Though it was satisfying to be on their own, Goodman, Ostrover and Smith were used to being No. They do it because they cant get the capital otherwise. And many companies say GSO doesnt scrape every penny out of a deal. Jones received his MBA from the Yale School of Management and his B.S. 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. Drexel was a place where analysts spent days buried in the dense financials of dicey companies. 1 underwriter for high-yield bonds, a distinction it would keep for 12 years. Smith calls Europe a huge opportunity maybe a little like what Milken saw in the 1980s and DLJ in the 90s. Liverpool legend Roberto Firmino has offered himself to FC Barcelona through his agent, according to a report. GSO and Blackstone announced the deal in January 2008. EagleTree has always strived to maintain a strong culture of good governance to ensure that it operates in a socially responsible manner. 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. 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. 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. Victoria has worked with, and made investments in a broad range of companies, including enterprise software, wireless technologies, medical devices . Chief Financial Officer - Appointed CFO of Gabelli Group in 2001, re-joined as CFO in 2014 (after serving company as independent director / advisor from 2008). 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. Summarize the positive impact that our integration of ESG initiatives had on the portfolio companys business and/or culture. Part of GSOs success comes from leaving some money on the table. Not the case? There is a place for capital formation at market rates of return and driven by problem solvers, explains Coulter. Victoria serves on the board of Vostok New Ventures, an investment company with presence in Sweden. When DLJ tried issuing its own highly confident letters, they meant nothing, as DLJ had a small balance sheet. As a consequence, banks want to syndicate risk into the market put together a road show and talk to 200 investors. 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. Goodman and Ostrover joke that Smith was responsible for DLJs success.
WASSERSTEIN - Wasserstein 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. 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. Wasserstein Home | 848 followers on LinkedIn. The then-54-year-old CEO figured he had little to lose by listening to Ostrovers pitch. 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 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. As a result of the cumulative research among the different Blackstone groups, private equity bought $220million of nonperforming residential loans, the real estate team purchased $1.4billion of single-family homes to lease, and GSO invested in Hovnanian. 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. While working at Sheffield from 2010 2016, Mr. McLellan led many of the largest positions analyzing long/short equity and credit investments. Mr. OKeefe joined Wasserstein Debt Opportunities Management, LP in 2014 as an Associate. Drexel had unwittingly passed the high-yield baton to DLJ. Harvard labor economist Claudia Goldin summarises the distance we've travelled over the past hundred years, in a kind of Five Ages of Women. Wasserstein controlled Wasserstein & Co., a private equity firm with investments in a number of industries, particularly media. He began his business career in 1980 as a staff accountant at Coopers and Lybrand where he advanced to the position of tax manager, CPA, before his departure. She holds a BCom in Economics and Finance from McGill University and speaks English, Arabic and Armenian, and is proficient in French. Ting-Li Wang/The New York Times.
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. In all cases the company would likely be giving up control at the bottom of the market. 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. 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. GSO put about $5billion of capital to work as the markets slid after the downgrade. Alta Semper today manages funds on behalf of its founding shareholders as well as various US and European institutions, and is the most active investor in the healthcare space in Africa over the last two years. The firm, which has a competitive advantage by doing most of its own loan originations and investing in companies that are No. Though the three are equal partners at GSO, Smith and Ostrover often defer to Goodman for the final word. 100%.
Meet Current Wasserstein Fellows - Harvard Law School Private Equity Associates work as a team to initiate and continue the funding process of new private equity firms. [2] They included Robert S. Wiesenthal who became chairman of Sony; Jeffrey A. Rosen, vice chairman at Lazard; Raymond J. McGuire of Citigroup; Douglas L. Braunstein of JPMorgan Chase; Ronald Kramer, former President of Wynn Resorts and current CEO of Griffon Corporation; Michael B. Kraines of Sandler O'Neill; John H. Simpson, formerly Canyon Partners, now Broadhaven LLC; Robert Pruzan, founder of Centerview Partners; Deborah C. Wright of Carver Federal Savings Bank; Gail Zauder of Credit Suisse; current ABC News contributor, former mayor of Chicago and former chief of staff for President Obama Rahm Emanuel; Howard Kerzner, hotel tycoon and son of Sol Kerzner; Jon B. Kutler, founder of Quarterdeck Investment Partners, Inc., now with Admiralty Partners, Inc.; Michael J. Biondi, investment banking chair at Lazard, nicknamed Mr. Judgement;[3] Gary Parr at Lazard; Hugh "Skip" McGee III, former head of Lehman's investment banking, now at Barclays; Mark G. Shafir, former global co-head of M&A at Lehman Brothers, now with Citigroup; Walid Chammah, former CEO of Barclays International; Veritas Capital's Robert B. McKeon; and others. Tudor, Pickering, Holt & Co. Securities - Canada, ULC is a Member of the Canadian Investor Protection Fund and the New Self-Regulatory Organization of Canada. 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. "It's all family, every aspect of this place," Mr. Moss, who has edited New York since 2004, said in an interview last week at . He now manages its hedge fund. 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. But, as Smith says, its also a great place to lose money. 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.
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. 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. The company initially approached Blackstones private equity group for a $500million infusion of equity, but it wanted a controlling stake and Sony wasnt about to do that. Bertman, who built an underdog team into a profitable legend for LSU, told Goodman that success took three Hs: hard work (in an interview his uncle calls that hustle), honesty and humility. The top skills needed for this position are business management, market analysis, finance and accounting, problem-solving, data .
Wasserstein & Co. Portfolio Investments, Wasserstein & Co. Funds Mr. Montana earned a duel B.S. 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). Aligning our interests with our investors creates a long-term partnership forsuccess. EagleTree seeks to improve diversity and inclusion within the Firm, across its portfolio company investments and in the private equity industry, where possible.
When Bruce Wasserstein and Joe Perella Ruled the World - WSJ Wasserstein & Co. - Unicorn Nest Garrett Moran, who ran the high-yield bond group at DLJ, says Goodman stalked him for six months, wanting to pitch his idea for a capital markets desk. We take a unique approach to asset management.
A Fundamentally Different Kind of SPAC - Data Intelligence. Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling. The new power brokers in the financial industry are money managers and investors like GSO, which control real assets. Afsane Jetha is the CEO and Managing Partner of Alta Semper Capital, a dedicated growth markets private equity manager, which she co-founded in 2015 alongside Ronald Lauder (Chairman of Clinique, Este Lauder Companies) and Richard Parsons (Former CEO of Time Warner Group). 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. and co-managed the . 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. Credit Suisse bought DLJ for $11.5billion in 2000 and combined the firm with its New Yorkbased investment banking unit, Credit Suisse First Boston. With Drexel and Milken gone amid a recession, many market watchers thought high-yield financing would die. 2005-2023 Wall Street Oasis. 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. Key Takeaways. Its really hard for some people to be aggressive in times of disruption because you have to do your work beforehand, says partner Smith. In Europe 70 to 75 percent of lending is done by banks. 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. Houston-based Scott oversees GSOs energy group. We, on the other hand, want to own the risk.. Prior to this endeavor, she built a rich resume in the financial services sector, specifically working with private equity investment. Before that she was a Director of Dresdner Kleinwort Wasserstein Private Equity Group. The Capital Solutions Fund GSOs rescue lending vehicle is an object lesson in the maturation of alternative credit. Mr. Montana joined Wasserstein Debt Opportunities Management, LP in 2014 as a Finance Associate. 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. Former partner at Wall Street Technology Partners and former Director of Dresdner Kleinwort Wasserstein Private Equity Group. Before that she worked at Apollo Global Management, the private equity firm, where she evaluated . 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. 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.