Process, was the least enthusiastic about the tie-up, concerned that they were trading away their autonomy. 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. 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. PWP provides strategic, financial, and tactical advice in connection with executing complex mergers, acquisitions, company sales, and corporate divestitures, including carve-outs, joint ventures, and spin-offs, and relating to takeover preparedness and defense. 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. 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. Since 2008, Blackstone has more than doubled its assets. All those covenant-lite loans will be great opportunities for GSO to step in at some point. Now the emergence of alternative credit mirrors tools that equity investors have had with private equity, says TPGs Coulter. EagleTree continues to promote diverse perspectives. 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. Apologizing for the seeming hokeyness of it, he refers to a black-and-white picture in his office of New Yorks Orchard Street early in the past century, with unpaved, muddy roads; pushcarts; and a glimpse of Ostrovers Smoked Fish. Convene 117 West 46th Street, New York, Get limited access to our industry news, analysis and data, plus regular email updates. The future looks bright for credit investing. PWP provides comprehensive financial restructuring and capital structure advice in connection with stressed and distressed situations, including amendments, debt exchanges, financings, distressed M&A, and balance sheet recapitalizations. Mr. Jones is currently Chairman of Wasserstein & Co. 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. The firm, which has a competitive advantage by doing most of its own loan originations and investing in companies that are No. The congressman supported new gun legislation after a school shooting in Uvalde, located in his district. While working at Sheffield from 2010 2016, Mr. McLellan led many of the largest positions analyzing long/short equity and credit investments. That makes GSO Blackstones fastest-growing business in terms of both earnings and assets. This Wasserstein & Co. works on 31 percentage points more the average amount of lead investments comparing to the other organizations. He was CEO since the firms formation in 2001 through 2012. 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. Private equity (PE) refers to capital investment made into companies that are not publicly traded. Victoria serves on the board of Vostok New Ventures, an investment company with presence in Sweden. 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. The common things for fund are deals in the range of 10 - 50 millions dollars. 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. Thats where you wanted to land a job if you were a Harvard Business School student. Earlier in his career, Ahmed worked with the International Finance Corporation (IFC), the private sector arm of the World Bank, in Cairo, advising government-owned enterprises in the MENA region and Sub-Saharan Africa on public-private partnerships (PPP). 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. Private equity is composed of funds and investors that directly invest in private companies , or that engage in buyouts of public . We target investments of between $30 million and $150 million. But after his wife, Meg, refused to leave New York, Goodman quickly set his sights on DLJ, a midsize investment bank known for equity research and a certain scrappiness and entrepreneurial culture. He recently served on the Boards of Directors of Harry & David, Encompass Digital Media, and Access Scientific. Mr. McLellan earned a B.S. Wasserstein controlled Wasserstein & Co., a private equity firm with investments in a number of industries, particularly media. It took a week before Hovnanian softened, but GSO got its deal. Afsane speaks conversational French, Gujarati and basic Swahili. Mr. Campbell is the Founder, Managing Partner and Chief Investment Officer. Victoria serves on the board of Vostok New Ventures, an investment company with presence in Sweden. The honeymoon was over quickly, though. Prior to joining Alta Semper, he was a Senior Associate at Matouk Bassiouny in Cairo, Egypt (a leading regional law firm). Mr. Bagaria began his career in the leveraged finance market in 1999. Summarize the positive impact that our integration of ESG initiatives had on the portfolio companys business and/or culture. After earning his MBA in 1984, the Miami-born Goodman took a full-time job with Drexel in New York. 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. Afsane Jetha is the Co-Founder, Managing Partner & CEO of Alta Semper Capital, a private equity manager founded in 2015 alongside Ronald Lauder (Chairman of Clinique LLC) and Richard Parsons (former CEO of Time Warner). 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. 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. Mr. Kelsey earned a B.S. He subsequently established the investment bank boutique Wasserstein Perella & Co., which he later sold . With Blackstone they would get scale, a brand, idea-sharing with the firms deal makers and access to new and larger clients. Wasserstein Debt Opportunities Management, LP (WDO) is a New York-based SEC-registered investment advisor focused predominately on leveraged loans and high yield bonds. GSO now has offices in New York, London, Dublin and Houston. Executives at two publicly traded alternatives firms say they arent so much concerned about Blackstone as a competitor in private equity but that theyve been blindsided by GSOs growth. Sony went to every bank it knew, including those in Japan, but couldnt get a $500million bridge loan. 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 [] Its alternative credit growing up. He holds an AB from Princeton University. The fund, which launched in August 2015 with a $750 million target and no hard-cap, is the largest fund to date for the firm. Also, Mr. Jones served on the Board of Directors of Lazard and previously served on the Boards of Directors of Meyer Material, Odwalla, All-Clad, and IMAX, among other Wasserstein companies. Marina joined Alta Semper in January 2019. 