Journal Report. Bruce Wasserstein was an American investment banker, businessman, and writer who began his career as an attorney with Cravath, Swaine & Moore. 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. Morants agent denied previous allegations he hit and flashed his gun at a teenager suggesting they were made to tarnish his reputation. 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. Mr. McLellan joined Wasserstein Debt Opportunities Management, LP in 2017 as a Managing Director. In the U.S. banks provide about 30 percent of lending, with capital markets and investors providing the remainder. 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). Wasserstein & Co. is an independent private equity and investment firm, with offices in New York and Los Angeles. 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. EagleTree Capital is an independent private equity firm located in New York. Prior to this endeavor, she built a rich resume in the financial services sector, specifically working with private equity investment. 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. Hovnanian, who had lived through several real estate cycles, was shocked when Ostrover told him the price of the five-year CDS contracts on Hovnanian implied a 93 percent probability of default. In 2007, Merrill Lynch & Co. took a minority stake in GSO and the firm had its first closing for a new mezzanine fund. Today it offers $27billion in alternative-investment funds, including the now $4billion hedge fund, $8billion in mezzanine funds financing buyouts for private equity $8billion in rescue lending and $7billion in small-cap direct lending. The overall number of key employees were 2. It was keeping up-to-date in its credit work on certain companies and identifying potential situations for investment. Duties include reviewing potential transactions, analyzing investor and partner needs, analyzing and making financial decisions, and preparing reports. The honeymoon was over quickly, though. 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. Click here. GSO now has offices in New York, London, Dublin and Houston. 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. 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. 2016 Before that she worked at Apollo Global Management, the private equity firm, where she evaluated . Portfolio, This content is from: On top were three white-shoe firms: First Boston Corp., Goldman Sachs and Morgan Stanley. Because of the regulatory environment, its harder for them to do that economically. Wasserstein & Co. - Crunchbase Investor Profile & Investments The firm had purchased a small CLO group, run by Daniel Smith, from Royal Bank of Canada. He later became 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. Smith, who calls himself Mr. GSO founders Goodman, Ostrover and Tripp Smith have emerged as lenders of last resort, filling the gaping financing void left by banks and opportunistic hedge funds in the wake of the 200809 financial crisis. He also engineered a $479 million purchase of home security company SecurityLink by Chicago private-equity . Mr. Jones is currently Chairman of Wasserstein & Co. Afsane holds an MBA from Harvard Business School and a BSc in Economics, from The Wharton School at the University of Pennsylvania. Mr. Bagaria is the Advisors President and Chief Investment Officer. Ahmed speaks English and Arabic and is based between Cairo and London. 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. Afsane speaks conversational French, Gujarati and basic Swahili. 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. Ahmed joined Alta Semper in 2018 as a Director. What Is Private Equity? - Forbes Advisor If you're happy with cookies click proceed. 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. She has worked for GI Partners, Merrill Lynch, Wasserstein Private Equity, and Permira in London. Contribute to the database and get 1 month free* Full online access! Mr. Jones currently serves on the board of the health food company, Forager Project, Inc., as well as on the advisory boards of a number of investment firms. from the University of California at Berkeley. Wasserstein Debt Opportunities - PitchBook Data With nearly 400 . Credit Suisse bought DLJ for $11.5billion in 2000 and combined the firm with its New Yorkbased investment banking unit, Credit Suisse First Boston. 1 and having a big firm behind them. He holds an AB from Princeton University. Before joining Wasserstein Debt Opportunities Management, LP, Mr. McLellan was a Senior Vice President at Sheffield Asset Management, LLC (Sheffield), a Chicago-based fund with a contrarian value orientation. A deal between Blackstone and GSO, however, wasnt a no-brainer. Earlier in her career, she was part of the Consumer Team at Permira in London which followed her time at Wasserstein Private Equity and Merrill Lynch in New York. 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. 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: Lets face it, if a company can tap the public markets, they will, and theyll get a much better deal.. The top skills needed for this position are business management, market analysis, finance and accounting, problem-solving, data . There is a place for capital formation at market rates of return and driven by problem solvers, explains Coulter. Richard was also previously the Head of Private Equity - Americas for Siemens Financial Services, Inc. Richard has invested in and worked . 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. Mr. Parsons was named Americas Best CEO in the entertainment industry by Institutional Investor in 2005. 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. Terms of the transaction were not disclosed. 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. Goodman states the obvious: No company does business with us because were such nice guys, though we like to think we are. 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. Debt opportunities management delivered through partnership, visionand experience. The firm financed Sonys deal to buy EMI, giving the Japanese electronics maker access to a music catalog that included more than 200 songs by the Beatles. Since 2008, Blackstone has more than doubled its assets. [4] Wasserstein stayed through the 2001 takeover by Dresdner Bank, but left the firm in 2002, following the 2001 merger of Dresdner and Allianz,[5] to head investment bank Lazard,[6] until his unexpected death in 2009. Goodman is the storyteller of the group, Ostrover is Mr. Markets, and Smith wants to stay out of the limelight and just do deals. An Heir Who's Ready to Take the Reins at New York Magazine 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. Wasserstein 3-in-1 Floodlight, Charger and Mount for Wyze Cam V3 (Camera Not Included) 4.8. 