Register now to read this article and more for free. In the era of Dodd-Frank and the Volcker rule, GSO and others like it, with their ability to make commitments, have more market power than ever, says Brian ONeil, chief investment officer of the $9billion-in-assets Robert Wood Johnson Foundation, the U.S.s largest philanthropic organization focused on public health and one of GSOs first investors. More recently, he served as a member of the Presidents Council on Jobs and Competitiveness. 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. 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. In 2015, EagleTree spun out of Wasserstein & Co, which was formed in January 2001, when the merchant banking group of Wasserstein Perella became an independent firm. OC403953. 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.While working at Sheffield from 2010 2016, Mr. McLellan led many of the largest positions analyzing long/short equity and credit investments. The future looks bright for credit investing. 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. He began his career at The First Boston Corporation. Look, the market hates your company, he told Hovnanian. We focus primarily on equipment and services relating to water (drinking, waste and industrial) and other general industrial businesses including: pipes, pumps and valves; specialty chemicals; engineering services; and sensors, meters and monitors. EagleTree continues to encourage all of its employees to actively engage in nonprofit volunteer activities and giving in our communities. EagleTree aims to provide timely information to its clients and other stakeholders on the matters addressed herein and to work with them to foster transparency with regard to its ESG initiative. But they dont want to commit their capital. 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. GSO is actively managing the leveraged-loan ETF, the first of its kind. Victoria Grace is a founding partner of Colle Capital Partners LP, an opportunistic, early stage technology venture fund. PWP provides advice to management teams and Boards of Directors on critical matters that require shareholder interaction and support, including shareholder votes on transactions and annual proxy matters, as well as shareholder activism preparation and managing a company campaign in response to an attempt by an activist to gain board control or influence. 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. Premium. Mr. Montana earned a duel B.S. An ESG Sub-Committee has also been formed to function as an ESG working group that will carry out the day-to-day aspects of EagleTrees ESG efforts and initiatives and be available as a resource for investment team members. degree in Finance and Economics from the City University of New York with a concentration in Investment Analysis. 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. from the University of California at Berkeley. Its a different kind of satisfaction walking into the CIOs office for the Bass brothers.. He also served on the Board of Directors of the Center for a New American Security and the National Guard Youth Foundation. Prior to this endeavor, she built a rich resume in the financial services sector, specifically working with private equity investment. 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). And it might be only the beginning of an even bigger U.K. commitment to Ukraines rearmament. 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. GSO and Blackstone announced the deal in January 2008. 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. PWP provides comprehensive financial restructuring and capital structure advice in connection with stressed and distressed situations, including amendments, debt exchanges, financings, distressed M&A, and balance sheet recapitalizations. Afsane is tiedpe - Afsane Jetha @afsanejetha PWP provides strategic, financial, and tactical advice in connection with executing complex mergers, acquisitions, company sales, and corporate divestitures, including carve-outs, joint ventures, and spin-offs, and relating to takeover preparedness and defense. New York, NY 10036, March 29-30, 2023 Greg began his career over 19 years ago and served as a Captain and Infantry Officer in the United States Marine Corps. He serves on the Board of Directors of USO Metro and the Board of Trustees of the Pomfret School. 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. 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. 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. Europe currently offers GSO the greatest opportunities. He currently serves on the Board of Governors of the Middle East Institute and is a former Vice Chairman of the organization. Goodman states the obvious: No company does business with us because were such nice guys, though we like to think we are. Our investment activities are focused on middle-market leveraged buyout investments and related investment activities. Copyright 2023. 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. You can find out more about which cookies we are using or switch them off in settings. Original price $69.99. In early 1988, Goodman started building the capital markets business at DLJ under Moran and James. If youve been out in the battlefield for seven years, being shot at constantly, you dont know what to do if the bullets stop flying, he told Ostrover, who left the lunch uncertain whether the CEO would agree to his plan. 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. West Palm Beach, FL 33401. 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. Mr. OKeefe earned a B.S. A +. 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. There is a place for capital formation at market rates of return and driven by problem solvers, explains Coulter. Mr. Lauder is also Chairman of the Board of Governors of the Joseph H. Lauder Institute of Management and International Studies at the Wharton School at the University of Pennsylvania. Shortly thereafter Ostrover assumed responsibility for leveraged finance and Smith joined Goodman in the alternatives group. 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. Richard was also previously the Head of Private Equity - Americas for Siemens Financial Services, Inc. Richard has invested in and worked . Wasserstein Debt Opportunities Management, LP (WDO) is a New York-based SEC-registered investment advisor focused predominately on leveraged loans and high yield bonds. 