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 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. 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. a private-equity-owned . 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. In all cases the company would likely be giving up control at the bottom of the market. Prior to that time he was a Senior and Founding Member of the Merchant . 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 . Wasserstein Home | LinkedIn degree with a double major in Finance and Accounting from Lehigh University. With $58billion in assets under management and 235 employees, GSO has grown fivefold under the Blackstone umbrella. GSO LIKES A LITTLE, BUT NOT TOO much, market misery. Zacharys advisory experience was developed within the investment banking divisions of UBS and Goldman Sachs in New York and Johannesburg. Therefore, EagleTree may incorporate and alter different elements of this Policy for different portfolio companies across the stages of the investment management process, including during pre-acquisition, throughout ownership, and when positioning a portfolio company for an exit. The company would sell its property inventory to a land bank created by GSO in return for a $125million cash infusion. After two games, Kevin Durant looks to be extremely comfortable in the Phoenix Suns' offense. So the firm created the bridge loan, not promising capital but intended to tide the company over until it could obtain permanent financing. Approach prospective clients and partners; make presentations. In furtherance of this ethos and in accordance with our responsibilities to our clients and other stakeholders, EagleTree is committed to identifying and considering ESG issues, risks and opportunities associated with potential portfolio company investments and engaging with portfolio companies on these matters during our ownership. ALM, which in January 2005 changed its name from American Lawyer Media, was formed by U.S. Equity Partners L.P., a private equity fund sponsored by Wasserstein & Co. Mr. McLellan began his career in direct investing in 2004. Performing, price-discounted debt that we expect to recover. Mr. McLellan was hired by Mr. Bagaria and initially worked within AIC from 2004 2006 before moving into the Strategic Value Fund. 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. 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. 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. 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. Dresdner Kleinwort Wasserstein (DrKW) operates as the investment banking arm of Germany's Dresdner Bank AG. degree in Finance and Economics from the City University of New York with a concentration in Investment Analysis. Previously, Mr. Montana worked at State Street Investment Management Services where he was responsible for fund administration in Global Emerging Markets. Any deal would hinge on James, who was revered by GSOs three founders. . Orkila Capital That makes GSO Blackstones fastest-growing business in terms of both earnings and assets. PDF Private Equity Firms in Southern California - Los Angeles County 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. He serves on the Board of Directors of USO Metro and the Board of Trustees of the Pomfret School. Wasserstein & Co. is an independent private equity and investment firm, with offices in New York and Los Angeles. [8], In 2000, Wasserstein Perella ranked fifth in the U.S. as an adviser on mergers and acquisitions. IN THE 1980S,WALL STREEThad a clear pecking order. He began his career at The First Boston Corporation. 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. Remnants of the financial crisis continue to cast a shadow on markets, especially in Europe. 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. Even so, GSO has 31 investment professionals in London, and they are doing more deals now than the firm is doing in the U.S. Nearly five full years after the worst of the financial crisis, the real estate market is finally on the mend, investors are wondering if homebuilders stocks have rallied too far, and the outlines of the new order of Wall Street are coming into sharper focus. He was CEO since the firms formation in 2001 through 2012. Though hurt by the financial crisis, Blackstone and GSO have emerged as dominant players in its aftermath. What was a wide-open white space for us? 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. Sony went to every bank it knew, including those in Japan, but couldnt get a $500million bridge loan. As a result of the cumulative research among the different Blackstone groups, private equity bought $220million of nonperforming residential loans, the real estate team purchased $1.4billion of single-family homes to lease, and GSO invested in Hovnanian. 39th Floor This was more like a family reunion than an acquisition, says Schwarzman. [2] One First Boston analyst, Paul Mecurio, left corporate life to become a comedian. About Wasserstein & Co. Wasserstein & Co. is a leading independent private equity and investment firm, focused primarily on leveraged buyout investments and related investment activities. Afsane Jetha - Gaining Additional Experience. 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". 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 . Private Equity Associates work as a team to initiate and continue the funding process of new private equity firms. After the market bottomed in 2009, GSO launched its first rescue lending fund, which closed at $3.3billion. The higher amount of exits for fund were in 2011. Wasserstein & Co. Portfolio Investments, Wasserstein & Co. Funds For $340 Million, Globecomm Allows Wasserstein to Take it Private 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. Wasserstein & Co. to Sell High Pressure Equipment Company A link has been emailed to you - check your inbox. 