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. Portfolio, This content is from:
The firm had purchased a small CLO group, run by Daniel Smith, from Royal Bank of Canada. He is credited with the term, Pac-Man defense, which is used by . Afsane Jetha began her career at Merrill Lynch and Wasserstein Private Equity before moving on to the consumer team at Permira in London. 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. Even before James left CSFB, he and Goodman talked about going off on their own. 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. . 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. EagleTree Capital has taken into consideration a variety of representative policy documents, including the United Nations Principles for Responsible Investment, in the development of our Environmental, Social and Governance (ESG) Policy. To support African health management excellence, he co-founded the African Institute for Health Care Management. 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.. GSO LIKES A LITTLE, BUT NOT TOO much, market misery. In furtherance of this ethos and in accordance with our responsibilities to our clients and other stakeholders, EagleTree is committed to identifying and considering ESG issues, risks and opportunities associated with potential portfolio company investments and engaging with portfolio companies on these matters during our ownership. When the markets rebounded in 1991, DLJ took over as a leading player. 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. The private equity business of the investment firm was not included . If you disable this cookie, we will not be able to save your preferences. Harvard labor economist Claudia Goldin summarises the distance we've travelled over the past hundred years, in a kind of Five Ages of Women. Mr. OKeefe joined Wasserstein Debt Opportunities Management, LP in 2014 as an Associate. From 2002 2004, Mr. McLellan worked as an analyst for Deutsche Bank focusing on Mergers & Acquisitions and Media Investment Banking. Balkan Advisory Company, Sofia, Bulgaria. Mr. Jones is currently Chairman of Wasserstein & Co. Consider whether a potential portfolio companys business aligns with EagleTrees core values. In addition to strengthening their firms credit business, Schwarzman and James saw benefits for its private equity operation. OC403953. In Europe 70 to 75 percent of lending is done by banks. This Policy is intended to provide a broad framework for EagleTrees overall approach to ESG. He is a CFA charterholder. All rights reserved. A patron of the arts and a noted collector, Mr. Lauder was Chairman of the Museum of Modern Art from 1995 to 2005 and now serves as the museums Honorary Chairman. 1999 Avenue of the Stars Suite 2840 Los Angeles, CA 90067United States, 1301 Avenue of the Americas 41st FloorNew York, NYUnited States. The big Swiss bank wanted Goodmans leveraged-finance business as well as DLJs merchant banking and real estate groups. 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. 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. You can find out more about which cookies we are using or switch them off in settings. At PWP, we seek talented people capable of broad and creative thinking with the drive to provide the highest quality advice to our clients. [9], Wasserstein Perella advised Axa Financial in the $11.5 billion sale of Donaldson Lufkin & Jenrette to Credit Suisse First Boston in 2000, Philip Morris in its $14.9 billion acquisition of Nabisco Holdings Corp. and Time Warner in its $128 billion merger with America Online. He has over 25 years of experience in investment banking and private equity and has been responsible for building and overseeing both industry and product groups at major investment banking firms. Upon his return from Vienna in 1987, he established the Ronald S. Lauder Foundation, which supports Jewish schools, camps and community centers in several countries in Eastern Europe. The company initially approached Blackstones private equity group for a $500million infusion of equity, but it wanted a controlling stake and Sony wasnt about to do that. This ESG Policy (the Policy) amends, restates and supersedes EagleTrees ESG Policy that was first formally adopted in 2017. Register now to read this article and more for free. The latest messages and market ideas from Afsane Jetha (@afsanejetha) on Stocktwits. Mr. OKeefe joined Wasserstein Debt Opportunities Management, LP in 2014 as an Associate. Work with portfolio companies to integrate sustainability considerations into their business plans, as applicable. 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. 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. 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. 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 is in charge of all of the Firms operations and leads the investment decision making process for all capital investments. She previously served as Partner at Wall Street Technology Partners LP and Director of the Dresdner Kleinwort Wasserstein Private Equity Group. In 2007, Merrill Lynch & Co. took a minority stake in GSO and the firm had its first closing for a new mezzanine fund. He has done extensive work on the implementation of precision medicine in the developing world. Wasserstein & Co. is an independent private equity and investment firm, 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. The EagleTree Team has worked together for over 25 years. The overall number of key employees were 2. Jan 2003 - Mar 20052 years 3 months. Mr. Campbell is active in both geopolitical and philanthropic endeavors. Mr. Kelsey earned a B.S. Mr. Dutton has been working in the Hedge Fund Industry since 1997 and joined Wasserstein Debt Opportunities Management, LP in June 2013. 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. EagleTree continues to promote diverse perspectives. The breadth and scale of its funds allow it to offer a range of solutions to companies, including rescue financing and senior secured bank loans. and co-managed the company for five years until its merger. Investments can also be shared. EagleTree intends to engage with clients and stakeholders, from time to time, in dialogue regarding how we can manage ESG issues in a way that is consistent with their initiatives. But thats starting to change as European banks need to deleverage and raise capital and companies desperately require funding. Mr. McLellan was hired by Mr. Bagaria and initially worked within AIC from 2004 2006 before moving into the Strategic Value Fund. Goodman is quick to credit the Blackstone brand for at least part of GSOs success. 