His ability to skillfully negotiate complex, high-stakes situations led to his appointment as head of investment banking at First Boston Corporation. Upon Dresdner Bank's acquisition of Wasserstein Perella in January 2001, Wasserstein & Co. was spun off as an independent company owned by Bruce who . For $340 Million, Globecomm Allows Wasserstein to Take it Private GSO has provided much-needed credit to scores of troubled companies like Hovnanian that couldnt tap public markets or get bank loans. After the market bottomed in 2009, GSO launched its first rescue lending fund, which closed at $3.3billion. Credit Suisse bought DLJ for $11.5billion in 2000 and combined the firm with its New Yorkbased investment banking unit, Credit Suisse First Boston. Leadership - EnsoData 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. West Palm Beach, FL 33401. Jason New, a onetime bankruptcy lawyer who had been with DLJ since 1999 and worked on some of the most complex distressed deals, such as financing Level 3 Communications and Qwest Communications, joined GSO at the start. But the GSO team immediately understood the annuity-like cash flow streams of music publishing and how much less volatile it is than recorded music and less subject to the decline of physical recorded media., Wiesenthal adds that GSO was flexible enough to let billionaire David Geffen, also an investor, participate in the transaction late in the game. 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. Approach prospective clients and partners; make presentations. In the era of Dodd-Frank and the Volcker rule, GSO and others like it, with their ability to make commitments, have more market power than ever, says Brian ONeil, chief investment officer of the $9billion-in-assets Robert Wood Johnson Foundation, the U.S.s largest philanthropic organization focused on public health and one of GSOs first investors. Wasserstein & Co. manages capital on behalf of institutional and individual investors. (The sentence was later reduced to two years.). At a bank youre working for anonymous shareholders, trying to make as much money as you can, he explains. To support African health management excellence, he co-founded the African Institute for Health Care Management. 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. At Apollo, Mr. Bagaria invested in several asset classes including senior debt, high yield bonds, mezzanine finance and equity. 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. Prior to Cordiant, she gained advisory experience as a Summer Analyst with the Investment Banking and Equity Capital Markets teams at Scotiabank in Toronto. All those covenant-lite loans will be great opportunities for GSO to step in at some point. He began his career at The First Boston Corporation. Meet Current Wasserstein Fellows - Harvard Law School We take a unique approach to asset management. But things were changing, and they would get their chance soon. GSO and Blackstone announced the deal in January 2008. Click here to register, Not for publication, email or dissemination, When it comes to private wealth, PE is still an unknown name, PE outperformed in US state pension portfolios over past two decades report, Side Letter: LPs biggest concerns; growing family offices; Bains VC vindication, Indiana Public Retirement System commits $450m to PE. Many investors wouldnt know how to approach that.. Richard was also previously the Head of Private Equity - Americas for Siemens Financial Services, Inc. Richard has invested in and worked . Mr. McLellan earned a B.S. Salesforce beat earnings-per-share estimates after the closing bell on March 1, 2023. Previously, he was the Managing Partner of the New York law firm Patterson, Belknap, Webb and Tyler. Updated June 5, 2014, 1:21 p.m. | An investor consortium led by Wasserstein & Company announced on Wednesday that it bought back ALM Media, which publishes The American Laywer and other titles, from its current owners, Apax Partners and the Royal Bank of Scotland.. degree in Finance and Government from the University of Notre Dame in 2002, graduating magna cum laude. 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. Mr. Campbell is the Founder, Managing Partner and Chief Investment Officer. Wasserstein Home | LinkedIn But its the as-yet-unfinalized Volcker rule that does the most damage to banks freedom, preventing them from engaging in proprietary trading or lending their own capital in speculative deals like the one to rescue Hovnanian. Wasserstein Debt Opportunities Management, LP (WDO) is a New York-based SEC-registered investment advisor focused predominately on leveraged loans and high yield bonds. View full details. 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. In contrast to the few traditional deals a year that a junior banker at Goldman might work on, Goodman cut his teeth on such unusual transactions as KKRs investment in Union Texas Petroleum Holdings in 1985 and Maxams 1986 takeover of Pacific Lumber Co. For the latter he and Joshua Friedman, then head of the capital markets group at Drexel, came up with a term sheet for a zero-coupon increasing-rate note whose complexity and model they still laugh about. 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 . Summarize the positive impact that our integration of ESG initiatives had on the portfolio companys business and/or culture. Kenyas sole electricity distributor cited a system disturbance as a possible cause for the blackout. His company had been bleeding money for six years and had used up every penny of its capacity to issue secured debt. Afsane Jetha - Gaining Additional Experience. Executive Team - mClinical Technology Over time GSO would sell the land back to the homebuilder. 