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. He reveres his middle-class upbringing first in Queens, New York, and later in Stamford, Connecticut and says that when he was growing up he didnt know anyone who worked on Wall Street. 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. Marina is based in Alta Sempers Cairo office. Convene 117 West 46th Street, New York, April 19-20, 2023 Prior to Cordiant, she gained advisory experience as a Summer Analyst with the Investment Banking and Equity Capital Markets teams at Scotiabank in Toronto. She previously served as Partner at Wall Street Technology Partners LP and Director of the Dresdner Kleinwort Wasserstein Private Equity Group. 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. 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. He might have been young, but it was like a pro coming into an amateur team, adds James, who then ran DLJs investment bank. Wasserstein Debt Opportunities Management, LP (WDO) is a New York-based SEC-registered investment advisor focused predominately on leveraged loans and high yield bonds. The Retail, Wholesale and Department Store Union (RWDSU), yesterday said that, at REI Inc. in Cleveland, Ohio, have voted to join the RWDSU, making this the third unionized REI store in the U.S. Afsane Jetha on Behance 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. Before that she worked at Apollo Global Management, the private equity firm, where she evaluated . Hovnanian, for his part, was not convinced that the market would react as positively as Ostrover suggested. 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. As it turned out, GSO had done thorough credit analysis and structured the debt appropriately, and it made 1.5 times its investment in two years, with every company paying off its debts. "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 . 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. (Though the hedge fund was launched in 2005, GSO has since stripped out mezzanine and other investments into separate funds.) Mr. Dutton has been working in the Hedge Fund Industry since 1997 and joined Wasserstein Debt Opportunities Management, LP in June 2013. 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. 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. After six months of negotiations, Goodman and his partners said yes. That also plummeted in value. GSOs flagship hedge fund takes an activist or event-driven approach to credit. 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. 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. He was appointed Chief Compliance Officer in January 2017. 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. 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. 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. 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. So the firm created the bridge loan, not promising capital but intended to tide the company over until it could obtain permanent financing. 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. Private Equity Explained With Examples and Ways to Invest - Investopedia 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 . 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. Because of the regulatory environment, its harder for them to do that economically. 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. ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) POLICY, TermsofUse and Other Important Disclosure. 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 [] In addition to strengthening their firms credit business, Schwarzman and James saw benefits for its private equity operation. Grace serves as the CEO of Queen's Gambit. They have a zealous approach to protecting capital, and theyve found a way to extend credit to organizations that need it and structure it in a way that takes advantage of the environment at the time, says Blackstone chairman, CEO and co-founder Stephen Schwarzman. The then-54-year-old CEO figured he had little to lose by listening to Ostrovers pitch. At the same time, the platform gives it a lot of different eyes into potential investments. Zachary has an MBA from The Wharton School at the University of Pennsylvania and a BA in Economics from Cornell University. In 2007, Merrill Lynch & Co. took a minority stake in GSO and the firm had its first closing for a new mezzanine fund. Mr. Lauder has long been committed to civic causes, public policy issues and has pursued impact investments in Africa since 2012. 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. Wasserstein & Co. is an independent private equity and investment firm, focused on middle-market leveraged buyout investments and related investment activities. Wasserstein Debt Opportunities - PitchBook Data Prior to joining Alta Semper, Zachary was a Senior Associate at Emerging Capital Partners where he covered infrastructure and consumer / retail investments in Kenya. 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. The Team | Alta Semper | Private Equity Firm Having a better understanding of credit markets, having a better idea of how we could finance a creative idea, would make us better in private equity, says James. In addition to his role at Semper Capital, Greg is on the Board of Pan African Investment Company, an early-stage venture capital investor in Africa, founded by Mr. Ronald Lauder and Mr. Richard Parsons. In 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. What was a wide-open white space for us? 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. Its investment activities are focused on . All Rights Reserved. Afsane is tiedpersonally and professionallyto East Africa as she is a fourth-generation Tanzanian. The Hovnanian deal was originated through the hedge fund but later expanded to include the rescue financing fund. 