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. But things are changing much more slowly in Europe than they did in the U.S. Every European country has its own business climate, union rules and regulatory system, and bankruptcy law isnt always clear enough for a manager like GSO to get the assurance it needs to invest in a troubled company. The top skills needed for this position are business management, market analysis, finance and accounting, problem-solving, data . Blackstone Groups GSO Capital: Lenders of Last Resort. 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. 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. With Drexel and Milken gone amid a recession, many market watchers thought high-yield financing would die. 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. If we were Schmeckle & Schmeckle or just stand-alone GSO, theres no way the board of Sony or some of these other companies would have gone along with some no-name firm, he explains. By Stephen Grocer. Jan 2003 - Mar 20052 years 3 months. Consider whether a potential portfolio companys business aligns with EagleTrees core values. EagleTree seeks to improve diversity and inclusion within the Firm, across its portfolio company investments and in the private equity industry, where possible. Bruce Wasserstein - Wikipedia Wasserstein & Co. - Crunchbase Investor Profile & Investments 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. Key Takeaways. It wants to stay off the front pages of newspapers. This Wasserstein & Co. works on 31 percentage points more the average amount of lead investments comparing to the other organizations. 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. Private Equity Resume Sample GSO, which is owned by private equity giant Blackstone Group, had spent six months digging into the finances of Hovnanian and had been buying up its equity, secured debt and unsecured debt since March. J.P. Morgan and other Wall Street research firms changed their rating from a sell to a hold GSO had been hoping for a buy and Credit Suisse refinanced Hovnanians high-cost debt that was coming due in 2016 and that the naysayers were sure would sink the company. Our e-commerce site allows you to purchase electronic devices & accessories smoothly at a great value. Mr. Jones received his MBA from the Yale School of Management and his B.S. The future looks bright for credit investing. Europe currently offers GSO the greatest opportunities. He was a graduate of the McBurney School, University of Michigan, Harvard Business School, and Harvard Law School, and spent a year at the University of Cambridge.He was prominent in the mergers and acquisitions industry, credited with working on 1,000 transactions with a . Wasserstein Debt Opportunities - PitchBook Data He reveres his middle-class upbringing first in Queens, New York, and later in Stamford, Connecticut and says that when he was growing up he didnt know anyone who worked on Wall Street. 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. You couldnt hope to compete because the banks were so aggressive, he says. 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. Goodman had never heard of the firm, but he distinctly remembers Frederick Joseph, Drexels CEO, passionately recounting how it financed entrepreneurs, married capital to ideas and was profoundly transforming whole industries. Register now to read this article and more for free. [1], In a 2007 New York Times article, Perella was described as "one of the financial industrys sharpest recruiters" who "discovered and helped train" Wasserstein Perella. Terms & Conditions. He also serves on Semper Capitals Risk Management and Compliance committees. 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. The strategy of Alta Semper is to invest flexible and strategic capital into market-leading business models in the . 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. Before that she was a Director of Dresdner Kleinwort Wasserstein Private Equity Group. The year he joined, the firm became the No. All rights reserved. This Policy does, however, retain the same fundamental principles and our commitment to integrate ESG considerations into our investment management business and portfolio company ownership practices. 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. Credit Suisse bought DLJ for $11.5billion in 2000 and combined the firm with its New Yorkbased investment banking unit, Credit Suisse First Boston. 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. She co-founded Work It, Mom! Previously, he was the Managing Partner of the New York law firm Patterson, Belknap, Webb and Tyler. Wasserstein & Co. - Company Database | Wall Street Oasis Victoria Grace is a founding partner of Colle Capital Partners LP, an opportunistic, early stage technology venture fund. So the firm created the bridge loan, not promising capital but intended to tide the company over until it could obtain permanent financing. Before that she worked at Apollo Global Management, the private equity firm, where she evaluated . EagleTree continues to encourage all of its employees to actively engage in nonprofit volunteer activities and giving in our communities. 