their own bosses, they missed the prestige, and the deals, that came with being part of a big organization. While at AGM, Mr. McLellan analyzed event-driven long/short equity and credit, distressed-for-control, private leveraged buyouts and private minority investments in a variety of sectors. The approximately $4billion portfolio was distributed across GSOs own funds as well as Blackstones private equity portfolios. Mr. Jones is currently Chairman of Wasserstein & Co. Performing, price-discounted debt that we expect to recover. Mr. Campbell received a B.S. 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. Mr. Kelsey joined Wasserstein Debt Opportunities Management, LP in 2013 as an Associate. View full details. You had to figure things out and use your smarts instead of brute strength, Smith, 47, says. EagleTree intends to engage with clients and stakeholders, from time to time, in dialogue regarding how we can manage ESG issues in a way that is consistent with their initiatives. 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. Key Takeaways. At a bank youre working for anonymous shareholders, trying to make as much money as you can, he explains. PWP provides strategic, financial and process advice to Directors and other fiduciaries in connection with transactions where there is an actual, apparent or potential conflict. 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. Thoughtful Electronics and Accessories for Smart Homes | Market leader and accessory manufacturer of smart home products such as Google Home, Nest, Ring, Arlo, Echo devices among others. Instead, banks dominated the leveraged-finance markets, with few institutional buyers such as high-yield mutual funds. 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 . In 1995, Moran moved up to chief operating officer of fixed income, and Goodman took over all of leveraged finance. The former undrafted free agent's contract includes $1.4 million in remaining guaranteed salary. Mr. Jones is currently Chairman of Wasserstein & Co. Prior to joining Sheffield, Mr. McLellan worked at Apollo Global Management, LLC (AGM) from 2004 2010. [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. Do you thrive in a challenging environment that combines intensity with collaboration? 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. GSOs returns have been top quartile. GSO also bought the debt of Clear Channel Communications, a private-equity-owned media company, and led a $1.25billion preferred stock deal for Chesapeake Energy so that company could develop natural-gas production from shale in eastern Ohio. [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. Over time GSO would sell the land back to the homebuilder. Loan prices dropped 30 points, obliterating almost the entire investment at least on paper. Ahmed joined Alta Semper in 2018 as a Director. Alice Katwan on Linkedin. In 2007, Merrill Lynch & Co. took a minority stake in GSO and the firm had its first closing for a new mezzanine fund. GSO has provided much-needed credit to scores of troubled companies like Hovnanian that couldnt tap public markets or get bank loans. RELATED STORIES Dresdner deal nearly done - Sept. 15, 2000 Mr. Montana joined Wasserstein Debt Opportunities Management, LP in 2014 as a Finance Associate. Mr. Lauder is currently the Chairman of Clinique Laboratories, a division of The Este Lauder Companies. Then, in the 1980s at First Boston, and at Wasserstein Perella after 1988, together they helped create "a dynasty of bankers and executives that has spread throughout Wall Street and corporate America". Mr. McLellan joined Wasserstein Debt Opportunities Management, LP in 2017 as a Managing Director. But Goodman shunted humility aside at least temporarily during his lunch with Moran. . Part of GSOs success comes from leaving some money on the table. EagleTree continues to maintain policies and procedures that prohibit bribery and other illegal payments to public officials consistent with U.S. federal and state laws, and in an effort to protect our systems, networks, programs, devices and data from cyber-attacks, has implemented a robust cyber-security framework. He formerly served on the Board of Trustees of Lehigh University and served as Chairman of the Board of Trustees of Fordham Preparatory School. 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 . After James joined Blackstone, Goodman took over CSFBs alternative capital division. 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. The high activity for fund was in 2002. With Drexel and Milken gone amid a recession, many market watchers thought high-yield financing would die. As a consequence, banks want to syndicate risk into the market put together a road show and talk to 200 investors. Afsane holds an MBA from Harvard Business School and a BSc in Economics, from The Wharton School at the University of Pennsylvania. He reveres his middle-class upbringing first in Queens, New York, and later in Stamford, Connecticut and says that when he was growing up he didnt know anyone who worked on Wall Street. and co-managed the company for five years until its merger. 