degree in Finance and Economics from the City University of New York with a concentration in Investment Analysis. 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. [2] One First Boston analyst, Paul Mecurio, left corporate life to become a comedian. A verification email is on its way to you. Convene 117 West 46th Street, New York, April 19-20, 2023 What the SPR Refill Means for Oil Futures, The Radical, Lucrative, and Controversial Company Hiding in Stephen Schwarzmans Pocket, Oats: From the Original Energy Contract to Trendy Dairy Alternative, Modern Slavery Act Transparency Statement. Greg is responsible for oversight and portfolio management at PIC. 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. degree with a double major in Finance and Accounting from Lehigh University. Engage with outside advisors, as necessary, to analyze and address ESG issues, risks and opportunities that arise. Credit Suisse bought DLJ for $11.5billion in 2000 and combined the firm with its New Yorkbased investment banking unit, Credit Suisse First Boston. 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 The tank plus-up, which Ukrainian ambassador to the United Kingdom Vadym Prystaiko announced on Saturday, should come as no surprise. Never satisfied with his intense day job, Bruce's private equity firm Wasserstein & Co. holds stakes in the popular New York magazine, and the delicious Harry & David gift basket retailer, among . 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. Morants agent denied previous allegations he hit and flashed his gun at a teenager suggesting they were made to tarnish his reputation. . Mr. Bagaria is the Advisors President and Chief Investment Officer. This Policy is intended to provide a broad framework for EagleTrees overall approach to ESG. The fund's final close was first reported . 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 world had changed, and the firm needed a partner. His ability to skillfully negotiate complex, high-stakes situations led to his appointment as head of investment banking at First Boston Corporation. We, on the other hand, want to own the risk.. The ESG Sub-Committee generally will meet on at least a weekly basis and its responsibilities will include: (i) engaging with EagleTrees deal teams on pre-acquisition ESG due diligence matters; (ii) engaging with EagleTrees third-party ESG specialists to conduct annual portfolio company-level ESG reviews; (iii) responding to investor and other stakeholder ESG requests; (iv) conducting annual employee training; and (v) reviewing and updating this Policy and EagleTrees ESG program, as necessary, from time to time. Its investment activities are focused on . Traders betting against the company lost money. New York, NY 10036 Wasserstein & Co. is a leading independent private equity and investment firm, focused primarily on leveraged buyout investments and related investment activities. Balkan Advisory Company, Sofia, Bulgaria. Commingled private fund exclusively for US and Non-US based qualified individuals, family offices and institutional investors, #1 performing high yield fund inception to date in the eVestment database (out of 200 funds), The strategy has outperformed a blended index of loan and high yield bonds by > 2.5x since inception. After about a year of fundraising, commitments from existing LPs reached $790m, surpassing the original $750m target. . What was a wide-open white space for us? In 1995, Moran moved up to chief operating officer of fixed income, and Goodman took over all of leveraged finance. Ting-Li Wang/The New York Times. Smith is the third generation in his Indianapolis Irish family to graduate from the Catholic university; two of his four kids are currently studying there. 99 Canal Center Plaza | Suite 400 Marina is based in Alta Sempers Cairo office. Since 2008, Blackstone has more than doubled its assets. Mr. Montana earned a duel B.S. He is a co-founder of Pangea University for the Health Sciences, a newly formed international platform for medical, nursing and health technology education for the emerging and frontier markets. In 2004, he added New York Magazine to his media empire. That also plummeted in value. This Wasserstein & Co. works on 31 percentage points more the average amount of lead investments comparing to the other organizations. Mr. McLellan began his career in direct investing in 2004. (212) 702-5602 He recently served on the Boards of Directors of Harry & David, Encompass Digital Media, and Access Scientific. 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.. But things are changing much more slowly in Europe than they did in the U.S. Every European country has its own business climate, union rules and regulatory system, and bankruptcy law isnt always clear enough for a manager like GSO to get the assurance it needs to invest in a troubled company. 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. He later became CEO of Lazard Ltd, while at the same time sitting atop private equity firm Wasserstein & Co, which continues to operate. The trio had remained close to James after he left DLJ for Blackstone, and they knew he was interested in striking some type of deal. Work with portfolio companies to address ever-changing cyber-security considerations. 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. Alta Semper Capital LLP is a limited liability partnership registered in England and Wales under no. In contrast, GSO will take a minority stake, a seat on the board and a debtlike investment that pays a big double-digit coupon, but it will let management retain control. 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. In September 1988 the Securities and Exchange Commission sued Drexel for insider trading and stock manipulation. GSO has $8billion in dry powder to put to work when rates eventually rise and investors inevitably sell at least some of the bonds theyve bought in recent years. Prior to joining Alta Semper, Ahmed was a Director at CI Capital Investment Banking, a leading Cairo-based investment bank, where he sourced, led and executed several capital markets and M&A transactions. 1999 Avenue of the Stars Suite 2840 Los Angeles, CA 90067United States, 1301 Avenue of the Americas 41st FloorNew York, NYUnited States. After two games, Kevin Durant looks to be extremely comfortable in the Phoenix Suns' offense. Before that she worked at Apollo Global Management, the private equity firm, where she evaluated . Terms & Conditions. 