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. Drexel was a place where analysts spent days buried in the dense financials of dicey companies. Alta Semper Capital LLP is a limited liability partnership registered in England and Wales under no. 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. Wasserstein & Co. - Unicorn Nest Ostrover, who has a BA in economics from the University of Pennsylvania and an MBA from New York Universitys Leonard N. Stern School of Business, was ranked the No. The fund's final close was first reported . In 2001, he established the Neue Galerie New York, of which he is President. WASSERSTEIN - Wasserstein 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. Morants agent denied previous allegations he hit and flashed his gun at a teenager suggesting they were made to tarnish his reputation. 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. Though he loved working on Wall Street, particularly at DLJ, Goodman wanted to spend all his time investing. But, as Smith says, its also a great place to lose money. Contribute to the database and get 1 month free* Full online access! Mr. OKeefe earned a B.S. Mr. McLellan began his career in direct investing in 2004. We conduct our buyout investment activities through the Wasserstein Partners family of funds. Joseph H. Lauder Institute of Management and International Studies. Credit jumped off the page.. Our investment activities are focused on middle-market leveraged buyout investments and related investment activities. Houston-based Scott oversees GSOs energy group. This Policy is intended to provide a broad framework for EagleTrees overall approach to ESG. Wasserstein Perella & Co. - Wikipedia Performing, price-discounted debt that we expect to recover. The private equity business of the investment firm was not included . Mr. Montana joined Wasserstein Debt Opportunities Management, LP in 2014 as a Finance Associate. Premium. Competition from increasingly bigger banks was fierce. Before that she was a Director of Dresdner Kleinwort Wasserstein Private Equity Group. The 30-year-old newly minted Drexel vice president told the DLJ executive, Im going to help build this big business at DLJ, and youre going to get rich and famous. Moran, who says he instantly liked Goodman and the wealth of experience he had gotten working on deals inside the Drexel pressure cooker, hired him. 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. This means that every time you visit this website you will need to enable or disable cookies again. The high-yield and leveraged-loan markets never developed there like they did in the U.S. Mr. Bagaria also held responsibilities related to secondary trading, investment team development, portfolio company work-outs and the development of Apollos energy lending and aviation investment platforms. Leveraged loans offer a hedge against interest rates and can augment a largely xed-rate portfolio. Mr. Bagaria began his career in the leveraged finance market in 1999. Mr. Wasserstein died in 2009. Mr. Bagaria also held responsibilities related to secondary trading, investment team development, portfolio company work-outs and the development of Apollos energy lending and aviation investment platforms. Douglas Ostrover, the O in GSO, invited him to lunch at Manhattans Core Club in July 2012, just as the U.S. housing market was showing a few signs of life. 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. By Stephen Grocer. He worked across the private equity life cycle including fund raising, new investments, portfolio management and exits. Private Equity Resume Sample PWP provides comprehensive financial restructuring and capital structure advice in connection with stressed and distressed situations, including amendments, debt exchanges, financings, distressed M&A, and balance sheet recapitalizations. James Coulter, co-founder of private equity firm TPG, says the opportunity is much more attractive for managers and investors now that banks which threw cheap money from depositors at troubled companies financing problems and pocketed the profit are not in the mix. He recently served on the Boards of Directors of Harry & David, Encompass Digital Media, and Access Scientific. He also engineered a $479 million purchase of home security company SecurityLink by Chicago private-equity . Wasserstein established his reputation for orchestrating complex mergers and acquisitions at First Boston Corp., and later Wasserstein Perella & Co., an investment bank sold to Dresdner Bank in 2000 for $1.4 billion. The Capital Solutions Fund GSOs rescue lending vehicle is an object lesson in the maturation of alternative credit. He is in charge of all of the Firms operations and leads the investment decision making process for all capital investments. Key Takeaways. We partner with entrepreneurs with the goal of building great brands. 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. All HLS students are permitted to meet one-on-one with Wasserstein Fellows. 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 Former partner at Wall Street Technology Partners and former Director of Dresdner Kleinwort Wasserstein Private Equity Group. Goodman is the storyteller of the group, Ostrover is Mr. Markets, and Smith wants to stay out of the limelight and just do deals. The overall number of key employees were 2. While at AGM, Mr. McLellan analyzed event-driven long/short equity and credit, distressed-for-control, private leveraged buyouts and private minority investments in a variety of sectors. How Bruce Wasserstein Became The "Buyout Guru" - Finance Friday 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. 