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. Ahmed speaks English and Arabic and is based between Cairo and London. 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. PWP provides strategic, financial and process advice to Directors and other fiduciaries in connection with transactions where there is an actual, apparent or potential conflict. Now the emergence of alternative credit mirrors tools that equity investors have had with private equity, says TPGs Coulter. The market is saying youre going bankrupt, Ostrover added. In 2007, the peak for the firms performance fees, private equity contributed the bulk of the total. [7] The investment banking business of Dresdner Bank changed its name to Dresdner Kleinwort Wasserstein as a result of the deal. 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. But after his wife, Meg, refused to leave New York, Goodman quickly set his sights on DLJ, a midsize investment bank known for equity research and a certain scrappiness and entrepreneurial culture. We target investments of between $30 million and $150 million. They began their partnership at the global investment bank, Wasserstein Perella & Co., where they led the merchant banking group. Wasserstein & Co., the private equity firm founded by the late Bruce Wasserstein who also bought New York magazine in 2003, has made a deal to acquire satellite communications giant Globecomm Syst 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. Blackstones acquisition of GSO has been an undisputed winner. Former partner at Wall Street Technology Partners and former Director of Dresdner Kleinwort Wasserstein Private Equity Group. Prior to joining Sheffield, Mr. McLellan worked at Apollo Global Management, LLC (AGM) from 2004 2010. Predecessor funds, U.S. Equity Partners I and II, were raised in 1997 and 2002 and invested approximately $750 million of committed equity capital. IN THE 1980S,WALL STREEThad a clear pecking order. You can find out more about which cookies we are using or switch them off in settings. Well before the downgrade of the U.S.s credit rating in August 2011, GSO was busy preparing for the possibility that markets would freeze up if the rating agencies made good on their threats. PE firms charge a management fee of typically 2% of AMU and a performance fee of 20% of the profits. There is a wealth transfer going on from banks shareholders to the investors in our funds, says Goodman. Working directly with CEO, 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 . As the market comes down, we put out a lot. (212) 702-5602 Mr. McLellan was hired by Mr. Bagaria and initially worked within AIC from 2004 2006 before moving into the Strategic Value Fund. 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. Goodman is the storyteller of the group, Ostrover is Mr. Markets, and Smith wants to stay out of the limelight and just do deals. Drexel had unwittingly passed the high-yield baton to DLJ. It was keeping up-to-date in its credit work on certain companies and identifying potential situations for investment. Portfolio, This content is from: The common things for fund are deals in the range of 10 - 50 millions dollars. With over 15 years of experience, the principals of Orkila seek to leverage their deep industry knowledge and . 2023 Forbes Media LLC. Consider whether a potential portfolio companys business aligns with EagleTrees core values. degree in Finance, Investment, and Banking from the University of Wisconsin, graduating with Honors. We want to buy you.. The firm honed the skills needed to look at an ugly financial situation and determine the commercial viability of a financing for both the companies and investors. We build SMAs to meet clients yield and volatility targets. Mr. Campbell is the Founder, Managing Partner and Chief Investment Officer. 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. She co-founded Work It, Mom! Wasserstein & Co. is an independent private equity and investment firm, with offices in New York and Los Angeles. 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. It took a week before Hovnanian softened, but GSO got its deal. They do it because they cant get the capital otherwise. And many companies say GSO doesnt scrape every penny out of a deal. 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. He was CEO since the firms formation in 2001 through 2012. The high-yield and leveraged-loan markets never developed there like they did in the U.S. Hovnanian was the largest position in GSOs flagship hedge fund in 2012, and the firm made 50 percent on its capital in six months. Hard work got him noticed at Drexel, as well as a meeting with Moran. 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. GSO is hoping to be a big part of the transformation. 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. Even so, GSO has 31 investment professionals in London, and they are doing more deals now than the firm is doing in the U.S. Nearly five full years after the worst of the financial crisis, the real estate market is finally on the mend, investors are wondering if homebuilders stocks have rallied too far, and the outlines of the new order of Wall Street are coming into sharper focus. 