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New York, NY 10036, An ESG Sub-Committee has also been formed to function as an ESG working group that will carry out the day-to-day aspects of EagleTrees ESG efforts and initiatives and be available as a resource for investment team members. Therefore, EagleTree may incorporate and alter different elements of this Policy for different portfolio companies across the stages of the investment management process, including during pre-acquisition, throughout ownership, and when positioning a portfolio company for an exit. On the strength of that bridge loan business, we built ourselves up into the leading firm, says James. 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. 1 underwriter for high-yield bonds, a distinction it would keep for 12 years. He is credited with the term, Pac-Man defense, which is used by . 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. In 2008, Blackstone, looking to diversify, paid $1billion to acquire GSO, which then had a $3.2billion credit hedge fund, $500million in mezzanine investments and a $4.8billion collateralized loan obligation business. 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. 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. He also served on the Board of Directors of the Center for a New American Security and the National Guard Youth Foundation. 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. 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. Although they enjoyed being their own bosses, they missed the prestige, and the deals, that came with being part of a big organization. He later became Dealmaker Bruce Wasserstein, famously nicknamed "Bid 'em up Bruce," died at the age of 61 in 2009, leaving his heirs a fortune wrought from years of fierce deal making. The future looks bright for credit investing. [4] Wasserstein stayed through the 2001 takeover by Dresdner Bank, but left the firm in 2002, following the 2001 merger of Dresdner and Allianz,[5] to head investment bank Lazard,[6] until his unexpected death in 2009. Mr. Campbell is active in both geopolitical and philanthropic endeavors. Our close-knit team shares 70 years of combined specialist experience gained at leading private equity and investment firms. 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. Afsane Jetha co-founded Alta Semper Capital in 2015. 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. The big Swiss bank wanted Goodmans leveraged-finance business as well as DLJs merchant banking and real estate groups. Its amorphous, and you dont know the people. 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 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. 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. 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. 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. 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. GSO is actively managing the leveraged-loan ETF, the first of its kind. 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. Hard work got him noticed at Drexel, as well as a meeting with Moran. Look, the market hates your company, he told Hovnanian. 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. He recently served on the Boards of Directors of Harry & David, Encompass Digital Media, and Access Scientific. We focus primarily on equipment and services relating to water (drinking, waste and industrial) and other general industrial businesses including: pipes, pumps and valves; specialty chemicals; engineering services; and sensors, meters and monitors. They have a zealous approach to protecting capital, and theyve found a way to extend credit to organizations that need it and structure it in a way that takes advantage of the environment at the time, says Blackstone chairman, CEO and co-founder Stephen Schwarzman. That also plummeted in value. Ostrover, now 50, who helped build the leveraged-finance business at investment bank Donaldson, Lufkin & Jenrette during the 1990s, explained his idea for solving Hovnanians liquidity problems. Blackstones acquisition of GSO has been an undisputed winner. Before joining Wasserstein Debt Opportunities Management, LP, Mr. McLellan was a Senior Vice President at Sheffield Asset Management, LLC (Sheffield), a Chicago-based fund with a contrarian value orientation.While working at Sheffield from 2010 2016, Mr. McLellan led many of the largest positions analyzing long/short equity and credit investments. 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. Blackstones offices on Park Avenue are nothing short of glitzy, with unobstructed views of the New York skyline and floors connected by grand staircases with polished metal banisters. Goodman and Ostrover joke that Smith was responsible for DLJs success. The new power brokers in the financial industry are money managers and investors like GSO, which control real assets. The group invented concepts such as payment-in-kind toggle bonds, with which an issuer can defer interest payments in return for a larger coupon in the future, and IPO carve-outs, whereby the parent company sells stock of a subsidiary to the public. 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. Terms aren't expected to be disclosed, but a person briefed on the matter said the price was about $417 million. WHEN ASKED ABOUT HIS DECISION to switch from the sell side to the buy side, Goodman says his only regret is that he didnt make the move ten years earlier. 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. You had to figure things out and use your smarts instead of brute strength, Smith, 47, says. 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. 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. GSO founders Goodman, Ostrover and Tripp Smith have emerged as lenders of last resort, filling the gaping financing void left by banks and opportunistic hedge funds in the wake of the 200809 financial crisis. Key Takeaways. 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. Before that she was a Director of Dresdner Kleinwort Wasserstein Private Equity Group. 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. Jones received his MBA from the Yale School of Management and his B.S. During his time at the IFC, he advised on the first PPP in the West Bank. Original price $69.99. from the University of California at Berkeley. 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. McLellan was hired by Mr. Bagaria and initially worked within AIC from 2004 2006 before moving into the Strategic Value Fund. In 1987 the Los Angelesbased Milken called Goodman, who by this time focused on LBOs, telling him he should move to Beverly Hills and work for Friedman (who would go on to co-found hedge fund firm Canyon Capital Advisors). 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. Goodman is quick to credit the Blackstone brand for at least part of GSOs success. All Rights Reserved. How has the Suns' new starting group performed? With Drexel and Milken gone amid a recession, many market watchers thought high-yield financing would die. 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. Prior to joining Alta Semper, Zachary was a Senior Associate at Emerging Capital Partners where he covered infrastructure and consumer / retail investments in Kenya. 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. The following March, Milken was indicted for racketeering and securities fraud. Every Monday the investment staff meets to go over ideas and review the pipeline. 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. [2] One First Boston analyst, Paul Mecurio, left corporate life to become a comedian. By 1999, however, DLJ was hamstrung by its small balance sheet and a business that was primarily domestic. 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. Joseph H. Lauder Institute of Management and International Studies. He might have been young, but it was like a pro coming into an amateur team, adds James, who then ran DLJs investment bank. After earning his MBA in 1984, the Miami-born Goodman took a full-time job with Drexel in New York. All HLS students are permitted to meet one-on-one with Wasserstein Fellows. Its really hard for some people to be aggressive in times of disruption because you have to do your work beforehand, says partner Smith. Predecessor funds, U.S. Equity Partners I and II, were raised in 1997 and 2002 and invested approximately $750 million of committed equity capital. The company would sell its property inventory to a land bank created by GSO in return for a $125million cash infusion. . In 2004, he added New York Magazine to his media empire. EagleTree continues to encourage all of its employees to actively engage in nonprofit volunteer activities and giving in our communities.