The firm honed the skills needed to look at an ugly financial situation and determine the commercial viability of a financing for both the companies and investors. Hard work got him noticed at Drexel, as well as a meeting with Moran. With over 15 years of experience, the principals of Orkila seek to leverage their deep industry knowledge and . The group invented concepts such as payment-in-kind toggle bonds, with which an issuer can defer interest payments in return for a larger coupon in the future, and IPO carve-outs, whereby the parent company sells stock of a subsidiary to the public. Engage with outside advisors, as necessary, to analyze and address ESG issues, risks and opportunities that arise. 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. Bruce Wasserstein was an American investment banker, businessman, and writer who began his career as an attorney with Cravath, Swaine & Moore. corporate development. You couldnt hope to compete because the banks were so aggressive, he says. EagleTree continues to promote diverse perspectives. Other deals include the $25 billion merger of Swiss Bank Corp and UBS and the $10 billion merger of Morgan Stanley & Co. and Dean Witter Discover & Co.[10], "One of the Best Recruiters in the Neighborhood", "Michael J. Biondi, Banker and Deal Maker, Dies at 50", "Directors and Executive Officers of Lazard", "Investment banking: Walking away from Wall Street", Bruce Wasserstein, Chairman and CEO of Wasserstein Perella, https://en.wikipedia.org/w/index.php?title=Wasserstein_Perella_%26_Co.&oldid=1093705238, This page was last edited on 18 June 2022, at 09:47. PWP provides advice to management teams and Boards of Directors on critical matters that require shareholder interaction and support, including shareholder votes on transactions and annual proxy matters, as well as shareholder activism preparation and managing a company campaign in response to an attempt by an activist to gain board control or influence. Previously, Mr. Montana worked at State Street Investment Management Services where he was responsible for fund administration in Global Emerging Markets. She is a graduate of the University of Pennsylvania's Wharton School where she earned her BS in Economics. I dont feel like Im going to get my throat ripped out when I call GSO, says one CEO who has done multiple deals with the company. a private-equity-owned . After James joined Blackstone, Goodman took over CSFBs alternative capital division. Prior to that, among other positions, Victoria 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. Oct. 15, 2009 12:58 pm ET. 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). Richard was also previously the Head of Private Equity - Americas for Siemens Financial Services, Inc. Richard has invested in and worked . 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. Mr. Montana joined Wasserstein Debt Opportunities Management, LP in 2014 as a Finance Associate. In 2004, he added New York Magazine to his media empire. All HLS students are permitted to meet one-on-one with Wasserstein Fellows. Mr. Lauder was appointed Ambassador to Austria by President Ronald Reagan after serving several years as Deputy Assistant Secretary of Defence for European and NATO policy. 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. Shortly thereafter Ostrover assumed responsibility for leveraged finance and Smith joined Goodman in the alternatives group. Venture Capital. 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. GSOs investors, by contrast, had a paltry $22million invested with Goodman, Ostrover and Smith. 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. Mr. Campbell received a 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. [2], Perella left the firm for Morgan Stanley in 1993. Its really hard for some people to be aggressive in times of disruption because you have to do your work beforehand, says partner Smith. Process, was the least enthusiastic about the tie-up, concerned that they were trading away their autonomy. Prior to this endeavor, she built a rich resume in the financial services sector, specifically working with private equity investment. Many investors are quite cautious when evaluating entertainment deals especially institutions, says Rob Wiesenthal, then Sonys CFO and now chief operating officer of Warner Music Group. But things were changing, and they would get their chance soon. Private Equity. New York, NY 10036 Alice Katwan. On top were three white-shoe firms: First Boston Corp., Goldman Sachs and Morgan Stanley. He also engineered a $479 million purchase of home security company SecurityLink by Chicago private-equity . GSO was also overly dependent on Merrill Lynch and Credit Suisse, both of which were starting to feel pressure in the early days of the subprime crisis. 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. 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. Smith, who calls himself Mr. 