Its amorphous, and you dont know the people. Prior to that, he worked for 14 years in Senior Hedge Fund operations positions for top tier firms, including IFS State Street and HSBC. Mr. Bagaria is a co-founder and serves on the Board of Directors of The Manitou School, a private elementary school located in Cold Spring, New York. There is a wealth transfer going on from banks shareholders to the investors in our funds, says Goodman. 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. Though he loved working on Wall Street, particularly at DLJ, Goodman wanted to spend all his time investing. Our initiatives in this regard are carried out by our Philanthropic Committee, which identifies several nonprofit charities each year with whom employees volunteer and EagleTree supports. The EagleTree Capital team is currently investing its fifth private equity fund, EagleTree Partners V, with over $1.1 billion of committed capital. Smith had joined Salomon from Drexel, leaving with a group during the bankruptcy. This Wasserstein & Co. works on 31 percentage points more the average amount of lead investments comparing to the other organizations. When Bruce Wasserstein and Joe Perella Ruled the World. degree in Business Administration from Western New England University with a concentration in finance. He later became CEO of Lazard Ltd, while at the same time sitting atop private equity firm Wasserstein & Co, which continues to operate. Before that she was a Director of Dresdner Kleinwort Wasserstein Private Equity Group. 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. He also served on the Board of Directors of the Center for a New American Security and the National Guard Youth Foundation. 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: It wants to stay off the front pages of newspapers. With over 15 years of experience, the principals of Orkila seek to leverage their deep industry knowledge and . With Blackstone they would get scale, a brand, idea-sharing with the firms deal makers and access to new and larger clients. 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. 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. Our investment activities are focused on middle-market leveraged buyout investments and related investment activities. Today it offers $27billion in alternative-investment funds, including the now $4billion hedge fund, $8billion in mezzanine funds financing buyouts for private equity $8billion in rescue lending and $7billion in small-cap direct lending. This website uses cookies so that we can provide you with the best user experience possible. Wasserstein & Co. www.wasserco.com 1999 Avenue of the Stars Suite 2840 Los Angeles, CA 90067-6086 Anup Bagaria Vice Chairman and Managing Director Land More Interviews | Detailed Bullet Edits | Proven Process, Land More Offers | 1,000+ Mentors | Global Team, Map Your Path | 1,000+ Mentors | Global Team, For Employers | Flat Fee or Commission Available, Build Your CV | Earn Free Courses | Join the WSO Team | Remote/Flex, WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file, 101 Investment Banking Interview Questions. The then-54-year-old CEO figured he had little to lose by listening to Ostrovers pitch. Work with portfolio companies to advance EagleTrees ESG principles with the goal of improving long-term performance and minimizing adverse impacts in these areas. I love the underdog. While his friends at Harvard including one he describes as having had pinstripes on his diapers did summer internships at Wall Streets toniest firms, Goodman took a job with Drexel. Prior to this endeavor, she built a rich resume in the financial services sector, specifically working with private equity investment. No one has represented Blackstones opulence more than its billionaire co-founder Schwarzman, who in 2000 reportedly paid $37million for a 34-room triplex on Park Avenue and has owned vacation properties in the Hamptons; Jamaica; Palm Beach, Florida; and Saint-Tropez. 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. 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. His company had been bleeding money for six years and had used up every penny of its capacity to issue secured debt. She previously served as Partner at Wall Street Technology Partners LP and Director of the Dresdner Kleinwort Wasserstein Private Equity Group. In 2001, he established the Neue Galerie New York, of which he is President. Among his extensive experience in advising local and international clients on cutting-edge M&A transactions, Ibrahim advised Alta Semper on its acquisition of Macro Group (Egypt) and ODM (Morocco). She previously served as Partner at Wall Street Technology Partners LP and Director of the Dresdner Kleinwort Wasserstein Private Equity Group. In recent years, the firm has invested in pharmaceutical manufacturing, retail pharmacy, cancer care and diagnostics platforms in Egypt, Nigeria and Morocco. In fact, the firm is preparing to be a buyer when rates rise and long-only mutual fund managers have to sell bonds to meet investor redemptions. Although they enjoyed being their own bosses, they missed the prestige, and the deals, that came with being part of a big organization. Over time GSO would sell the land back to the homebuilder. 100%. The Deutsche Bank portfolio was marked to about 5 cents on the dollar for the quarter ended March 31, 2009. 