EagleTree continues to promote diverse perspectives. Richard Parsons is the Former Chairman of the Board of Citigroup Inc., and former Chairman of the Board, and CEO of Time Warner. Private Equity. Victoria serves on the board of Vostok New Ventures, an investment company with presence in Sweden. Its alternative credit growing up. What the three founders have built at GSO, they originally planned for CSFB. News team looks for companies going through some sort of upheaval, such as a covenant breach, debt maturation, regulatory change, bankruptcy or a legal dispute like MBIAs battle with BofA. PDF Private Equity Firms in Southern California - Los Angeles County 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. Our investment activities are focused on middle-market leveraged buyout investments and related investment activities. But by the end of 2009, the firm had $24billion in assets. Previously, Mr. Montana worked at State Street Investment Management Services where he was responsible for fund administration in Global Emerging Markets. All Rights Reserved. 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. When DLJ tried issuing its own highly confident letters, they meant nothing, as DLJ had a small balance sheet. When Bruce Wasserstein and Joe Perella Ruled the World. 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. These initiatives and strategies include new product launches, entrance into new markets, add-on acquisitions and operational improvements. Afsane is tiedpersonally and professionallyto East Africa as she is a fourth-generation Tanzanian. 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. 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. 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. (212) 702-5602 The GSO team is confident that the bright future investors are anticipating will lose its luster sooner or later, whether its because of inaction in Washington or rumblings from North Korea, Israel or Iran. Private equity investors are by nature optimistic and swaggering, thinking every deal is a potential blockbuster. After six months of negotiations, Goodman and his partners said yes. Mr. OKeefe earned a B.S. 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. The firm was formed in January 2001, when the merchant banking group of Wasserstein Perella & Co., Inc., a global investment banking firm, spun out to become an independent firm upon the acquisition of Wasserstein Perella by Dresdner Bank. Mr. Campbell received a B.S. Bruce Jay Wasserstein (December 25, 1947 - October 14, 2009) was an American investment banker, businessman, and writer. Marina joined Alta Semper in January 2019. Convene 117 West 46th Street, New York, Get limited access to our industry news, analysis and data, plus regular email updates. 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. In 2007, the peak for the firms performance fees, private equity contributed the bulk of the total. We conduct our buyout investment activities through the Wasserstein Partners family of funds. Private equity is a financing method that facilitates companies to acquire direct investments from PE firms for a long-term without adopting the traditional ways of fundraising such as public listing or business loans. "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 . Senior Vice President of North America Sales at Twilio. 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). 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. We have a reputation for identifying and . He was CEO since the firms formation in 2001 through 2012. But things were changing, and they would get their chance soon. An Heir Who's Ready to Take the Reins at New York Magazine [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. With nearly 400 . Working directly with CEO, funds . He is fluent in Arabic, French and English and is based in Alta Sempers Cairo office. The Deutsche Bank portfolio was marked to about 5 cents on the dollar for the quarter ended March 31, 2009. 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. How has the Suns' new starting group performed? 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. Mr. McLellan joined Wasserstein Debt Opportunities Management, LP in 2017 as a Managing Director. Between 2005 and 2012, GSOs assets grew at a compounded annual rate of 29 percent. 1 and having a big firm behind them. 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. 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. She has worked for GI Partners, Merrill Lynch, Wasserstein Private Equity, and Permira in London. When Bruce Wasserstein and Joe Perella Ruled the World - WSJ As a consequence, banks want to syndicate risk into the market put together a road show and talk to 200 investors. Thoughtful Electronics and Accessories for Smart Homes | Market leader and accessory manufacturer of smart home products such as Google Home, Nest . As a result, the high-yield and leveraged-loan markets never developed in Europe to the extent they did in the U.S. 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. The overall number of key employees were 2. 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". Joseph H. Lauder Institute of Management and International Studies. corporate development. From 2002 2004, Mr. McLellan worked as an analyst for Deutsche Bank focusing on Mergers & Acquisitions and Media Investment Banking. 