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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. Ibrahim joined Alta Semper in 2021 as a General Counsel. Mr. Wasserstein died in 2009. 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. Alice Katwan on Linkedin. When DLJ tried issuing its own highly confident letters, they meant nothing, as DLJ had a small balance sheet. GSO is hoping to be a big part of the transformation. He formerly served on the Board of Trustees of Lehigh University and served as Chairman of the Board of Trustees of Fordham Preparatory School. [2], Perella left the firm for Morgan Stanley in 1993. 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. Mr. McLellan began his career in direct investing in 2004. Mr. Kelsey joined Wasserstein Debt Opportunities Management, LP in 2013 as an Associate. Fully 80 percent of GSOs senior management team is from DLJ. He serves on the Board of Directors of USO Metro and the Board of Trustees of the Pomfret School. 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. Victoria Grace is a founding partner of Colle Capital Partners LP, an opportunistic, early stage technology venture fund. His ability to skillfully negotiate complex, high-stakes situations led to his appointment as head of investment banking at First Boston Corporation. A patron of the arts and a noted collector, Mr. Lauder was Chairman of the Museum of Modern Art from 1995 to 2005 and now serves as the museums Honorary Chairman. 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. You can find out more about which cookies we are using or switch them off in settings. View full details. We partner with entrepreneurs with the goal of building great brands. (5) Wasserstein. We are using cookies to give you the best experience on our website. New York, NY 10036, Approach prospective clients and partners; make presentations. degree in Finance, Investment, and Banking from the University of Wisconsin, graduating with Honors. As the market comes down, we put out a lot. But things were changing, and they would get their chance soon. Before that she worked at Apollo Global Management, the private equity firm, where she evaluated . 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. A month after its launch, GSO hired Donald (Dwight) Scott, who ran the energy practice at DLJ before joining El Paso Corp. in 2000. GSO and Blackstone announced the deal in January 2008. So-called PE funds may also buy out . 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. 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 . 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. 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. 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. Though the three founders couldnt be more different, theyve maintained their partnership without a blip for 20 years. Blackstones offices on Park Avenue are nothing short of glitzy, with unobstructed views of the New York skyline and floors connected by grand staircases with polished metal banisters. 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. As a result, the high-yield and leveraged-loan markets never developed in Europe to the extent they did in the U.S. Because of the regulatory environment, its harder for them to do that economically. Duties include reviewing potential transactions, analyzing investor and partner needs, analyzing and making financial decisions, and preparing reports. 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. It was a good time for Goodman, Smith and Ostrover to start their own firm. High cash-on-cash returns with capital appreciation potential. Goodman is the storyteller of the group, Ostrover is Mr. Markets, and Smith wants to stay out of the limelight and just do deals. 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. 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. 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. Ahmed joined Alta Semper in 2018 as a Director. Greg began his career over 19 years ago and served as a Captain and Infantry Officer in the United States Marine Corps. He was CEO since the firms formation in 2001 through 2012. 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. Engage with outside advisors, as necessary, to analyze and address ESG issues, risks and opportunities that arise. 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. or Want to Sign up with your social account? That also plummeted in value. 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. Its investments included City Ventures, a private homebuilder in Orange County, California, now planning to go public; EMI Music Publishing; Energy Alloys, a global provider of oil field metals; Spains Giant Cement Holding; and the U.K.s Miller Group. [9] 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. 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. He subsequently established the investment bank boutique Wasserstein Perella & Co., which he later sold . During his time at the IFC, he advised on the first PPP in the West Bank. Copyright 2023. His research and publications focus on international development with a special focus on capacity building in health care and biopharmaceutical production in emerging economies. Private equity investors are by nature optimistic and swaggering, thinking every deal is a potential blockbuster. Tailor specific ESG inquiries and approaches based on various investment factors including the core industry sector of a particular investment. Dresdner won't acquire Wasserstein's private equity business, which will be spun off to the U.S. firm's existing shareholders. The latest messages and market ideas from Afsane Jetha (@afsanejetha) on Stocktwits. He also serves on, and was formerly Chairman, of the Advisory Board of the Yale School of Management and is on the Board of the Cate School.Mr. Mr. McLellan earned a B.S. 