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. 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). Look, the market hates your company, he told Hovnanian. Mr. Jones received his MBA from the Yale School of Management and his 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. Zachary joined Alta Semper in 2016 and brings more than nine years of advisory and investing experience to the firm. (Though the hedge fund was launched in 2005, GSO has since stripped out mezzanine and other investments into separate funds.) In recent years, the firm has invested in pharmaceutical manufacturing, retail pharmacy, cancer care and diagnostics platforms in Egypt, Nigeria and Morocco. Mr. Bagaria began his career in the leveraged finance market in 1999. In February 1990, Drexel filed for bankruptcy; two months later Milken pled guilty to lesser charges, agreeing to pay a $600million fine and serve ten years in jail. This Wasserstein & Co. works on 31 percentage points more the average amount of lead investments comparing to the other organizations. Mr. Campbell is the Founder, Managing Partner and Chief Investment Officer. 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. Mr. Parsons is also a member of the boards of The Estee Lauder Companies Inc., Lazard Freres and Company, and Madison Square Garden, Inc. Greg Parsons is the CEO of Semper Capital Management, and has been part of Semper Capital since 2008. Previously, he served as an Associate Principal at McKinsey & Company in the Financial Services Group. and co-managed the company for five years until its merger. PE firms charge a management fee of typically 2% of AMU and a performance fee of 20% of the profits. After about a year of fundraising, commitments from existing LPs reached $790m, surpassing the original $750m target. Now the emergence of alternative credit mirrors tools that equity investors have had with private equity, says TPGs Coulter. 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. 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. 2005-2023 Wall Street Oasis. This ESG Policy (the Policy) amends, restates and supersedes EagleTrees ESG Policy that was first formally adopted in 2017. At the same time that GSO is capitalizing on the void left by banks, it is also benefiting from historically low interest rates and unrelenting investor demand for credit investments. 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. 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. Mr. McLellan was hired by Mr. Bagaria and initially worked within AIC from 2004 2006 before moving into the Strategic Value Fund. She previously served as Partner at Wall Street Technology Partners LP and Director of the Dresdner Kleinwort Wasserstein Private Equity Group. Ahmed speaks English and Arabic and is based between Cairo and London. The year he joined, the firm became the No. 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. [2] One First Boston analyst, Paul Mecurio, left corporate life to become a comedian. Mr. McLellan began his career in direct investing in 2004. Alta Semper Capital LLP is a limited liability partnership registered in England and Wales under no. Kenyas sole electricity distributor cited a system disturbance as a possible cause for the blackout. 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. Goodman states the obvious: No company does business with us because were such nice guys, though we like to think we are. And it might be only the beginning of an even bigger U.K. commitment to Ukraines rearmament. West Palm Beach, FL 33401. If Drexel came up with the junk bond and DLJ created the institutional leveraged-finance market, GSO is again reinventing the concept of providing capital to non-investment-grade companies this time as an asset manager. 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. 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. 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. Zachary has an MBA from The Wharton School at the University of Pennsylvania and a BA in Economics from Cornell University. 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. Mr. Montana earned a duel B.S. 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. 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. Mr. Bagaria is the Advisors President and Chief Investment Officer. 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. Hints and clues to help you with today's Wordle. Mr. Dutton has been working in the Hedge Fund Industry since 1997 and joined Wasserstein Debt Opportunities Management, LP in June 2013. She co-founded Work It, Mom! That makes GSO Blackstones fastest-growing business in terms of both earnings and assets. He now manages its hedge fund. She co-founded Work It, Mom! Afsane Jetha began her career at Merrill Lynch and Wasserstein Private Equity before moving on to the consumer team at Permira in London. Hovnanian was the largest position in GSOs flagship hedge fund in 2012, and the firm made 50 percent on its capital in six months.