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. Mr. Montana joined Wasserstein Debt Opportunities Management, LP in 2014 as a Finance Associate. FEATURED TITLE: Inside the Fund Management Firm, BEST-SELLER: The Definitive Guide to Carried Interest, PE outperformed in US state pension portfolios over past two decades, Side Letter: PEI Awards winners revealed; Chinas PE governance overhaul, PEI Awards 2022: Game Changer of the Year Mark Carney, Investor Relations, Marketing & Communications Forum. Marina is based in Alta Sempers Cairo office. A +. Work with portfolio companies to advance EagleTrees ESG principles with the goal of improving long-term performance and minimizing adverse impacts in these areas. So the firm created the bridge loan, not promising capital but intended to tide the company over until it could obtain permanent financing. 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. 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. We build SMAs to meet clients yield and volatility targets. But by the end of 2009, the firm had $24billion in assets. 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. 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. Tudor, Pickering, Holt & Co. Securities - Canada, ULC is a Member of the Canadian Investor Protection Fund and the New Self-Regulatory Organization of Canada. Wasserstein purchased The American Lawyer, which he later sold, and New York magazine, which remains under his family's control. What the three founders have built at GSO, they originally planned for CSFB. A month after its launch, GSO hired Donald (Dwight) Scott, who ran the energy practice at DLJ before joining El Paso Corp. in 2000. 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). Previously, he served as an Associate Principal at McKinsey & Company in the Financial Services Group. Incorporate detailed ESG considerations into our pre-investment decision-making process in order to better assess ESG risks and opportunities and to provide us with an initial overview of a potential portfolio companys ESG profile. These initiatives and strategies include new product launches, entrance into new markets, add-on acquisitions and operational improvements. document.write(new Date().getFullYear()); Wasserstein & Co., the private equity firm founded by the late Bruce Wasserstein who also bought New York magazine in 2003, has made a deal to acquire satellite communications giant Globecomm Syst Afsane speaks conversational French, Gujarati and basic Swahili. He was appointed Chief Compliance Officer in January 2017. The firm had purchased a small CLO group, run by Daniel Smith, from Royal Bank of Canada. 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. 1185 Avenue of the Americas, 39thFloor This website uses cookies so that we can provide you with the best user experience possible. 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. Greg began his career over 19 years ago and served as a Captain and Infantry Officer in the United States Marine Corps. Ronald S. Lauder is an international philanthropist, diplomat, public servant, entrepreneur, investor and patron of the arts. If you're happy with cookies click proceed. Heres How To Trade The Stock Now, NBA Investigating Ja MorantGrizzlies Star Allegedly Flashed Gun On Instagram After Reports Of Violent Behavior, Liverpool Legend Roberto Firmino Reportedly Offers Himself To FC Barcelona, A Century Of Women, Work - And Juggling Family, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. In 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. Smith is the third generation in his Indianapolis Irish family to graduate from the Catholic university; two of his four kids are currently studying there. With $58billion in assets under management and 235 employees, GSO has grown fivefold under the Blackstone umbrella. Bayern Munich is keeping pace with Borussia Dortmund at the top of the table ahead of the season-defining clash against Paris Saint-Germain on Wednesday. At Apollo, Mr. Bagaria invested in several asset classes including senior debt, high yield bonds, mezzanine finance and equity. Prior to joining Alta Semper, Zachary was a Senior Associate at Emerging Capital Partners where he covered infrastructure and consumer / retail investments in Kenya. And, yes, we've come a long way, baby! Wasserstein & Co. is a leading independent private equity and investment firm, focused primarily on leveraged buyout investments and related investment activities. Summarize the positive impact that our integration of ESG initiatives had on the portfolio companys business and/or culture. 1185 Avenue of the Americas EagleTree believes its collaborativeapproach toinvesting createsvalue across a defined set of initiatives developed in partnership with portfolio company management. More recently, he served as a member of the Presidents Council on Jobs and Competitiveness. 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. He also has experience as an investment banker at New York boutique Wasserstein . Leveraged loans offer a hedge against interest rates and can augment a largely xed-rate portfolio. Alta Semper Capital LLP is authorised and regulated by the Financial Conduct Authority (FCA) under Firm Reference Number (FRN) 756838. . ("TCP"), have entered into a definitive agreement to acquire Globecomm from a New York-based private equity firm. Most PE firms are open to accredited investors or those who are deemed high-net . Credit jumped off the page.. 