When the high-yield market trades at highs, we put out less capital, says Ostrover. GSO and Blackstone announced the deal in January 2008. The following March, Milken was indicted for racketeering and securities fraud. Mr. McLellan began his career in direct investing in 2004. Wasserstein Home | 849 followers on LinkedIn. He has done extensive work on the implementation of precision medicine in the developing world. Mr. Campbell is active in both geopolitical and philanthropic endeavors. Apologizing for the seeming hokeyness of it, he refers to a black-and-white picture in his office of New Yorks Orchard Street early in the past century, with unpaved, muddy roads; pushcarts; and a glimpse of Ostrovers Smoked Fish. Afsane is tiedpersonally and professionallyto East Africa as she is a fourth-generation Tanzanian. But Goodman shunted humility aside at least temporarily during his lunch with Moran. Engage with outside advisors, as necessary, to analyze and address ESG issues, risks and opportunities that arise. In this regard, EagleTree has adopted a Diversity & Inclusion Statement and, in 2021, became a signatory to ILPAs Diversity in Action Initiative. She has strong personal and professional ties to East Africa being a fourth generation Tanzanian. Mr. Campbell received a B.S. The deal wouldnt have happened without Goodman, Smith and Ostrovers former boss, Tony James, who had joined Blackstone as president in 2002 after Credit Suisse bought DLJ and who manages the firms day-to-day operations. The Hovnanian deal was originated through the hedge fund but later expanded to include the rescue financing fund. In July 2007, he sold American Lawyer Media to Incisive Media for about $630 million in cash. 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. This Wasserstein & Co. works on 31 percentage points more the average amount of lead investments comparing to the other organizations. Before joining Time Warner, in 1995, Mr. Parsons was Chairman and CEO of Dime Bancorp, Inc., one of the largest thrift institutions in the United States. The firm has financed well-known names like Chesapeake Energy Corp., struggling with weak natural-gas prices and controversy around its ex-CEO and needing capital to develop lucrative energy projects, and Sony Corp. while also providing $650million of capital to smaller homebuilding companies like the U.K.s Miller Group and $888million to companies in Europe last year, including Canberra Industries, Welcome Break and EMI Music Publishing. When the markets rebounded in 1991, DLJ took over as a leading player. With Blackstone they would get scale, a brand, idea-sharing with the firms deal makers and access to new and larger clients. Wasserstein & Co. also manages a significant portfolio of debt and equity securities and other investments on behalf of our stockholders and other investors. Lets face it, if a company can tap the public markets, they will, and theyll get a much better deal.. If we were Schmeckle & Schmeckle or just stand-alone GSO, theres no way the board of Sony or some of these other companies would have gone along with some no-name firm, he explains. In 2008, Blackstone, looking to diversify, paid $1billion to acquire GSO, which then had a $3.2billion credit hedge fund, $500million in mezzanine investments and a $4.8billion collateralized loan obligation business. from the University of California at Berkeley. He currently serves on the Board of Governors of the Middle East Institute and is a former Vice Chairman of the organization. She has worked for GI Partners, Merrill Lynch, Wasserstein Private Equity, and Permira in London. We have a reputation for identifying and . But, as Smith says, its also a great place to lose money. Wasserstein & Co. is an independent private equity and investment firm, with offices in New York and Los Angeles. Now the emergence of alternative credit mirrors tools that equity investors have had with private equity, says TPGs Coulter. Afsane Jetha is the CEO and Managing Partner of Alta Semper Capital, a dedicated growth markets private equity manager, which she co-founded in 2015 alongside Ronald Lauder (Chairman of Clinique, Este Lauder Companies) and Richard Parsons (Former CEO of Time Warner Group). Shortly thereafter Ostrover assumed responsibility for leveraged finance and Smith joined Goodman in the alternatives group. When DLJ tried issuing its own highly confident letters, they meant nothing, as DLJ had a small balance sheet. 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. He was CEO since the firms formation in 2001 through 2012. Part of GSOs success comes from leaving some money on the table. Former Senior Vice President of North America Sales at Genesys. 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: degree in Finance and Government from the University of Notre Dame in 2002, graduating magna cum laude. Investments can also be shared. Oct. 15, 2009 12:58 pm ET. Jones received his MBA from the Yale School of Management and his B.S. All rights reserved. She holds her MBA from Harvard Business School and a Bachelor of Science in Economics from The Wharton School at the University of Pennsylvania. 