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. 1 or 2 in their markets, looks at about 1,000 deals every year and completes fewer than 5 percent of those. Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling. GSO which Goodman jokingly refers to as the Warren Buffett of the dregs is at the center of a reshaped Wall Street, where newly chastened banks are retreating to traditional roles as advisers to corporations, underwriting bonds for only the most highly rated companies and riskless deals. In August the group put up $1billion in equity to buy a portfolio of busted bridge loans from Deutsche Bank, with the German bank providing 3-to-1 leverage. Russias War On Ukraine: Daily News And Information From Ukraine, Bayern Munich Remain First But Must Switch Off Complacency Ahead Of PSG Fixture, More Ex-British Challenger 2 Tanks Are Bound For Ukraine As London Doubles Its Pledge, This African Country Of Millions Is Without PowerHeres What We Know, REI Workers In Cleveland Vote To Join The Retail, Wholesale And Department Store Union, What It Took To Bring Daisy Jones And The Six To TV, Texas GOP Censures Rep. Gonzales For Supporting Same-Sex Marriage And Gun Safety, New England Patriots Reportedly Set To Release Brian Hoyer, Leaving Two In The Quarterback Room, Salesforce Gapped Higher On Better-Than-Expected Earnings. Wasserstein & Co. - Private Equity Company Info Description:Wasserstein & Co. is a private equity company based in New York, NY and has approximately $300 million in assets under management. Private Equity Associates work as a team to initiate and continue the funding process of new private equity firms. While Goodman loves to talk, Ostrover has to be pressed for details. She previously served as Partner at Wall Street Technology Partners LP and Director of the Dresdner Kleinwort Wasserstein Private Equity Group. Convene 117 West 46th Street, New York, May 23-24, 2023 When Smith was pitching deals at Credit Suisse, he was constantly being undercut by in-country banks. 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. Goodman and Ostrover joke that Smith was responsible for DLJs success. 17.5B Acquisition of Stake in Deutsche Telekoms German and Austrian Tower Business, $6B Acquisition of Ortho Clinical Diagnostics, $22.2B Combination with AT&Ts WarnerMedia, $525M Growth Equity Investment from Blackstone, $1.1B Senior Secured and Convertible Notes. This means that every time you visit this website you will need to enable or disable cookies again. In its five years in the Blackstone fold, GSO has gone from having two fund products to managing 27. We decided that the banking system is a mess globally, so lets raise some money to lend to more troubled private companies that cant tap the markets and dont have access to the banks, says Ostrover. The firms mezzanine fund has one of the best records in the industry, up an average of 19.9 percent a year net since inception in July 2007. The firm was launched in May 2013 by Rajay Bagaria with backing from Wasserstein & Co. Wasserstein & Co. is a private investment firm and the family office of the late Mr. Bruce Wasserstein, with offices in New York and Los Angeles. GSO founders Bennett Goodman, Tripp Smith and Douglas Ostrover have become a key source of capital for non-investment-grade companies struggling to get financing, and in the process they have made a lot of money for themselves; their parent, Blackstone Group; and their investors. He also served on the Board of Directors of the Center for a New American Security and the National Guard Youth Foundation. She co-founded Work It, Mom! Ibrahim joined Alta Semper in 2021 as a General Counsel. Previously, he served as an Associate Principal at McKinsey & Company in the Financial Services Group. degree in Business Administration from Western New England University with a concentration in finance. 99 Canal Center Plaza | Suite 400 Prior to joining Wasserstein & Perella Co., Inc., Mr. Campbell was an officer of Manufacturers Hanover Trust Co., where he was a member of the Acquisition Finance Group that was responsible for originating, structuring, and syndicating leveraged loans for such notable sponsors as Kohlberg Kravis Roberts & Co., among others. Private equity is a financing method that facilitates companies to acquire direct investments from PE firms for a long-term without adopting the traditional ways of fundraising such as public listing or business loans. When Bruce Wasserstein and Joe Perella Ruled the World. 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. 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. In fact, the firm is preparing to be a buyer when rates rise and long-only mutual fund managers have to sell bonds to meet investor redemptions. WHEN ASKED ABOUT HIS DECISION to switch from the sell side to the buy side, Goodman says his only regret is that he didnt make the move ten years earlier. In the 1990s, GSOs three founders, then working for Hamilton (Tony) James at DLJ, took up where Drexel left off, building that firm into the No. The new power brokers in the financial industry are money managers and investors like GSO, which control real assets. He began his career at The First Boston Corporation. During his time at the IFC, he advised on the first PPP in the West Bank. 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 . Prior to Cordiant, she gained advisory experience as a Summer Analyst with the Investment Banking and Equity Capital Markets teams at Scotiabank in Toronto. Since 2008, Blackstone has more than doubled its assets. 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. 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. Richard Parsons is the Former Chairman of the Board of Citigroup Inc., and former Chairman of the Board, and CEO of Time Warner. In early 1988, Goodman started building the capital markets business at DLJ under Moran and James. [2] One First Boston analyst, Paul Mecurio, left corporate life to become a comedian. The Deutsche Bank portfolio was marked to about 5 cents on the dollar for the quarter ended March 31, 2009. 