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. But Goodman shunted humility aside at least temporarily during his lunch with Moran. Previously, he was the Managing Partner of the New York law firm Patterson, Belknap, Webb and Tyler. Every Monday the investment staff meets to go over ideas and review the pipeline. In recent years, the firm has invested in pharmaceutical manufacturing, retail pharmacy, cancer care and diagnostics platforms in Egypt, Nigeria and Morocco. 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. 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. Convene 117 West 46th Street, New York, April 19-20, 2023 Afsane speaks Gujarati and French and is fourth-generation Tanzanian. GSOs investors, by contrast, had a paltry $22million invested with Goodman, Ostrover and Smith. 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. 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. Previously, Mr. Kelsey worked at Jefferies LLC in the Leveraged Credit Research group where he was responsible for covering the gaming and retail sectors. Marina joined Alta Semper in January 2019. Private Equity. Mr. OKeefe joined Wasserstein Debt Opportunities Management, LP in 2014 as an Associate. from the University of California at Berkeley. 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. Work with portfolio companies to address ever-changing cyber-security considerations. Mr. Bagaria earned a B.A. 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. With Blackstone they would get scale, a brand, idea-sharing with the firms deal makers and access to new and larger clients. 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. Our close-knit team shares 70 years of combined specialist experience gained at leading private equity and investment firms. 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. Though hurt by the financial crisis, Blackstone and GSO have emerged as dominant players in its aftermath. Remnants of the financial crisis continue to cast a shadow on markets, especially in Europe. 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. The private equity business of the investment firm was not included in the sale and was to be sold off to existing Wasserstein shareholders. Alice Katwan. We build SMAs to meet clients yield and volatility targets. In 1995, Moran moved up to chief operating officer of fixed income, and Goodman took over all of leveraged finance. Bruce Jay Wasserstein (December 25, 1947 - October 14, 2009) was an American investment banker, businessman, and writer. Investments can also be shared. 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. 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. Mr. Bagaria began his career in the leveraged finance market in 1999. Prior to that, he worked for 14 years in Senior Hedge Fund operations positions for top tier firms, including IFS State Street and HSBC. Wasserstein & Co. www.wasserco.com 1999 Avenue of the Stars Suite 2840 Los Angeles, CA 90067-6086 Anup Bagaria Vice Chairman and Managing Director In 2001, he established the Neue Galerie New York, of which he is President. Liverpool legend Roberto Firmino has offered himself to FC Barcelona through his agent, according to a report. 39th Floor 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. To be sure, Blackstone is not the only manager to have smelled opportunity in the financing void. GSO LIKES A LITTLE, BUT NOT TOO much, market misery. 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. Ara Hovnanian, CEO of Hovnanian Enterprises, knew little about GSO Capital Partners before the credit-oriented alternative asset manager offered the struggling homebuilder a lifeline last year. 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). 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. 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. 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. GSO was an early investor in the shale gas industry, which has been whipsawed by volatile pricing and other events. Prior to joining Alta Semper, he was a Senior Associate at Matouk Bassiouny in Cairo, Egypt (a leading regional law firm). 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. ALM, which in January 2005 changed its name from American Lawyer Media, was formed by U.S. Equity Partners L.P., a private equity fund sponsored by Wasserstein & Co. At the same time, Blackstone had relationships with almost every major institutional investor in the world, a group that had, on average, $200million in assets invested with the firm. Wasserstein Home | 849 followers on LinkedIn. 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 The congressman supported new gun legislation after a school shooting in Uvalde, located in his district. Over the last 30 years, Mr. Campbell has served as a member of the Boards of Directors of public and private companies operating both within the US and globally and for numerous investments while at Wasserstein & Perella Co., Veritas Capital and DC Capital. 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. But by the end of 2009, the firm had $24billion in assets. That makes GSO Blackstones fastest-growing business in terms of both earnings and assets. The new power brokers in the financial industry are money managers and investors like GSO, which control real assets. The strategy of Alta Semper is to invest flexible and strategic capital into market-leading business models in the . She co-founded Work It, Mom! Balkan Advisory Company, Sofia, Bulgaria. Journal Report. Mr. McLellan was hired by Mr. Bagaria and initially worked within AIC from 2004 2006 before moving into the Strategic Value Fund. Hard work got him noticed at Drexel, as well as a meeting with Moran. Wasserstein Debt Opportunities Management, LP ("WDO") is a New York-based SEC-registered investment advisor focused predominately on leveraged loans and high yield bonds.

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