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. The tank plus-up, which Ukrainian ambassador to the United Kingdom Vadym Prystaiko announced on Saturday, should come as no surprise. Only logged in subscribers of this site will be able to access the shared article. Because of the regulatory environment, its harder for them to do that economically. Manage and implement various projects in the fields of corporate finance, mergers & acquisitions, project finance, capital markets, private equity and asset management. Terms & Conditions. The defanged banks are receding into the background and making peace with new regulations designed to emasculate their balance sheets. The private equity business of the investment firm was not included in the sale and was to be sold off to existing Wasserstein shareholders. 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. As a consequence, banks want to syndicate risk into the market put together a road show and talk to 200 investors. In this regard, EagleTree has adopted a Diversity & Inclusion Statement and, in 2021, became a signatory to ILPAs Diversity in Action Initiative. and co-managed the company for five years until its merger. Prior to that, among other positions, Victoria 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. In Europe 70 to 75 percent of lending is done by banks. I fell for it hook, line and sinker, says Goodman. Previously, Mr. Kelsey worked at Jefferies LLC in the Leveraged Credit Research group where he was responsible for covering the gaming and retail sectors. In its five years in the Blackstone fold, GSO has gone from having two fund products to managing 27. He is in charge of all of the Firms operations and leads the investment decision making process for all capital investments. Earlier in her career, she was part of the Consumer Team at Permira in London which followed her time at Wasserstein Private Equity and Merrill Lynch in New York. He was CEO since the firms formation in 2001 through 2012. 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 He is credited with the term, Pac-Man defense, which is used by . EagleTree Capital is an independent private equity firm located in New York. Even so, GSO has 31 investment professionals in London, and they are doing more deals now than the firm is doing in the U.S. Nearly five full years after the worst of the financial crisis, the real estate market is finally on the mend, investors are wondering if homebuilders stocks have rallied too far, and the outlines of the new order of Wall Street are coming into sharper focus. 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. The approximately $4billion portfolio was distributed across GSOs own funds as well as Blackstones private equity portfolios. We stand on this very busy street corner and see all this activity, says customized credit strategies partner Daniel Smith. 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. That makes GSO Blackstones fastest-growing business in terms of both earnings and assets. It was keeping up-to-date in its credit work on certain companies and identifying potential situations for investment. Mr. Jones is currently Chairman of Wasserstein & Co. 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. Approach prospective clients and partners; make presentations. degree in Business Administration from Western New England University with a concentration in finance. But its deals remained small, providing funding for companies like Pacific Lumber and Caff Nero, a U.K. coffeehouse chain. Even before James left CSFB, he and Goodman talked about going off on their own. Prior to joining Semper Capital, Greg served as Founding and Managing Member of CP Capital Partners, LP. But things were changing, and they would get their chance soon. Thats where you wanted to land a job if you were a Harvard Business School student. We love your company., (Ostrover had his own hard-luck family bankruptcy story: His grandfather had to shutter Ostrovers Smoked Fish on New Yorks Lower East Side in the 1950s following a blackout; he couldnt pay his creditors because his customers fish had rotted.). In the process, Drexel helped spark an unprecedented era of prosperity in the U.S. as companies like Ted Turners Turner Broadcasting System, Craig McCaws McCaw Cellular Communications and William McGowans MCI Communications Corp. rapidly expanded by using this newly available source of capital. 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. 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. EagleTree continues to encourage all of its employees to actively engage in nonprofit volunteer activities and giving in our communities. 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. Prior to Duet, she was at GI Partners where she executed several transactions in the healthcare, consumer and real-estate sectors. Afsane speaks conversational French, Gujarati and basic Swahili. 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. Private equity investors are by nature optimistic and swaggering, thinking every deal is a potential blockbuster. GSO founders Bennett Goodman, Tripp Smith and Douglas Ostrover have become a key source of capital for non-investment-grade companies struggling to get financing, and in the process they have made a lot of money for themselves; their parent, Blackstone Group; and their investors. PWP provides strategic, financial, and tactical advice in connection with executing complex mergers, acquisitions, company sales, and corporate divestitures, including carve-outs, joint ventures, and spin-offs, and relating to takeover preparedness and defense. A -. Terms of the transaction were not disclosed. It wants to stay off the front pages of newspapers. Its amorphous, and you dont know the people. The firm had purchased a small CLO group, run by Daniel Smith, from Royal Bank of Canada. He now manages its hedge fund. Any deal would hinge on James, who was revered by GSOs three founders. All Rights Reserved. Smith, who had been co-head of high-yield group among other positions at Van Kampen Investments, now runs GSOs customized credit strategies, including CLOs, closed-end funds and Franklin Square Capital Partners, its small-cap direct lending group. 