Lets face it, if a company can tap the public markets, they will, and theyll get a much better deal.. 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. 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. She holds a BCom in Economics and Finance from McGill University and speaks English, Arabic and Armenian, and is proficient in French. Summarize the positive impact that our integration of ESG initiatives had on the portfolio companys business and/or culture. In 2008, Mr. Parsons served as a member of then-President-Elect Barack Obamas Economic Transition Team. 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. A +. 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. His health-related management education works includes the design and delivery of the health care management MBA and executive programs at the Indian School of Business, as well as the health care management program at Strathmore University in Nairobi. 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. Greg began his career over 19 years ago and served as a Captain and Infantry Officer in the United States Marine Corps. Ahmed joined Alta Semper in 2018 as a Director. The tank plus-up, which Ukrainian ambassador to the United Kingdom Vadym Prystaiko announced on Saturday, should come as no surprise. Afsane is tiedpersonally and professionallyto East Africa as she is a fourth-generation Tanzanian. Two years out of the University of Notre Dame, he witnessed firsthand the toll Drexels failure took on senior managers whose wealth had been tied up in its stock. 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. 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. 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. Todays Wordle #624 Hint, Clues And Answer For Sunday, March 5th, UFC 285 Results: Cody Garbrandt Defeats Trevin Jones In Return To The Octagon, The Early Returns Of Kevin Durant In The Phoenix Suns Offense, Desperate Russian Forces Are Sticking 80-Year-Old Naval Guns On 70-Year-Old Armored Tractors, Saturday, March 4. After the market bottomed in 2009, GSO launched its first rescue lending fund, which closed at $3.3billion. Afsane Jetha began her career at Merrill Lynch and Wasserstein Private Equity before moving on to the consumer team at Permira in London. Afsane Jetha began her career at Merrill Lynch and Wasserstein Private Equity before moving on to the consumer team at Permira in London. 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. Mr. Bagaria began his career in the leveraged finance market in 1999. On day one Credit Suisse gave the firm more than $500million to manage a big part of the approximately $3billion it had raised from outside investors, including the Bass brothers, Blackstone, Cornell University, K2 Advisors, MetLife, Notre Dame and Quellos Group (now owned by BlackRock). Not the case? The Hovnanian deal was originated through the hedge fund but later expanded to include the rescue financing fund. 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. 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). 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. He also engineered a $479 million purchase of home security company SecurityLink by Chicago private-equity . 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. 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. 2023 Forbes Media LLC. Mid-market firm Wasserstein & Co. has closed its latest flagship fund, Wasserstein Partners IV, on $790 million, according to a source familiar with the matter. 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. He focused on Consumer Products and broader Sub-Saharan Africa. EagleTree continues to encourage all of its employees to actively engage in nonprofit volunteer activities and giving in our communities. 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. degree in Finance and Government from the University of Notre Dame in 2002, graduating magna cum laude. Alta Semper Capital Exits Egypts Macro Group Pharmaceuticals with the Successful Conclusion of its IPO, Alta Semper considers healthcare investment opportunities in Egypt, The Head of the Egyptian Macro Group told Al-Sharq: We are studying the acquisition of a local company in 2022. In early 1988, Goodman started building the capital markets business at DLJ under Moran and James. GSOs investors, by contrast, had a paltry $22million invested with Goodman, Ostrover and Smith. In 2006, four years after Wasserstein's departure, it dropped Wasserstein's name. Jones received his MBA from the Yale School of Management and his B.S. While Goodman loves to talk, Ostrover has to be pressed for details. At PWP, we seek talented people capable of broad and creative thinking with the drive to provide the highest quality advice to our clients. 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. Thats where you wanted to land a job if you were a Harvard Business School student. 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. Mr. Jones is currently Chairman of Wasserstein & Co. 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. The GSO team is confident that the bright future investors are anticipating will lose its luster sooner or later, whether its because of inaction in Washington or rumblings from North Korea, Israel or Iran. In 2001, he established the Neue Galerie New York, of which he is President. 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. He might have been young, but it was like a pro coming into an amateur team, adds James, who then ran DLJs investment bank. In addition to strengthening their firms credit business, Schwarzman and James saw benefits for its private equity operation. Junk bonds also fueled the leveraged buyouts of the 1980s, when firms like KKR targeted companies that had once turned deaf ears to shareholder demands. 