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. Mr. Montana earned a duel B.S. 2005-2023 Wall Street Oasis. Identify any business line that would cause us to refuse to invest, including: (i) the manufacture or sale of handguns, assault weapons and/or ammunition; (ii) the distribution or sale of pornography; (iii) the direct and primary production or packaging of tobacco or alcoholic beverages; (iii) the production, sale, trade or distribution of illegal drugs; or (iv) a business that would pose a high reputational risk to EagleTree, its clients and/or other stakeholders. In 1993, Goodman hired Smith from Salomon Smith Barney, where he worked on restructurings. During his time at the IFC, he advised on the first PPP in the West Bank. What the SPR Refill Means for Oil Futures, The Radical, Lucrative, and Controversial Company Hiding in Stephen Schwarzmans Pocket, Oats: From the Original Energy Contract to Trendy Dairy Alternative, Modern Slavery Act Transparency Statement. The latest messages and market ideas from Afsane Jetha (@afsanejetha) on Stocktwits. As a result, the high-yield and leveraged-loan markets never developed in Europe to the extent they did in the U.S. contact@wasserco.com. 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. 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. Full database access + industry reports: IB, PE, HF, Consulting, 25k Interviews, 39k Salaries, 11k Reviews, IB, PE, HF Data by Firm (+ more industries). 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. EagleTree has always strived to maintain a strong culture of good governance to ensure that it operates in a socially responsible manner. It took a week before Hovnanian softened, but GSO got its deal. Duties include reviewing potential transactions, analyzing investor and partner needs, analyzing and making financial decisions, and preparing reports. Smith calls Europe a huge opportunity maybe a little like what Milken saw in the 1980s and DLJ in the 90s. The future looks bright for credit investing. Investments can also be shared. We, on the other hand, want to own the risk.. He was CEO since the firms formation in 2001 through 2012. She is a graduate of the University of Pennsylvania's Wharton School where she earned her BS in Economics. But thats starting to change as European banks need to deleverage and raise capital and companies desperately require funding. Private equity investors are by nature optimistic and swaggering, thinking every deal is a potential blockbuster. 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. Amid the froth GSO is now doing its preparatory work for the next crisis. By 1999, however, DLJ was hamstrung by its small balance sheet and a business that was primarily domestic. EagleTree seeks to improve diversity and inclusion within the Firm, across its portfolio company investments and in the private equity industry, where possible. Wasserstein & Co. manages capital on behalf of institutional and individual investors. 1 and having a big firm behind them. All rights reserved. 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. Prior to joining Semper Capital, Greg served as Founding and Managing Member of CP Capital Partners, LP. With assistance from the ESG Sub-Committee and outside ESG specialists, as appropriate, EagleTrees deal teams will manage and monitor material ESG issues that have been identified during portfolio company ownership. His research and publications focus on international development with a special focus on capacity building in health care and biopharmaceutical production in emerging economies. But things were changing, and they would get their chance soon. The day in early 1983 that the three firms sent recruiters to the campus, Bennett Goodman was playing basketball; when the game went into overtime, he arrived too late to get into the crowded blue-chip presentations. Wasserstein Home | 848 followers on LinkedIn. 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. Victoria serves on the board of Vostok New Ventures, an investment company with presence in Sweden. Mr. McLellan began his career in direct investing in 2004. Alice Katwan. She has strong personal and professional ties to East Africa being a fourth generation Tanzanian. GSOs hedge fund invested in public securities, mezzanine debt and distressed debt and provided some rescue lending for companies going through liquidity problems. But Goodman shunted humility aside at least temporarily during his lunch with Moran. Wasserstein controlled Wasserstein & Co., a private equity firm with investments in a number of industries, particularly media. 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 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. Private equity (PE) refers to capital investment made into companies that are not publicly traded. 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. How has the Suns' new starting group performed? Though he loved working on Wall Street, particularly at DLJ, Goodman wanted to spend all his time investing. The EagleTree Capital team is currently investing its fifth private equity fund, EagleTree Partners V, with over $1.1 billion of committed capital. He focused on Consumer Products and broader Sub-Saharan Africa. 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. When Sony was trying to buy EMI in the fall of 2011, it couldnt consolidate all the debt onto its balance sheet without getting downgraded. 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. 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. Work with portfolio companies to advance EagleTrees ESG principles with the goal of improving long-term performance and minimizing adverse impacts in these areas. Between 2005 and 2012, GSOs assets grew at a compounded annual rate of 29 percent. He also served on the Board of Directors of the Center for a New American Security and the National Guard Youth Foundation. Kenyas sole electricity distributor cited a system disturbance as a possible cause for the blackout. In the era of Dodd-Frank and the Volcker rule, GSO and others like it, with their ability to make commitments, have more market power than ever, says Brian ONeil, chief investment officer of the $9billion-in-assets Robert Wood Johnson Foundation, the U.S.s largest philanthropic organization focused on public health and one of GSOs first investors. She previously served as Partner at Wall Street Technology Partners LP and Director of the Dresdner Kleinwort Wasserstein Private Equity Group. Victoria serves on the board of Vostok New Ventures, an investment company with presence in Sweden. Credit investors, on the other hand, are pessimists, aware that the upside of their investments is limited, evaluating everything that can go wrong in an effort to protect their principal. Prior to joining Sheffield, Mr. McLellan worked at Apollo Global Management, LLC (AGM) from 2004 2010. Previously, Mr. Montana worked at State Street Investment Management Services where he was responsible for fund administration in Global Emerging Markets. 