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. He also served on the Board of Directors of the Center for a New American Security and the National Guard Youth Foundation. 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. GSO which Goodman jokingly refers to as the Warren Buffett of the dregs is at the center of a reshaped Wall Street, where newly chastened banks are retreating to traditional roles as advisers to corporations, underwriting bonds for only the most highly rated companies and riskless deals. Alexandria, VA 22314, 515 North Flagler Drive | Suite 1450 Credit Suisse bought DLJ for $11.5billion in 2000 and combined the firm with its New Yorkbased investment banking unit, Credit Suisse First Boston. Wasserstein Debt Opportunities is a New York-based SEC-registered investment advisor focused predominately on leveraged loans and high yield bonds. Original price $69.99. Mr. Parsons is also a member of the boards of The Estee Lauder Companies Inc., Lazard Freres and Company, and Madison Square Garden, Inc. Greg Parsons is the CEO of Semper Capital Management, and has been part of Semper Capital since 2008. Bruce Wasserstein was an American investment banker, businessman, and writer who began his career as an attorney with Cravath, Swaine & Moore. 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. Register now to read this article and more for free. Patience is the key, says Smith, adding that GSOs funds and compensation are structured in such a way that staffers dont have to feel compelled to put money to work in deals that dont make sense. When the high-yield market trades at highs, we put out less capital, says Ostrover. All Rights Reserved. To be sure, Blackstone is not the only manager to have smelled opportunity in the financing void. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful. Its alternative credit growing up. 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. He spent five years there, toiling on ten to 12 deals a year all of them different in a culture that rewarded Street smarts and a maniacal work ethic. While working at Sheffield from 2010 2016, Mr. McLellan led many of the largest positions analyzing long/short equity and credit investments. The congressman supported new gun legislation after a school shooting in Uvalde, located in his district. 1185 Avenue of the Americas, 39thFloor These initiatives and strategies include new product launches, entrance into new markets, add-on acquisitions and operational improvements. 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. Before that she was a Director of Dresdner Kleinwort Wasserstein Private Equity Group. The overall number of key employees were 2. When the markets rebounded in 1991, DLJ took over as a leading player. Work with portfolio companies to address ever-changing cyber-security considerations. 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. She is a graduate of the University of Pennsylvania's Wharton School where she earned her BS in Economics. 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. The higher amount of exits for fund were in 2011. We take a unique approach to asset management. 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. So-called PE funds may also buy out . This Policy is intended to provide a broad framework for EagleTrees overall approach to ESG. 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. Contribute to the database and get 1 month free* Full online access! Since 2008, Blackstone has more than doubled its assets. The firm manages capital on behalf of institutional and individual investors. All those covenant-lite loans will be great opportunities for GSO to step in at some point. EagleTree Capital, All Rights Reserved | TermsofUse and Other Important Disclosure, 1185 Avenue of the Americas, 39thFloorNew York, NY 10036. 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). You can find out more about which cookies we are using or switch them off in settings. EagleTree believes its collaborativeapproach toinvesting createsvalue across a defined set of initiatives developed in partnership with portfolio company management. In 2008, Mr. Parsons served as a member of then-President-Elect Barack Obamas Economic Transition Team. The private equity business of the investment firm was not included . We conduct our buyout investment activities through the Wasserstein Partners family of funds. Mr. Bagaria joined Apollo as a Principal in June 2004, two months after AIC held its initial public offering, and later was promoted to Partner. After two games, Kevin Durant looks to be extremely comfortable in the Phoenix Suns' offense. Premium. We, on the other hand, want to own the risk.. 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. The firms mezzanine fund has one of the best records in the industry, up an average of 19.9 percent a year net since inception in July 2007. Former partner at Wall Street Technology Partners and former Director of Dresdner Kleinwort Wasserstein Private Equity Group. In 2006, four years after Wasserstein's departure, it dropped Wasserstein's name. Mr. Kelsey earned a B.S. 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.