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. Joseph H. Lauder Institute of Management and International Studies. Predecessor funds, U.S. Equity Partners I and II, were raised in 1997 and 2002 and invested approximately $750 million of committed equity capital. He recently served on the Boards of Directors of Harry & David, Encompass Digital Media, and Access Scientific. To support African health management excellence, he co-founded the African Institute for Health Care Management. Wasserstein & Co. also manages a significant portfolio of debt and equity securities and other investments on behalf of our stockholders and other investors. From 2002 2004, Mr. McLellan worked as an analyst for Deutsche Bank focusing on Mergers & Acquisitions and Media Investment Banking. Many investors wouldnt know how to approach that.. Premium. 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. EagleTree Capital is an independent private equity firm located in New York. Competition from increasingly bigger banks was fierce. 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. The firm invests in privately held mid-market businesses primarily headquartered in North America with a focus on the following industry sectors: media and business services; consumer; and water and specialty industrial. 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. The private equity business of the investment firm was not included in the sale and was . He worked across the private equity life cycle including fund raising, new investments, portfolio management and exits. Today, the firm manages approximately $2 billion of capital on behalf of institutional and individual investors, including public and corporate pension funds, foreign governmental entities, endowments and foundations and high net worth individuals. 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. Every Monday the investment staff meets to go over ideas and review the pipeline. 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. Alexandria, VA 22314, 515 North Flagler Drive | Suite 1450 The top skills needed for this position are business management, market analysis, finance and accounting, problem-solving, data . There was little room for error. You had to figure things out and use your smarts instead of brute strength, Smith, 47, says. He was CEO since the firms formation in 2001 through 2012. We want to buy you.. 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. 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. The day in early 1983 that the three firms sent recruiters to the campus, Bennett Goodman was playing basketball; when the game went into overtime, he arrived too late to get into the crowded blue-chip presentations. 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. Remnants of the financial crisis continue to cast a shadow on markets, especially in Europe. 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. The common things for fund are deals in the range of 10 - 50 millions dollars. Offered through a separated managed account platform exclusively for family offices and institutional investors, Proven regulatory capital efficient solution for insurance companies, #1 performing leveraged loan strategy inception to date in the eVestment database (out of 60 funds). Executives at two publicly traded alternatives firms say they arent so much concerned about Blackstone as a competitor in private equity but that theyve been blindsided by GSOs growth. You should only be asked to sign in once. 1Ls are permitted to meet with Wasserstein Fellows even before the October 15th career advising start date. GSO also bought the debt of Clear Channel Communications, a private-equity-owned media company, and led a $1.25billion preferred stock deal for Chesapeake Energy so that company could develop natural-gas production from shale in eastern Ohio. 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. Wasserstein & Co. - Private Equity Company Info Description:Wasserstein & Co. is a private equity company based in New York, NY and has approximately $300 million in assets under management. [7] The investment banking business of Dresdner Bank changed its name to Dresdner Kleinwort Wasserstein as a result of the deal. degree in Business Administration from Western New England University with a concentration in finance. There is a place for capital formation at market rates of return and driven by problem solvers, explains Coulter. 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. Wasserstein Home | 849 followers on LinkedIn. David Geffen is the Warren Buffett of the entertainment industry, and they understood the value of that to the deal, he explains. Other investments recently controlled by Mr. Campbell and for which he served as Chairman include, but are not limited to, National Interest Security Company, LLC; SC3, LLC; and International Development Solutions, LLC. Sony went to every bank it knew, including those in Japan, but couldnt get a $500million bridge loan. The company would sell its property inventory to a land bank created by GSO in return for a $125million cash infusion. We are using cookies to give you the best experience on our website. Before joining Time Warner, in 1995, Mr. Parsons was Chairman and CEO of Dime Bancorp, Inc., one of the largest thrift institutions in the United States. But that is likely to change as banks shed assets to deleverage and companies need capital. Victoria serves on the board of Vostok New Ventures, an investment company with presence in Sweden. Under Blackstone, GSO has the heft to write big enough checks to fully finance a solution, reducing a companys need to find additional capital elsewhere. Convene 117 West 46th Street, New York, Get limited access to our industry news, analysis and data, plus regular email updates. or Want to Sign up with your social account? 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. 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. GSO has a view on about 1,000 companies through its CLO business, garnering leads that can be passed on to the hedge fund or other vehicles. 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. Hovnanian, for his part, was not convinced that the market would react as positively as Ostrover suggested. While at Duet, Afsane led the largest private equity transaction into Ethiopia, Dashen Brewery, as well as, sourced and executed on several consumer-facing transactions in Ghana, Uganda and Cote DIvoire.