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. Mr. Montana earned a duel B.S. (212) 702-5602 Executive Team - mClinical Technology Look, the market hates your company, he told Hovnanian. Terms & Conditions. At PWP, we seek talented people capable of broad and creative thinking with the drive to provide the highest quality advice to our clients. She is a graduate of the University of Pennsylvania's Wharton School where she earned her BS in Economics. 1Ls are permitted to meet with Wasserstein Fellows even before the October 15th career advising start date. No one has represented Blackstones opulence more than its billionaire co-founder Schwarzman, who in 2000 reportedly paid $37million for a 34-room triplex on Park Avenue and has owned vacation properties in the Hamptons; Jamaica; Palm Beach, Florida; and Saint-Tropez. We conduct our buyout investment activities through the Wasserstein Partners family of funds. We love your company., (Ostrover had his own hard-luck family bankruptcy story: His grandfather had to shutter Ostrovers Smoked Fish on New Yorks Lower East Side in the 1950s following a blackout; he couldnt pay his creditors because his customers fish had rotted.). Other investments recently controlled by Mr. Campbell and for which he served as Chairman include, but are not limited to, National Interest Security Company, LLC; SC3, LLC; and International Development Solutions, LLC. PE LBO Modeling Test | Wall Street Oasis The year he joined, the firm became the No. In its five years in the Blackstone fold, GSO has gone from having two fund products to managing 27. 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. (Though the hedge fund was launched in 2005, GSO has since stripped out mezzanine and other investments into separate funds.) He began his business career in 1980 as a staff accountant at Coopers and Lybrand where he advanced to the position of tax manager, CPA, before his departure. 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. They began their partnership at the global investment bank, Wasserstein Perella & Co., where they led the merchant banking group. 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. 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. So the firm created the bridge loan, not promising capital but intended to tide the company over until it could obtain permanent financing. Afsane speaks Gujarati and French and is fourth-generation Tanzanian. 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. We stand on this very busy street corner and see all this activity, says customized credit strategies partner Daniel Smith. Although they enjoyed being their own bosses, they missed the prestige, and the deals, that came with being part of a big organization. Afsane Jetha on Behance Orkila Capital was formed in 2013 to pursue proprietary and compelling growth equity investment opportunities in the media, entertainment and consumer sectors. 39th Floor But, as Smith says, its also a great place to lose money. Victoria Grace is a founding partner of Colle Capital Partners LP, an opportunistic, early stage technology venture fund. The strategy of Alta Semper is to invest flexible and strategic capital into market-leading business models in the . Board of Directors | Swvl Holdings 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. The high-yield and leveraged-loan markets never developed there like they did in the U.S. She previously served as Partner at Wall Street Technology Partners LP and Director of the Dresdner Kleinwort Wasserstein Private Equity Group. Please check your spam or junk folder just in case. 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. and co-managed the company for five years until its merger. She has strong personal and professional ties to East Africa being a fourth generation Tanzanian. 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. In addition to strengthening their firms credit business, Schwarzman and James saw benefits for its private equity operation. In 2006, four years after Wasserstein's departure, it dropped Wasserstein's name. Prior to joining Alta Semper, Zachary was a Senior Associate at Emerging Capital Partners where he covered infrastructure and consumer / retail investments in Kenya. 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. 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. 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. When DLJ tried issuing its own highly confident letters, they meant nothing, as DLJ had a small balance sheet. March 29-30, 2023 Mr. Campbell received a B.S. (The sentence was later reduced to two years.). In this regard, EagleTree has adopted a Diversity & Inclusion Statement and, in 2021, became a signatory to ILPAs Diversity in Action Initiative. Even so, GSO has 31 investment professionals in London, and they are doing more deals now than the firm is doing in the U.S. Nearly five full years after the worst of the financial crisis, the real estate market is finally on the mend, investors are wondering if homebuilders stocks have rallied too far, and the outlines of the new order of Wall Street are coming into sharper focus. Many investors wouldnt know how to approach that.. EagleTrees ESG initiatives will be overseen by its ESG Committee, which includes EagleTrees two Co-Managing Partners and other members of senior management. 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. 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. Jan 2003 - Mar 20052 years 3 months. Mr. Jones received his MBA from the Yale School of Management and his B.S. Private equity is composed of funds and investors that directly invest in private companies , or that engage in buyouts of public . Wasserstein & Co. to Sell High Pressure Equipment Company Wasserstein purchased The American Lawyer, which he later sold, and New York magazine, which remains under his family's control. Zachary has an MBA from The Wharton School at the University of Pennsylvania and a BA in Economics from Cornell University. Oct. 15, 2009 12:58 pm ET. Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling. 1 salesperson by a third-party consulting firm, and Goodman and Moran decided to steal him away the day the news came out. Track ESG-related metrics across our portfolio companies and engage and collaborate with portfolio companies to consider recommendations from these findings. The next month Lehman Brothers Holdings filed for bankruptcy and all hell broke loose. All rights reserved. Private equity firms close in on Wasserstein's ALM | Reuters In 2008, Mr. Parsons served as a member of then-President-Elect Barack Obamas Economic Transition Team. As a consequence, banks want to syndicate risk into the market put together a road show and talk to 200 investors. Drexel had unwittingly passed the high-yield baton to DLJ. Mr. McLellan earned a B.S. He began his career at The First Boston Corporation. 