The high activity for fund was in 2002. In 1993, Goodman hired Smith from Salomon Smith Barney, where he worked on restructurings. The former undrafted free agent's contract includes $1.4 million in remaining guaranteed salary. Patience is the key, says Smith, adding that GSOs funds and compensation are structured in such a way that staffers dont have to feel compelled to put money to work in deals that dont make sense. Prior to joining Alta Semper, Zachary was a Senior Associate at Emerging Capital Partners where he covered infrastructure and consumer / retail investments in Kenya. With Blackstone they would get scale, a brand, idea-sharing with the firms deal makers and access to new and larger clients. In 2006, four years after Wasserstein's departure, it dropped Wasserstein's name. The honeymoon was over quickly, though. Ostrover asserted that not only would the market react positively to the initial financing but that the GSO-Blackstone brand would signal that there could be more behind it. Wasserstein Perella & Co., sometimes referred to as "Wasserella", was a boutique investment bank established by Bruce Wasserstein, Joseph R. Perella, Bill Lambert, and Charles Ward in 1988, former bankers at First Boston Corp., until its eventual sale to Dresdner Bank in 2000 for some $1.4 billion in stock. To support African health management excellence, he co-founded the African Institute for Health Care Management. It was the first of many overtures Blackstones executives would make to him. You had to figure things out and use your smarts instead of brute strength, Smith, 47, says. We target investments of between $30 million and $150 million. Mr. Wasserstein died in 2009. From 2002 2004, Mr. McLellan worked as an analyst for Deutsche Bank focusing on Mergers & Acquisitions and Media Investment Banking. Previously, Mr. Jones was Head of West Coast Investment Banking at Wasserstein Perella and, prior to that, was Managing Director at Salomon Brothers from 1988 through 1994. Currently, Mr. Campbell is the Chairman of all of the Fund II portfolio companies, Michael Baker International, LLC, and The SPECTRUM Group, LLC. Wasserstein Home | 848 followers on LinkedIn. 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. 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. We build SMAs to meet clients yield and volatility targets. Greg began his career over 19 years ago and served as a Captain and Infantry Officer in the United States Marine Corps. 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. Do you thrive in a challenging environment that combines intensity with collaboration? In the old days highly cyclical companies in trouble could sell control to a competitor, a private equity firm or a hedge fund firm that took a loan-to-own strategy. 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. The EagleTree Capital team is currently investing its fifth private equity fund, EagleTree Partners V, with over $1.1 billion of committed capital. This is bolstered by our expert shareholder base, which brings experienced strategic and operating partners to our transactions and best-in-class management teams. Rescue lending has returned an annualized 15.2 percent since inception in September 2009. Contact Details Address:1301 Avenue of the Americas, 44th FloorNew York, NY 10019United States Phone/Fax:Phone: 212-702-600Fax: 212-702-635 Other Contact Details:Website: Prior to that, among other positions, Victoria Grace was a partner at Wall Street Technology Partners LP, a mid-stage technology fund, from November 2000 to February 2014, and a director of Dresdner Kleinwort Wasserstein Private Equity Group from November 2000 to October 2004. What the three founders have built at GSO, they originally planned for CSFB. In the late 1990s, Schwarzman, a client of DLJs, asked Goodman to start a credit business at Blackstone. Hovnanian, who had lived through several real estate cycles, was shocked when Ostrover told him the price of the five-year CDS contracts on Hovnanian implied a 93 percent probability of default. 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. Terms of the transaction were not disclosed. 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. In February 1990, Drexel filed for bankruptcy; two months later Milken pled guilty to lesser charges, agreeing to pay a $600million fine and serve ten years in jail. Blackstone referred Sony to GSO, which crafted a deal of mezzanine debt and equity warrants in the company.  Ibrahim joined Alta Semper in 2021 as a General Counsel. 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 fund, which launched in August 2015 with a $750 million target and no hard-cap, is the largest fund to date for the firm. The deal wouldnt have happened without Goodman, Smith and Ostrovers former boss, Tony James, who had joined Blackstone as president in 2002 after Credit Suisse bought DLJ and who manages the firms day-to-day operations. Previously, Mr. Jones was Head of West Coast Investment Banking at Wasserstein Perella and, prior to that, was Managing Director at Salomon Brothers from 1988 through 1994. Copyright 2023. Prior to joining Alta Semper, he was a Senior Associate at Matouk Bassiouny in Cairo, Egypt (a leading regional law firm). West Palm Beach, FL 33401. ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) POLICY, TermsofUse and Other Important Disclosure. When DLJ tried issuing its own highly confident letters, they meant nothing, as DLJ had a small balance sheet. 