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. We are using cookies to give you the best experience on our website. He currently serves on the Board of Governors of the Middle East Institute and is a former Vice Chairman of the organization. Before that she worked at Apollo Global Management, the private equity firm, where she evaluated . Blackstone allowed us to take our business from being three years old to ten overnight, Ostrover says. Goodman states the obvious: No company does business with us because were such nice guys, though we like to think we are. 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. and co-managed the . 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. OC403953. 1 salesperson by a third-party consulting firm, and Goodman and Moran decided to steal him away the day the news came out. "It's all family, every aspect of this place," Mr. Moss, who has edited New York since 2004, said in an interview last week at . . Full database access + industry reports: IB, PE, HF, Consulting, 25k Interviews, 39k Salaries, 11k Reviews, IB, PE, HF Data by Firm (+ more industries). The firm seeks to . We want to buy you.. Mr. Wasserstein died in 2009. 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. 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: It was keeping up-to-date in its credit work on certain companies and identifying potential situations for investment. He was appointed Chief Compliance Officer in January 2017. 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. 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. 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. Look, the market hates your company, he told Hovnanian. GSO put about $5billion of capital to work as the markets slid after the downgrade. Convene 117 West 46th Street, New York, April 19-20, 2023 In 1988, Bruce established a private equity division of Wasserstein Perella & Co., called Wasserstein & Co., which he used to manage and invest his personal wealth and later, that of his family. (5) Wasserstein. Do you thrive in a challenging environment that combines intensity with collaboration? Though it was satisfying to be on their own, Goodman, Ostrover and Smith were used to being No. Competition from increasingly bigger banks was fierce. If you're happy with cookies click proceed. Not the case? A link has been emailed to you - check your inbox. The former undrafted free agent's contract includes $1.4 million in remaining guaranteed salary. From 2002 2004, Mr. McLellan worked as an analyst for Deutsche Bank focusing on Mergers & Acquisitions and Media Investment Banking. 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. degree in Individualized Study at New York University with studies at the London School of Economics, graduating cum laude. The Deutsche Bank portfolio was marked to about 5 cents on the dollar for the quarter ended March 31, 2009. Prior to joining Alta Semper, Zachary was a Senior Associate at Emerging Capital Partners where he covered infrastructure and consumer / retail investments in Kenya. We stand on this very busy street corner and see all this activity, says customized credit strategies partner Daniel Smith. There is a place for capital formation at market rates of return and driven by problem solvers, explains Coulter. Victoria serves on the board of Vostok New Ventures, an investment company with presence in Sweden. 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. 2016 The firm invests in privately held mid-market businesses primarily headquartered in North America with a focus on the following industry sectors: media and business services; consumer; and water and specialty industrial. Through this process, however, I feel like just getting a gig in any respectable private equity shop is tough -- and even though I came from a top 5 school and currently work in equity research at a bulge bracket, I still feel like I'm pretty low in the "pecking order" when it comes to recruiting simply because there are so many bankers trying . 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. [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. 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. We focus primarily on equipment and services relating to water (drinking, waste and industrial) and other general industrial businesses including: pipes, pumps and valves; specialty chemicals; engineering services; and sensors, meters and monitors. What was a wide-open white space for us? 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. 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. . Alta Semper today manages funds on behalf of its founding shareholders as well as various US and European institutions, and is the most active investor in the healthcare space in Africa over the last two years. 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. 2023 Forbes Media LLC. Manage and implement various projects in the fields of corporate finance, mergers & acquisitions, project finance, capital markets, private equity and asset management. In the process, Drexel helped spark an unprecedented era of prosperity in the U.S. as companies like Ted Turners Turner Broadcasting System, Craig McCaws McCaw Cellular Communications and William McGowans MCI Communications Corp. rapidly expanded by using this newly available source of capital. Mr. OKeefe earned a B.S. Mr. Bagaria began his career in the leveraged finance market in 1999. 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. Douglas Ostrover, the O in GSO, invited him to lunch at Manhattans Core Club in July 2012, just as the U.S. housing market was showing a few signs of life. 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. Jan 2003 - Mar 20052 years 3 months. This Policy does, however, retain the same fundamental principles and our commitment to integrate ESG considerations into our investment management business and portfolio company ownership practices. Shortly thereafter Ostrover assumed responsibility for leveraged finance and Smith joined Goodman in the alternatives group. Mr. Lauder is currently the Chairman of Clinique Laboratories, a division of The Este Lauder Companies. Prior to joining Apollo, Mr. Bagaria worked at Goldman Sachs & Co.s PIA (Goldman), Goldmans principal investment area responsible for the private equity and mezzanine funds. 