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. He also engineered a $479 million purchase of home security company SecurityLink by Chicago private-equity . Perella Weinberg Partners LP and Tudor, Pickering, Holt & Co. Securities, LLC are members of FINRA and SIPC.Perella Weinberg UK Limited is authorized and regulated by the Financial Conduct Authority.Perella Weinberg Partners France is authorized and regulated by the ACPR and by the AMF. This Policy is intended to provide a broad framework for EagleTrees overall approach to ESG. 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. In 2008, Mr. Parsons served as a member of then-President-Elect Barack Obamas Economic Transition Team. GSO had partnered with TPG to buy a $2billion portfolio of bridge loans from Citigroup. Funds advised by Apax Partners announce the sale of ALM Media to degree in Business Administration from Western New England University with a concentration in finance. Ahmed joined Alta Semper in 2018 as a Director. How Bruce Wasserstein Became The "Buyout Guru" - Finance Friday Click here. WASSERSTEIN - Wasserstein Afsane Jetha (@afsanejetha) | Stocktwits Mr. Parsons was named Americas Best CEO in the entertainment industry by Institutional Investor in 2005. Blackstone Groups GSO Capital: Lenders of Last Resort. 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. GSO is hoping to be a big part of the transformation. Prior to founding Colle Capital, Ms. Grace was a partner at Wall Street Technology Partners LP, a mid-stage technology fund, from November 2000 to February 2014, and a director of Dresdner Kleinwort Wasserstein Private Equity Group from November 2000 to October 2004. Thomas J. Campbell - DC Capital Partners Instead, banks dominated the leveraged-finance markets, with few institutional buyers such as high-yield mutual funds. While our focus is primarily on control equity investments, we have invested successfully across the entire capital structure spectrum, taking positions in preferred stock and various debt securities with compelling risk / return profiles. Blackstones real estate group saw similar evidence, and BAAM expected mortgage improvement based on results from its underlying hedge funds. After the market bottomed in 2009, GSO launched its first rescue lending fund, which closed at $3.3billion. or Want to Sign up with your social account? A Fundamentally Different Kind Of SPAC - Betsy S. Atkins EagleTree Capital is an independent private equity firm located in New York. The Hovnanian deal was originated through the hedge fund but later expanded to include the rescue financing fund. Key Takeaways. This is bolstered by our expert shareholder base, which brings experienced strategic and operating partners to our transactions and best-in-class management teams. Prior to joining Semper Capital, Greg served as Founding and Managing Member of CP Capital Partners, LP. EagleTree continues to encourage all of its employees to actively engage in nonprofit volunteer activities and giving in our communities. GSO has provided much-needed credit to scores of troubled companies like Hovnanian that couldnt tap public markets or get bank loans. 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. Afsane Jetha began her career at Merrill Lynch and Wasserstein Private Equity before moving on to the consumer team at Permira in London. Wasserstein & Co. is an independent private equity and investment firm, with offices in New York and Los Angeles. Contribute to the database and get 1 month free* Full online access! Performing, price-discounted debt that we expect to recover. 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 the old days highly cyclical companies in trouble could sell control to a competitor, a private equity firm or a hedge fund firm that took a loan-to-own strategy. By that July the three partners had launched GSO with 25 employees and one hedge fund. 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. After James joined Blackstone, Goodman took over CSFBs alternative capital division. More. Wasserstein Home | 848 followers on LinkedIn. 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. 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. 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. 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. ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) POLICY, TermsofUse and Other Important Disclosure. Previously, he was the Managing Partner of the New York law firm Patterson, Belknap, Webb and Tyler. Private equity firms close in on Wasserstein's ALM | Reuters Work with portfolio companies to address ever-changing cyber-security considerations. Wasserstein Death Payout: $188 Million - WSJ Bruce Wasserstein was an American investment banker, businessman, and writer who began his career as an attorney with Cravath, Swaine & Moore. It was the first of many overtures Blackstones executives would make to him. But although most Wall Street firms pulled out of the high-yield business, DLJ stayed in, doing some secondary trading and working with companies that felt they had been abandoned. [1], In a 2007 New York Times article, Perella was described as "one of the financial industrys sharpest recruiters" who "discovered and helped train" Wasserstein Perella. Prior to founding DC Capital in 2007, Mr. Campbell was a Partner of Veritas Capital Management, LLC from 1992 through 2006 having been a Co-Founder of The Veritas Capital Fund, L.P. and one of the two Managing Members of the successor fund, The Veritas Capital Fund II, L.P. Wasserstein & Co. is an independent private equity and investment firm, with offices in New York and Los Angeles. Zachary joined Alta Semper in 2016 and brings more than nine years of advisory and investing experience to the firm. Afsane Jetha - Alta Semper Capital | SuperReturn Africa Speaker There is a place for capital formation at market rates of return and driven by problem solvers, explains Coulter. New York, NY 10036 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. Current market conditions are setting the stage for a lot of future opportunities for GSO. 