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. As a result of the cumulative research among the different Blackstone groups, private equity bought $220million of nonperforming residential loans, the real estate team purchased $1.4billion of single-family homes to lease, and GSO invested in Hovnanian. Though the three founders couldnt be more different, theyve maintained their partnership without a blip for 20 years. Afsane Jetha - Gaining Additional Experience. 2016 In September 1988 the Securities and Exchange Commission sued Drexel for insider trading and stock manipulation. She co-founded Work It, Mom! It was the first of many overtures Blackstones executives would make to him. He began his career at The First Boston Corporation.He recently served on the Boards of Directors of Harry & David, Encompass Digital Media, and Access Scientific. 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. Prior to that, he was a managing director of Dresdner Kleinwort Wasserstein Private Equity Partners and related funds, and made and managed in excess of 30 private equity and partnership investments. Mr. Montana joined Wasserstein Debt Opportunities Management, LP in 2014 as a Finance Associate. At Apollo, Mr. Bagaria invested in several asset classes including senior debt, high yield bonds, mezzanine finance and equity. 1 or 2 in their markets, looks at about 1,000 deals every year and completes fewer than 5 percent of those. Mr. Dutton has been working in the Hedge Fund Industry since 1997 and joined Wasserstein Debt Opportunities Management, LP in June 2013. 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. All HLS students are permitted to meet one-on-one with Wasserstein Fellows. High cash-on-cash returns with capital appreciation potential. He focused on Consumer Products and broader Sub-Saharan Africa. 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. 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. 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. We stand on this very busy street corner and see all this activity, says customized credit strategies partner Daniel Smith. More recently, he served as a member of the Presidents Council on Jobs and Competitiveness. After six months of negotiations, Goodman and his partners said yes. He worked across the private equity life cycle including fund raising, new investments, portfolio management and exits. Ryan Mollett, a 34-year-old managing partner who joined News group from BlackRock in 2011, wrote a paper late that year asserting that the housing market had bottomed. 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. Among his extensive experience in advising local and international clients on cutting-edge M&A transactions, Ibrahim advised Alta Semper on its acquisition of Macro Group (Egypt) and ODM (Morocco). David Geffen is the Warren Buffett of the entertainment industry, and they understood the value of that to the deal, he explains. 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. He also serves on Semper Capitals Risk Management and Compliance committees. 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. He recently served on the Boards of Directors of Harry & David, Encompass Digital Media, and Access Scientific. 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. Liverpool legend Roberto Firmino has offered himself to FC Barcelona through his agent, according to a report. 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. Also, Mr. Jones served on the Board of Directors of Lazard and previously served on the Boards of Directors of Meyer Material, Odwalla, All-Clad, and IMAX, among other Wasserstein companies. 1 salesperson by a third-party consulting firm, and Goodman and Moran decided to steal him away the day the news came out. 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. He began his career at The First Boston Corporation. degree in Finance and Economics from the City University of New York with a concentration in Investment Analysis. 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. PETER A. WEINBERG He formerly served on the Board of Trustees of Lehigh University and served as Chairman of the Board of Trustees of Fordham Preparatory School. At a bank youre working for anonymous shareholders, trying to make as much money as you can, he explains. The company offers its corporate, government, and institutional clients a variety of capital markets products and services, including short-term products and treasury, equity products, rates, credit products, foreign exchange debt origination, sales and marketing, research, risk . Wasserstein Home | 849 followers on LinkedIn. [7] The investment banking business of Dresdner Bank changed its name to Dresdner Kleinwort Wasserstein as a result of the deal. After about a year of fundraising, commitments from existing LPs reached $790m, surpassing the original $750m target. Our close-knit team shares 70 years of combined specialist experience gained at leading private equity and investment firms. 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. Venture Capital. 2023 Forbes Media LLC. She has strong personal and professional ties to East Africa being a fourth generation Tanzanian. Identify any business line that would cause us to refuse to invest, including: (i) the manufacture or sale of handguns, assault weapons and/or ammunition; (ii) the distribution or sale of pornography; (iii) the direct and primary production or packaging of tobacco or alcoholic beverages; (iii) the production, sale, trade or distribution of illegal drugs; or (iv) a business that would pose a high reputational risk to EagleTree, its clients and/or other stakeholders. 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. 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. Ting-Li Wang/The New York Times. But although most Wall Street firms pulled out of the high-yield business, DLJ stayed in, doing some secondary trading and working with companies that felt they had been abandoned. All Rights Reserved. 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. Our initiatives in this regard are carried out by our Philanthropic Committee, which identifies several nonprofit charities each year with whom employees volunteer and EagleTree supports. She co-founded Work It, Mom! Mr. Wasserstein died in 2009. Wasserstein Debt Opportunities Management, LP (WDO) is a New York-based SEC-registered investment advisor focused predominately on leveraged loans and high yield bonds. GSO was very synergistic and complemented our other businesses well.. 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. 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. But that is likely to change as banks shed assets to deleverage and companies need capital. Afsane holds an MBA from Harvard Business School and a BSc in Economics, from The Wharton School at the University of Pennsylvania.