1185 Avenue of the Americas But Goodman shunted humility aside at least temporarily during his lunch with Moran. All Rights Reserved. Jones received his MBA from the Yale School of Management and his B.S. 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. [7] The investment banking business of Dresdner Bank changed its name to Dresdner Kleinwort Wasserstein as a result of the deal. 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. The Amazon Prime Video show's creative team reveals how a bidding war, authenticity, and passion fueled the adaptation of the best-selling novel. Prior to Cordiant, she gained advisory experience as a Summer Analyst with the Investment Banking and Equity Capital Markets teams at Scotiabank in Toronto. In 2007, Merrill Lynch & Co. took a minority stake in GSO and the firm had its first closing for a new mezzanine fund. 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. After about a year of fundraising, commitments from existing LPs reached $790m, surpassing the original $750m target. degree in Finance and Economics from the City University of New York with a concentration in Investment Analysis. 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. Original price $69.99. 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. 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. 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. Thoughtful Electronics and Accessories for Smart Homes | Market leader and accessory manufacturer of smart home products such as Google Home, Nest . 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. But they dont want to commit their capital. 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. Terms & Conditions. 1 and having a big firm behind them. Alexandria, VA 22314, 515 North Flagler Drive | Suite 1450 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. Mr. Parsons was named Americas Best CEO in the entertainment industry by Institutional Investor in 2005. Approach prospective clients and partners; make presentations. 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. Lauder is also Chairman of the Board of Governors of the Joseph H. Lauder Institute of Management and International Studies at the Wharton School at the University of Pennsylvania. Grace serves as the CEO of Queen's Gambit. By that July the three partners had launched GSO with 25 employees and one hedge fund. She is a graduate of the University of Pennsylvania's Wharton School where she earned her BS in Economics. In the U.S. banks provide about 30 percent of lending, with capital markets and investors providing the remainder. Mr. Bagaria is the Advisors President and Chief Investment Officer. Marina is based in Alta Sempers Cairo office. 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". While Goodman loves to talk, Ostrover has to be pressed for details. Goodman and Ostrover joke that Smith was responsible for DLJs success. The private equity business of the investment firm was not included in the sale and was . The mission of Alta Semper is to invest flexible and strategic capital across selected growth markets, with a focus on the healthcare and consumer sectors. This was more like a family reunion than an acquisition, says Schwarzman. The Hovnanian deal was originated through the hedge fund but later expanded to include the rescue financing fund. Key Takeaways. We decided that the banking system is a mess globally, so lets raise some money to lend to more troubled private companies that cant tap the markets and dont have access to the banks, says Ostrover. 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. Smith, who calls himself Mr. EagleTrees ESG initiatives will be overseen by its ESG Committee, which includes EagleTrees two Co-Managing Partners and other members of senior management. Prior to Duet, she was at GI Partners where she executed several transactions in the healthcare, consumer and real-estate sectors. The market is saying youre going bankrupt, Ostrover added. 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. The then-54-year-old CEO figured he had little to lose by listening to Ostrovers pitch. 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. Prior to Emerging Capital Partners, Zachary was an M&A Executive at SABMiller and worked on beverage related transactions in South Africa, Nigeria, Angola, Kenya, Ethiopia, Malawi, and Tanzania. GSO is hoping to be a big part of the transformation. But in June 2004, John Mack, then CEO of CSFB in the U.S., announced he was leaving; the Credit Suisse board had decided not to renew his contract. In contrast to the few traditional deals a year that a junior banker at Goldman might work on, Goodman cut his teeth on such unusual transactions as KKRs investment in Union Texas Petroleum Holdings in 1985 and Maxams 1986 takeover of Pacific Lumber Co. For the latter he and Joshua Friedman, then head of the capital markets group at Drexel, came up with a term sheet for a zero-coupon increasing-rate note whose complexity and model they still laugh about. Copyright 2023. With $58billion in assets under management and 235 employees, GSO has grown fivefold under the Blackstone umbrella. Wasserstein purchased The American Lawyer, which he later sold, and New York magazine, which remains under his family's control. 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. Consider whether a potential portfolio companys business aligns with EagleTrees core values. 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. The strategy of Alta Semper is to invest flexible and strategic capital into market-leading business models in the . 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. 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. And it might be only the beginning of an even bigger U.K. commitment to Ukraines rearmament. Many investors wouldnt know how to approach that.. Well before the downgrade of the U.S.s credit rating in August 2011, GSO was busy preparing for the possibility that markets would freeze up if the rating agencies made good on their threats. In 2006, four years after Wasserstein's departure, it dropped Wasserstein's name. Ibrahim joined Alta Semper in 2021 as a General Counsel. He focused on Consumer Products and broader Sub-Saharan Africa. 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.
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