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.). Performing, price-discounted debt that we expect to recover. Thoughtful Electronics and Accessories for Smart Homes | Market leader and accessory manufacturer of smart home products such as Google Home, Nest . In September 1988 the Securities and Exchange Commission sued Drexel for insider trading and stock manipulation. Mr. McLellan was hired by Mr. Bagaria and initially worked within AIC from 2004 2006 before moving into the Strategic Value Fund. Mr. Bagaria began his career in the leveraged finance market in 1999. 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. In 2001, he established the Neue Galerie New York, of which he is President. 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. Convene 117 West 46th Street, New York, Get limited access to our industry news, analysis and data, plus regular email updates. 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. They began their partnership at the global investment bank, Wasserstein Perella & Co., where they led the merchant banking group. Our initiatives in this regard are carried out by our Philanthropic Committee, which identifies several nonprofit charities each year with whom employees volunteer and EagleTree supports. The firm honed the skills needed to look at an ugly financial situation and determine the commercial viability of a financing for both the companies and investors. She previously served as Partner at Wall Street Technology Partners LP and Director of the Dresdner Kleinwort Wasserstein Private Equity Group. At PWP, we seek talented people capable of broad and creative thinking with the drive to provide the highest quality advice to our clients. He also has experience as an investment banker at New York boutique Wasserstein . Between 2005 and 2012, GSOs assets grew at a compounded annual rate of 29 percent. Previously, Mr. Montana worked at State Street Investment Management Services where he was responsible for fund administration in Global Emerging Markets. 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. He has done extensive work on the implementation of precision medicine in the developing world. Jan 2003 - Mar 20052 years 3 months. It was a good time for Goodman, Smith and Ostrover to start their own firm. The firm invests in privately held mid-market businesses primarily headquartered in North America with a focus on the following industry sectors: media and business services; consumer; and water and specialty industrial. Rescue lending has returned an annualized 15.2 percent since inception in September 2009. She co-founded Work It, Mom! Highlight the portfolio companys progress on ESG matters. 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. [2], Perella left the firm for Morgan Stanley in 1993. 2016 Mr. McLellan joined Wasserstein Debt Opportunities Management, LP in 2017 as a Managing Director. 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. The fund, which launched in August 2015 with a $750 million target and no hard-cap, is the largest fund to date for the firm. Ronald S. Lauder is an international philanthropist, diplomat, public servant, entrepreneur, investor and patron of the arts. 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. 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. Mr. Jones received his MBA from the Yale School of Management and his B.S. Smith, who had been co-head of high-yield group among other positions at Van Kampen Investments, now runs GSOs customized credit strategies, including CLOs, closed-end funds and Franklin Square Capital Partners, its small-cap direct lending group. Victoria has worked with, and made investments in a broad range of companies, including enterprise software, wireless technologies, medical devices . Writing something down to zero is not your proudest moment, Goodman says. and co-managed the . Kenyas sole electricity distributor cited a system disturbance as a possible cause for the blackout. Private Equity. Only logged in subscribers of this site will be able to access the shared article. Private equity investors are by nature optimistic and swaggering, thinking every deal is a potential blockbuster. During his time at the IFC, he advised on the first PPP in the West Bank. With Blackstone they would get scale, a brand, idea-sharing with the firms deal makers and access to new and larger clients. 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 . 2005-2023 Wall Street Oasis. Previously, he served as an Associate Principal at McKinsey & Company in the Financial Services Group. Afsane is tiedpersonally and professionallyto East Africa as she is a fourth-generation Tanzanian. On the strength of that bridge loan business, we built ourselves up into the leading firm, says James. Credit to Steve, he really trusted me on this one, adds James, who says Blackstone was looking for an area of asset management with room to grow that would complement its existing private equity, real estate and fund-of-hedge-funds businesses. He reveres his middle-class upbringing first in Queens, New York, and later in Stamford, Connecticut and says that when he was growing up he didnt know anyone who worked on Wall Street. The private equity business of the investment firm was not included . At Apollo, Mr. Bagaria invested in several asset classes including senior debt, high yield bonds, mezzanine finance and equity. 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. Prior to that, he held various positions in state and federal government, as counsel for Nelson Rockefeller and as a senior White House aide under President Gerald Ford. 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). Its really hard for some people to be aggressive in times of disruption because you have to do your work beforehand, says partner Smith. Aligning our interests with our investors creates a long-term partnership forsuccess. 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. Debt opportunities management delivered through partnership, visionand experience. They did their homework, and they were convinced that the market was underestimating our ability to succeed in a space housing that they thought was recovering, says Hovnanian. Thats where you wanted to land a job if you were a Harvard Business School student. We partner with entrepreneurs with the goal of building great brands. Even before James left CSFB, he and Goodman talked about going off on their own. When Smith was pitching deals at Credit Suisse, he was constantly being undercut by in-country banks. In 1993, Goodman hired Smith from Salomon Smith Barney, where he worked on restructurings. Perella Weinberg Partners LP and Tudor, Pickering, Holt & Co. Securities, LLC are members of FINRA and SIPC.Perella Weinberg UK Limited is authorized and regulated by the Financial Conduct Authority.Perella Weinberg Partners France is authorized and regulated by the ACPR and by the AMF. Prior to that time he was a Senior and Founding Member of the Merchant Banking Group of Wasserstein & Perella Co., Inc. since its inception in 1988. In its five years in the Blackstone fold, GSO has gone from having two fund products to managing 27. Senior Vice President of North America Sales at Twilio. 