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 top skills needed for this position are business management, market analysis, finance and accounting, problem-solving, data . By 1999, however, DLJ was hamstrung by its small balance sheet and a business that was primarily domestic. He has done extensive work on the implementation of precision medicine in the developing world. GSO also bought the debt of Clear Channel Communications, a private-equity-owned media company, and led a $1.25billion preferred stock deal for Chesapeake Energy so that company could develop natural-gas production from shale in eastern Ohio. Work with portfolio companies to integrate sustainability considerations into their business plans, as applicable. The congressman supported new gun legislation after a school shooting in Uvalde, located in his district. GSO was an early investor in the shale gas industry, which has been whipsawed by volatile pricing and other events. Register now to read this article and more for free. He also has experience as an investment banker at New York boutique Wasserstein . The firm was formed in January 2001, when the merchant banking group of Wasserstein Perella & Co., Inc., a global investment banking firm, spun out to become an independent firm upon the acquisition of Wasserstein Perella by 1Ls are permitted to meet with Wasserstein Fellows even before the October 15th career advising start date. He was CEO since the firms formation in 2001 through 2012. She is a graduate of the University of Pennsylvania's Wharton School where she earned her BS in Economics. Venture Capital. Mr. Montana joined Wasserstein Debt Opportunities Management, LP in 2014 as a Finance Associate. You should only be asked to sign in once. Look, the market hates your company, he told Hovnanian. 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. After earning his MBA in 1984, the Miami-born Goodman took a full-time job with Drexel in New York. (Though the hedge fund was launched in 2005, GSO has since stripped out mezzanine and other investments into separate funds.) Amid the froth GSO is now doing its preparatory work for the next crisis. Performing, price-discounted debt that we expect to recover. Instead, banks dominated the leveraged-finance markets, with few institutional buyers such as high-yield mutual funds. Never satisfied with his intense day job, Bruce's private equity firm Wasserstein & Co. holds stakes in the popular New York magazine, and the delicious Harry & David gift basket retailer, among . 2005-2023 Wall Street Oasis. Prior to that time he was a Senior and Founding Member of the Merchant . He is a CFA charterholder. The company would sell its property inventory to a land bank created by GSO in return for a $125million cash infusion. 1185 Avenue of the Americas Process, was the least enthusiastic about the tie-up, concerned that they were trading away their autonomy. Mr. Kelsey joined Wasserstein Debt Opportunities Management, LP in 2013 as an Associate. Ibrahim holds a Bachelor of Laws and a masters degree from University of Paris I Panthon-Sorbonne, and a Bachelor of Laws from Cairo University. 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. While at Duet, Afsane led the largest private equity transaction into Ethiopia, Dashen Brewery, as well as, sourced and executed on several consumer-facing transactions in Ghana, Uganda and Cote DIvoire. 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. Terms & Conditions. Mr. Jones is currently Chairman of Wasserstein & Co. Grace serves as the CEO of Queen's Gambit. With $58billion in assets under management and 235 employees, GSO has grown fivefold under the Blackstone umbrella. Zachary joined Alta Semper in 2016 and brings more than nine years of advisory and investing experience to the firm. But its deals remained small, providing funding for companies like Pacific Lumber and Caff Nero, a U.K. coffeehouse chain. Lets face it, if a company can tap the public markets, they will, and theyll get a much better deal.. Though hurt by the financial crisis, Blackstone and GSO have emerged as dominant players in its aftermath. 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. 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. But that is likely to change as banks shed assets to deleverage and companies need capital. There was little room for error. Wasserstein & Co. is an independent private equity and investment firm, with offices in New York and Los Angeles. Credit jumped off the page.. 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.  One First Boston analyst, Paul Mecurio, left corporate life to become a comedian. Afsane Jetha is the Co-Founder, Managing Partner & CEO of Alta Semper Capital, a private equity manager founded in 2015 alongside Ronald Lauder (Chairman of Clinique LLC) and Richard Parsons (former CEO of Time Warner). Chief Financial Officer and Chief Compliance Officer. Terms aren't expected to be disclosed, but a person briefed on the matter said the price was about $417 million. 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 . 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. and co-managed the company for five years until its merger. 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. High cash-on-cash returns with capital appreciation potential. New York, NY 10036, Its a different kind of satisfaction walking into the CIOs office for the Bass brothers.. 