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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. He holds graduate and undergraduate degrees in life sciences and humanities from Villanova University, studied medicine and epidemiology at the Hahnemann Medical College, and has an MBA from the Wharton School of the University of Pennsylvania and a Doctorate in Business Administration from the Fox School of Business at Temple University. Mr. Dutton earned a Masters degree in Economics from University College Dublin and a joint Honors degree in Business and Economics from Trinity College Dublin. When the markets rebounded in 1991, DLJ took over as a leading player. 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. When DLJ tried issuing its own highly confident letters, they meant nothing, as DLJ had a small balance sheet. He was a graduate of the McBurney School, University of Michigan, Harvard Business School, and Harvard Law School, and spent a year at the University of Cambridge.He was prominent in the mergers and acquisitions industry, credited with working on 1,000 transactions with a . Victoria serves on the board of Vostok New Ventures, an investment company with presence in Sweden. Traders betting against the company lost money. In its five years in the Blackstone fold, GSO has gone from having two fund products to managing 27. By that July the three partners had launched GSO with 25 employees and one hedge fund. 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. Executives at two publicly traded alternatives firms say they arent so much concerned about Blackstone as a competitor in private equity but that theyve been blindsided by GSOs growth. Afsane is tiedpersonally and professionallyto East Africa as she is a fourth-generation Tanzanian. Mr. Dutton has been working in the Hedge Fund Industry since 1997 and joined Wasserstein Debt Opportunities Management, LP in June 2013. [7] The investment banking business of Dresdner Bank changed its name to Dresdner Kleinwort Wasserstein as a result of the deal. Previously, Mr. OKeefe worked at S&P Capital IQ Leveraged Commentary & Data Group where he was responsible for research on leveraged loans and high yield bonds. Alice Katwan. Mr. McLellan joined Wasserstein Debt Opportunities Management, LP in 2017 as a Managing Director. 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. Afsane speaks Gujarati and French and is fourth-generation Tanzanian. Mr. Bagaria is the Advisors President and Chief Investment Officer. degree in Finance, Investment, and Banking from the University of Wisconsin, graduating with Honors. Copyright 2023. 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. 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. Remnants of the financial crisis continue to cast a shadow on markets, especially in Europe. She co-founded Work It, Mom! Blackstones offices on Park Avenue are nothing short of glitzy, with unobstructed views of the New York skyline and floors connected by grand staircases with polished metal banisters. 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. All Rights Reserved. We pride ourselves on talent, integrity and intellect. About Wasserstein & Co. Wasserstein & Co. is a leading independent private equity and investment firm, focused primarily on leveraged buyout investments and related investment activities. Register now to read this article and more for free. 39th Floor EagleTree believes that it is better positioned to address many of the issues facing our portfolio companies in a rapidly changing world when we proactively incorporate ESG considerations into our investment approach. Senior Vice President of North America Sales at Twilio. 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 is in charge of all of the Firms operations and leads the investment decision making process for all capital investments. The market is saying youre going bankrupt, Ostrover added. Alta Semper Capital LLP is authorised and regulated by the Financial Conduct Authority (FCA) under Firm Reference Number (FRN) 756838. 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. [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. He has done extensive work on the implementation of precision medicine in the developing world. 2023 Forbes Media LLC. At the same time, the platform gives it a lot of different eyes into potential investments. Engage with outside advisors, as necessary, to analyze and address ESG issues, risks and opportunities that arise. 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 EagleTree Capital team is currently investing its fifth private equity fund, EagleTree Partners V, with over $1.1 billion of committed capital. 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. From 2002 2004, Mr. McLellan worked as an analyst for Deutsche Bank focusing on Mergers & Acquisitions and Media Investment Banking. Oct. 15, 2009 12:58 pm ET. He began his business career in 1980 as a staff accountant at Coopers and Lybrand where he advanced to the position of tax manager, CPA, before his departure. More recently, he served as a member of the Presidents Council on Jobs and Competitiveness. Wasserstein Home | 849 followers on LinkedIn. Loan prices dropped 30 points, obliterating almost the entire investment at least on paper. He might have been young, but it was like a pro coming into an amateur team, adds James, who then ran DLJs investment bank. degree in Business Administration from Western New England University with a concentration in finance. Goodman states the obvious: No company does business with us because were such nice guys, though we like to think we are. Manage and implement various projects in the fields of corporate finance, mergers & acquisitions, project finance, capital markets, private equity and asset management. 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. 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. Mr. Jones is currently Chairman of Wasserstein & Co. 