Though the three founders couldnt be more different, theyve maintained their partnership without a blip for 20 years. But after his wife, Meg, refused to leave New York, Goodman quickly set his sights on DLJ, a midsize investment bank known for equity research and a certain scrappiness and entrepreneurial culture. Prior to joining Wasserstein Debt Opportunities Management, LP he was Senior Product Manager at J.P. Morgan for three years in their Hedge Fund services business in the United States. . It was keeping up-to-date in its credit work on certain companies and identifying potential situations for investment. These initiatives and strategies include new product launches, entrance into new markets, add-on acquisitions and operational improvements. He recently served on the Boards of Directors of Harry & David, Encompass Digital Media, and Access Scientific. GSO and Blackstone announced the deal in January 2008. Hard work got him noticed at Drexel, as well as a meeting with Moran. Bruce Wasserstein Net Worth | Celebrity Net Worth But they dont want to commit their capital. Understanding Private Equity (PE) - Investopedia Prior to Cordiant, she gained advisory experience as a Summer Analyst with the Investment Banking and Equity Capital Markets teams at Scotiabank in Toronto. 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. 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). Private Equity. Wasserstein Debt Opportunities Management, LP ("WDO") is a New York-based SEC-registered investment advisor focused predominately on leveraged loans and high yield bonds. For $340 Million, Globecomm Allows Wasserstein to Take it Private Mr. Jones received his MBA from the Yale School of Management and his B.S. 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. Douglas Ostrover, the O in GSO, invited him to lunch at Manhattans Core Club in July 2012, just as the U.S. housing market was showing a few signs of life. degree in Finance and Government from the University of Notre Dame in 2002, graduating magna cum laude. 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. Wasserstein Debt Opportunities is a New York-based SEC-registered investment advisor focused predominately on leveraged loans and high yield bonds. Mr. Jones is currently Chairman of Wasserstein & Co. 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 In 2007, the peak for the firms performance fees, private equity contributed the bulk of the total. We want to buy you.. Private Equity Associates work as a team to initiate and continue the funding process of new private equity firms. He also served on the Board of Directors of the Center for a New American Security and the National Guard Youth Foundation. The former undrafted free agent's contract includes $1.4 million in remaining guaranteed salary. Victoria serves on the board of Vostok New Ventures, an investment company with presence in Sweden. That summer James approached Goodman the fourth time Blackstone had tried to entice him into a deal and stated the obvious: In credit were not where we want to be. When the markets rebounded in 1991, DLJ took over as a leading player. Wasserstein Debt Opportunities The only opening that day was for Drexel, which was at the bottom of the Wall Street pecking order even as it dominated the business of financing non-investment-grade companies. 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. Mr. Parsons was named Americas Best CEO in the entertainment industry by Institutional Investor in 2005. Legacy ABOUT WASSERSTEIN. 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. Salesforce beat earnings-per-share estimates after the closing bell on March 1, 2023. GSO is actively managing the leveraged-loan ETF, the first of its kind. He formerly served on the Board of Trustees of Lehigh University and served as Chairman of the Board of Trustees of Fordham Preparatory School. He is a CFA charterholder. About Wasserstein family. Wasserstein Perella & Co., sometimes referred to as "Wasserella"[citation needed], 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. Private Equity - Meaning, Investments, Structure, Explanation And, yes, we've come a long way, baby! 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. This website uses cookies so that we can provide you with the best user experience possible. When Bruce Wasserstein and Joe Perella Ruled the World. 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. All Rights Reserved. At a bank youre working for anonymous shareholders, trying to make as much money as you can, he explains. 1 and having a big firm behind them. Wasserstein Home | LinkedIn 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. Prior to that, he worked for 14 years in Senior Hedge Fund operations positions for top tier firms, including IFS State Street and HSBC. The company initially approached Blackstones private equity group for a $500million infusion of equity, but it wanted a controlling stake and Sony wasnt about to do that. Banks may no longer have the balance sheets, but big institutional investors like sovereign wealth funds, endowments and pension funds do. 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.. MVision 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. In its five years in the Blackstone fold, GSO has gone from having two fund products to managing 27. 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 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. Rescue lending has returned an annualized 15.2 percent since inception in September 2009. Private equity investors are by nature optimistic and swaggering, thinking every deal is a potential blockbuster. 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". 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. 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. With Blackstone they would get scale, a brand, idea-sharing with the firms deal makers and access to new and larger clients. The group has products that do better in different market environments, such as its closed-end funds and a new exchange-traded fund it recently launched with State Street Global Advisors. Mr. Wasserstein died in 2009. Bruce Wasserstein was an American investment banker, businessman, and writer who began his career as an attorney with Cravath, Swaine & Moore. Mr. OKeefe joined Wasserstein Debt Opportunities Management, LP in 2014 as an Associate. He also serves on, and was formerly Chairman, of the Advisory Board of the Yale School of Management and is on the Board of the Cate School.Mr. After earning his MBA in 1984, the Miami-born Goodman took a full-time job with Drexel in New York. Although they enjoyed being their own bosses, they missed the prestige, and the deals, that came with being part of a big organization. 