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. Overview of Wasserstein US Equity Partners IV Wasserstein US Equity Partners IV is a closed private equity fund managed by EagleTree Capital . EagleTree continues to promote diverse perspectives. Wasserstein Death Payout: $188 Million - WSJ A +. 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. Tudor, Pickering, Holt & Co. Securities - Canada, ULC is a Member of the Canadian Investor Protection Fund and the New Self-Regulatory Organization of Canada. 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. Prior to joining Alta Semper, Zachary was a Senior Associate at Emerging Capital Partners where he covered infrastructure and consumer / retail investments in Kenya. Sony went to every bank it knew, including those in Japan, but couldnt get a $500million bridge loan. A link has been emailed to you - check your inbox. The GSO team has been through the ups and downs of numerous credit cycles, and theyre always worried and trying to protect the downside, says Timothy Walsh, chief investment officer of the $74billion New Jersey Pension Fund, which has committed to $1.1billion in investments in five GSO funds. EagleTree Capital | The Firm - A team-based approach to investing How has the Suns' new starting group performed? Leveraged loans offer a hedge against interest rates and can augment a largely xed-rate portfolio. When Bruce Wasserstein and Joe Perella Ruled the World. The latest messages and market ideas from Afsane Jetha (@afsanejetha) on Stocktwits. Acquisition of Stake in Deutsche Telekoms German and Austrian Tower Business, Acquisition of Ortho Clinical Diagnostics, Household / Personal Care & Beauty Products, Digital Infrastructure (Data Centers, Fiber, Satellite, Towers), New Self-Regulatory Organization of Canada. 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). With nearly 400 . 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. Amid the froth GSO is now doing its preparatory work for the next crisis. Private equity firms close in on Wasserstein's ALM | Reuters At that time, Drexel had a lock on the business. When the markets rebounded in 1991, DLJ took over as a leading player. Working directly with CEO, funds . Our investment activities are focused on middle-market leveraged buyout investments and related investment activities. Salesforce beat earnings-per-share estimates after the closing bell on March 1, 2023. Over time GSO would sell the land back to the homebuilder. 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. His company had been bleeding money for six years and had used up every penny of its capacity to issue secured debt. He was CEO since the firms formation in 2001 through 2012. New York, NY 10036 Its amorphous, and you dont know the people. GSO and Blackstone announced the deal in January 2008. Its alternative credit growing up. 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. According to external marketing documents, its hedge fund has delivered a net annualized return of 13.6 percent since January 2010, compared with the HFRI Fund Weighted Composites return of 4.6 percent for the same period. He focused on Consumer Products and broader Sub-Saharan Africa. Process, was the least enthusiastic about the tie-up, concerned that they were trading away their autonomy. 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. By that July the three partners had launched GSO with 25 employees and one hedge fund. At present, he is a Senior Advisor at Providence Equity Partners, Inc., a leading private equity investment firm specialising in media, communications and information companies and is the Chairman of Governor Andrew Cuomos New NY Education Reform Commission. He holds an AB from Princeton University. These initiatives and strategies include new product launches, entrance into new markets, add-on acquisitions and operational improvements. We stand on this very busy street corner and see all this activity, says customized credit strategies partner Daniel Smith. The private equity business of the investment firm was not included in the sale and was to be sold off to existing Wasserstein shareholders. 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. After James joined Blackstone, Goodman took over CSFBs alternative capital division. As one of the largest creditors of MBIA and holders of its equity, GSO had a big win last month when the Armonk, New Yorkbased provider of municipal bond insurance finally settled a dispute with Bank of America Corp. after years of wrangling over troubled mortgage-backed securities. Russias War On Ukraine: Daily News And Information From Ukraine, Bayern Munich Remain First But Must Switch Off Complacency Ahead Of PSG Fixture, More Ex-British Challenger 2 Tanks Are Bound For Ukraine As London Doubles Its Pledge, This African Country Of Millions Is Without PowerHeres What We Know, REI Workers In Cleveland Vote To Join The Retail, Wholesale And Department Store Union, What It Took To Bring Daisy Jones And The Six To TV, Texas GOP Censures Rep. Gonzales For Supporting Same-Sex Marriage And Gun Safety, New England Patriots Reportedly Set To Release Brian Hoyer, Leaving Two In The Quarterback Room, Salesforce Gapped Higher On Better-Than-Expected Earnings. He now manages its hedge fund. Wasserstein purchased The American Lawyer, which he later sold, and New York magazine, which remains under his family's control.

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