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. . Its investments included City Ventures, a private homebuilder in Orange County, California, now planning to go public; EMI Music Publishing; Energy Alloys, a global provider of oil field metals; Spains Giant Cement Holding; and the U.K.s Miller Group. At Apollo, Mr. Bagaria invested in several asset classes including senior debt, high yield bonds, mezzanine finance and equity. EagleTree believes that it is better positioned to address many of the issues facing our portfolio companies in a rapidly changing world when we proactively incorporate ESG considerations into our investment approach. degree in Finance and Government from the University of Notre Dame in 2002, graduating magna cum laude. Mr. Campbell is the Founder, Managing Partner and Chief Investment Officer. Chief Financial Officer - Appointed CFO of Gabelli Group in 2001, re-joined as CFO in 2014 (after serving company as independent director / advisor from 2008). GSO is hoping to be a big part of the transformation. Mr. Bagaria earned a B.A. He is a CFA charterholder. 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. New York, NY 10036, According to external marketing documents, its hedge fund has delivered a net annualized return of 13.6 percent since January 2010, compared with the HFRI Fund Weighted Composites return of 4.6 percent for the same period. Tailor specific ESG inquiries and approaches based on various investment factors including the core industry sector of a particular investment. 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. degree in Individualized Study at New York University with studies at the London School of Economics, graduating cum laude. Ting-Li Wang/The New York Times. 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. 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. He was CEO since the firms formation in 2001 through 2012. It was keeping up-to-date in its credit work on certain companies and identifying potential situations for investment. The defanged banks are receding into the background and making peace with new regulations designed to emasculate their balance sheets. While working at Sheffield from 2010 2016, Mr. McLellan led many of the largest positions analyzing long/short equity and credit investments. 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. Wasserstein & Co. www.wasserco.com 1999 Avenue of the Stars Suite 2840 Los Angeles, CA 90067-6086 Anup Bagaria Vice Chairman and Managing Director Drexel had unwittingly passed the high-yield baton to DLJ. 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. DLJ used its market position to keep reinvesting in the firm, building a leveraged-loan capability and creating a derivatives business and large distressed unit. Wasserstein Debt Opportunities is a New York-based SEC-registered investment advisor focused predominately on leveraged loans and high yield bonds. 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 world had changed, and the firm needed a partner. 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. Zacharys advisory experience was developed within the investment banking divisions of UBS and Goldman Sachs in New York and Johannesburg. GSO has provided much-needed credit to scores of troubled companies like Hovnanian that couldnt tap public markets or get bank loans. He holds an AB from Princeton University. (5) Wasserstein. After James joined Blackstone, Goodman took over CSFBs alternative capital division. Prior to that, he worked for 14 years in Senior Hedge Fund operations positions for top tier firms, including IFS State Street and HSBC. Our close-knit team shares 70 years of combined specialist experience gained at leading private equity and investment firms. or Want to Sign up with your social account? 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. In contrast, GSO will take a minority stake, a seat on the board and a debtlike investment that pays a big double-digit coupon, but it will let management retain control. What the three founders have built at GSO, they originally planned for CSFB. If we were Schmeckle & Schmeckle or just stand-alone GSO, theres no way the board of Sony or some of these other companies would have gone along with some no-name firm, he explains. EagleTree Capital is an independent private equity firm located in New York. 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. Alta Semper Capital Exits Egypts Macro Group Pharmaceuticals with the Successful Conclusion of its IPO, Alta Semper considers healthcare investment opportunities in Egypt, The Head of the Egyptian Macro Group told Al-Sharq: We are studying the acquisition of a local company in 2022. Sustainable Business. Business Video. The Team. 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. Mr. Jones received his MBA from the Yale School of Management and his B.S. In 2007, Merrill Lynch & Co. took a minority stake in GSO and the firm had its first closing for a new mezzanine fund. GSO founders Bennett Goodman, Tripp Smith and Douglas Ostrover have become a key source of capital for non-investment-grade companies struggling to get financing, and in the process they have made a lot of money for themselves; their parent, Blackstone Group; and their investors. 300+ video lessons across 6 modeling courses taught by elite practitioners at the top investment banks and private equity funds -- Excel Modeling -- Financial Statement Modeling -- M&A Modeling -- LBO Modeling -- DCF and Valuation Modeling -- ALL INCLUDED + 2 Huge Bonuses. Wasserstein & Co. - Private Equity Company Info Description:Wasserstein & Co. is a private equity company based in New York, NY and has approximately $300 million in assets under management. 