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 . 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. Terms of the transaction were not disclosed. Mr. Jones is currently Chairman of Wasserstein & Co. 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. Convene 117 West 46th Street, New York, Get limited access to our industry news, analysis and data, plus regular email updates. 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. Loan prices dropped 30 points, obliterating almost the entire investment at least on paper. She has strong personal and professional ties to East Africa being a fourth generation Tanzanian. Ahmed speaks English and Arabic and is based between Cairo and London. The controversial Wasserstein was married four times and had six children with three different women, one out of wedlock, leading to an inheritance dispute between his heirs. 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. While working at Sheffield from 2010 2016, Mr. McLellan led many of the largest positions analyzing long/short equity and credit investments. But the GSO team immediately understood the annuity-like cash flow streams of music publishing and how much less volatile it is than recorded music and less subject to the decline of physical recorded media., Wiesenthal adds that GSO was flexible enough to let billionaire David Geffen, also an investor, participate in the transaction late in the game. After the market bottomed in 2009, GSO launched its first rescue lending fund, which closed at $3.3billion. Tailor specific ESG inquiries and approaches based on various investment factors including the core industry sector of a particular investment. Fully 80 percent of GSOs senior management team is from DLJ. EagleTree has a history of charitable giving and an active Philanthropic Committee that strives to support a number of charities from both a financial and volunteer perspective. Business Video. 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. Mr. McLellan joined Wasserstein Debt Opportunities Management, LP in 2017 as a Managing Director. The EagleTree Team has worked together for over 25 years. The private equity business of the investment firm was not included in the sale and was . 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. By 1999, however, DLJ was hamstrung by its small balance sheet and a business that was primarily domestic. 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. ("TCP"), have entered into a definitive agreement to acquire Globecomm from a New York-based private equity firm. As the market comes down, we put out a lot. 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.). degree in Finance, Investment, and Banking from the University of Wisconsin, graduating with Honors. GSO and Blackstone actively share information. Wasserstein & Co., the private equity firm founded by the late Bruce Wasserstein who also bought New York magazine in 2003, has made a deal to acquire satellite communications giant Globecomm Syst 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. to Sell High Pressure Equipment Company Wasserstein & Co. - Crunchbase Investor Profile & Investments 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. He was appointed Chief Compliance Officer in January 2017. 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. Before that she worked at Apollo Global Management, the private equity firm, where she evaluated . The GSO team has been through the ups and downs of numerous credit cycles, and theyre always worried and trying to protect the downside, says Timothy Walsh, chief investment officer of the $74billion New Jersey Pension Fund, which has committed to $1.1billion in investments in five GSO funds. If you disable this cookie, we will not be able to save your preferences. David Geffen is the Warren Buffett of the entertainment industry, and they understood the value of that to the deal, he explains. By Stephen Grocer. Private equity is composed of funds and investors that directly invest in private companies , or that engage in buyouts of public . In the meantime, it has cut back the pace of investments and is going after only the most compelling ones, in industry sectors including shipping, metals and mining, and natural gas. Wasserstein, who was immortalized in a 1989 Forbes cover story that cemented his infamous nickname, had a passion for the media, having interned at Forbes during his student years in 1969. Since 2008, Blackstone has more than doubled its assets. Wasserstein Debt Opportunities - PitchBook Data WASSERSTEIN - Wasserstein Former Senior Vice President of North America Sales at Genesys. 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. 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. Land More Interviews | Detailed Bullet Edits | Proven Process, Land More Offers | 1,000+ Mentors | Global Team, Map Your Path | 1,000+ Mentors | Global Team, For Employers | Flat Fee or Commission Available, Build Your CV | Earn Free Courses | Join the WSO Team | Remote/Flex, WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file, 101 Investment Banking Interview Questions. 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. Afsane Jetha @afsanejetha - MyMiniFactory She previously served as Partner at Wall Street Technology Partners LP and Director of the Dresdner Kleinwort Wasserstein Private Equity Group. 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 [] During his time at the IFC, he advised on the first PPP in the West Bank. Marina joined Alta Semper in January 2019. 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. 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. The Deutsche Bank portfolio was marked to about 5 cents on the dollar for the quarter ended March 31, 2009. 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. What the three founders have built at GSO, they originally planned for CSFB. All HLS students are permitted to meet one-on-one with Wasserstein Fellows. That makes GSO Blackstones fastest-growing business in terms of both earnings and assets. He began his career at The First Boston Corporation.He recently served on the Boards of Directors of Harry & David, Encompass Digital Media, and Access Scientific. Mr. Lauder is currently the Chairman of Clinique Laboratories, a division of The Este Lauder Companies. Thoughtful Smart Home Products Wasserstein Home Prior to that, he was a managing director of Dresdner Kleinwort Wasserstein Private Equity Partners and related funds, and made and managed in excess of 30 private equity and partnership investments. 