Goodman, Smith and Ostrover founded GSO in 2005 to provide capital to non-investment-grade cyclical companies that were going through a tough patch but had tangible assets to put up as collateral to protect the firms downside when it lent them money.
Wasserstein Perella & Co. Wiki - everipedia.org
Mr. OKeefe earned a B.S. But Goodman shunted humility aside at least temporarily during his lunch with Moran. 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. These initiatives and strategies include new product launches, entrance into new markets, add-on acquisitions and operational improvements. 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.
PE LBO Modeling Test | Wall Street Oasis Dresdner Kleinwort Wasserstein (DrKW) operates as the investment banking arm of Germany's Dresdner Bank AG. Afsane Jetha - Gaining Additional Experience. If you're happy with cookies click proceed. The high activity for fund was in 2002. The defanged banks are receding into the background and making peace with new regulations designed to emasculate their balance sheets. The world had changed, and the firm needed a partner. Click here to register, Not for publication, email or dissemination, When it comes to private wealth, PE is still an unknown name, PE outperformed in US state pension portfolios over past two decades report, Side Letter: LPs biggest concerns; growing family offices; Bains VC vindication, Indiana Public Retirement System commits $450m to PE. A +. He holds a BA in Finance from the American University of Cairo and an Executive Education in Corporate finance from London Business School. Though the three founders couldnt be more different, theyve maintained their partnership without a blip for 20 years. Wasserstein established his reputation for orchestrating complex mergers and acquisitions at First Boston Corp., and later Wasserstein Perella & Co., an investment bank sold to Dresdner Bank in 2000 for $1.4 billion. There is a wealth transfer going on from banks shareholders to the investors in our funds, says Goodman. More recently, he served as a member of the Presidents Council on Jobs and Competitiveness. Venture Capital. [9], Wasserstein Perella advised Axa Financial in the $11.5 billion sale of Donaldson Lufkin & Jenrette to Credit Suisse First Boston in 2000, Philip Morris in its $14.9 billion acquisition of Nabisco Holdings Corp. and Time Warner in its $128 billion merger with America Online. The breadth and scale of its funds allow it to offer a range of solutions to companies, including rescue financing and senior secured bank loans. In this regard, EagleTree has adopted a Diversity & Inclusion Statement and, in 2021, became a signatory to ILPAs Diversity in Action Initiative. Wasserstein & Co. is an independent private equity and investment firm, with offices in New York and Los Angeles. Though hurt by the financial crisis, Blackstone and GSO have emerged as dominant players in its aftermath. This content is from:
Mr. McLellan joined Wasserstein Debt Opportunities Management, LP in 2017 as a Managing Director. After the market bottomed in 2009, GSO launched its first rescue lending fund, which closed at $3.3billion. The firm seeks to . Afsane is tiedpersonally and professionallyto East Africa as she is a fourth-generation Tanzanian. 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. 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. Mr. Bagaria began his career in the leveraged finance market in 1999. He recently served on the Boards of Directors of Harry & David, Encompass Digital Media, and Access Scientific. A deal between Blackstone and GSO, however, wasnt a no-brainer. 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 . Smith, who calls himself Mr. GSO also bought the debt of Clear Channel Communications, a private-equity-owned media company, and led a $1.25billion preferred stock deal for Chesapeake Energy so that company could develop natural-gas production from shale in eastern Ohio. 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. Drexel had unwittingly passed the high-yield baton to DLJ.
Afsane Jetha DLJ used its market position to keep reinvesting in the firm, building a leveraged-loan capability and creating a derivatives business and large distressed unit. The firm had purchased a small CLO group, run by Daniel Smith, from Royal Bank of Canada. The former undrafted free agent's contract includes $1.4 million in remaining guaranteed salary. Dresdner won't acquire Wasserstein's private equity business, which will be spun off to the U.S. firm's existing 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. Thats where you wanted to land a job if you were a Harvard Business School student. and co-managed the . 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". Ahmed speaks English and Arabic and is based between Cairo and London. Currently, Mr. Campbell is the Chairman of all of the Fund II portfolio companies, Michael Baker International, LLC, and The SPECTRUM Group, LLC. 100%. There was little room for error. Former Senior Vice President of North America Sales at Genesys. 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. 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. 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. The 30-year-old newly minted Drexel vice president told the DLJ executive, Im going to help build this big business at DLJ, and youre going to get rich and famous. Moran, who says he instantly liked Goodman and the wealth of experience he had gotten working on deals inside the Drexel pressure cooker, hired him. He has also studied Precision Medicine at Harvard Business School and Fintech at the Said School of the University of Oxford.
Wasserstein US Equity Partners IV | Palico from the University of California at Berkeley. Mr. Dutton has been working in the Hedge Fund Industry since 1997 and joined Wasserstein Debt Opportunities Management, LP in June 2013. Prior to this endeavor, she built a rich resume in the financial services sector, specifically working with private equity investment. When DLJ tried issuing its own highly confident letters, they meant nothing, as DLJ had a small balance sheet. 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. and co-managed the company for five years until its merger.
Vince Capurso - General Tax Counsel / Board Director / Advisor Terms of the transaction were not disclosed. Afsane Jetha began her career at Merrill Lynch and Wasserstein Private Equity before moving on to the consumer team at Permira in London. 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.
