Harvard labor economist Claudia Goldin summarises the distance we've travelled over the past hundred years, in a kind of Five Ages of Women. The firm seeks to . Oct. 15, 2009 12:58 pm ET. 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. At a bank youre working for anonymous shareholders, trying to make as much money as you can, he explains. She holds her MBA from Harvard Business School and a Bachelor of Science in Economics from The Wharton School at the University of Pennsylvania. 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. Alexandria, VA 22314, 515 North Flagler Drive | Suite 1450 Private Equity. 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. Before that she worked at Apollo Global Management, the private equity firm, where she evaluated . Victoria serves on the board of Vostok New Ventures, an investment company with presence in Sweden. There was little room for error. degree in Business Administration from Western New England University with a concentration in finance. Earlier in his career, Ahmed worked with the International Finance Corporation (IFC), the private sector arm of the World Bank, in Cairo, advising government-owned enterprises in the MENA region and Sub-Saharan Africa on public-private partnerships (PPP). [2] One First Boston analyst, Paul Mecurio, left corporate life to become a comedian. Not the case? Predecessor funds, U.S. Equity Partners I and II, were raised in 1997 and 2002 and invested approximately $750 million of committed equity capital. Afsane Jetha began her career at Merrill Lynch and Wasserstein Private Equity before moving on to the consumer team at Permira in London. 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. Victoria serves on the board of Vostok New Ventures, an investment company with presence in Sweden. 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 the remainder of Wasserstein Perella by Dresdner Bank. 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. 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. Ibrahim joined Alta Semper in 2021 as a General Counsel. 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. 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. Mr. McLellan began his career in direct investing in 2004. Convene 117 West 46th Street, New York, April 19-20, 2023 Approach prospective clients and partners; make presentations. 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. Wasserstein Home | 849 followers on LinkedIn. We have a reputation for identifying and . In September 1988 the Securities and Exchange Commission sued Drexel for insider trading and stock manipulation. She holds a BCom in Economics and Finance from McGill University and speaks English, Arabic and Armenian, and is proficient in French. 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. 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. He was CEO since the firms formation in 2001 through 2012. 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. 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. 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. 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. 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. 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. Highlight the portfolio companys progress on ESG matters. I fell for it hook, line and sinker, says Goodman. Performing, price-discounted debt that we expect to recover. In addition to strengthening their firms credit business, Schwarzman and James saw benefits for its private equity operation. So the firm created the bridge loan, not promising capital but intended to tide the company over until it could obtain permanent financing. degree with a double major in Finance and Accounting from Lehigh University. Though it was satisfying to be on their own, Goodman, Ostrover and Smith were used to being No. The firm follows in the footsteps of Drexel and Michael Milken, who in the 1980s invented the junk bond market for non-investment-grade companies. There is a wealth transfer going on from banks shareholders to the investors in our funds, says Goodman. Wasserstein 3-in-1 Floodlight, Charger and Mount for Wyze Cam V3 (Camera Not Included) 4.8. Mr. Jones is currently Chairman of Wasserstein & Co. 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. Prior to joining Sheffield, Mr. McLellan worked at Apollo Global Management, LLC (AGM) from 2004 2010. Private Equity Firms in Southern California Company Website Address Primary Contact Angeleno Group www.angelenogroup.com 2029 Century Park East Suite 2980 Los Angeles, CA 90067 . 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. 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. 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. Wasserstein Perella & Co., sometimes referred to as "Wasserella"[citation needed], 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. Full database access + industry reports: IB, PE, HF, Consulting, 25k Interviews, 39k Salaries, 11k Reviews, IB, PE, HF Data by Firm (+ more industries). Balkan Advisory Company, Sofia, Bulgaria. 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. Process, was the least enthusiastic about the tie-up, concerned that they were trading away their autonomy. We, on the other hand, want to own the risk.. GSO put about $5billion of capital to work as the markets slid after the downgrade. Engage with outside advisors, as necessary, to analyze and address ESG issues, risks and opportunities that arise. She previously served as Partner at Wall Street Technology Partners LP and Director of the Dresdner Kleinwort Wasserstein Private Equity Group. Consider whether a potential portfolio companys business aligns with EagleTrees core values. (The sentence was later reduced to two years.). With $58billion in assets under management and 235 employees, GSO has grown fivefold under the Blackstone umbrella. 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. Prior to that time he was a Senior and Founding Member of the Merchant Banking Group of Wasserstein & Perella Co., Inc. since its inception in 1988. 