West Palm Beach, FL 33401. 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. and co-managed the company for five years until its merger. Hovnanian, for his part, was not convinced that the market would react as positively as Ostrover suggested. Copyright 2023. She co-founded Work It, Mom! With $58billion in assets under management and 235 employees, GSO has grown fivefold under the Blackstone umbrella. But, as Smith says, its also a great place to lose money. He might have been young, but it was like a pro coming into an amateur team, adds James, who then ran DLJs investment bank. 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. . Mr. Kelsey earned a B.S. 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. 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. In early 1988, Goodman started building the capital markets business at DLJ under Moran and James. Engage with outside advisors, as necessary, to analyze and address ESG issues, risks and opportunities that arise. Afsane Jetha co-founded Alta Semper Capital in 2015. degree in Business Administration from Western New England University with a concentration in finance. Click here to register, Not for publication, email or dissemination, When it comes to private wealth, PE is still an unknown name, PE outperformed in US state pension portfolios over past two decades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. But things were changing, and they would get their chance soon. As it turned out, GSO had done thorough credit analysis and structured the debt appropriately, and it made 1.5 times its investment in two years, with every company paying off its debts. He is fluent in Arabic, French and English and is based in Alta Sempers Cairo office. Its investment activities are focused on . Afsane Jetha started her career in finance at Merrill Lynch and Wasserstein Private Equity before gaining additional experience at Permira in London as part of the consumer team. 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. Blackstones real estate group saw similar evidence, and BAAM expected mortgage improvement based on results from its underlying hedge funds. 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. And it might be only the beginning of an even bigger U.K. commitment to Ukraines rearmament. Former UFC Mens Bantamweight champion Cody Garbrandt celebrated a triumphant return to the Octagon on Saturday night. He serves on the Board of Directors of USO Metro and the Board of Trustees of the Pomfret School. Smith, who calls himself Mr. Prior to this endeavor, she built a rich resume in the financial services sector, specifically working with private equity investment. When Sony was trying to buy EMI in the fall of 2011, it couldnt consolidate all the debt onto its balance sheet without getting downgraded. 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. Afsane Jetha - Gaining Additional Experience. Working directly with CEO, funds . GSO was an early investor in the shale gas industry, which has been whipsawed by volatile pricing and other events. As applicable, EagleTrees Investment Committees in partnership with the ESG Sub-Committee will oversee and consider ESG issues, if any, that are material to a potential company investment. David Geffen is the Warren Buffett of the entertainment industry, and they understood the value of that to the deal, he explains. We stand on this very busy street corner and see all this activity, says customized credit strategies partner Daniel Smith. On the strength of that bridge loan business, we built ourselves up into the leading firm, says James. 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. 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. He was CEO since the firms formation in 2001 through 2012. His company had been bleeding money for six years and had used up every penny of its capacity to issue secured debt. GSO and Blackstone actively share information. (Though the hedge fund was launched in 2005, GSO has since stripped out mezzanine and other investments into separate funds.) . Harvard labor economist Claudia Goldin summarises the distance we've travelled over the past hundred years, in a kind of Five Ages of Women. 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. Credit jumped off the page.. Mr. Dutton has been working in the Hedge Fund Industry since 1997 and joined Wasserstein Debt Opportunities Management, LP in June 2013. 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. By 1999, however, DLJ was hamstrung by its small balance sheet and a business that was primarily domestic. The high-yield and leveraged-loan markets never developed there like they did in the U.S. 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. Performing, price-discounted debt that we expect to recover. Other deals include the $25 billion merger of Swiss Bank Corp and UBS and the $10 billion merger of Morgan Stanley & Co. and Dean Witter Discover & Co.