Between 2005 and 2012, GSOs assets grew at a compounded annual rate of 29 percent. Work with portfolio companies to address ever-changing cyber-security considerations. At the same time, the platform gives it a lot of different eyes into potential investments. He also served on the Board of Directors of the Center for a New American Security and the National Guard Youth Foundation. Wasserstein & Co., the private equity firm founded by the late Bruce Wasserstein who also bought New York magazine in 2003, has made a deal to acquire satellite communications giant Globecomm Syst Sustainable Business. Debt opportunities management delivered through partnership, visionand experience. In early 1988, Goodman started building the capital markets business at DLJ under Moran and James. Prior to that time he was a Senior and Founding Member of the Merchant . We build SMAs to meet clients yield and volatility targets. Competition from increasingly bigger banks was fierce. Lets face it, if a company can tap the public markets, they will, and theyll get a much better deal.. She has worked for GI Partners, Merrill Lynch, Wasserstein Private Equity, and Permira in London. The Retail, Wholesale and Department Store Union (RWDSU), yesterday said that, at REI Inc. in Cleveland, Ohio, have voted to join the RWDSU, making this the third unionized REI store in the U.S. Earlier in his career, Ahmed worked with the International Finance Corporation (IFC), the private sector arm of the World Bank, in Cairo, advising government-owned enterprises in the MENA region and Sub-Saharan Africa on public-private partnerships (PPP). He brings more than ten years of investment banking and private equity investing experience in the consumer, healthcare and financial services sectors across the MENA region and Sub-Saharan Africa. 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. 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. EagleTree Capital is an independent private equity firm located in New York. Writing something down to zero is not your proudest moment, Goodman says. GSOs returns have been top quartile. Mr. Bagaria is the Advisors President and Chief Investment Officer. Loan prices dropped 30 points, obliterating almost the entire investment at least on paper. from the University of California at Berkeley. Mr. McLellan began his career in direct investing in 2004. Hovnanian, for his part, was not convinced that the market would react as positively as Ostrover suggested. A link has been emailed to you - check your inbox. 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. Bagaria earned a B.A. Houston-based Scott oversees GSOs energy group. She holds her MBA from Harvard Business School and a Bachelor of Science in Economics from The Wharton School at the University of Pennsylvania. New York, NY 10036 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 . The common things for fund are deals in the range of 10 - 50 millions dollars. We are using cookies to give you the best experience on our website. This Wasserstein & Co. works on 31 percentage points more the average amount of lead investments comparing to the other organizations. 1 underwriter for high-yield bonds, a distinction it would keep for 12 years. Its amorphous, and you dont know the people. A verification email is on its way to you. 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. During his time at the IFC, he advised on the first PPP in the West Bank. Joseph H. Lauder Institute of Management and International Studies. 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. 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. PWP provides advice to management teams and Boards of Directors on critical matters that require shareholder interaction and support, including shareholder votes on transactions and annual proxy matters, as well as shareholder activism preparation and managing a company campaign in response to an attempt by an activist to gain board control or influence. GSO is actively managing the leveraged-loan ETF, the first of its kind. 1185 Avenue of the Americas 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. 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. Previously, Mr. Kelsey worked at Jefferies LLC in the Leveraged Credit Research group where he was responsible for covering the gaming and retail sectors. Victoria Grace is a founding partner of Colle Capital Partners LP, an opportunistic, early stage technology venture fund. With Blackstone they would get scale, a brand, idea-sharing with the firms deal makers and access to new and larger clients. He was CEO since the firms formation in 2001 through 2012. The ESG Committee will meet at least quarterly. Thoughtful Electronics and Accessories for Smart Homes | Market leader and accessory manufacturer of smart home products such as Google Home, Nest, Ring, Arlo, Echo devices among others. Tailor specific ESG inquiries and approaches based on various investment factors including the core industry sector of a particular investment. Bayern Munich is keeping pace with Borussia Dortmund at the top of the table ahead of the season-defining clash against Paris Saint-Germain on Wednesday. EagleTree recognizes that its approach to different ESG factors may vary among portfolio companies of different sizes, that fall within different industry sectors and that operate in different geographies. GSO was an early investor in the shale gas industry, which has been whipsawed by volatile pricing and other events. In 2004, he added New York Magazine to his media empire. Ronald S. Lauder is an international philanthropist, diplomat, public servant, entrepreneur, investor and patron of the arts. 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. And it might be only the beginning of an even bigger U.K. commitment to Ukraines rearmament. By that July the three partners had launched GSO with 25 employees and one hedge fund. 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. She previously served as Partner at Wall Street Technology Partners LP and Director of the Dresdner Kleinwort Wasserstein Private Equity Group. He has also studied Precision Medicine at Harvard Business School and Fintech at the Said School of the University of Oxford. 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. Grace serves as the CEO of Queen's Gambit. 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. 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. Prior to that, he held various positions in state and federal government, as counsel for Nelson Rockefeller and as a senior White House aide under President Gerald Ford. Please check your spam or junk folder just in case.