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. Because of the regulatory environment, its harder for them to do that economically. When Bruce Wasserstein and Joe Perella Ruled the World. He was appointed Chief Compliance Officer in January 2017. Any deal would hinge on James, who was revered by GSOs three founders. As it turned out, GSO had done thorough credit analysis and structured the debt appropriately, and it made 1.5 times its investment in two years, with every company paying off its debts. Legacy ABOUT WASSERSTEIN. 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. We build SMAs to meet clients yield and volatility targets. The breadth and scale of its funds allow it to offer a range of solutions to companies, including rescue financing and senior secured bank loans. There Milken was leading whats now called the democratization of capital-raising, providing funding to small and medium-size companies that were starved for financing and whetting the appetites of investors for distressed and troubled companies that showed promise despite short-term woes. She co-founded Work It, Mom! 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. EagleTree Capital is an independent private equity firm located in New York. After James joined Blackstone, Goodman took over CSFBs alternative capital division. 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. 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. If you miss your Wasserstein Fellow appointment without notifying OPIA at least 24 hours in advance to cancel or reschedule your appointment, you will be barred from signing up [] Its amorphous, and you dont know the people. David Geffen is the Warren Buffett of the entertainment industry, and they understood the value of that to the deal, he explains. Rescue lending has returned an annualized 15.2 percent since inception in September 2009. 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. He has also studied Precision Medicine at Harvard Business School and Fintech at the Said School of the University of Oxford. 1 or 2 in their markets, looks at about 1,000 deals every year and completes fewer than 5 percent of those. When DLJ tried issuing its own highly confident letters, they meant nothing, as DLJ had a small balance sheet. Convene 117 West 46th Street, New York, May 23-24, 2023 Mr. McLellan was hired by Mr. Bagaria and initially worked within AIC from 2004 2006 before moving into the Strategic Value Fund. Premium. GSO was very synergistic and complemented our other businesses well.. 1Ls are permitted to meet with Wasserstein Fellows even before the October 15th career advising start date. By that July the three partners had launched GSO with 25 employees and one hedge fund. The Team. These initiatives and strategies include new product launches, entrance into new markets, add-on acquisitions and operational improvements. Mr. Lauder has long been committed to civic causes, public policy issues and has pursued impact investments in Africa since 2012. 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. Prior to founding Colle Capital, Ms. 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. Though the three founders couldnt be more different, theyve maintained their partnership without a blip for 20 years. 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 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. Joseph H. Lauder Institute of Management and International Studies. The defanged banks are receding into the background and making peace with new regulations designed to emasculate their balance sheets. Greg began his career over 19 years ago and served as a Captain and Infantry Officer in the United States Marine Corps. 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. From 2002 2004, Mr. McLellan worked as an analyst for Deutsche Bank focusing on Mergers & Acquisitions and Media Investment Banking. [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. 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. Mr. McLellan was hired by Mr. Bagaria and initially worked within AIC from 2004 2006 before moving into the Strategic Value Fund. Hovnanian was the largest position in GSOs flagship hedge fund in 2012, and the firm made 50 percent on its capital in six months. [7] The investment banking business of Dresdner Bank changed its name to Dresdner Kleinwort Wasserstein as a result of the deal. Jan 2003 - Mar 20052 years 3 months. Mr. Dutton has been working in the Hedge Fund Industry since 1997 and joined Wasserstein Debt Opportunities Management, LP in June 2013. Identify any business line that would cause us to refuse to invest, including: (i) the manufacture or sale of handguns, assault weapons and/or ammunition; (ii) the distribution or sale of pornography; (iii) the direct and primary production or packaging of tobacco or alcoholic beverages; (iii) the production, sale, trade or distribution of illegal drugs; or (iv) a business that would pose a high reputational risk to EagleTree, its clients and/or other stakeholders. That summer James approached Goodman the fourth time Blackstone had tried to entice him into a deal and stated the obvious: In credit were not where we want to be. Victoria Grace is a founding partner of Colle Capital Partners LP, an opportunistic, early stage technology venture fund. He also has experience as an investment banker at New York boutique Wasserstein . PETER A. WEINBERG Sustainable Business. Work with portfolio companies to advance EagleTrees ESG principles with the goal of improving long-term performance and minimizing adverse impacts in these areas. The ESG Sub-Committee generally will meet on at least a weekly basis and its responsibilities will include: (i) engaging with EagleTrees deal teams on pre-acquisition ESG due diligence matters; (ii) engaging with EagleTrees third-party ESG specialists to conduct annual portfolio company-level ESG reviews; (iii) responding to investor and other stakeholder ESG requests; (iv) conducting annual employee training; and (v) reviewing and updating this Policy and EagleTrees ESG program, as necessary, from time