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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. We partner with entrepreneurs with the goal of building great brands. Credit investors, on the other hand, are pessimists, aware that the upside of their investments is limited, evaluating everything that can go wrong in an effort to protect their principal. With $58billion in assets under management and 235 employees, GSO has grown fivefold under the Blackstone umbrella. 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. Afsane Jetha @afsanejetha - MyMiniFactory Wasserstein & Co. to Sell High Pressure Equipment Company 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. The firm financed Sonys deal to buy EMI, giving the Japanese electronics maker access to a music catalog that included more than 200 songs by the Beatles. Terms & Conditions. 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. Prior to this endeavor, she built a rich resume in the financial services sector, specifically working with private equity investment. We build SMAs to meet clients yield and volatility targets. Indeed, when Hovnanian announced the land banking deal on July 13, 2012, its stock rose, its senior secured debt traded up from 84 to 97 cents on the dollar, and the price of the CDS contracts collapsed. Greg is responsible for oversight and portfolio management at PIC. 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). 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. The firm, which has a competitive advantage by doing most of its own loan originations and investing in companies that are No. He has done extensive work on the implementation of precision medicine in the developing world. 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. 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. Houston-based Scott oversees GSOs energy group. Current market conditions are setting the stage for a lot of future opportunities for GSO. That also plummeted in value. 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. We want to buy you.. 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 new power brokers in the financial industry are money managers and investors like GSO, which control real assets. Leadership - EnsoData In recent years, the firm has invested in pharmaceutical manufacturing, retail pharmacy, cancer care and diagnostics platforms in Egypt, Nigeria and Morocco. New York, NY 10036, Wasserstein Debt Opportunities - PitchBook Data Marina joined Alta Semper in January 2019. In 2007, Merrill Lynch & Co. took a minority stake in GSO and the firm had its first closing for a new mezzanine fund. There is a wealth transfer going on from banks shareholders to the investors in our funds, says Goodman. 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. Board of Directors | Swvl Holdings Competition from increasingly bigger banks was fierce. 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. 1 underwriter for high-yield bonds, a distinction it would keep for 12 years. Private equity (PE) refers to a constellation of investment funds that invest in or acquire private companies that are not listed on a public stock exchange. 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. She has worked for GI Partners, Merrill Lynch, Wasserstein Private Equity, and Permira in London. Mr. Lauder also created Central European Media Enterprises, Ltd (NASDAQ: CETV), a leading commercial television company that reaches 95 million people in seven countries throughout Central and Eastern Europe. Wasserstein controlled Wasserstein & Co., a private equity firm with investments in a number of industries, particularly media. 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. But the GSO team immediately understood the annuity-like cash flow streams of music publishing and how much less volatile it is than recorded music and less subject to the decline of physical recorded media., Wiesenthal adds that GSO was flexible enough to let billionaire David Geffen, also an investor, participate in the transaction late in the game. This Policy is intended to provide a broad framework for EagleTrees overall approach to ESG. 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. Parsons was named Americas Best CEO in the entertainment industry by Institutional Investor in 2005. Original price $69.99. 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. Victoria has extensive experience in originating, structuring and monitoring venture capital transactions. 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. Smith had joined Salomon from Drexel, leaving with a group during the bankruptcy. 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. And this is good for the economy. TPG launched its own midmarket lender after the financial crisis and has both competed and partnered with GSO. PWP provides financial and structuring advice in connection with capital raising alternatives, including debt, equity, and hybrid capital, identifying alternative sources of growth capital, including SPACs and private capital, and assisting with identifying investors, developing terms and structuring the transaction. 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. Thats where you wanted to land a job if you were a Harvard Business School student. At the same time, the platform gives it a lot of different eyes into potential investments. 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. 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. Private equity firms close in on Wasserstein's ALM | Reuters 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. The market is saying youre going bankrupt, Ostrover added. Work with portfolio companies to advance EagleTrees ESG principles with the goal of improving long-term performance and minimizing adverse impacts in these areas. Thoughtful Electronics and Accessories for Smart Homes | Market leader and accessory manufacturer of smart home products such as Google Home, Nest . 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. Wasserstein Home | LinkedIn Vince Capurso - General Tax Counsel / Board Director / Advisor . 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. As a result, the high-yield and leveraged-loan markets never developed in Europe to the extent they did in the U.S. 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. GSO founders Goodman, Ostrover and Tripp Smith have emerged as lenders of last resort, filling the gaping financing void left by banks and opportunistic hedge funds in the wake of the 200809 financial crisis. 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. Highlight the portfolio companys progress on ESG matters. 1185 Avenue of the Americas, 39thFloor With over 15 years of experience, the principals of Orkila seek to leverage their deep industry knowledge and . A link has been emailed to you - check your inbox. EagleTree continues to promote diverse perspectives. 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. 