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. Ibrahim joined Alta Semper in 2021 as a General Counsel. Prior to joining Alta Semper, Zachary was a Senior Associate at Emerging Capital Partners where he covered infrastructure and consumer / retail investments in Kenya. Terms & Conditions. 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. Alexandria, VA 22314, 515 North Flagler Drive | Suite 1450 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. degree in Business Administration from Western New England University with a concentration in finance. EagleTree Capital has taken into consideration a variety of representative policy documents, including the United Nations Principles for Responsible Investment, in the development of our Environmental, Social and Governance (ESG) Policy. She co-founded Work It, Mom! The strategy of Alta Semper is to invest flexible and strategic capital into market-leading business models in the . The year he joined, the firm became the No. [8], In 2000, Wasserstein Perella ranked fifth in the U.S. as an adviser on mergers and acquisitions. 1999 Avenue of the Stars Suite 2840 Los Angeles, CA 90067United States, 1301 Avenue of the Americas 41st FloorNew York, NYUnited States. degree in Finance, Investment, and Banking from the University of Wisconsin, graduating with Honors. Wasserstein & Co. also manages a significant portfolio of debt and equity securities and other investments on behalf of our stockholders and other investors. Banks may no longer have the balance sheets, but big institutional investors like sovereign wealth funds, endowments and pension funds do. Sustainable Business. Wasserstein & Co. is an independent private equity and investment firm, with offices in New York and Los Angeles. Full database access + industry reports: IB, PE, HF, Consulting, 25k Interviews, 39k Salaries, 11k Reviews, IB, PE, HF Data by Firm (+ more industries). from the University of California at Berkeley. Wasserstein & Co. is an independent private equity and investment firm, with offices in New York and Los Angeles. A month after its launch, GSO hired Donald (Dwight) Scott, who ran the energy practice at DLJ before joining El Paso Corp. in 2000. Mr. OKeefe joined Wasserstein Debt Opportunities Management, LP in 2014 as an Associate. GSOs returns have been top quartile. Wasserstein & Co. is an independent private equity and investment firm, with offices in New York and Los Angeles. Orkila Capital was formed in 2013 to pursue proprietary and compelling growth equity investment opportunities in the media, entertainment and consumer sectors. The Retail, Wholesale and Department Store Union (RWDSU), yesterday said that, at REI Inc. in Cleveland, Ohio, have voted to join the RWDSU, making this the third unionized REI store in the U.S. Convene 117 West 46th Street, New York, May 23-24, 2023 Junk bonds also fueled the leveraged buyouts of the 1980s, when firms like KKR targeted companies that had once turned deaf ears to shareholder demands. She holds a BCom in Economics and Finance from McGill University and speaks English, Arabic and Armenian, and is proficient in French. Mr. Jones is currently Chairman of Wasserstein & Co. 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. This Wasserstein & Co. works on 31 percentage points more the average amount of lead investments comparing to the other organizations. Mr. McLellan began his career in direct investing in 2004. Mr. Bagaria was a board director of LVI Services, Inc., Generation Brands and Playpower, Inc. During the most recent recession, Mr. Bagaria was a manager of a multi-billion dollar senior loan vehicle. Prior to joining Alta Semper, she was an Associate at Cordiant Capital, an emerging markets fund manager based in Montreal, where she conducted financial analysis and due diligence, worked on structuring and executing direct lending deals in TMT (Technology, Media & Telecom), Structured Trade Finance and Specialty Financial Services in EMEA, Latin America and Southeast Asia. He began his career at The First Boston Corporation. 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. More. Our team consists of exceptional individuals who, through collaboration and sharing of diverse perspectives and experiences, formulate unique solutions to help our clients address complex strategic and financial challenges. But its deals remained small, providing funding for companies like Pacific Lumber and Caff Nero, a U.K. coffeehouse chain. Private Equity Associates work as a team to initiate and continue the funding process of new private equity firms. Private equity (PE) refers to capital investment made into companies that are not publicly traded. We build SMAs to meet clients yield and volatility targets. Former Senior Vice President of North America Sales at Genesys. 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. He also serves on Semper Capitals Risk Management and Compliance committees. Summarize the positive impact that our integration of ESG initiatives had on the portfolio companys business and/or culture. Overview of Wasserstein US Equity Partners IV Wasserstein US Equity Partners IV is a closed private equity fund managed by EagleTree Capital . Key Takeaways. and co-managed the company for five years until its merger. As 2008 wore on and the credit crisis gathered steam, GSO started putting money to work. 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. Wasserstein Home | 848 followers on LinkedIn. The former undrafted free agent's contract includes $1.4 million in remaining guaranteed salary. 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. Upon Dresdner Bank's acquisition of Wasserstein Perella in January 2001, Wasserstein & Co. was spun off as an independent company owned by Bruce who . 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. She previously served as Partner at Wall Street Technology Partners LP and Director of the Dresdner Kleinwort Wasserstein Private Equity Group.