to time. Prior to that, he held various positions in state and federal government, as counsel for Nelson Rockefeller and as a senior White House aide under President Gerald Ford. Do you thrive in a challenging environment that combines intensity with collaboration? Overview of Wasserstein US Equity Partners IV Wasserstein US Equity Partners IV is a closed private equity fund managed by EagleTree Capital . It was the first of many overtures Blackstones executives would make to him. Wasserstein Debt Opportunities is a New York-based SEC-registered investment advisor focused predominately on leveraged loans and high yield bonds. During the road show, Blackstone disclosed its numbers, showing heft in private equity, real estate and funds of hedge funds, but credit was an afterthought, amounting to only about $5billion in assets. New York, NY 10036, GSOs investors, by contrast, had a paltry $22million invested with Goodman, Ostrover and Smith. Thats where you wanted to land a job if you were a Harvard Business School student. Prior to founding Alta Semper, Afsane spent nearly five years with the Duet Group as the Managing Director of the firms African Private Equity platform, investing nearly US$200m across Sub-Saharan Africa. In addition, we remain committed to compliance with national, state and local labor laws in jurisdictions in which we invest and to provide a safe and healthy workplace consistent with national and local laws. and co-managed the company for five years until its merger. 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. 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. 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. Credit geeks Goodman, Ostrover and Smith nonetheless went to Blackstones extravagant road show at New Yorks Pierre hotel in the spring of 2007, the first time that granular detail about the private equity firm was available to the public. Goodman states the obvious: No company does business with us because were such nice guys, though we like to think we are. After earning his MBA in 1984, the Miami-born Goodman took a full-time job with Drexel in New York. Afsane is tiedpersonally and professionallyto East Africa as she is a fourth-generation Tanzanian. Mr. Jones received his MBA from the Yale School of Management and his B.S. Prior to joining Apollo, Mr. Bagaria worked at Goldman Sachs & Co.s PIA (Goldman), Goldmans principal investment area responsible for the private equity and mezzanine funds. You should only be asked to sign in once. This Policy is intended to provide a broad framework for EagleTrees overall approach to ESG. 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. 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. In 2015, EagleTree spun out of Wasserstein & Co, which was formed in January 2001, when the merchant banking group of Wasserstein Perella became an independent firm. 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. In all cases the company would likely be giving up control at the bottom of the market. Former Senior Vice President of North America Sales at Genesys. Mr. Montana earned a duel B.S. Our e-commerce site allows you to purchase electronic devices & accessories smoothly at a great value. 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. With nearly 400 . Original price $69.99. Part of GSOs success comes from leaving some money on the table. Traders betting against the company lost money. The new power brokers in the financial industry are money managers and investors like GSO, which control real assets. Key Takeaways. 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. Previously, Mr. Montana worked at State Street Investment Management Services where he was responsible for fund administration in Global Emerging Markets. A +. In the process, Drexel helped spark an unprecedented era of prosperity in the U.S. as companies like Ted Turners Turner Broadcasting System, Craig McCaws McCaw Cellular Communications and William McGowans MCI Communications Corp. rapidly expanded by using this newly available source of capital. 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. For its drawdown funds alone, it committed $3billion to 26 companies. 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. Mr. Wasserstein died in 2009. To support African health management excellence, he co-founded the African Institute for Health Care Management. While our focus is primarily on control equity investments, we have invested successfully across the entire capital structure spectrum, taking positions in preferred stock and various debt securities with compelling risk / return profiles. ("TCP"), have entered into a definitive agreement to acquire Globecomm from a New York-based private equity firm. 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. He also engineered a $479 million purchase of home security company SecurityLink by Chicago private-equity . GSO was also overly dependent on Merrill Lynch and Credit Suisse, both of which were starting to feel pressure in the early days of the subprime crisis. Its really hard for some people to be aggressive in times of disruption because you have to do your work beforehand, says partner Smith. Victoria has worked with, and made investments in a broad range of companies, including enterprise software, wireless technologies, medical devices . 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. Previously, he was the Managing Partner of the New York law firm Patterson, Belknap, Webb and Tyler. March 29-30, 2023 Tailor specific ESG inquiries and approaches based on various investment factors including the core industry sector of a particular investment. 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. The overall number of key employees were 2. The controversial Wasserstein was married four times and had six children with three different women, one out of wedlock, leading to an inheritance dispute between his heirs. . The higher amount of exits for fund were in 2011. But, as Smith says, its also a great place to lose money. 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.