39th Floor This Policy is intended to provide a broad framework for EagleTrees overall approach to ESG. 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. While working at Sheffield from 2010 2016, Mr. McLellan led many of the largest positions analyzing long/short equity and credit investments. Rescue lending has returned an annualized 15.2 percent since inception in September 2009. High cash-on-cash returns with capital appreciation potential. In the late 1990s, Schwarzman, a client of DLJs, asked Goodman to start a credit business at Blackstone. EagleTree recognizes that its approach to different ESG factors may vary among portfolio companies of different sizes, that fall within different industry sectors and that operate in different geographies. degree in Finance and Government from the University of Notre Dame in 2002, graduating magna cum laude. 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. Blackstones acquisition of GSO has been an undisputed winner. 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. To be sure, Blackstone is not the only manager to have smelled opportunity in the financing void. All Rights Reserved. Today it offers $27billion in alternative-investment funds, including the now $4billion hedge fund, $8billion in mezzanine funds financing buyouts for private equity $8billion in rescue lending and $7billion in small-cap direct lending. Private equity is composed of funds and investors that directly invest in private companies , or that engage in buyouts of public . The high-yield and leveraged-loan markets never developed there like they did in the U.S. (Though the hedge fund was launched in 2005, GSO has since stripped out mezzanine and other investments into separate funds.) Any deal would hinge on James, who was revered by GSOs three founders. 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. Mr. Jones is currently Chairman of Wasserstein & Co. Ara Hovnanian, CEO of Hovnanian Enterprises, knew little about GSO Capital Partners before the credit-oriented alternative asset manager offered the struggling homebuilder a lifeline last year. 2023 Forbes Media LLC. Mr. Lauder has long been committed to civic causes, public policy issues and has pursued impact investments in Africa since 2012. Our close-knit team shares 70 years of combined specialist experience gained at leading private equity and investment firms. 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. Though the three founders couldnt be more different, theyve maintained their partnership without a blip for 20 years. With Drexel and Milken gone amid a recession, many market watchers thought high-yield financing would die. Mr. McLellan began his career in direct investing in 2004. 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. 1999 Avenue of the Stars Suite 2840 Los Angeles, CA 90067United States, 1301 Avenue of the Americas 41st FloorNew York, NYUnited States. Hard work got him noticed at Drexel, as well as a meeting with Moran. Zachary joined Alta Semper in 2016 and brings more than nine years of advisory and investing experience to the firm. Europe currently offers GSO the greatest opportunities. The firm was launched in May 2013 by Rajay Bagaria with backing from Wasserstein & Co. Wasserstein & Co. is a private investment firm and the family office of the late Mr. Bruce Wasserstein, with offices in New York and Los Angeles. Wasserstein Debt Opportunities Management, LP ("WDO") is a New York-based SEC-registered investment advisor focused predominately on leveraged loans and high yield bonds. All HLS students are permitted to meet one-on-one with Wasserstein Fellows. Blackstone Groups GSO Capital: Lenders of Last Resort. Business Video. A +. Mr. OKeefe joined Wasserstein Debt Opportunities Management, LP in 2014 as an Associate. The Amazon Prime Video show's creative team reveals how a bidding war, authenticity, and passion fueled the adaptation of the best-selling novel. 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 formerly served on the Board of Trustees of Lehigh University and served as Chairman of the Board of Trustees of Fordham Preparatory School. 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. It took a week before Hovnanian softened, but GSO got its deal. 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. The private equity business of the investment firm was not included in the sale and was to be sold off to existing Wasserstein shareholders. After James joined Blackstone, Goodman took over CSFBs alternative capital division. 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. 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. In 2001, he established the Neue Galerie New York, of which he is President. 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. If you disable this cookie, we will not be able to save your preferences. 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. His research and publications focus on international development with a special focus on capacity building in health care and biopharmaceutical production in emerging economies. Click here. Wasserstein 3-in-1 Floodlight, Charger and Mount for Wyze Cam V3 (Camera Not Included) 4.8. He also serves on Semper Capitals Risk Management and Compliance committees. He was appointed Chief Compliance Officer in January 2017. A month after its launch, GSO hired Donald (Dwight) Scott, who ran the energy practice at DLJ before joining El Paso Corp. in 2000. A deal between Blackstone and GSO, however, wasnt a no-brainer. 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. She is a graduate of the University of Pennsylvania's Wharton School where she earned her BS in Economics. This ESG Policy (the Policy) amends, restates and supersedes EagleTrees ESG Policy that was first formally adopted in 2017.
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