[10], "One of the Best Recruiters in the Neighborhood", "Michael J. Biondi, Banker and Deal Maker, Dies at 50", "Directors and Executive Officers of Lazard", "Investment banking: Walking away from Wall Street", Bruce Wasserstein, Chairman and CEO of Wasserstein Perella, https://en.wikipedia.org/w/index.php?title=Wasserstein_Perella_%26_Co.&oldid=1093705238, This page was last edited on 18 June 2022, at 09:47. He was appointed Chief Compliance Officer in January 2017. 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. She co-founded Work It, Mom! He currently serves on the Board of Governors of the Middle East Institute and is a former Vice Chairman of the organization. Approach prospective clients and partners; make presentations. 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. Afsane is tiedpe - Afsane Jetha @afsanejetha In 2015, EagleTree spun out of Wasserstein & Co, which was formed in January 2001, when the merchant banking group of Wasserstein Perella became an independent firm. EagleTree aims to provide timely information to its clients and other stakeholders on the matters addressed herein and to work with them to foster transparency with regard to its ESG initiative. Private equity (PE) refers to capital investment made into companies that are not publicly traded. 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. Even before James left CSFB, he and Goodman talked about going off on their own. Our investment activities are focused on middle-market leveraged buyout investments and related investment activities. A +. GSOs returns have been top quartile. 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. He focused on Consumer Products and broader Sub-Saharan Africa. About Wasserstein family. The following March, Milken was indicted for racketeering and securities fraud. Mr. Montana joined Wasserstein Debt Opportunities Management, LP in 2014 as a Finance Associate. He now manages its hedge fund. PWP provides financial and structuring advice in connection with capital raising alternatives, including debt, equity, and hybrid capital, identifying alternative sources of growth capital, including SPACs and private capital, and assisting with identifying investors, developing terms and structuring the transaction. We target businesses across a broad range of media and business services subsectors, including: B2B, enthusiast, digital and consumer media; trade shows and conferences; marketing and content services, education; and outsourced services. Wasserstein Debt Opportunities Management, LP ("WDO") is a New York-based SEC-registered investment advisor focused predominately on leveraged loans and high yield bonds.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. Alta Semper Capital LLP is authorised and regulated by the Financial Conduct Authority (FCA) under Firm Reference Number (FRN) 756838. All Rights Reserved. He recently served on the Boards of Directors of Harry & David, Encompass Digital Media, and Access Scientific. 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. Tailor specific ESG inquiries and approaches based on various investment factors including the core industry sector of a particular investment. Mr. McLellan earned a B.S. 99 Canal Center Plaza | Suite 400 Leveraged loans offer a hedge against interest rates and can augment a largely xed-rate portfolio. EagleTree believes that it is better positioned to address many of the issues facing our portfolio companies in a rapidly changing world when we proactively incorporate ESG considerations into our investment approach. Ahmed joined Alta Semper in 2018 as a Director. Its alternative credit growing up. 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. Apologizing for the seeming hokeyness of it, he refers to a black-and-white picture in his office of New Yorks Orchard Street early in the past century, with unpaved, muddy roads; pushcarts; and a glimpse of Ostrovers Smoked Fish. For its drawdown funds alone, it committed $3billion to 26 companies. On top were three white-shoe firms: First Boston Corp., Goldman Sachs and Morgan Stanley. 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. 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. Prior to joining Alta Semper, he was a Senior Associate at Matouk Bassiouny in Cairo, Egypt (a leading regional law firm). When Smith was pitching deals at Credit Suisse, he was constantly being undercut by in-country banks. 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. Banks may no longer have the balance sheets, but big institutional investors like sovereign wealth funds, endowments and pension funds do. Mr. Campbell is active in both geopolitical and philanthropic endeavors. Our e-commerce site allows you to purchase electronic devices & accessories smoothly at a great value. In the meantime, it has cut back the pace of investments and is going after only the most compelling ones, in industry sectors including shipping, metals and mining, and natural gas. 