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. 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. GSO now has offices in New York, London, Dublin and Houston. He also served on the Board of Directors of the Center for a New American Security and the National Guard Youth Foundation. Updated June 5, 2014, 1:21 p.m. | An investor consortium led by Wasserstein & Company announced on Wednesday that it bought back ALM Media, which publishes The American Laywer and other titles, from its current owners, Apax Partners and the Royal Bank of Scotland.. In 1995, Moran moved up to chief operating officer of fixed income, and Goodman took over all of leveraged finance. Mr. McLellan joined Wasserstein Debt Opportunities Management, LP in 2017 as a Managing Director. MVision Our close-knit team shares 70 years of combined specialist experience gained at leading private equity and investment firms. The approximately $4billion portfolio was distributed across GSOs own funds as well as Blackstones private equity portfolios. What are the main benefits of having another shot creator and off-ball spacer of Durant's caliber? Alice Katwan on Linkedin. But the GSO team immediately understood the annuity-like cash flow streams of music publishing and how much less volatile it is than recorded music and less subject to the decline of physical recorded media., Wiesenthal adds that GSO was flexible enough to let billionaire David Geffen, also an investor, participate in the transaction late in the game. Salesforce beat earnings-per-share estimates after the closing bell on March 1, 2023. All those covenant-lite loans will be great opportunities for GSO to step in at some point. Dresdner buys Wasserstein in $1.4 billion deal - Sep. 18, 2000 Prior to this endeavor, she built a rich resume in the financial services sector, specifically working with private equity investment. Wasserstein & Co. is an independent private equity and investment firm, focused on middle-market leveraged buyout investments and related investment activities. Board of Directors | Swvl Holdings [9] He began his career at The First Boston Corporation. He holds a BA in Finance from the American University of Cairo and an Executive Education in Corporate finance from London Business School. He also advised Meridian Investment (Russia) on the investment of its stake in TBE Egypt for Payment Solutions and Services to an affiliate of BPE Partners. Former UFC Mens Bantamweight champion Cody Garbrandt celebrated a triumphant return to the Octagon on Saturday night. Mr. Jones is currently Chairman of Wasserstein & Co. When the high-yield market trades at highs, we put out less capital, says Ostrover. Traders betting against the company lost money. Its really hard for some people to be aggressive in times of disruption because you have to do your work beforehand, says partner Smith. But Goodman shunted humility aside at least temporarily during his lunch with Moran. For $340 Million, Globecomm Allows Wasserstein to Take it Private Mr. Kelsey joined Wasserstein Debt Opportunities Management, LP in 2013 as an Associate. 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 . You should only be asked to sign in once. Wasserstein & Co. - Company Database | Wall Street Oasis The former undrafted free agent's contract includes $1.4 million in remaining guaranteed salary. 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. Hovnanian, who had lived through several real estate cycles, was shocked when Ostrover told him the price of the five-year CDS contracts on Hovnanian implied a 93 percent probability of default. In the late 1990s, Schwarzman, a client of DLJs, asked Goodman to start a credit business at Blackstone. On top were three white-shoe firms: First Boston Corp., Goldman Sachs and Morgan Stanley. Blackstone referred Sony to GSO, which crafted a deal of mezzanine debt and equity warrants in the company. Every Monday the investment staff meets to go over ideas and review the pipeline. 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 . 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. Ryan Mollett, a 34-year-old managing partner who joined News group from BlackRock in 2011, wrote a paper late that year asserting that the housing market had bottomed. Fully 80 percent of GSOs senior management team is from DLJ. 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. At Apollo, Mr. Bagaria invested in several asset classes including senior debt, high yield bonds, mezzanine finance and equity. As one of the largest creditors of MBIA and holders of its equity, GSO had a big win last month when the Armonk, New Yorkbased provider of municipal bond insurance finally settled a dispute with Bank of America Corp. after years of wrangling over troubled mortgage-backed securities. EagleTree Capital | The Firm - A team-based approach to investing What was a wide-open white space for us? 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. Oct. 15, 2009 12:58 pm ET. Balkan Advisory Company, Sofia, Bulgaria.