wasserstein private equity

Marina joined Alta Semper in January 2019. Its investment activities are focused on . Duties include reviewing potential transactions, analyzing investor and partner needs, analyzing and making financial decisions, and preparing reports. You can find out more about which cookies we are using or switch them off in settings. Mr. McLellan earned a B.S. Legacy ABOUT WASSERSTEIN. Prior to Cordiant, she gained advisory experience as a Summer Analyst with the Investment Banking and Equity Capital Markets teams at Scotiabank in Toronto. Wasserstein & Co. also manages a significant portfolio of debt and equity securities and other investments on behalf of our stockholders and other investors. The private equity business of the investment firm was not included in the sale and was to be sold off to existing Wasserstein shareholders. 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. GSO, which is owned by private equity giant Blackstone Group, had spent six months digging into the finances of Hovnanian and had been buying up its equity, secured debt and unsecured debt since March. 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. Click here to register, Not for publication, email or dissemination, When it comes to private wealth, PE is still an unknown name, PE outperformed in US state pension portfolios over past two decades report, Side Letter: LPs biggest concerns; growing family offices; Bains VC vindication, Indiana Public Retirement System commits $450m to PE. Balkan Advisory Company, Sofia, Bulgaria. Previously, he served as an Associate Principal at McKinsey & Company in the Financial Services Group. A month after its launch, GSO hired Donald (Dwight) Scott, who ran the energy practice at DLJ before joining El Paso Corp. in 2000. This is bolstered by our expert shareholder base, which brings experienced strategic and operating partners to our transactions and best-in-class management teams. Goodman had never heard of the firm, but he distinctly remembers Frederick Joseph, Drexels CEO, passionately recounting how it financed entrepreneurs, married capital to ideas and was profoundly transforming whole industries. 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. 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 . Investments can also be shared. 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. 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. 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. (212) 702-5602 The high activity for fund was in 2002. In early 1988, Goodman started building the capital markets business at DLJ under Moran and James. The strategy of Alta Semper is to invest flexible and strategic capital into market-leading business models in the . a private-equity-owned . As 2008 wore on and the credit crisis gathered steam, GSO started putting money to work. 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. Prior to Duet, she was at GI Partners where she executed several transactions in the healthcare, consumer and real-estate sectors. degree in Finance and Government from the University of Notre Dame in 2002, graduating magna cum laude. Prior to this endeavor, she built a rich resume in the financial services sector, specifically working with private equity investment. It was DLJs limited balance sheet that taught Goodman, Ostrover and Smith how careful they had to be with their credit analysis and due diligence. 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. Mr. Montana joined Wasserstein Debt Opportunities Management, LP in 2014 as a Finance Associate. In contrast, GSO will take a minority stake, a seat on the board and a debtlike investment that pays a big double-digit coupon, but it will let management retain control. 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. When the high-yield market trades at highs, we put out less capital, says Ostrover. Now the emergence of alternative credit mirrors tools that equity investors have had with private equity, says TPGs Coulter. At PWP, we seek talented people capable of broad and creative thinking with the drive to provide the highest quality advice to our clients. (The sentence was later reduced to two years.). Fully 80 percent of GSOs senior management team is from DLJ. Our close-knit team shares 70 years of combined specialist experience gained at leading private equity and investment firms. But Goodman shunted humility aside at least temporarily during his lunch with Moran. It was the first of many overtures Blackstones executives would make to him. The firm had purchased a small CLO group, run by Daniel Smith, from Royal Bank of Canada. As a result, the high-yield and leveraged-loan markets never developed in Europe to the extent they did in the U.S. Zacharys advisory experience was developed within the investment banking divisions of UBS and Goldman Sachs in New York and Johannesburg. EagleTrees ESG initiatives will be overseen by its ESG Committee, which includes EagleTrees two Co-Managing Partners and other members of senior management. Mr. McLellan joined Wasserstein Debt Opportunities Management, LP in 2017 as a Managing Director. Even before James left CSFB, he and Goodman talked about going off on their own. In 1995, Moran moved up to chief operating officer of fixed income, and Goodman took over all of leveraged finance. 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. Greg began his career over 19 years ago and served as a Captain and Infantry Officer in the United States Marine Corps. Private equity investors are by nature optimistic and swaggering, thinking every deal is a potential blockbuster. He later became CEO of Lazard Ltd, while at the same time sitting atop private equity firm Wasserstein & Co, which continues to operate. 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. 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 firm seeks to . That also plummeted in value. Ahmed joined Alta Semper in 2018 as a Director. Private Equity Associates work as a team to initiate and continue the funding process of new private equity firms. GSOs hedge fund invested in public securities, mezzanine debt and distressed debt and provided some rescue lending for companies going through liquidity problems. 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. Convene 117 West 46th Street, New York, April 19-20, 2023 He began his career at The First Boston Corporation.He recently served on the Boards of Directors of Harry & David, Encompass Digital Media, and Access Scientific. 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. We are using cookies to give you the best experience on our website. degree in Business Administration from Western New England University with a concentration in finance. 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. 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. About Wasserstein family. More recently, he served as a member of the Presidents Council on Jobs and Competitiveness. Wasserstein, who was immortalized in a 1989 Forbes cover story that cemented his infamous nickname, had a passion for the media, having interned at Forbes during his student years in 1969. To be sure, Blackstone is not the only manager to have smelled opportunity in the financing void. The fund's final close was first reported . Hovnanian was the largest position in GSOs flagship hedge fund in 2012, and the firm made 50 percent on its capital in six months. 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. 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. You couldnt hope to compete because the banks were so aggressive, he says. 1 and having a big firm behind them. 2023 Forbes Media LLC. 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. Afsane Jetha - Gaining Additional Experience. 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. But things are changing much more slowly in Europe than they did in the U.S. Every European country has its own business climate, union rules and regulatory system, and bankruptcy law isnt always clear enough for a manager like GSO to get the assurance it needs to invest in a troubled company. Performing, price-discounted debt that we expect to recover.

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