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 subsequently established the investment bank boutique Wasserstein Perella & Co., which he later sold . Though the three are equal partners at GSO, Smith and Ostrover often defer to Goodman for the final word. Other investments recently controlled by Mr. Campbell and for which he served as Chairman include, but are not limited to, National Interest Security Company, LLC; SC3, LLC; and International Development Solutions, LLC. Victoria serves on the board of Vostok New Ventures, an investment company with presence in Sweden. Though hurt by the financial crisis, Blackstone and GSO have emerged as dominant players in its aftermath. Prior to this endeavor, she built a rich resume in the financial services sector, specifically working with private equity investment. . Mr. Kelsey joined Wasserstein Debt Opportunities Management, LP in 2013 as an Associate. A verification email is on its way to you. Alice Katwan on Linkedin. His research and publications focus on international development with a special focus on capacity building in health care and biopharmaceutical production in emerging economies. The ESG Committee also aims to ensure that all EagleTree employees are aware of EagleTrees culture of social responsibility and any amendments to this Policy. In 2004, he added New York Magazine to his media empire. GSO was an early investor in the shale gas industry, which has been whipsawed by volatile pricing and other events. EagleTree believes its collaborativeapproach toinvesting createsvalue across a defined set of initiatives developed in partnership with portfolio company management. ("TCP"), have entered into a definitive agreement to acquire Globecomm from a New York-based private equity firm. 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. He also engineered a $479 million purchase of home security company SecurityLink by Chicago private-equity . Before becoming President and Chief Investment Officer of Wasserstein Debt Opportunities Management, LP, in 2013, Mr. Bagaria was a Partner and Investment Committee member of Apollo Investment Management (Apollo), the investment manager of Apollo Investment Corporation (AIC), a publicly traded business development company. After six months of negotiations, Goodman and his partners said yes. The former undrafted free agent's contract includes $1.4 million in remaining guaranteed salary. 1185 Avenue of the Americas, 39thFloor What the SPR Refill Means for Oil Futures, The Radical, Lucrative, and Controversial Company Hiding in Stephen Schwarzmans Pocket, Oats: From the Original Energy Contract to Trendy Dairy Alternative, Modern Slavery Act Transparency Statement. 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. Competition from increasingly bigger banks was fierce. Heres How To Trade The Stock Now, NBA Investigating Ja MorantGrizzlies Star Allegedly Flashed Gun On Instagram After Reports Of Violent Behavior, Liverpool Legend Roberto Firmino Reportedly Offers Himself To FC Barcelona, A Century Of Women, Work - And Juggling Family, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. He has also studied Precision Medicine at Harvard Business School and Fintech at the Said School of the University of Oxford. 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. 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. He was appointed Chief Compliance Officer in January 2017. The firm manages capital on behalf of institutional and individual investors. He holds a BA in Finance from the American University of Cairo and an Executive Education in Corporate finance from London Business School. Mr. Bagaria is the Advisors President and Chief Investment Officer. 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. Mr. McLellan joined Wasserstein Debt Opportunities Management, LP in 2017 as a Managing Director. 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. In one of the largest B2B media transactions this year, Northstar Travel Group, which provides a broad array of products in the retail and corporate events markets, was sold from one private-equity firmthe Wicks Groupto another, Wasserstein Partners, Northstar CEO Thomas Kemp said today. In furtherance of this ethos and in accordance with our responsibilities to our clients and other stakeholders, EagleTree is committed to identifying and considering ESG issues, risks and opportunities associated with potential portfolio company investments and engaging with portfolio companies on these matters during our ownership. Though DLJ investment banking staffers left in droves after the deal including James, though he stayed two years as part of the merger agreement Goodman, Smith and Ostrover flourished. If you're happy with cookies click proceed. GSOs hedge fund invested in public securities, mezzanine debt and distressed debt and provided some rescue lending for companies going through liquidity problems. 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. Wasserstein Debt Opportunities Management, LP (WDO) is a New York-based SEC-registered investment advisor focused predominately on leveraged loans and high yield bonds. 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. At Apollo, Mr. Bagaria invested in several asset classes including senior debt, high yield bonds, mezzanine finance and equity. She co-founded Work It, Mom! 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. 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. 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. Chief Financial Officer and Chief Compliance Officer. About Wasserstein Partners IV Wasserstein Partners IV is a mid-market buyout fund managed by WP Capital Management, the private equity investment company formerly associated with Wasserstein Perella Group and Wasserstein & Co. Manage and implement various projects in the fields of corporate finance, mergers & acquisitions, project finance, capital markets, private equity and asset management. 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. Updated June 5, 2014, 1:21 p.m. | An investor consortium led by Wasserstein & Company announced on Wednesday that it bought back ALM Media, which publishes The American Laywer and other titles, from its current owners, Apax Partners and the Royal Bank of Scotland.. 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. Mr. McLellan began his career in direct investing in 2004. 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 [] At the same time, the platform gives it a lot of different eyes into potential investments.
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