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. Goodman is the storyteller of the group, Ostrover is Mr. Markets, and Smith wants to stay out of the limelight and just do deals. and co-managed the company for five years until its merger. Respect the human rights of those affected by our investment activities and seek to confirm that our portfolio company investments do not support companies that utilize child or forced labor or maintain discriminatory policies. 1Ls are permitted to meet with Wasserstein Fellows even before the October 15th career advising start date. Performing, price-discounted debt that we expect to recover. Process, was the least enthusiastic about the tie-up, concerned that they were trading away their autonomy. Prior to joining Alta Semper, he was a Senior Associate at Matouk Bassiouny in Cairo, Egypt (a leading regional law firm). The future looks bright for credit investing. What was a wide-open white space for us? Alta Semper Capital LLP is a limited liability partnership registered in England and Wales under no. But Goodman shunted humility aside at least temporarily during his lunch with Moran. Previously, he served as an Associate Principal at McKinsey & Company in the Financial Services Group. 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. Click here. She previously served as Partner at Wall Street Technology Partners LP and Director of the Dresdner Kleinwort Wasserstein Private Equity Group. PWP provides advice to management teams and Boards of Directors on critical matters that require shareholder interaction and support, including shareholder votes on transactions and annual proxy matters, as well as shareholder activism preparation and managing a company campaign in response to an attempt by an activist to gain board control or influence. 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. Former UFC Mens Bantamweight champion Cody Garbrandt celebrated a triumphant return to the Octagon on Saturday night. 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. 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. Overview of Wasserstein US Equity Partners IV Wasserstein US Equity Partners IV is a closed private equity fund managed by EagleTree Capital . 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. Credit to Steve, he really trusted me on this one, adds James, who says Blackstone was looking for an area of asset management with room to grow that would complement its existing private equity, real estate and fund-of-hedge-funds businesses. Wasserstein Debt Opportunities Management, LP (WDO) is a New York-based SEC-registered investment advisor focused predominately on leveraged loans and high yield bonds. All those covenant-lite loans will be great opportunities for GSO to step in at some point. He formerly served on the Board of Trustees of Lehigh University and served as Chairman of the Board of Trustees of Fordham Preparatory School. Board Observer, Founding Partner at Colle Capital, Former Partner Wall Street Technology Partners , Director Dresdner Kleinwort Wasserstein Private Equity Group Neil Devani, JD Board Advisor, Investor & Advisor of Singularity Holdings VC from the University of California at Berkeley. The world had changed, and the firm needed a partner. 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. There was little room for error. But its deals remained small, providing funding for companies like Pacific Lumber and Caff Nero, a U.K. coffeehouse chain. Prior to Cordiant, she gained advisory experience as a Summer Analyst with the Investment Banking and Equity Capital Markets teams at Scotiabank in Toronto. GSOs flagship hedge fund takes an activist or event-driven approach to credit. Private equity (PE) refers to capital investment made into companies that are not publicly traded. Ibrahim joined Alta Semper in 2021 as a General Counsel. He brings more than ten years of investment banking and private equity investing experience in the consumer, healthcare and financial services sectors across the MENA region and Sub-Saharan Africa. (212) 702-5602 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. Jan 2003 - Mar 20052 years 3 months. Wasserstein & Co. also manages a significant portfolio of debt and equity securities and other investments on behalf of our stockholders and other investors. Take the highly confident letter, a piece of paper Drexel would issue to the board of a company as a promise that it would provide financing on deals. 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. The higher amount of exits for fund were in 2011. You couldnt hope to compete because the banks were so aggressive, he says. Liverpool legend Roberto Firmino has offered himself to FC Barcelona through his agent, according to a report. 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. degree in Business Administration from Western New England University with a concentration in finance. Though the three are equal partners at GSO, Smith and Ostrover often defer to Goodman for the final word. 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. 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. Smith, who calls himself Mr. Blackstone Groups GSO Capital: Lenders of Last Resort. Under Blackstone, GSO has the heft to write big enough checks to fully finance a solution, reducing a companys need to find additional capital elsewhere. and co-managed the company for five years until its merger. 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. 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. The firm, which has a competitive advantage by doing most of its own loan originations and investing in companies that are No. She has worked for GI Partners, Merrill Lynch, Wasserstein Private Equity, and Permira in London. A deal between Blackstone and GSO, however, wasnt a no-brainer. Richard was also previously the Head of Private Equity - Americas for Siemens Financial Services, Inc. Richard has invested in and worked . If you're happy with cookies click proceed. 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 . Mr. McLellan was hired by Mr. Bagaria and initially worked within AIC from 2004 2006 before moving into the Strategic Value Fund.
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