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. Lets face it, if a company can tap the public markets, they will, and theyll get a much better deal.. 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. 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. He focused on Consumer Products and broader Sub-Saharan Africa. 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. Private Equity Explained With Examples and Ways to Invest - Investopedia 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. Mr. Montana joined Wasserstein Debt Opportunities Management, LP in 2014 as a Finance Associate. The future looks bright for credit investing. Instead, banks dominated the leveraged-finance markets, with few institutional buyers such as high-yield mutual funds. My Top SPAC Play for 2021 - Data Intelligence. While working at Sheffield from 2010 2016, Mr. McLellan led many of the largest positions analyzing long/short equity and credit investments. Before that she was a Director of Dresdner Kleinwort Wasserstein Private Equity Group. Wasserstein Perella & Co. - Wikipedia Drexel had unwittingly passed the high-yield baton to DLJ. 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. 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. All rights reserved. Business Video. Mr. Jones is currently Chairman of Wasserstein & Co. Wasserstein Home | 848 followers on LinkedIn. To support African health management excellence, he co-founded the African Institute for Health Care Management. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. 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. The big Swiss bank wanted Goodmans leveraged-finance business as well as DLJs merchant banking and real estate groups. They do it because they cant get the capital otherwise. And many companies say GSO doesnt scrape every penny out of a deal. 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. Private Equity Associates work as a team to initiate and continue the funding process of new private equity firms. [9] He was CEO since the firms formation in 2001 through 2012. Wasserstein Debt Opportunities 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. [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. He later became CEO of Lazard Ltd, while at the same time sitting atop private equity firm Wasserstein & Co, which continues to operate. Mr. Bagaria is the Advisors President and Chief Investment Officer. The day in early 1983 that the three firms sent recruiters to the campus, Bennett Goodman was playing basketball; when the game went into overtime, he arrived too late to get into the crowded blue-chip presentations. IN THE 1980S,WALL STREEThad a clear pecking order. Prior to Cordiant, she gained advisory experience as a Summer Analyst with the Investment Banking and Equity Capital Markets teams at Scotiabank in Toronto. Greg began his career over 19 years ago and served as a Captain and Infantry Officer in the United States Marine Corps. We pride ourselves on talent, integrity and intellect. For $340 Million, Globecomm Allows Wasserstein to Take it Private Therefore, EagleTree may incorporate and alter different elements of this Policy for different portfolio companies across the stages of the investment management process, including during pre-acquisition, throughout ownership, and when positioning a portfolio company for an exit. In 1993, Goodman hired Smith from Salomon Smith Barney, where he worked on restructurings. 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 private equity business of the investment firm was not included in the sale and was to be sold off to existing Wasserstein shareholders. Alexandria, VA 22314, 515 North Flagler Drive | Suite 1450 Loan prices dropped 30 points, obliterating almost the entire investment at least on paper. 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. The higher amount of exits for fund were in 2011. PETER A. WEINBERG 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. Goodman and Ostrover joke that Smith was responsible for DLJs success. Goodman is the storyteller of the group, Ostrover is Mr. Markets, and Smith wants to stay out of the limelight and just do deals. This Policy reflects our current approach to considering and addressing Environmental, Social and Governance (ESG) factors and which has been further developed and refined since we became a PRI signatory in 2019. Thoughtful Smart Home Products Wasserstein Home Blackstone Groups GSO Capital: Lenders of Last Resort. Afsane speaks Gujarati and French and is fourth-generation Tanzanian. Wasserstein Debt Opportunities Management, LP ("WDO") is a New York-based SEC-registered investment advisor focused predominately on leveraged loans and high yield bonds. (Though the hedge fund was launched in 2005, GSO has since stripped out mezzanine and other investments into separate funds.) The common things for fund are deals in the range of 10 - 50 millions dollars. Mr. Lauder has long been committed to civic causes, public policy issues and has pursued impact investments in Africa since 2012. Though the three founders couldnt be more different, theyve maintained their partnership without a blip for 20 years. Shortly thereafter Ostrover assumed responsibility for leveraged finance and Smith joined Goodman in the alternatives group. Wasserstein & Co. manages capital on behalf of institutional and individual investors. 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. 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. 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. PE firms charge a management fee of typically 2% of AMU and a performance fee of 20% of the profits. The next year it acquired nine CLOs from Allied Capital Corp., and a year later it bought Harbourmaster Capital Management, a $10billion European leveraged-loan manager, and four CLOs from Allied Irish Bank. With Drexel and Milken gone amid a recession, many market watchers thought high-yield financing would die. The Capital Solutions Fund GSOs rescue lending vehicle is an object lesson in the maturation of alternative credit. SUMMER analyst pay at smaller banks | Wall Street Oasis Wasserstein & Co. also manages a significant portfolio of debt and equity securities and other investments on behalf of our stockholders and other investors. 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. EagleTree Capital | The Firm - A team-based approach to investing Founded in 2001, MVision Private Equity Advisers is widely recognized as one of the world's leading independent international alternative assets advisory firms, raising capital for Private Equity, Real Estate, Real Assets, Credit and Direct transactions in both the developed and emerging markets. To be sure, Blackstone is not the only manager to have smelled opportunity in the financing void. 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. In 1988, Bruce established a private equity division of Wasserstein Perella & Co., called Wasserstein & Co., which he used to manage and invest his personal wealth and later, that of his family. 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