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. Greg is responsible for oversight and portfolio management at PIC. EagleTree Capital, All Rights Reserved | TermsofUse and Other Important Disclosure, 1185 Avenue of the Americas, 39thFloorNew York, NY 10036. The 30-year-old newly minted Drexel vice president told the DLJ executive, Im going to help build this big business at DLJ, and youre going to get rich and famous. Moran, who says he instantly liked Goodman and the wealth of experience he had gotten working on deals inside the Drexel pressure cooker, hired him. But Goodman shunted humility aside at least temporarily during his lunch with Moran. 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. Instead, banks dominated the leveraged-finance markets, with few institutional buyers such as high-yield mutual funds. The overall number of key employees were 2. 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. Any deal would hinge on James, who was revered by GSOs three founders. The high-yield and leveraged-loan markets never developed there like they did in the U.S. Many investors wouldnt know how to approach that.. 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. Thats where you wanted to land a job if you were a Harvard Business School student. Since 2008, Blackstone has more than doubled its assets. Do you thrive in a challenging environment that combines intensity with collaboration? Chief Financial Officer and Chief Compliance Officer. Today, the firm manages approximately $2 billion of capital on behalf of institutional and individual investors, including public and corporate pension funds, foreign governmental entities, endowments and foundations and high net worth individuals. Between 2005 and 2012, GSOs assets grew at a compounded annual rate of 29 percent. He holds a BA in Finance from the American University of Cairo and an Executive Education in Corporate finance from London Business School. Mr. OKeefe joined Wasserstein Debt Opportunities Management, LP in 2014 as an Associate. EagleTree Capital has taken into consideration a variety of representative policy documents, including the United Nations Principles for Responsible Investment, in the development of our Environmental, Social and Governance (ESG) Policy. Mr. McLellan joined Wasserstein Debt Opportunities Management, LP in 2017 as a Managing Director. Prior to that, he was a managing director of Dresdner Kleinwort Wasserstein Private Equity Partners and related funds, and made and managed in excess of 30 private equity and partnership investments. Mr. Dutton has been working in the Hedge Fund Industry since 1997 and joined Wasserstein Debt Opportunities Management, LP in June 2013. The EagleTree Team has worked together for over 25 years. He is in charge of all of the Firms operations and leads the investment decision making process for all capital investments. Convene 117 West 46th Street, New York, April 19-20, 2023 Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. 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. Though the three founders couldnt be more different, theyve maintained their partnership without a blip for 20 years. In its five years in the Blackstone fold, GSO has gone from having two fund products to managing 27. Mr. Jones is currently Chairman of Wasserstein & Co. 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. Part of GSOs success comes from leaving some money on the table. 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. 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. Afsane is tiedpersonally and professionallyto East Africa as she is a fourth-generation Tanzanian. and co-managed the company for five years until its merger. The next month Lehman Brothers Holdings filed for bankruptcy and all hell broke loose. We take a unique approach to asset management. She holds her MBA from Harvard Business School and a Bachelor of Science in Economics from The Wharton School at the University of Pennsylvania. Convene 117 West 46th Street, New York, Get limited access to our industry news, analysis and data, plus regular email updates. 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. EagleTree Capital is an independent private equity firm located in New York. We, on the other hand, want to own the risk.. Two years out of the University of Notre Dame, he witnessed firsthand the toll Drexels failure took on senior managers whose wealth had been tied up in its stock. 