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 . Richard Parsons is the Former Chairman of the Board of Citigroup Inc., and former Chairman of the Board, and CEO of Time Warner. Ahmed joined Alta Semper in 2018 as a Director. 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. and co-managed the company for five years until its merger. Private Equity Firms in Southern California Company Website Address Primary Contact Angeleno Group www.angelenogroup.com 2029 Century Park East Suite 2980 Los Angeles, CA 90067 . 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). We conduct our buyout investment activities through the Wasserstein Partners family of funds. The company would sell its property inventory to a land bank created by GSO in return for a $125million cash infusion. Wasserstein Perella & Co., sometimes referred to as "Wasserella" [citation needed], 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. Richard was also previously the Head of Private Equity - Americas for Siemens Financial Services, Inc. Richard has invested in and worked . 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. In recent years, the firm has invested in pharmaceutical manufacturing, retail pharmacy, cancer care and diagnostics platforms in Egypt, Nigeria and Morocco. She co-founded Work It, Mom! In 2006, four years after Wasserstein's departure, it dropped Wasserstein's name. Victoria Grace is a founding partner of Colle Capital Partners LP, an opportunistic, early stage technology venture fund. Afsane Jetha began her career at Merrill Lynch and Wasserstein Private Equity before moving on to the consumer team at Permira in London. When DLJ tried issuing its own highly confident letters, they meant nothing, as DLJ had a small balance sheet. Its really hard for some people to be aggressive in times of disruption because you have to do your work beforehand, says partner Smith. Bruce Wasserstein - Wikipedia 1 underwriter for high-yield bonds, a distinction it would keep for 12 years. As 2008 wore on and the credit crisis gathered steam, GSO started putting money to work. 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. [7] The investment banking business of Dresdner Bank changed its name to Dresdner Kleinwort Wasserstein as a result of the deal. (The sentence was later reduced to two years.). Bruce Jay Wasserstein (December 25, 1947 - October 14, 2009) was an American investment banker, businessman, and writer. There is a wealth transfer going on from banks shareholders to the investors in our funds, says Goodman. You should only be asked to sign in once. Blackstones real estate group saw similar evidence, and BAAM expected mortgage improvement based on results from its underlying hedge funds. 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. A Fundamentally Different Kind of SPAC - Data Intelligence. She co-founded Work It, Mom! EagleTree continues to encourage all of its employees to actively engage in nonprofit volunteer activities and giving in our communities. Wasserstein purchased The American Lawyer, which he later sold, and New York magazine, which remains under his family's control. Sony went to every bank it knew, including those in Japan, but couldnt get a $500million bridge loan. Wasserstein Debt Opportunities | LinkedIn This Wasserstein & Co. works on 31 percentage points more the average amount of lead investments comparing to the other organizations. As a result, the high-yield and leveraged-loan markets never developed in Europe to the extent they did in the U.S. Most PE firms are open to accredited investors or those who are deemed high-net . Performing, price-discounted debt that we expect to recover. In 2004, he added New York Magazine to his media empire. 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. Liverpool legend Roberto Firmino has offered himself to FC Barcelona through his agent, according to a report. Today, the firm manages approximately $2 billion of capital on behalf of institutional and individual investors, including public and corporate pension funds, foreign governmental entities, endowments and foundations and high net worth individuals. The private equity business of the investment firm was not included in the sale and was to be sold off to existing Wasserstein shareholders. Currently, Mr. Campbell is the Chairman of all of the Fund II portfolio companies, Michael Baker International, LLC, and The SPECTRUM Group, LLC. A Fundamentally Different Kind of SPAC | Nasdaq PE firms charge a management fee of typically 2% of AMU and a performance fee of 20% of the profits. Previously she was a partner at Wall Street Technology Partners LP, a $125mm mid stage technology fund. Mr. Parsons is also a member of the boards of The Estee Lauder Companies Inc., Lazard Freres and Company, and Madison Square Garden, Inc. Greg Parsons is the CEO of Semper Capital Management, and has been part of Semper Capital since 2008. 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. Kenyas sole electricity distributor cited a system disturbance as a possible cause for the blackout. Journal Report. Though he loved working on Wall Street, particularly at DLJ, Goodman wanted to spend all his time investing. He also serves on Semper Capitals Risk Management and Compliance committees. Wasserstein Home | 848 followers on LinkedIn. Wasserstein family - Forbes The Team. 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. Lets face it, if a company can tap the public markets, they will, and theyll get a much better deal.. Competition from increasingly bigger banks was fierce. The overall number of key employees were 2. Wasserstein Perella & Co. Wiki - everipedia.org Afsane speaks conversational French, Gujarati and basic Swahili. 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. Its not the Wild West, not the personality-driven days of 20 years ago. Houston-based Scott oversees GSOs energy group. Blackstones acquisition of GSO has been an undisputed winner. On top were three white-shoe firms: First Boston Corp., Goldman Sachs and Morgan Stanley. GSO, which is owned by private equity giant Blackstone Group, had spent six months digging into the finances of Hovnanian and had been buying up its equity, secured debt and unsecured debt since March. 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. The firm seeks to . 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. Mr. Jones received his MBA from the Yale School of Management and his B.S. Funds advised by Apax Partners announce the sale of ALM Media to

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