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 co-founded Work It, Mom! 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. 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. His company had been bleeding money for six years and had used up every penny of its capacity to issue secured debt. Prior to that, among other positions, Victoria Grace was a partner at Wall Street Technology Partners LP, a mid-stage technology fund, from November 2000 to February 2014, and a director of Dresdner Kleinwort Wasserstein Private Equity Group from November 2000 to October 2004. Every Monday the investment staff meets to go over ideas and review the pipeline. Ibrahim joined Alta Semper in 2021 as a General Counsel. At the same time, the platform gives it a lot of different eyes into potential investments. Terms & Conditions. On the strength of that bridge loan business, we built ourselves up into the leading firm, says James. corporate development. 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. GSO was very synergistic and complemented our other businesses well.. 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 honeymoon was over quickly, though. With Drexel and Milken gone amid a recession, many market watchers thought high-yield financing would die. 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. GSOs investors, by contrast, had a paltry $22million invested with Goodman, Ostrover and Smith. 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. At a bank youre working for anonymous shareholders, trying to make as much money as you can, he explains. 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. Since 2008, Blackstone has more than doubled its assets. GSO is hoping to be a big part of the transformation. 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. (Though the hedge fund was launched in 2005, GSO has since stripped out mezzanine and other investments into separate funds.) While non-investment-grade companies need capital, investors need yield, and alternative credit strategies like those offered by GSO provide a much-needed boost to returns for bond portfolios. . That makes GSO Blackstones fastest-growing business in terms of both earnings and assets. EagleTrees ESG initiatives will be overseen by its ESG Committee, which includes EagleTrees two Co-Managing Partners and other members of senior management. With over 15 years of experience, the principals of Orkila seek to leverage their deep industry knowledge and . Because of the regulatory environment, its harder for them to do that economically. Mr. McLellan joined Wasserstein Debt Opportunities Management, LP in 2017 as a Managing Director. The ESG Committee also aims to ensure that all EagleTree employees are aware of EagleTrees culture of social responsibility and any amendments to this Policy. Prior to that, he worked for 14 years in Senior Hedge Fund operations positions for top tier firms, including IFS State Street and HSBC. Through this process, however, I feel like just getting a gig in any respectable private equity shop is tough -- and even though I came from a top 5 school and currently work in equity research at a bulge bracket, I still feel like I'm pretty low in the "pecking order" when it comes to recruiting simply because there are so many bankers trying . Victoria Grace is a founding partner of Colle Capital Partners LP, an opportunistic, early stage technology venture fund. Europe currently offers GSO the greatest opportunities. 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. [1], In a 2007 New York Times article, Perella was described as "one of the financial industrys sharpest recruiters" who "discovered and helped train" Wasserstein Perella. The New England Patriots plan to release 37-year-old quarterback Brian Hoyer at the beginning of the 2023 league year, as first reported by SiriusXM NFL's Adam Caplan. Although they enjoyed being their own bosses, they missed the prestige, and the deals, that came with being part of a big organization. Greg is responsible for oversight and portfolio management at PIC. He worked across the private equity life cycle including fund raising, new investments, portfolio management and exits. Prior to joining Alta Semper, he was a Senior Associate at Matouk Bassiouny in Cairo, Egypt (a leading regional law firm). A -. Mr. Montana joined Wasserstein Debt Opportunities Management, LP in 2014 as a Finance Associate. Eleven months later the U.S. housing rebound is official and Hovnanian Enterprises is flourishing, expecting 2013 to be its first profitable year since 2006. As a consequence, banks want to syndicate risk into the market put together a road show and talk to 200 investors. During his time at the IFC, he advised on the first PPP in the West Bank. The ESG Committee will meet at least quarterly. Smith is the third generation in his Indianapolis Irish family to graduate from the Catholic university; two of his four kids are currently studying there. Mr. Wasserstein died in 2009. Banks may no longer have the balance sheets, but big institutional investors like sovereign wealth funds, endowments and pension funds do. It took a week before Hovnanian softened, but GSO got its deal. 1 leveraged-finance player, lending to blemished companies that were in some of the fastest-growing sectors of the U.S. economy, including energy exploration and homebuilding. This Policy is intended to provide a broad framework for EagleTrees overall approach to ESG. 