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 degree in Finance and Economics from the City University of New York with a concentration in Investment Analysis. Our e-commerce site allows you to purchase electronic devices & accessories smoothly at a great value. (The sentence was later reduced to two years.). Goodman had never heard of the firm, but he distinctly remembers Frederick Joseph, Drexels CEO, passionately recounting how it financed entrepreneurs, married capital to ideas and was profoundly transforming whole industries. Any deal would hinge on James, who was revered by GSOs three founders. He holds graduate and undergraduate degrees in life sciences and humanities from Villanova University, studied medicine and epidemiology at the Hahnemann Medical College, and has an MBA from the Wharton School of the University of Pennsylvania and a Doctorate in Business Administration from the Fox School of Business at Temple University. 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 . OC403953. The trio had remained close to James after he left DLJ for Blackstone, and they knew he was interested in striking some type of deal. Orkila Capital was formed in 2013 to pursue proprietary and compelling growth equity investment opportunities in the media, entertainment and consumer sectors. 2007: Bruce Wasserstein, American Investment Banker, Businessman, and The congressman supported new gun legislation after a school shooting in Uvalde, located in his district. Contribute to the database and get 1 month free* Full online access! EagleTree Capital | The Firm - A team-based approach to investing Prior to this endeavor, she built a rich resume in the financial services sector, specifically working with private equity investment. And this is good for the economy. TPG launched its own midmarket lender after the financial crisis and has both competed and partnered with GSO. With nearly 400 . Copyright 2023. Register now to read this article and more for free. Victoria serves on the board of Vostok New Ventures, an investment company with presence in Sweden. As a consequence, banks want to syndicate risk into the market put together a road show and talk to 200 investors. 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. Wasserstein & Co. is a leading independent private equity and investment firm, focused primarily on leveraged buyout investments and related investment activities. 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. Since 2008, Blackstone has more than doubled its assets. GSO has provided much-needed credit to scores of troubled companies like Hovnanian that couldnt tap public markets or get bank loans. EagleTree aims to provide timely information to its clients and other stakeholders on the matters addressed herein and to work with them to foster transparency with regard to its ESG initiative. Credit jumped off the page.. Wasserstein & Co. - Crunchbase Investor Profile & Investments Chief Financial Officer and Chief Compliance Officer. 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. How Bruce Wasserstein Became The "Buyout Guru" - Finance Friday Wasserstein Perella & Co. - Wikipedia Eleven months later the U.S. housing rebound is official and Hovnanian Enterprises is flourishing, expecting 2013 to be its first profitable year since 2006. That makes GSO Blackstones fastest-growing business in terms of both earnings and assets. He subsequently established the investment bank boutique Wasserstein Perella & Co., which he later sold . Traders betting against the company lost money. Wasserstein & Co. is an independent private equity and investment firm, with offices in New York and Los Angeles. Mr. Wasserstein died in 2009. Previously, he was the Managing Partner of the New York law firm Patterson, Belknap, Webb and Tyler. In 1993, Goodman hired Smith from Salomon Smith Barney, where he worked on restructurings. 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. degree in Business Administration from Western New England University with a concentration in finance. 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. Victoria serves on the board of Vostok New Ventures, an investment company with presence in Sweden. Tailor specific ESG inquiries and approaches based on various investment factors including the core industry sector of a particular investment. Smith, who calls himself Mr. All those covenant-lite loans will be great opportunities for GSO to step in at some point. At that time, Drexel had a lock on the business. He also served on the Board of Directors of the Center for a New American Security and the National Guard Youth Foundation. Venture Capital. 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. Liverpool legend Roberto Firmino has offered himself to FC Barcelona through his agent, according to a report. Dealmaker Bruce Wasserstein, famously nicknamed "Bid 'em up Bruce," died at the age of 61 in 2009, leaving his heirs a fortune wrought from years of fierce deal making. While at AGM, Mr. McLellan analyzed event-driven long/short equity and credit, distressed-for-control, private leveraged buyouts and private minority investments in a variety of sectors. Portfolio, This content is from: Smith had joined Salomon from Drexel, leaving with a group during the bankruptcy. At present, he is a Senior Advisor at Providence Equity Partners, Inc., a leading private equity investment firm specialising in media, communications and information companies and is the Chairman of Governor Andrew Cuomos New NY Education Reform Commission. Kenyas sole electricity distributor cited a system disturbance as a possible cause for the blackout. Key Takeaways. Our team consists of exceptional individuals who, through collaboration and sharing of diverse perspectives and experiences, formulate unique solutions to help our clients address complex strategic and financial challenges. If you're happy with cookies click proceed. He was appointed Chief Compliance Officer in January 2017. ("TCP"), have entered into a definitive agreement to acquire Globecomm from a New York-based private equity firm. Mr. OKeefe earned a B.S. At a bank youre working for anonymous shareholders, trying to make as much money as you can, he explains. This means that every time you visit this website you will need to enable or disable cookies again. Wasserstein 3-in-1 Floodlight, Charger and Mount for Wyze Cam V3 (Camera Not Included) 4.8. Wasserstein purchased The American Lawyer, which he later sold, and New York magazine, which remains under his family's control. It took a week before Hovnanian softened, but GSO got its deal. Vince Capurso - General Tax Counsel / Board Director / Advisor [8], In 2000, Wasserstein Perella ranked fifth in the U.S. as an adviser on mergers and acquisitions. 