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 Zacharys advisory experience was developed within the investment banking divisions of UBS and Goldman Sachs in New York and Johannesburg. The high activity for fund was in 2002. Goodman is the storyteller of the group, Ostrover is Mr. Markets, and Smith wants to stay out of the limelight and just do deals. Pam Wasserstein is the President of Vox Media, the leading independent modern media company, where she oversees strategic initiatives, including e-commerce and consumer businesses, as well as the New York Magazine brands. PETER A. WEINBERG 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 . Smith, who calls himself Mr. Previously, Mr. Kelsey worked at Jefferies LLC in the Leveraged Credit Research group where he was responsible for covering the gaming and retail sectors. 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. 1185 Avenue of the Americas FEATURED TITLE: Inside the Fund Management Firm, BEST-SELLER: The Definitive Guide to Carried Interest, PE outperformed in US state pension portfolios over past two decades, Side Letter: PEI Awards winners revealed; Chinas PE governance overhaul, PEI Awards 2022: Game Changer of the Year Mark Carney, Investor Relations, Marketing & Communications Forum. Wasserstein purchased The American Lawyer, which he later sold, and New York magazine, which remains under his family's control. Offered through a separated managed account platform exclusively for family offices and institutional investors, Proven regulatory capital efficient solution for insurance companies, #1 performing leveraged loan strategy inception to date in the eVestment database (out of 60 funds). 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. That also plummeted in value. 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. 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. Mr. McLellan joined Wasserstein Debt Opportunities Management, LP in 2017 as a Managing Director. 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 defanged banks are receding into the background and making peace with new regulations designed to emasculate their balance sheets. The top skills needed for this position are business management, market analysis, finance and accounting, problem-solving, data . GSO was an early investor in the shale gas industry, which has been whipsawed by volatile pricing and other events. 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. EagleTree aims to provide timely information to its clients and other stakeholders on the matters addressed herein and to work with them to foster transparency with regard to its ESG initiative. 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. 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. While working at Sheffield from 2010 2016, Mr. McLellan led many of the largest positions analyzing long/short equity and credit investments. Prior to joining Sheffield, Mr. McLellan worked at Apollo Global Management, LLC (AGM) from 2004 2010. Private equity (PE) refers to a constellation of investment funds that invest in or acquire private companies that are not listed on a public stock exchange. 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. 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. EagleTree recognizes that its approach to different ESG factors may vary among portfolio companies of different sizes, that fall within different industry sectors and that operate in different geographies. 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). Goodman, Smith and Ostrover founded GSO in 2005 to provide capital to non-investment-grade cyclical companies that were going through a tough patch but had tangible assets to put up as collateral to protect the firms downside when it lent them money. 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. (The sentence was later reduced to two years.). Mr. McLellan joined Wasserstein Debt Opportunities Management, LP in 2017 as a Managing Director. Track ESG-related metrics across our portfolio companies and engage and collaborate with portfolio companies to consider recommendations from these findings. She co-founded Work It, Mom! Competition from increasingly bigger banks was fierce. [2] One First Boston analyst, Paul Mecurio, left corporate life to become a comedian. He is credited with the term, Pac-Man defense, which is used by . 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 and co-managed the company for five years until its merger. Mr. Kelsey earned a B.S. 1 or 2 in their markets, looks at about 1,000 deals every year and completes fewer than 5 percent of those. The group has products that do better in different market environments, such as its closed-end funds and a new exchange-traded fund it recently launched with State Street Global Advisors. Jones received his MBA from the Yale School of Management and his B.S. 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 About Wasserstein family. He recently served on the Boards of Directors of Harry & David, Encompass Digital Media, and Access Scientific. 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. 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. GSO has a view on about 1,000 companies through its CLO business, garnering leads that can be passed on to the hedge fund or other vehicles. By Stephen Grocer. We, on the other hand, want to own the risk.. 