We take a unique approach to asset management. So the firm created the bridge loan, not promising capital but intended to tide the company over until it could obtain permanent financing. Former partner at Wall Street Technology Partners and former Director of Dresdner Kleinwort Wasserstein Private Equity Group. Terms of the transaction were not disclosed. 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. contact@wasserco.com. Mr. Lauder is currently the Chairman of Clinique Laboratories, a division of The Este Lauder Companies. Sony went to every bank it knew, including those in Japan, but couldnt get a $500million bridge loan. 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. In addition, we remain committed to compliance with national, state and local labor laws in jurisdictions in which we invest and to provide a safe and healthy workplace consistent with national and local laws. Marina joined Alta Semper in January 2019. He also serves on Semper Capitals Risk Management and Compliance committees. Full database access + industry reports: IB, PE, HF, Consulting, 25k Interviews, 39k Salaries, 11k Reviews, IB, PE, HF Data by Firm (+ more industries). We target businesses across a broad range of media and business services subsectors, including: B2B, enthusiast, digital and consumer media; trade shows and conferences; marketing and content services, education; and outsourced services. 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. Hints and clues to help you with today's Wordle. He was CEO since the firms formation in 2001 through 2012. Previously, he was the Managing Partner of the New York law firm Patterson, Belknap, Webb and Tyler. Convene 117 West 46th Street, New York, April 19-20, 2023 Now the emergence of alternative credit mirrors tools that equity investors have had with private equity, says TPGs Coulter. Goodman is the storyteller of the group, Ostrover is Mr. Markets, and Smith wants to stay out of the limelight and just do deals. 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. 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. Victoria has worked with, and made investments in a broad range of companies, including enterprise software, wireless technologies, medical devices . Tudor, Pickering, Holt & Co. Securities - Canada, ULC is a Member of the Canadian Investor Protection Fund and the New Self-Regulatory Organization of Canada. 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. A month after its launch, GSO hired Donald (Dwight) Scott, who ran the energy practice at DLJ before joining El Paso Corp. in 2000. Any deal would hinge on James, who was revered by GSOs three founders. Goodman liberally quotes from his uncle, Skip Bertman, a former head coach at Louisiana State University who has the best baseball record in the National Collegiate Athletic Association and who took an influential role in Goodmans life after his father passed away when he was five years old. Its alternative credit growing up. Wasserstein & Co. is an independent private equity and investment firm, with offices in New York and Los Angeles. 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. 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 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. 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 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. 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. Salesforce beat earnings-per-share estimates after the closing bell on March 1, 2023. EagleTree continues to promote diverse perspectives. Hovnanian was the largest position in GSOs flagship hedge fund in 2012, and the firm made 50 percent on its capital in six months. Wasserstein & Co. www.wasserco.com 1999 Avenue of the Stars Suite 2840 Los Angeles, CA 90067-6086 Anup Bagaria Vice Chairman and Managing Director Former UFC Mens Bantamweight champion Cody Garbrandt celebrated a triumphant return to the Octagon on Saturday night. 1185 Avenue of the Americas, 39thFloor 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. Summarize the positive impact that our integration of ESG initiatives had on the portfolio companys business and/or culture. With Blackstone they would get scale, a brand, idea-sharing with the firms deal makers and access to new and larger clients. Process, was the least enthusiastic about the tie-up, concerned that they were trading away their autonomy. 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. Working directly with CEO, funds . Victoria serves on the board of Vostok New Ventures, an investment company with presence in Sweden. What was a wide-open white space for us? You had to figure things out and use your smarts instead of brute strength, Smith, 47, says. He might have been young, but it was like a pro coming into an amateur team, adds James, who then ran DLJs investment bank. Mr. Jones is currently Chairman of Wasserstein & Co. About Wasserstein Partners IV Wasserstein Partners IV is a mid-market buyout fund managed by WP Capital Management, the private equity investment company formerly associated with Wasserstein Perella Group and Wasserstein & Co. . Todays Wordle #624 Hint, Clues And Answer For Sunday, March 5th, UFC 285 Results: Cody Garbrandt Defeats Trevin Jones In Return To The Octagon, The Early Returns Of Kevin Durant In The Phoenix Suns Offense, Desperate Russian Forces Are Sticking 80-Year-Old Naval Guns On 70-Year-Old Armored Tractors, Saturday, March 4. 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. You can find out more about which cookies we are using or switch them off in settings. The big Swiss bank wanted Goodmans leveraged-finance business as well as DLJs merchant banking and real estate groups. A patron of the arts and a noted collector, Mr. Lauder was Chairman of the Museum of Modern Art from 1995 to 2005 and now serves as the museums Honorary Chairman. PE firms charge a management fee of typically 2% of AMU and a performance fee of 20% of the profits. He is a co-founder of Pangea University for the Health Sciences, a newly formed international platform for medical, nursing and health technology education for the emerging and frontier markets. 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. Take the highly confident letter, a piece of paper Drexel would issue to the board of a company as a promise that it would provide financing on deals. Wasserstein 3-in-1 Floodlight, Charger and Mount for Wyze Cam V3 (Camera Not Included) 4.8. Zachary has an MBA from The Wharton School at the University of Pennsylvania and a BA in Economics from Cornell University. Current market conditions are setting the stage for a lot of future opportunities for GSO. Senior Vice President of North America Sales at Twilio. He formerly served on the Board of Trustees of Lehigh University and served as Chairman of the Board of Trustees of Fordham Preparatory School. 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. The private equity business of the investment firm was not included in the sale and was . We partner with entrepreneurs with the goal of building great brands. Ostrover, who has a BA in economics from the University of Pennsylvania and an MBA from New York Universitys Leonard N. Stern School of Business, was ranked the No. Dresdner Kleinwort Wasserstein (DrKW) operates as the investment banking arm of Germany's Dresdner Bank AG. 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. 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. 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. 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. Between 2005 and 2012, GSOs assets grew at a compounded annual rate of 29 percent. or Want to Sign up with your social account? The firm manages capital on behalf of institutional and individual investors. 