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. Thats where you wanted to land a job if you were a Harvard Business School student. Mr. Montana earned a duel B.S. Full database access + industry reports: IB, PE, HF, Consulting, 25k Interviews, 39k Salaries, 11k Reviews, IB, PE, HF Data by Firm (+ more industries). and co-managed the company for five years until its merger. By 1999, however, DLJ was hamstrung by its small balance sheet and a business that was primarily domestic. 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. Wasserstein Death Payout: $188 Million - WSJ The overall number of key employees were 2. Process, was the least enthusiastic about the tie-up, concerned that they were trading away their autonomy. Its really hard for some people to be aggressive in times of disruption because you have to do your work beforehand, says partner Smith. 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 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. He has done extensive work on the implementation of precision medicine in the developing world. Don't have an account? Afsane speaks conversational French, Gujarati and basic Swahili. Joseph H. Lauder Institute of Management and International Studies. How Bruce Wasserstein Became The "Buyout Guru" - Finance Friday The high activity for fund was in 2002. When Bruce Wasserstein and Joe Perella Ruled the World - WSJ Victoria serves on the board of Vostok New Ventures, an investment company with presence in Sweden. Alexandria, VA 22314, 515 North Flagler Drive | Suite 1450 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. 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. Work with portfolio companies to integrate sustainability considerations into their business plans, as applicable. She previously served as Partner at Wall Street Technology Partners LP and Director of the Dresdner Kleinwort Wasserstein Private Equity Group. 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. 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 Capital, All Rights Reserved | TermsofUse and Other Important Disclosure, 1185 Avenue of the Americas, 39thFloorNew York, NY 10036. What are the main benefits of having another shot creator and off-ball spacer of Durant's caliber? About - Swiftmile 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. He also has experience as an investment banker at New York boutique Wasserstein . 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 . Goodman and Ostrover joke that Smith was responsible for DLJs success. How has the Suns' new starting group performed? Its alternative credit growing up. Smith, who calls himself Mr. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful. Oct. 15, 2009 12:58 pm ET. Afsane Jetha on Behance Russias War On Ukraine: Daily News And Information From Ukraine, Bayern Munich Remain First But Must Switch Off Complacency Ahead Of PSG Fixture, More Ex-British Challenger 2 Tanks Are Bound For Ukraine As London Doubles Its Pledge, This African Country Of Millions Is Without PowerHeres What We Know, REI Workers In Cleveland Vote To Join The Retail, Wholesale And Department Store Union, What It Took To Bring Daisy Jones And The Six To TV, Texas GOP Censures Rep. Gonzales For Supporting Same-Sex Marriage And Gun Safety, New England Patriots Reportedly Set To Release Brian Hoyer, Leaving Two In The Quarterback Room, Salesforce Gapped Higher On Better-Than-Expected Earnings. A deal between Blackstone and GSO, however, wasnt a no-brainer. OC403953. Over time GSO would sell the land back to the homebuilder. Click here to register, Not for publication, email or dissemination, When it comes to private wealth, PE is still an unknown name, PE outperformed in US state pension portfolios over past two decades report, Side Letter: LPs biggest concerns; growing family offices; Bains VC vindication, Indiana Public Retirement System commits $450m to PE. Legacy ABOUT WASSERSTEIN. 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. We build SMAs to meet clients yield and volatility targets. 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. In 2004, he added New York Magazine to his media empire. (The sentence was later reduced to two years.). Private Equity Explained With Examples and Ways to Invest - Investopedia Mr. McLellan earned a B.S. In the old days a bank might have been more willing to commit its balance sheet for long-standing clients, says Bennett Goodman, the 56-year-old G in GSO, who started his career at Drexel Burnham Lambert in the 1980s. The ESG Committee will meet at least quarterly. You couldnt hope to compete because the banks were so aggressive, he says. Working directly with CEO, funds . 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. GSO is actively managing the leveraged-loan ETF, the first of its kind. 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. J.P. Morgan and other Wall Street research firms changed their rating from a sell to a hold GSO had been hoping for a buy and Credit Suisse refinanced Hovnanians high-cost debt that was coming due in 2016 and that the naysayers were sure would sink the company. Do you thrive in a challenging environment that combines intensity with collaboration? Mr. Campbell is the Founder, Managing Partner and Chief Investment Officer. 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. Hovnanian, for his part, was not convinced that the market would react as positively as Ostrover suggested. SUMMER analyst pay at smaller banks | Wall Street Oasis Duties include reviewing potential transactions, analyzing investor and partner needs, analyzing and making financial decisions, and preparing reports. 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 . 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 early 1988, Goodman started building the capital markets business at DLJ under Moran and James. 