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. But thats starting to change as European banks need to deleverage and raise capital and companies desperately require funding. 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. Prior to the IFC Ahmed developed his investment banking and corporate finance experience as a senior associate with Beltone Investment Banking, Ernst & Young and the Arab African International Bank. 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 Goodman shunted humility aside at least temporarily during his lunch with Moran. Currently, Mr. Campbell is the Chairman of all of the Fund II portfolio companies, Michael Baker International, LLC, and The SPECTRUM Group, LLC. 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. 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. We pride ourselves on talent, integrity and intellect. Ryan Mollett, a 34-year-old managing partner who joined News group from BlackRock in 2011, wrote a paper late that year asserting that the housing market had bottomed. GSO represents 26.6 percent of the firms $218billion in assets, on par with its $59billion real estate business and larger than both its private equity ($52billion) and Blackstone Alternative Asset Management hedge fund ($48billion) businesses. In one of the largest B2B media transactions this year, Northstar Travel Group, which provides a broad array of products in the retail and corporate events markets, was sold from one private-equity firmthe Wicks Groupto another, Wasserstein Partners, Northstar CEO Thomas Kemp said today. With $58billion in assets under management and 235 employees, GSO has grown fivefold under the Blackstone umbrella. Goodman and Ostrover joke that Smith was responsible for DLJs success. Blackstone referred Sony to GSO, which crafted a deal of mezzanine debt and equity warrants in the company. Its amorphous, and you dont know the people. 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. Private equity (PE) refers to capital investment made into companies that are not publicly traded. 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. 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. 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. In the 1990s, GSOs three founders, then working for Hamilton (Tony) James at DLJ, took up where Drexel left off, building that firm into the No. There Milken was leading whats now called the democratization of capital-raising, providing funding to small and medium-size companies that were starved for financing and whetting the appetites of investors for distressed and troubled companies that showed promise despite short-term woes. Patience is the key, says Smith, adding that GSOs funds and compensation are structured in such a way that staffers dont have to feel compelled to put money to work in deals that dont make sense. You can find out more about which cookies we are using or switch them off in settings. The high activity for fund was in 2002. Mr. OKeefe joined Wasserstein Debt Opportunities Management, LP in 2014 as an Associate. 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. The private equity business of the investment firm was not included in the sale and was to be sold off to existing Wasserstein shareholders. 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. Premium. 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. While working at Sheffield from 2010 2016, Mr. McLellan led many of the largest positions analyzing long/short equity and credit investments. Chief Financial Officer and Chief Compliance Officer. 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. The private equity business of the investment firm was not included . A +. 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). Prior to Cordiant, she gained advisory experience as a Summer Analyst with the Investment Banking and Equity Capital Markets teams at Scotiabank in Toronto. Updated June 5, 2014, 1:21 p.m. | An investor consortium led by Wasserstein & Company announced on Wednesday that it bought back ALM Media, which publishes The American Laywer and other titles, from its current owners, Apax Partners and the Royal Bank of Scotland.. Any deal would hinge on James, who was revered by GSOs three founders. There was little room for error. It was a good time for Goodman, Smith and Ostrover to start their own firm. Mr. Kelsey earned a B.S. Prior to that, he worked for 14 years in Senior Hedge Fund operations positions for top tier firms, including IFS State Street and HSBC. a private-equity-owned . As a result, the high-yield and leveraged-loan markets never developed in Europe to the extent they did in the U.S. Wasserstein & Co. also manages a significant portfolio of debt and equity securities and other investments on behalf of our stockholders and other investors. Afsane Jetha Dresdner Kleinwort Wasserstein (DrKW) operates as the investment banking arm of Germany's Dresdner Bank AG. The company would sell its property inventory to a land bank created by GSO in return for a $125million cash infusion. Drexel was a place where analysts spent days buried in the dense financials of dicey companies. 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. Its really hard for some people to be aggressive in times of disruption because you have to do your work beforehand, says partner Smith. They do it because they cant get the capital otherwise. And many companies say GSO doesnt scrape every penny out of a deal. Part of GSOs success comes from leaving some money on the table. Though DLJ investment banking staffers left in droves after the deal including James, though he stayed two years as part of the merger agreement Goodman, Smith and Ostrover flourished. Don't have an account? The up-gunned, tracked MT-LBs are further evidence of the Kremlins worsening equipment crisis as it struggles to make good its losses in Ukraine. EagleTree continues to encourage all of its employees to actively engage in nonprofit volunteer activities and giving in our communities. View full details. The Hovnanian deal was originated through the hedge fund but later expanded to include the rescue financing fund. At the same time, the platform gives it a lot of different eyes into potential investments. Northstar Travel Group acquired by Wasserstein - Wicks Group