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. The strategy of Alta Semper is to invest flexible and strategic capital into market-leading business models in the . Blackstone referred Sony to GSO, which crafted a deal of mezzanine debt and equity warrants in the company. The GSO team is confident that the bright future investors are anticipating will lose its luster sooner or later, whether its because of inaction in Washington or rumblings from North Korea, Israel or Iran. And, yes, we've come a long way, baby! Though hurt by the financial crisis, Blackstone and GSO have emerged as dominant players in its aftermath. And this is good for the economy. TPG launched its own midmarket lender after the financial crisis and has both competed and partnered with GSO. Though the three are equal partners at GSO, Smith and Ostrover often defer to Goodman for the final word. Current market conditions are setting the stage for a lot of future opportunities for GSO. If Drexel came up with the junk bond and DLJ created the institutional leveraged-finance market, GSO is again reinventing the concept of providing capital to non-investment-grade companies this time as an asset manager. Click here. Victoria Grace is a founding partner of Colle Capital Partners LP, an opportunistic, early stage technology venture fund. degree in Finance and Government from the University of Notre Dame in 2002, graduating magna cum laude. The latest messages and market ideas from Afsane Jetha (@afsanejetha) on Stocktwits. 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. Hard work got him noticed at Drexel, as well as a meeting with Moran. That also plummeted in value. Don't have an account? In 1995, Moran moved up to chief operating officer of fixed income, and Goodman took over all of leveraged finance. 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). Goodman is the storyteller of the group, Ostrover is Mr. Markets, and Smith wants to stay out of the limelight and just do deals. Credit geeks Goodman, Ostrover and Smith nonetheless went to Blackstones extravagant road show at New Yorks Pierre hotel in the spring of 2007, the first time that granular detail about the private equity firm was available to the public. 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. Prior to joining Alta Semper, she was an Associate at Cordiant Capital, an emerging markets fund manager based in Montreal, where she conducted financial analysis and due diligence, worked on structuring and executing direct lending deals in TMT (Technology, Media & Telecom), Structured Trade Finance and Specialty Financial Services in EMEA, Latin America and Southeast Asia. from the University of California at Berkeley. EagleTree believes its collaborativeapproach toinvesting createsvalue across a defined set of initiatives developed in partnership with portfolio company management. Afsane speaks conversational French, Gujarati and basic Swahili. degree in Individualized Study at New York University with studies at the London School of Economics, graduating cum laude. 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. It took a week before Hovnanian softened, but GSO got its deal. a private-equity-owned . 1 and having a big firm behind them. Previously, he served as an Associate Principal at McKinsey & Company in the Financial Services Group. 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. 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. Alta Semper Capital LLP is a limited liability partnership registered in England and Wales under no. It was the first of many overtures Blackstones executives would make to him. EagleTree has always strived to maintain a strong culture of good governance to ensure that it operates in a socially responsible manner. Mr. Lauder also created Central European Media Enterprises, Ltd (NASDAQ: CETV), a leading commercial television company that reaches 95 million people in seven countries throughout Central and Eastern Europe. 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 Wasserstein Perella by and co-managed the . The Deutsche Bank portfolio was marked to about 5 cents on the dollar for the quarter ended March 31, 2009. GSO had partnered with TPG to buy a $2billion portfolio of bridge loans from Citigroup. Look, the market hates your company, he told Hovnanian. This Wasserstein & Co. works on 31 percentage points more the average amount of lead investments comparing to the other organizations. After about a year of fundraising, commitments from existing LPs reached $790m, surpassing the original $750m target. Then, in the 1980s at First Boston, and at Wasserstein Perella after 1988, together they helped create "a dynasty of bankers and executives that has spread throughout Wall Street and corporate America". The New England Patriots plan to release 37-year-old quarterback Brian Hoyer at the beginning of the 2023 league year, as first reported by SiriusXM NFL's Adam Caplan. 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. She co-founded Work It, Mom! Writing something down to zero is not your proudest moment, Goodman says. Europe currently offers GSO the greatest opportunities. 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. Many investors are quite cautious when evaluating entertainment deals especially institutions, says Rob Wiesenthal, then Sonys CFO and now chief operating officer of Warner Music Group. Afsane Jetha began her career at Merrill Lynch and Wasserstein Private Equity before moving on to the consumer team at Permira in London. EagleTree Capital is an independent private equity firm located in New York. 