99 Canal Center Plaza | Suite 400 Mr. Campbell received a B.S. In 1995, Moran moved up to chief operating officer of fixed income, and Goodman took over all of leveraged finance. (Though the hedge fund was launched in 2005, GSO has since stripped out mezzanine and other investments into separate funds.) Indeed, when Hovnanian announced the land banking deal on July 13, 2012, its stock rose, its senior secured debt traded up from 84 to 97 cents on the dollar, and the price of the CDS contracts collapsed. Joseph H. Lauder Institute of Management and International Studies. The firm had purchased a small CLO group, run by Daniel Smith, from Royal Bank of Canada. Balkan Advisory Company, Sofia, Bulgaria. She has worked for GI Partners, Merrill Lynch, Wasserstein Private Equity, and Permira in London. Competition from increasingly bigger banks was fierce. Predecessor funds, U.S. Equity Partners I and II, were raised in 1997 and 2002 and invested approximately $750 million of committed equity capital. Do you thrive in a challenging environment that combines intensity with collaboration? 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 . 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. On day one Credit Suisse gave the firm more than $500million to manage a big part of the approximately $3billion it had raised from outside investors, including the Bass brothers, Blackstone, Cornell University, K2 Advisors, MetLife, Notre Dame and Quellos Group (now owned by BlackRock). GSO has $8billion in dry powder to put to work when rates eventually rise and investors inevitably sell at least some of the bonds theyve bought in recent years. Leveraged loans offer a hedge against interest rates and can augment a largely xed-rate portfolio. 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. Every Monday the investment staff meets to go over ideas and review the pipeline. 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. Manage and implement various projects in the fields of corporate finance, mergers & acquisitions, project finance, capital markets, private equity and asset management. Victoria Grace is a founding partner of Colle Capital Partners LP, an opportunistic, early stage technology venture fund. At Goldman, Mr. Bagaria worked primarily as an investor of GS Mezzanine, the largest mezzanine fund globally. 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. 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. Mr. Jones is currently Chairman of Wasserstein & Co. 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". Among his extensive experience in advising local and international clients on cutting-edge M&A transactions, Ibrahim advised Alta Semper on its acquisition of Macro Group (Egypt) and ODM (Morocco). This content is from:
Afsane holds an MBA from Harvard Business School and a BSc in Economics, from The Wharton School at the University of Pennsylvania. Orkila Capital was formed in 2013 to pursue proprietary and compelling growth equity investment opportunities in the media, entertainment and consumer sectors. Chief Financial Officer and Chief Compliance Officer. The following March, Milken was indicted for racketeering and securities fraud. He was a graduate of the McBurney School, University of Michigan, Harvard Business School, and Harvard Law School, and spent a year at the University of Cambridge.He was prominent in the mergers and acquisitions industry, credited with working on 1,000 transactions with a . 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. Terms aren't expected to be disclosed, but a person briefed on the matter said the price was about $417 million. This means that every time you visit this website you will need to enable or disable cookies again. He might have been young, but it was like a pro coming into an amateur team, adds James, who then ran DLJs investment bank. 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. The firm manages capital on behalf of institutional and individual investors. Mr. McLellan earned a B.S. Mr. McLellan was hired by Mr. Bagaria and initially worked within AIC from 2004 2006 before moving into the Strategic Value Fund. Hard work got him noticed at Drexel, as well as a meeting with Moran. 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). From 2002 2004, Mr. McLellan worked as an analyst for Deutsche Bank focusing on Mergers & Acquisitions and Media Investment Banking. GSO and Blackstone announced the deal in January 2008. 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. 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. 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. Previously, Mr. Montana worked at State Street Investment Management Services where he was responsible for fund administration in Global Emerging Markets. He recently served on the Boards of Directors of Harry & David, Encompass Digital Media, and Access Scientific. Blackstones real estate group saw similar evidence, and BAAM expected mortgage improvement based on results from its underlying hedge funds. High cash-on-cash returns with capital appreciation potential. 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. 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. Though investors seem to have set their concerns aside, GSO maintains that Europe poses the same risks to the global economy it always did and that rates must rise sometime in the next four years. Sony went to every bank it knew, including those in Japan, but couldnt get a $500million bridge loan. 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. Upon his return from Vienna in 1987, he established the Ronald S. Lauder Foundation, which supports Jewish schools, camps and community centers in several countries in Eastern Europe. IN THE 1980S,WALL STREEThad a clear pecking order. Approach prospective clients and partners; make presentations. He was appointed Chief Compliance Officer in January 2017. More recently, he served as a member of the Presidents Council on Jobs and Competitiveness. Wasserstein Debt Opportunities specializes in US high yield investing, seeking to capitalize on price inefficiencies in non-large cap issues and underfollowed opportunities through a value-based and process-driven approach. 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. *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.
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