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. Wasserstein & Co. is an independent private equity and investment firm, focused on middle-market leveraged buyout investments and related investment activities. But its the as-yet-unfinalized Volcker rule that does the most damage to banks freedom, preventing them from engaging in proprietary trading or lending their own capital in speculative deals like the one to rescue Hovnanian. Prior to that time he was a Senior and Founding Member of the Merchant Banking Group of Wasserstein & Perella Co., Inc. since its inception in 1988. When Smith was pitching deals at Credit Suisse, he was constantly being undercut by in-country banks. Wasserstein & Co. www.wasserco.com 1999 Avenue of the Stars Suite 2840 Los Angeles, CA 90067-6086 Anup Bagaria Vice Chairman and Managing Director Only logged in subscribers of this site will be able to access the shared article. GSO has provided much-needed credit to scores of troubled companies like Hovnanian that couldnt tap public markets or get bank loans. Manage and implement various projects in the fields of corporate finance, mergers & acquisitions, project finance, capital markets, private equity and asset management. The high activity for fund was in 2002. 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. 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. What was a wide-open white space for us? Mr. Bagaria earned a B.A. Every Monday the investment staff meets to go over ideas and review the pipeline. Afsane Jetha began her career at Merrill Lynch and Wasserstein Private Equity before moving on to the consumer team at Permira in London. 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 began his career at The First Boston Corporation. David Geffen is the Warren Buffett of the entertainment industry, and they understood the value of that to the deal, he explains. From 2002 2004, Mr. McLellan worked as an analyst for Deutsche Bank focusing on Mergers & Acquisitions and Media Investment Banking. He focused on Consumer Products and broader Sub-Saharan Africa. While working at Sheffield from 2010 2016, Mr. McLellan led many of the largest positions analyzing long/short equity and credit investments. Jones received his MBA from the Yale School of Management and his B.S. The Capital Solutions Fund GSOs rescue lending vehicle is an object lesson in the maturation of alternative credit. 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. 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. Credit to Steve, he really trusted me on this one, adds James, who says Blackstone was looking for an area of asset management with room to grow that would complement its existing private equity, real estate and fund-of-hedge-funds businesses. 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. The firm, which has a competitive advantage by doing most of its own loan originations and investing in companies that are No. Approach prospective clients and partners; make presentations. 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. Zachary joined Alta Semper in 2016 and brings more than nine years of advisory and investing experience to the firm. After about a year of fundraising, commitments from existing LPs reached $790m, surpassing the original $750m target. He began his career at The First Boston Corporation.He recently served on the Boards of Directors of Harry & David, Encompass Digital Media, and Access Scientific. contact@wasserco.com. Europe currently offers GSO the greatest opportunities. Remnants of the financial crisis continue to cast a shadow on markets, especially in Europe. 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. 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. When the markets rebounded in 1991, DLJ took over as a leading player. He also served on the Board of Directors of the Center for a New American Security and the National Guard Youth Foundation. 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". 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. Investment efforts are focused across threesectors: Focusing on brands, we target a wide range of consumer products, including personal care, food and beverage (including organic, natural and good-for-you), enthusiast/sporting, housewares and luxury products, among others. 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 . 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 . Ara Hovnanian, CEO of Hovnanian Enterprises, knew little about GSO Capital Partners before the credit-oriented alternative asset manager offered the struggling homebuilder a lifeline last year. 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. 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. Mr. Campbell is the Founder, Managing Partner and Chief Investment Officer. The approximately $4billion portfolio was distributed across GSOs own funds as well as Blackstones private equity portfolios. How has the Suns' new starting group performed? 39th Floor Prior to that, he worked for 14 years in Senior Hedge Fund operations positions for top tier firms, including IFS State Street and HSBC. 2016 Stephen M. Sammut is a Senior Fellow in Health Care Management and a Lecturer in Entrepreneurship at The Wharton School of the University of Pennsylvania where he has taught over 11, 000 students in the last 25 years. Aligning our interests with our investors creates a long-term partnership forsuccess. Wasserstein Home | 849 followers on LinkedIn. But the $1billion price tag the proceeds of which the partners rolled over into GSO funds and the potential to take advantage of what they thought would be a huge shift on Wall Street helped alleviate their concerns. 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.
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