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). Do you thrive in a challenging environment that combines intensity with collaboration? The strategy of Alta Semper is to invest flexible and strategic capital into market-leading business models in the . [2] One First Boston analyst, Paul Mecurio, left corporate life to become a comedian. This Wasserstein & Co. works on 31 percentage points more the average amount of lead investments comparing to the other organizations. With nearly 400 . The private equity business of the investment firm was not included in the sale and was to be sold off to existing Wasserstein shareholders. Original price $69.99. In July 2007, he sold American Lawyer Media to Incisive Media for about $630 million in cash. Between 2005 and 2012, GSOs assets grew at a compounded annual rate of 29 percent. Wasserstein Debt Opportunities Management, LP (WDO) is a New York-based SEC-registered investment advisor focused predominately on leveraged loans and high yield bonds. The firm had purchased a small CLO group, run by Daniel Smith, from Royal Bank of Canada. In recent years, the firm has invested in pharmaceutical manufacturing, retail pharmacy, cancer care and diagnostics platforms in Egypt, Nigeria and Morocco. Victoria serves on the board of Vostok New Ventures, an investment company with presence in Sweden. The fund's final close was first reported . After six months of negotiations, Goodman and his partners said yes. The following March, Milken was indicted for racketeering and securities fraud. 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. GSO was very synergistic and complemented our other businesses well.. What was a wide-open white space for us? 99 Canal Center Plaza | Suite 400 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. from the University of California at Berkeley. and co-managed the company for five years until its merger. In the old days a bank might have been more willing to commit its balance sheet for long-standing clients, says Bennett Goodman, the 56-year-old G in GSO, who started his career at Drexel Burnham Lambert in the 1980s. In September 1988 the Securities and Exchange Commission sued Drexel for insider trading and stock manipulation. In 1992, Goodman hired Ostrover from Grantchester Securities, the high-yield arm of boutique investment bank Wasserstein Perella & Co., to run DLJs sales and trading. EagleTree seeks to improve diversity and inclusion within the Firm, across its portfolio company investments and in the private equity industry, where possible. 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. Dresdner won't acquire Wasserstein's private equity business, which will be spun off to the U.S. firm's existing shareholders. Mr. McLellan began his career in direct investing in 2004. 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. Mr. Campbell received a B.S. Mr. Parsons was named Americas Best CEO in the entertainment industry by Institutional Investor in 2005. 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. 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. 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. She has strong personal and professional ties to East Africa being a fourth generation Tanzanian. Annual high-yield issuance is more than double what it was in 2006 and 2007, 61 percent of bonds are trading at or above their call prices, and new issuance of covenant-lite leveraged loans in 2012 surpassed the levels seen during the credit craze in the middle of the past decade. GSO and Blackstone announced the deal in January 2008. Ahmed joined Alta Semper in 2018 as a Director. Rescue lending has returned an annualized 15.2 percent since inception in September 2009. Ibrahim joined Alta Semper in 2021 as a General Counsel. We take a unique approach to asset management. 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. Mr. Jones is currently Chairman of Wasserstein & Co. High cash-on-cash returns with capital appreciation potential. Mr. Kelsey joined Wasserstein Debt Opportunities Management, LP in 2013 as an Associate. corporate development. These initiatives and strategies include new product launches, entrance into new markets, add-on acquisitions and operational improvements. Ryan Mollett, a 34-year-old managing partner who joined News group from BlackRock in 2011, wrote a paper late that year asserting that the housing market had bottomed. Our close-knit team shares 70 years of combined specialist experience gained at leading private equity and investment firms. 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. Thoughtful Electronics and Accessories for Smart Homes | Market leader and accessory manufacturer of smart home products such as Google Home, Nest . 100%. 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. 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. Work with portfolio companies to address ever-changing cyber-security considerations. Ting-Li Wang/The New York Times. He was CEO since the firms formation in 2001 through 2012. And it might be only the beginning of an even bigger U.K. commitment to Ukraines rearmament. 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. Contribute to the database and get 1 month free* Full online access! Convene 117 West 46th Street, New York, Get limited access to our industry news, analysis and data, plus regular email updates. 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. As a result, the high-yield and leveraged-loan markets never developed in Europe to the extent they did in the U.S. 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. If you're happy with cookies click proceed. 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. 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. Current market conditions are setting the stage for a lot of future opportunities for GSO. In 2008, Mr. Parsons served as a member of then-President-Elect Barack Obamas Economic Transition Team. About Wasserstein Partners IV Wasserstein Partners IV is a mid-market buyout fund managed by WP Capital Management, the private equity investment company formerly associated with Wasserstein Perella Group and Wasserstein & Co. Wasserstein & Co. www.wasserco.com 1999 Avenue of the Stars Suite 2840 Los Angeles, CA 90067-6086 Anup Bagaria Vice Chairman and Managing Director His company had been bleeding money for six years and had used up every penny of its capacity to issue secured debt. Mr. Bagaria earned a B.A. He is credited with the term, Pac-Man defense, which is used by . Europe currently offers GSO the greatest opportunities. EagleTree Capital is an independent private equity firm located in New York. The stock rose 170 percent between July 2012 and the end of the year. Heres How To Trade The Stock Now, NBA Investigating Ja MorantGrizzlies Star Allegedly Flashed Gun On Instagram After Reports Of Violent Behavior, Liverpool Legend Roberto Firmino Reportedly Offers Himself To FC Barcelona, A Century Of Women, Work - And Juggling Family, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. Writing something down to zero is not your proudest moment, Goodman says. 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. No one has represented Blackstones opulence more than its billionaire co-founder Schwarzman, who in 2000 reportedly paid $37million for a 34-room triplex on Park Avenue and has owned vacation properties in the Hamptons; Jamaica; Palm Beach, Florida; and Saint-Tropez.

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