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. [2], Perella left the firm for Morgan Stanley in 1993. The top skills needed for this position are business management, market analysis, finance and accounting, problem-solving, data . The company would sell its property inventory to a land bank created by GSO in return for a $125million cash infusion. With nearly 400 . 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 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 . 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. And, yes, we've come a long way, baby! Overview of Wasserstein US Equity Partners IV Wasserstein US Equity Partners IV is a closed private equity fund managed by EagleTree Capital . 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. Remnants of the financial crisis continue to cast a shadow on markets, especially in Europe. The firm manages capital on behalf of institutional and individual investors. 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. View full details. and co-managed the company for five years until its merger. (5) Wasserstein. A verification email is on its way to you. Previously, Mr. Montana worked at State Street Investment Management Services where he was responsible for fund administration in Global Emerging Markets. All HLS students are permitted to meet one-on-one with Wasserstein Fellows. Acquisition of Stake in Deutsche Telekoms German and Austrian Tower Business, Acquisition of Ortho Clinical Diagnostics, Household / Personal Care & Beauty Products, Digital Infrastructure (Data Centers, Fiber, Satellite, Towers), New Self-Regulatory Organization of Canada. 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. 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. 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. Goodman and Ostrover joke that Smith was responsible for DLJs success. Credit jumped off the page.. and co-managed the company for five years until its merger. Morants agent denied previous allegations he hit and flashed his gun at a teenager suggesting they were made to tarnish his reputation. Balkan Advisory Company, Sofia, Bulgaria. As a result of the cumulative research among the different Blackstone groups, private equity bought $220million of nonperforming residential loans, the real estate team purchased $1.4billion of single-family homes to lease, and GSO invested in Hovnanian. 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 . 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. degree in Individualized Study at New York University with studies at the London School of Economics, graduating cum laude. Copyright 2023. Wasserstein Debt Opportunities Management, LP ("WDO") is a New York-based SEC-registered investment advisor focused predominately on leveraged loans and high yield bonds. from the University of California at Berkeley. Wasserstein 3-in-1 Floodlight, Charger and Mount for Wyze Cam V3 (Camera Not Included) 4.8. Having a better understanding of credit markets, having a better idea of how we could finance a creative idea, would make us better in private equity, says James. 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. In February 1990, Drexel filed for bankruptcy; two months later Milken pled guilty to lesser charges, agreeing to pay a $600million fine and serve ten years in jail. Blackstones real estate group saw similar evidence, and BAAM expected mortgage improvement based on results from its underlying hedge funds. 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. He recently served on the Boards of Directors of Harry & David, Encompass Digital Media, and Access Scientific. Over the last 30 years, Mr. Campbell has served as a member of the Boards of Directors of public and private companies operating both within the US and globally and for numerous investments while at Wasserstein & Perella Co., Veritas Capital and DC Capital. Tailor specific ESG inquiries and approaches based on various investment factors including the core industry sector of a particular investment. 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. 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. The former undrafted free agent's contract includes $1.4 million in remaining guaranteed salary.