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. And, yes, we've come a long way, baby! ("TCP"), have entered into a definitive agreement to acquire Globecomm from a New York-based private equity firm. I fell for it hook, line and sinker, says Goodman. To support African health management excellence, he co-founded the African Institute for Health Care Management. The New England Patriots plan to release 37-year-old quarterback Brian Hoyer at the beginning of the 2023 league year, as first reported by SiriusXM NFL's Adam Caplan. Convene 117 West 46th Street, New York, April 19-20, 2023 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. Greg is responsible for oversight and portfolio management at PIC. 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. Bertman, who built an underdog team into a profitable legend for LSU, told Goodman that success took three Hs: hard work (in an interview his uncle calls that hustle), honesty and humility. GSOs investors, by contrast, had a paltry $22million invested with Goodman, Ostrover and Smith. 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. 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. Other investments recently controlled by Mr. Campbell and for which he served as Chairman include, but are not limited to, National Interest Security Company, LLC; SC3, LLC; and International Development Solutions, LLC. She co-founded Work It, Mom! Competition from increasingly bigger banks was fierce. Wasserstein & Co. is an independent private equity and investment firm, with offices in New York and Los Angeles. Mr. OKeefe joined Wasserstein Debt Opportunities Management, LP in 2014 as an Associate. In 2015, EagleTree spun out of Wasserstein & Co, which was formed in January 2001, when the merchant banking group of Wasserstein Perella became an independent firm. 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. Jones received his MBA from the Yale School of Management and his B.S. 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. Terms aren't expected to be disclosed, but a person briefed on the matter said the price was about $417 million. At Apollo, Mr. Bagaria invested in several asset classes including senior debt, high yield bonds, mezzanine finance and equity. In recent years, the firm has invested in pharmaceutical manufacturing, retail pharmacy, cancer care and diagnostics platforms in Egypt, Nigeria and Morocco. Business Video. They do it because they cant get the capital otherwise. And many companies say GSO doesnt scrape every penny out of a deal. In addition to his role at Semper Capital, Greg is on the Board of Pan African Investment Company, an early-stage venture capital investor in Africa, founded by Mr. Ronald Lauder and Mr. Richard Parsons. In this regard, EagleTree has adopted a Diversity & Inclusion Statement and, in 2021, became a signatory to ILPAs Diversity in Action Initiative. In August the group put up $1billion in equity to buy a portfolio of busted bridge loans from Deutsche Bank, with the German bank providing 3-to-1 leverage. 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. The Team | Alta Semper | Private Equity Firm Mr. Montana earned a duel B.S. 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. Drexel was a place where analysts spent days buried in the dense financials of dicey companies. 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. Prior to that, he worked for 14 years in Senior Hedge Fund operations positions for top tier firms, including IFS State Street and HSBC. Afsane Jetha is the CEO and Managing Partner of Alta Semper Capital, a dedicated growth markets private equity manager, which she co-founded in 2015 alongside Ronald Lauder (Chairman of Clinique, Este Lauder Companies) and Richard Parsons (Former CEO of Time Warner Group). They did their homework, and they were convinced that the market was underestimating our ability to succeed in a space housing that they thought was recovering, says Hovnanian. 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. Wasserstein & Co. - HedgeFundJobList The top skills needed for this position are business management, market analysis, finance and accounting, problem-solving, data . His ability to skillfully negotiate complex, high-stakes situations led to his appointment as head of investment banking at First Boston Corporation. *SHIPS WITHIN 1 - 2 WORKING DAYS SUPER BRIGHT LIGHT - Over 2000 lumens of light will enhance your camera's vision in low-light conditions and allow. 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. Mr. Jones is currently Chairman of Wasserstein & Co. What Is Private Equity? - Forbes Advisor Wasserstein & Co. - Company Database | Wall Street Oasis Drexel had unwittingly passed the high-yield baton to DLJ. He is fluent in Arabic, French and English and is based in Alta Sempers Cairo office. 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. No one has represented Blackstones opulence more than its billionaire co-founder Schwarzman, who in 2000 reportedly paid $37million for a 34-room triplex on Park Avenue and has owned vacation properties in the Hamptons; Jamaica; Palm Beach, Florida; and Saint-Tropez. 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. I love the underdog. While his friends at Harvard including one he describes as having had pinstripes on his diapers did summer internships at Wall Streets toniest firms, Goodman took a job with Drexel. The following March, Milken was indicted for racketeering and securities fraud. She co-founded Work It, Mom! Prior to joining Alta Semper, he was a Senior Associate at Matouk Bassiouny in Cairo, Egypt (a leading regional law firm). GSO which Goodman jokingly refers to as the Warren Buffett of the dregs is at the center of a reshaped Wall Street, where newly chastened banks are retreating to traditional roles as advisers to corporations, underwriting bonds for only the most highly rated companies and riskless deals. 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.