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. The former undrafted free agent's contract includes $1.4 million in remaining guaranteed salary. Board Observer, Founding Partner at Colle Capital, Former Partner Wall Street Technology Partners , Director Dresdner Kleinwort Wasserstein Private Equity Group Neil Devani, JD Board Advisor, Investor & Advisor of Singularity Holdings VC 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. Wasserstein closes biggest fund to date - Private Equity International In 2006, four years after Wasserstein's departure, it dropped Wasserstein's name. Prior to that, he worked for 14 years in Senior Hedge Fund operations positions for top tier firms, including IFS State Street and HSBC. Amid the froth GSO is now doing its preparatory work for the next crisis. 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. 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: The firm had purchased a small CLO group, run by Daniel Smith, from Royal Bank of Canada. 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. Bruce Wasserstein Net Worth | Celebrity Net Worth 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. Work with portfolio companies to address ever-changing cyber-security considerations. Victoria has worked with, and made investments in a broad range of companies, including enterprise software, wireless technologies, medical devices . 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. Drexel had unwittingly passed the high-yield baton to DLJ. GSO put about $5billion of capital to work as the markets slid after the downgrade. New York, NY 10036, This is bolstered by our expert shareholder base, which brings experienced strategic and operating partners to our transactions and best-in-class management teams. Blackstones acquisition of GSO has been an undisputed winner. Dresdner Kleinwort Wasserstein - Company Profile, Information, Business Writing something down to zero is not your proudest moment, Goodman says. 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. In developing this Policy, we have considered a range of guidance, including the Principles for Responsible Investment, the American Investment Counsel Guidelines for Responsible Investment and the Sustainable Development Goals. The EagleTree Team has worked together for over 25 years. 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). Meet Current Wasserstein Fellows - Harvard Law School Wasserstein & Co. is an independent private equity and investment firm, with offices in New York and Los Angeles. Mr. OKeefe joined Wasserstein Debt Opportunities Management, LP in 2014 as an Associate. He began his career at The First Boston Corporation. 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. 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. After James joined Blackstone, Goodman took over CSFBs alternative capital division. Goodman is the storyteller of the group, Ostrover is Mr. Markets, and Smith wants to stay out of the limelight and just do deals. Afsane Jetha co-founded Alta Semper Capital in 2015. While at Duet, Afsane led the largest private equity transaction into Ethiopia, Dashen Brewery, as well as, sourced and executed on several consumer-facing transactions in Ghana, Uganda and Cote DIvoire. 1999 Avenue of the Stars Suite 2840 Los Angeles, CA 90067United States, 1301 Avenue of the Americas 41st FloorNew York, NYUnited States. Remnants of the financial crisis continue to cast a shadow on markets, especially in Europe. Wasserstein Debt Opportunities Management, LP ("WDO") is a New York-based SEC-registered investment advisor focused predominately on leveraged loans and high yield bonds. A -. 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. 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 family - Forbes 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. Manage and implement various projects in the fields of corporate finance, mergers & acquisitions, project finance, capital markets, private equity and asset management. 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. Former UFC Mens Bantamweight champion Cody Garbrandt celebrated a triumphant return to the Octagon on Saturday night. Wasserstein Debt Opportunities Management, LP ("WDO") is a New York-based SEC-registered investment advisor focused predominately on leveraged loans and high yield bonds.The firm seeks to create differentiated high yield exposure through primarily private equity backed, US non-large cap high yield issues, where WDO sees potential for price inefficiency. Mr. Jones is currently Chairman of Wasserstein & Co. Wasserstein & Co. - Unicorn Nest His health-related management education works includes the design and delivery of the health care management MBA and executive programs at the Indian School of Business, as well as the health care management program at Strathmore University in Nairobi. Terms of the transaction were not disclosed. Mr. Bagaria was a board director of LVI Services, Inc., Generation Brands and Playpower, Inc. During the most recent recession, Mr. Bagaria was a manager of a multi-billion dollar senior loan vehicle. About Wasserstein & Co. Wasserstein & Co. is a leading independent private equity and investment firm, focused primarily on leveraged buyout investments and related investment activities. 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 . 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. As a result, the high-yield and leveraged-loan markets never developed in Europe to the extent they did in the U.S.
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