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. Most PE firms are open to accredited investors or those who are deemed high-net . GSO has provided much-needed credit to scores of troubled companies like Hovnanian that couldnt tap public markets or get bank loans. 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). and co-managed the company for five years until its merger. 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. The death of Lazard Ltd. Chief Executive Bruce Wasserstein will trigger the vesting of stock currently valued at $188 million, confirming Mr. Wasserstein's status as one of history's most highly . In 2007, the peak for the firms performance fees, private equity contributed the bulk of the total. Mr. Bagaria is the Advisors President and Chief Investment Officer. Competition from increasingly bigger banks was fierce. Though he loved working on Wall Street, particularly at DLJ, Goodman wanted to spend all his time investing. 1999 Avenue of the Stars Suite 2840 Los Angeles, CA 90067United States, 1301 Avenue of the Americas 41st FloorNew York, NYUnited States. The firm had purchased a small CLO group, run by Daniel Smith, from Royal Bank of Canada. 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. Wasserstein Debt Opportunities specializes in US high yield investing, seeking to capitalize on price inefficiencies in non-large cap issues and underfollowed opportunities through a value-based and process-driven approach. Victoria has worked with, and made investments in a broad range of companies, including enterprise software, wireless technologies, medical devices . EagleTree Capital, All Rights Reserved | TermsofUse and Other Important Disclosure, 1185 Avenue of the Americas, 39thFloorNew York, NY 10036. 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. The trio had remained close to James after he left DLJ for Blackstone, and they knew he was interested in striking some type of deal. 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. IN THE 1980S,WALL STREEThad a clear pecking order. The firm was formed in January 2001, when the merchant banking group of Wasserstein Perella & Co., Inc., a global investment banking firm, spun out to become an independent firm upon the acquisition of Wasserstein Perella by Dresdner Bank. A link has been emailed to you - check your inbox. Jones received his MBA from the Yale School of Management and his B.S. He now manages its hedge fund. Oct. 15, 2009 12:58 pm ET. She holds her MBA from Harvard Business School and a Bachelor of Science in Economics from The Wharton School at the University of Pennsylvania. . The Amazon Prime Video show's creative team reveals how a bidding war, authenticity, and passion fueled the adaptation of the best-selling novel. Marina is based in Alta Sempers Cairo office. 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. Wasserstein & Co. is an independent private equity and investment firm, with offices in New York and Los Angeles. The 30-year-old newly minted Drexel vice president told the DLJ executive, Im going to help build this big business at DLJ, and youre going to get rich and famous. Moran, who says he instantly liked Goodman and the wealth of experience he had gotten working on deals inside the Drexel pressure cooker, hired him. Afsane Jetha - Gaining Additional Experience. He holds an AB from Princeton University. Previously, he served as an Associate Principal at McKinsey & Company in the Financial Services Group. corporate development. 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. 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. Mr. McLellan began his career in direct investing in 2004. Debt opportunities management delivered through partnership, visionand experience. When the markets rebounded in 1991, DLJ took over as a leading player. She holds her MBA from Harvard Business School and a Bachelor of Science in Economics from The Wharton School at the University of Pennsylvania. Afsane Jetha co-founded Alta Semper Capital in 2015. Aligning our interests with our investors creates a long-term partnership forsuccess. Kenyas sole electricity distributor cited a system disturbance as a possible cause for the blackout. At Goldman, Mr. Bagaria worked primarily as an investor of GS Mezzanine, the largest mezzanine fund globally. Ting-Li Wang/The New York Times. 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. Prior to that, he worked for 14 years in Senior Hedge Fund operations positions for top tier firms, including IFS State Street and HSBC. 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. 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. 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. 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. I dont feel like Im going to get my throat ripped out when I call GSO, says one CEO who has done multiple deals with the company. and co-managed the . All Rights Reserved. 1 underwriter for high-yield bonds, a distinction it would keep for 12 years. 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. EagleTree continues to promote diverse perspectives. Prior to this endeavor, she built a rich resume in the financial services sector, specifically working with private equity investment. EagleTree has always strived to maintain a strong culture of good governance to ensure that it operates in a socially responsible manner. Alice Katwan. Private Equity. At the same time that GSO is capitalizing on the void left by banks, it is also benefiting from historically low interest rates and unrelenting investor demand for credit investments. 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.