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. 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. 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. This Policy reflects our current approach to considering and addressing Environmental, Social and Governance (ESG) factors and which has been further developed and refined since we became a PRI signatory in 2019. He has also studied Precision Medicine at Harvard Business School and Fintech at the Said School of the University of Oxford. But they dont want to commit their capital. Private equity investors are by nature optimistic and swaggering, thinking every deal is a potential blockbuster. All Rights Reserved. Instead, banks dominated the leveraged-finance markets, with few institutional buyers such as high-yield mutual funds. If you disable this cookie, we will not be able to save your preferences. At a bank youre working for anonymous shareholders, trying to make as much money as you can, he explains. GSO is actively managing the leveraged-loan ETF, the first of its kind. It was the first of many overtures Blackstones executives would make to him. Offered through a separated managed account platform exclusively for family offices and institutional investors, Proven regulatory capital efficient solution for insurance companies, #1 performing leveraged loan strategy inception to date in the eVestment database (out of 60 funds). All Rights Reserved. Mr. McLellan earned a B.S. He was CEO since the firms formation in 2001 through 2012. 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. 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. After about a year of fundraising, commitments from existing LPs reached $790m, surpassing the original $750m target. The firms long-only strategies include a $24billion CLO business, making GSO the largest institutional investor in leveraged loans, as well as closed-end and other funds. . Smith, who calls himself Mr. 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. Mr. OKeefe joined Wasserstein Debt Opportunities Management, LP in 2014 as an Associate. 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. Previously, he served as an Associate Principal at McKinsey & Company in the Financial Services Group. Mr. Bagaria is a co-founder and serves on the Board of Directors of The Manitou School, a private elementary school located in Cold Spring, New York. The high-yield and leveraged-loan markets never developed there like they did in the U.S. But by the end of 2009, the firm had $24billion in assets. EagleTree believes its collaborativeapproach toinvesting createsvalue across a defined set of initiatives developed in partnership with portfolio company management. More. 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. In the U.S. banks provide about 30 percent of lending, with capital markets and investors providing the remainder. We target investments of between $30 million and $150 million. 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. 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. In 2007, the peak for the firms performance fees, private equity contributed the bulk of the total. The world had changed, and the firm needed a partner. 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. 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. Mr. OKeefe earned a B.S. Prior to Cordiant, she gained advisory experience as a Summer Analyst with the Investment Banking and Equity Capital Markets teams at Scotiabank in Toronto. GSO is hoping to be a big part of the transformation. He recently served on the Boards of Directors of Harry & David, Encompass Digital Media, and Access Scientific. Mr. Bagaria is the Advisors President and Chief Investment Officer. Approach prospective clients and partners; make presentations. The defanged banks are receding into the background and making peace with new regulations designed to emasculate their balance sheets. 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. 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. 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. 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. After two games, Kevin Durant looks to be extremely comfortable in the Phoenix Suns' offense. Its a different kind of satisfaction walking into the CIOs office for the Bass brothers.. All HLS students are permitted to meet one-on-one with Wasserstein Fellows. These initiatives and strategies include new product launches, entrance into new markets, add-on acquisitions and operational improvements. 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. 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. Alexandria, VA 22314, 515 North Flagler Drive | Suite 1450 We decided that the banking system is a mess globally, so lets raise some money to lend to more troubled private companies that cant tap the markets and dont have access to the banks, says Ostrover. (5) Wasserstein. 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. degree in Individualized Study at New York University with studies at the London School of Economics, graduating cum laude. 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. View full details. Terms & Conditions. 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. Leveraged loans offer a hedge against interest rates and can augment a largely xed-rate portfolio. degree in Finance and Economics from the City University of New York with a concentration in Investment Analysis. Mr. Dutton has been working in the Hedge Fund Industry since 1997 and joined Wasserstein Debt Opportunities Management, LP in June 2013. 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. The firms mezzanine fund has one of the best records in the industry, up an average of 19.9 percent a year net since inception in July 2007. We have a reputation for identifying and . And, yes, we've come a long way, baby! Tailor specific ESG inquiries and approaches based on various investment factors including the core industry sector of a particular investment. Mr. Campbell is the Founder, Managing Partner and Chief Investment Officer. 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. After the market bottomed in 2009, GSO launched its first rescue lending fund, which closed at $3.3billion. From 2002 2004, Mr. McLellan worked as an analyst for Deutsche Bank focusing on Mergers & Acquisitions and Media Investment Banking. Respect the human rights of those affected by our investment activities and seek to confirm that our portfolio company investments do not support companies that utilize child or forced labor or maintain discriminatory policies. 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. Contribute to the database and get 1 month free* Full online access! 17.5B Acquisition of Stake in Deutsche Telekoms German and Austrian Tower Business, $6B Acquisition of Ortho Clinical Diagnostics, $22.2B Combination with AT&Ts WarnerMedia, $525M Growth Equity Investment from Blackstone, $1.1B Senior Secured and Convertible Notes. By Stephen Grocer. 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. If Drexel came up with the junk bond and DLJ created the institutional leveraged-finance market, GSO is again reinventing the concept of providing capital to non-investment-grade companies this time as an asset manager. Aligning our interests with our investors creates a long-term partnership forsuccess. Wasserstein Home | 849 followers on LinkedIn. Europe currently offers GSO the greatest opportunities.
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