Team Members - Colle Capital Thomas J. Campbell - DC Capital Partners It was the first of many overtures Blackstones executives would make to him. 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. Afsane Jetha co-founded Alta Semper Capital in 2015. 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. Pam Wasserstein is the President of Vox Media, the leading independent modern media company, where she oversees strategic initiatives, including e-commerce and consumer businesses, as well as the New York Magazine brands. We have a reputation for identifying and . 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). Mr. Campbell received a B.S. 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. 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. At Goldman, Mr. Bagaria worked primarily as an investor of GS Mezzanine, the largest mezzanine fund globally.
Wasserstein & Co. - Company Database | Wall Street Oasis Credit jumped off the page.. The strategy of Alta Semper is to invest flexible and strategic capital into market-leading business models in the .
Wasserstein Home | LinkedIn In September 1988 the Securities and Exchange Commission sued Drexel for insider trading and stock manipulation. Mr. Jones is currently Chairman of Wasserstein & Co. With no bank willing to lend to it, the Red Bank, New Jerseybased homebuilder had become a target for short-sellers; investors were betting billions of dollars in credit default swaps that the company Hovnanians father and three uncles had founded in 1959 would go belly-up. 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. Commingled private fund exclusively for US and Non-US based qualified individuals, family offices and institutional investors, #1 performing high yield fund inception to date in the eVestment database (out of 200 funds), The strategy has outperformed a blended index of loan and high yield bonds by > 2.5x since inception. 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. Sustainable Business. 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. 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. 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. He was CEO since the firms formation in 2001 through 2012. The overall number of key employees were 2. What the three founders have built at GSO, they originally planned for CSFB. Consider whether a potential portfolio companys business aligns with EagleTrees core values. Prior to joining Alta Semper, Ahmed was a Director at CI Capital Investment Banking, a leading Cairo-based investment bank, where he sourced, led and executed several capital markets and M&A transactions. 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. 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. GSOs investors, by contrast, had a paltry $22million invested with Goodman, Ostrover and Smith. Overview of Wasserstein US Equity Partners IV Wasserstein US Equity Partners IV is a closed private equity fund managed by EagleTree Capital . He also has experience as an investment banker at New York boutique Wasserstein . 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 She has strong personal and professional ties to East Africa being a fourth generation Tanzanian.
Private Equity - Meaning, Investments, Structure, Explanation Garrett Moran, who ran the high-yield bond group at DLJ, says Goodman stalked him for six months, wanting to pitch his idea for a capital markets desk. Greg is responsible for oversight and portfolio management at PIC.
Bruce Wasserstein - Wikipedia Mr. Jones is currently Chairman of Wasserstein & Co. Since the financial crisis investment banks have been deleveraging and governments around the world have imposed stricter capital requirements on financial institutions, as the U.S. is doing with the Dodd-Frank Wall Street Reform and Consumer Protection Act. 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. 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. The firm manages capital on behalf of institutional and individual investors. 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. 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. corporate development. Don't have an account? EagleTrees ESG initiatives will be overseen by its ESG Committee, which includes EagleTrees two Co-Managing Partners and other members of senior management. Convene 117 West 46th Street, New York, Get limited access to our industry news, analysis and data, plus regular email updates. But unlike activist equity managers or loan-to-own credit funds, GSO doesnt seek to change management unless something goes wrong and it has no choice. We stand on this very busy street corner and see all this activity, says customized credit strategies partner Daniel Smith. Greg began his career over 19 years ago and served as a Captain and Infantry Officer in the United States Marine Corps. 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. Jones received his MBA from the Yale School of Management and his B.S. 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. EagleTree intends to engage with clients and stakeholders, from time to time, in dialogue regarding how we can manage ESG issues in a way that is consistent with their initiatives. GSO now has offices in New York, London, Dublin and Houston. In 1993, Goodman hired Smith from Salomon Smith Barney, where he worked on restructurings. As one of the largest creditors of MBIA and holders of its equity, GSO had a big win last month when the Armonk, New Yorkbased provider of municipal bond insurance finally settled a dispute with Bank of America Corp. after years of wrangling over troubled mortgage-backed securities. Wasserstein Home | 848 followers on LinkedIn. 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. 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.
Bruce Wasserstein Net Worth | Celebrity Net Worth Drexel was a place where analysts spent days buried in the dense financials of dicey companies. Previously, he served as an Associate Principal at McKinsey & Company in the Financial Services Group. 1 and having a big firm behind them. In 2007, Merrill Lynch & Co. took a minority stake in GSO and the firm had its first closing for a new mezzanine fund. 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. New York, NY 10036 from the University of California at Berkeley. In 1995, Moran moved up to chief operating officer of fixed income, and Goodman took over all of leveraged finance. 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. She co-founded Work It, Mom! 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.
Click here. When the markets rebounded in 1991, DLJ took over as a leading player. 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. 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. 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. GSO is hoping to be a big part of the transformation.
Afsane Jetha (@afsanejetha) | Stocktwits The GSO team is confident that the bright future investors are anticipating will lose its luster sooner or later, whether its because of inaction in Washington or rumblings from North Korea, Israel or Iran. When the high-yield market trades at highs, we put out less capital, says Ostrover. Mr. Montana joined Wasserstein Debt Opportunities Management, LP in 2014 as a Finance Associate.
How Bruce Wasserstein Became The "Buyout Guru" - Finance Friday 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). Although they enjoyed being their own bosses, they missed the prestige, and the deals, that came with being part of a big organization.