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. EagleTree continues to maintain policies and procedures that prohibit bribery and other illegal payments to public officials consistent with U.S. federal and state laws, and in an effort to protect our systems, networks, programs, devices and data from cyber-attacks, has implemented a robust cyber-security framework. At a bank youre working for anonymous shareholders, trying to make as much money as you can, he explains. 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. In recent years, the firm has invested in pharmaceutical manufacturing, retail pharmacy, cancer care and diagnostics platforms in Egypt, Nigeria and Morocco. [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. At the same time, the platform gives it a lot of different eyes into potential investments. Wasserstein Home | 848 followers on LinkedIn. Portfolio, This content is from: 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. 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). That makes GSO Blackstones fastest-growing business in terms of both earnings and assets. Predecessor funds, U.S. Equity Partners I and II, were raised in 1997 and 2002 and invested approximately $750 million of committed equity capital. GSO and Blackstone announced the deal in January 2008. In 2001, he established the Neue Galerie New York, of which he is President. He subsequently established the investment bank boutique Wasserstein Perella & Co., which he later sold . Prior to that, he worked for 14 years in Senior Hedge Fund operations positions for top tier firms, including IFS State Street and HSBC. Mr. Bagaria began his career in the leveraged finance market in 1999. 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. At Goldman, Mr. Bagaria worked primarily as an investor of GS Mezzanine, the largest mezzanine fund globally. As a result, the high-yield and leveraged-loan markets never developed in Europe to the extent they did in the U.S. 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. Bagaria is a co-founder and serves on the Board of Directors of The Manitou School, a private elementary school located in Cold Spring, New York. 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 Wasserstein Perella by Dresdner Bank. It was a good time for Goodman, Smith and Ostrover to start their own firm. Previously, Mr. Kelsey worked at Jefferies LLC in the Leveraged Credit Research group where he was responsible for covering the gaming and retail sectors. What are the main benefits of having another shot creator and off-ball spacer of Durant's caliber? 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. 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. The up-gunned, tracked MT-LBs are further evidence of the Kremlins worsening equipment crisis as it struggles to make good its losses in Ukraine. It was keeping up-to-date in its credit work on certain companies and identifying potential situations for investment. Mr. OKeefe joined Wasserstein Debt Opportunities Management, LP in 2014 as an Associate. She previously served as Partner at Wall Street Technology Partners LP and Director of the Dresdner Kleinwort Wasserstein Private Equity Group. Business Video. He formerly served on the Board of Trustees of Lehigh University and served as Chairman of the Board of Trustees of Fordham Preparatory School. Afsane Jetha started her career in finance at Merrill Lynch and Wasserstein Private Equity before gaining additional experience at Permira in London as part of the consumer team. Depending on the product, GSO has a host of competitors, including Apollo Group Management; Ares Capital Corp. (an Apollo spin-out); Avenue Capital Group; Carlyle Group; Goldman, Sachs & Co.; J.P. Morgan Asset Managements Highbridge Capital Management; KKR & Co.; Oaktree Capital Management; and TPG Capital. The approximately $4billion portfolio was distributed across GSOs own funds as well as Blackstones private equity portfolios. With no bank willing to lend to it, the Red Bank, New Jerseybased homebuilder had become a target for short-sellers; investors were betting billions of dollars in credit default swaps that the company Hovnanians father and three uncles had founded in 1959 would go belly-up. Victoria has extensive experience in originating, structuring and monitoring venture capital transactions. Take the highly confident letter, a piece of paper Drexel would issue to the board of a company as a promise that it would provide financing on deals. All rights reserved. He holds an AB from Princeton University. GSO LIKES A LITTLE, BUT NOT TOO much, market misery. Wasserstein & Co. is an independent private equity and investment firm, focused on middle-market leveraged buyout investments and related investment activities. The next month Lehman Brothers Holdings filed for bankruptcy and all hell broke loose.

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