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. 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 couldnt hope to compete because the banks were so aggressive, he says. Sustainable Business. You should only be asked to sign in once. A +. 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 . The firm was launched in May 2013 by Rajay Bagaria with backing from Wasserstein & Co. Wasserstein & Co. is a private investment firm and the family office of the late Mr. Bruce Wasserstein, with offices in New York and Los Angeles. Wasserstein Debt Opportunities Management, LP ("WDO") is a New York-based SEC-registered investment advisor focused predominately on leveraged loans and high yield bonds.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. Mr. McLellan was hired by Mr. Bagaria and initially worked within AIC from 2004 2006 before moving into the Strategic Value Fund. We focus primarily on equipment and services relating to water (drinking, waste and industrial) and other general industrial businesses including: pipes, pumps and valves; specialty chemicals; engineering services; and sensors, meters and monitors. This means that every time you visit this website you will need to enable or disable cookies again. Previously, he served as an Associate Principal at McKinsey & Company in the Financial Services Group. In 2007, the peak for the firms performance fees, private equity contributed the bulk of the total. 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. Prior to joining Alta Semper, Ahmed was a Director at CI Capital Investment Banking, a leading Cairo-based investment bank, where he sourced, led and executed several capital markets and M&A transactions. 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. Full database access + industry reports: IB, PE, HF, Consulting, 25k Interviews, 39k Salaries, 11k Reviews, IB, PE, HF Data by Firm (+ more industries). But they dont want to commit their capital. Ahmed joined Alta Semper in 2018 as a Director. 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. Premium. But in June 2004, John Mack, then CEO of CSFB in the U.S., announced he was leaving; the Credit Suisse board had decided not to renew his contract. Greg began his career over 19 years ago and served as a Captain and Infantry Officer in the United States Marine Corps. 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. 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. Kenyas sole electricity distributor cited a system disturbance as a possible cause for the blackout. These initiatives and strategies include new product launches, entrance into new markets, add-on acquisitions and operational improvements. 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 . When DLJ tried issuing its own highly confident letters, they meant nothing, as DLJ had a small balance sheet. 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. 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. A link has been emailed to you - check your inbox. 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. Contribute to the database and get 1 month free* Full online access! Part of GSOs success comes from leaving some money on the table. Click here. Terms & Conditions. Prior to joining Semper Capital, Greg served as Founding and Managing Member of CP Capital Partners, LP. Previously, Mr. Montana worked at State Street Investment Management Services where he was responsible for fund administration in Global Emerging Markets. Oct. 15, 2009 12:58 pm ET. He also engineered a $479 million purchase of home security company SecurityLink by Chicago private-equity . By that July the three partners had launched GSO with 25 employees and one hedge fund. Ostrover, now 50, who helped build the leveraged-finance business at investment bank Donaldson, Lufkin & Jenrette during the 1990s, explained his idea for solving Hovnanians liquidity problems. Ronald S. Lauder is an international philanthropist, diplomat, public servant, entrepreneur, investor and patron of the arts. 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. Its a different kind of satisfaction walking into the CIOs office for the Bass brothers.. 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 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. At a bank youre working for anonymous shareholders, trying to make as much money as you can, he explains. After earning his MBA in 1984, the Miami-born Goodman took a full-time job with Drexel in New York. At Apollo, Mr. Bagaria invested in several asset classes including senior debt, high yield bonds, mezzanine finance and equity. What the three founders have built at GSO, they originally planned for CSFB. Drexel was a place where analysts spent days buried in the dense financials of dicey companies. Zachary joined Alta Semper in 2016 and brings more than nine years of advisory and investing experience to the firm. The following March, Milken was indicted for racketeering and securities fraud. Afsane Jetha started her career in finance at Merrill Lynch and Wasserstein Private Equity before gaining additional experience at Permira in London as part of the consumer team. He also serves on Semper Capitals Risk Management and Compliance committees. Having a better understanding of credit markets, having a better idea of how we could finance a creative idea, would make us better in private equity, says James.