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. Banks may no longer have the balance sheets, but big institutional investors like sovereign wealth funds, endowments and pension funds do. It was the first of many overtures Blackstones executives would make to him. "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 . She co-founded Work It, Mom! Wasserstein Perella & Co., sometimes referred to as "Wasserella" [citation needed], 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. EagleTree Capital is an independent private equity firm located in New York. In one of the largest B2B media transactions this year, Northstar Travel Group, which provides a broad array of products in the retail and corporate events markets, was sold from one private-equity firmthe Wicks Groupto another, Wasserstein Partners, Northstar CEO Thomas Kemp said today. Goodman states the obvious: No company does business with us because were such nice guys, though we like to think we are. Mr. OKeefe earned a B.S. 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. Track ESG-related metrics across our portfolio companies and engage and collaborate with portfolio companies to consider recommendations from these findings. Its really hard for some people to be aggressive in times of disruption because you have to do your work beforehand, says partner Smith. Although they enjoyed being their own bosses, they missed the prestige, and the deals, that came with being part of a big organization. Stephen M. Sammut is a Senior Fellow in Health Care Management and a Lecturer in Entrepreneurship at The Wharton School of the University of Pennsylvania where he has taught over 11, 000 students in the last 25 years. Wasserstein Debt Opportunities Management, LP ("WDO") is a New York-based SEC-registered investment advisor focused predominately on leveraged loans and high yield bonds. Mr. Jones is currently Chairman of Wasserstein & Co. 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. Tudor, Pickering, Holt & Co. Securities - Canada, ULC is a Member of the Canadian Investor Protection Fund and the New Self-Regulatory Organization of Canada. 100%. At that time, Drexel had a lock on the business. 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. From 2002 2004, Mr. McLellan worked as an analyst for Deutsche Bank focusing on Mergers & Acquisitions and Media Investment Banking. 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. corporate development. 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. The firm financed Sonys deal to buy EMI, giving the Japanese electronics maker access to a music catalog that included more than 200 songs by the Beatles. Manage and implement various projects in the fields of corporate finance, mergers & acquisitions, project finance, capital markets, private equity and asset management. 1Ls are permitted to meet with Wasserstein Fellows even before the October 15th career advising start date. 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. The mission of Alta Semper is to invest flexible and strategic capital across selected growth markets, with a focus on the healthcare and consumer sectors. 1 leveraged-finance player, lending to blemished companies that were in some of the fastest-growing sectors of the U.S. economy, including energy exploration and homebuilding. In addition to his role at Semper Capital, Greg is on the Board of Pan African Investment Company, an early-stage venture capital investor in Africa, founded by Mr. Ronald Lauder and Mr. Richard Parsons. Wasserstein, who was immortalized in a 1989 Forbes cover story that cemented his infamous nickname, had a passion for the media, having interned at Forbes during his student years in 1969. But by the end of 2009, the firm had $24billion in assets. All rights reserved. Copyright 2023. They did their homework, and they were convinced that the market was underestimating our ability to succeed in a space housing that they thought was recovering, says Hovnanian. Funds advised by Apax Partners announce the sale of ALM Media to The congressman supported new gun legislation after a school shooting in Uvalde, located in his district. 2007: Bruce Wasserstein, American Investment Banker, Businessman, and 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 . Through this process, however, I feel like just getting a gig in any respectable private equity shop is tough -- and even though I came from a top 5 school and currently work in equity research at a bulge bracket, I still feel like I'm pretty low in the "pecking order" when it comes to recruiting simply because there are so many bankers trying . Afsane Jetha began her career at Merrill Lynch and Wasserstein Private Equity before moving on to the consumer team at Permira in London. 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. GSOs hedge fund invested in public securities, mezzanine debt and distressed debt and provided some rescue lending for companies going through liquidity problems. We, on the other hand, want to own the risk.. Previously, Mr. Montana worked at State Street Investment Management Services where he was responsible for fund administration in Global Emerging Markets. Its amorphous, and you dont know the people. Prior to that time he was a Senior and Founding Member of the Merchant . Wasserstein & Co. is an independent private equity and investment firm, with offices in New York and Los Angeles. 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. 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.
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