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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. She is a graduate of the University of Pennsylvania's Wharton School where she earned her BS in Economics. GSOs hedge fund invested in public securities, mezzanine debt and distressed debt and provided some rescue lending for companies going through liquidity problems. GSO is actively managing the leveraged-loan ETF, the first of its kind. In February 1990, Drexel filed for bankruptcy; two months later Milken pled guilty to lesser charges, agreeing to pay a $600million fine and serve ten years in jail. Victoria serves on the board of Vostok New Ventures, an investment company with presence in Sweden. 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. Mr. Bagaria is the Advisors President and Chief Investment Officer. She co-founded Work It, Mom! 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. Previously, Mr. Kelsey worked at Jefferies LLC in the Leveraged Credit Research group where he was responsible for covering the gaming and retail sectors. 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. Former UFC Mens Bantamweight champion Cody Garbrandt celebrated a triumphant return to the Octagon on Saturday night. Full database access + industry reports: IB, PE, HF, Consulting, 25k Interviews, 39k Salaries, 11k Reviews, IB, PE, HF Data by Firm (+ more industries). Wasserstein & Co. is an independent private equity and investment firm, with offices in New York and Los Angeles. To be sure, Blackstone is not the only manager to have smelled opportunity in the financing void. The firm had purchased a small CLO group, run by Daniel Smith, from Royal Bank of Canada. 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. As a result, the high-yield and leveraged-loan markets never developed in Europe to the extent they did in the U.S. Eleven months later the U.S. housing rebound is official and Hovnanian Enterprises is flourishing, expecting 2013 to be its first profitable year since 2006. The next year it acquired nine CLOs from Allied Capital Corp., and a year later it bought Harbourmaster Capital Management, a $10billion European leveraged-loan manager, and four CLOs from Allied Irish Bank. 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. 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. A -. Approach prospective clients and partners; make presentations. . All those covenant-lite loans will be great opportunities for GSO to step in at some point. Zachary has an MBA from The Wharton School at the University of Pennsylvania and a BA in Economics from Cornell University. Greg is responsible for oversight and portfolio management at PIC. West Palm Beach, FL 33401. 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. During his time at the IFC, he advised on the first PPP in the West Bank. In addition, we remain committed to compliance with national, state and local labor laws in jurisdictions in which we invest and to provide a safe and healthy workplace consistent with national and local laws. In 2007, the peak for the firms performance fees, private equity contributed the bulk of the total. He holds graduate and undergraduate degrees in life sciences and humanities from Villanova University, studied medicine and epidemiology at the Hahnemann Medical College, and has an MBA from the Wharton School of the University of Pennsylvania and a Doctorate in Business Administration from the Fox School of Business at Temple University. Mr. Campbell is active in both geopolitical and philanthropic endeavors. More recently, he served as a member of the Presidents Council on Jobs and Competitiveness. Though the three are equal partners at GSO, Smith and Ostrover often defer to Goodman for the final word. 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. Engage with outside advisors, as necessary, to analyze and address ESG issues, risks and opportunities that arise. Previously she was a partner at Wall Street Technology Partners LP, a $125mm mid stage technology fund. 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. 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. Mr. McLellan was hired by Mr. Bagaria and initially worked within AIC from 2004 2006 before moving into the Strategic Value Fund. 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. 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). Hovnanian was the largest position in GSOs flagship hedge fund in 2012, and the firm made 50 percent on its capital in six months. At a bank youre working for anonymous shareholders, trying to make as much money as you can, he explains. Previously, Mr. OKeefe worked at S&P Capital IQ Leveraged Commentary & Data Group where he was responsible for research on leveraged loans and high yield bonds. 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. With Drexel and Milken gone amid a recession, many market watchers thought high-yield financing would die. Mr. McLellan earned a B.S. Its alternative credit growing up. Alta Semper today manages funds on behalf of its founding shareholders as well as various US and European institutions, and is the most active investor in the healthcare space in Africa over the last two years. Instead, banks dominated the leveraged-finance markets, with few institutional buyers such as high-yield mutual funds. He currently serves on the Board of Governors of the Middle East Institute and is a former Vice Chairman of the organization. GSO now has offices in New York, London, Dublin and Houston. The stock rose 170 percent between July 2012 and the end of the year. 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. In early 1988, Goodman started building the capital markets business at DLJ under Moran and James. 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. Jan 2003 - Mar 20052 years 3 months. The Hovnanian deal was originated through the hedge fund but later expanded to include the rescue financing fund. The firm, which has a competitive advantage by doing most of its own loan originations and investing in companies that are No. We want to buy you.. They do it because they cant get the capital otherwise. And many companies say GSO doesnt scrape every penny out of a deal. 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. New York, NY 10036, When Smith was pitching deals at Credit Suisse, he was constantly being undercut by in-country banks. There is a place for capital formation at market rates of return and driven by problem solvers, explains Coulter. The EagleTree Team has worked together for over 25 years. Mr. Bagaria began his career in the leveraged finance market in 1999. 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. When the markets rebounded in 1991, DLJ took over as a leading player. 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Prior to Cordiant, she gained advisory experience as a Summer Analyst with the Investment Banking and Equity Capital Markets teams at Scotiabank in Toronto. In 2008, Mr. Parsons served as a member of then-President-Elect Barack Obamas Economic Transition Team. At the same time, the platform gives it a lot of different eyes into potential investments. Fully 80 percent of GSOs senior management team is from DLJ. Hovnanian, who had lived through several real estate cycles, was shocked when Ostrover told him the price of the five-year CDS contracts on Hovnanian implied a 93 percent probability of default. View full details. Predecessor funds, U.S. Equity Partners I and II, were raised in 1997 and 2002 and invested approximately $750 million of committed equity capital. 17.5B Acquisition of Stake in Deutsche Telekoms German and Austrian Tower Business, $6B Acquisition of Ortho Clinical Diagnostics, $22.2B Combination with AT&Ts WarnerMedia, $525M Growth Equity Investment from Blackstone, $1.1B Senior Secured and Convertible Notes. 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. Manage and implement various projects in the fields of corporate finance, mergers & acquisitions, project finance, capital markets, private equity and asset management. Goodman is the storyteller of the group, Ostrover is Mr. Markets, and Smith wants to stay out of the limelight and just do deals. 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. The group has products that do better in different market environments, such as its closed-end funds and a new exchange-traded fund it recently launched with State Street Global Advisors. This content is from: She has worked for GI Partners, Merrill Lynch, Wasserstein Private Equity, and Permira in London. IN THE 1980S,WALL STREEThad a clear pecking order. The ESG Committee will meet at least quarterly. You should only be asked to sign in once. But after his wife, Meg, refused to leave New York, Goodman quickly set his sights on DLJ, a midsize investment bank known for equity research and a certain scrappiness and entrepreneurial culture. He also serves on Semper Capitals Risk Management and Compliance committees. All Rights Reserved. The firm financed Sonys deal to buy EMI, giving the Japanese electronics maker access to a music catalog that included more than 200 songs by the Beatles. Terms aren't expected to be disclosed, but a person briefed on the matter said the price was about $417 million. Credit investors, on the other hand, are pessimists, aware that the upside of their investments is limited, evaluating everything that can go wrong in an effort to protect their principal. 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. Ahmed speaks English and Arabic and is based between Cairo and London. Afsane Jetha began her career at Merrill Lynch and Wasserstein Private Equity before moving on to the consumer team at Permira in London. and co-managed the . Ara Hovnanian, CEO of Hovnanian Enterprises, knew little about GSO Capital Partners before the credit-oriented alternative asset manager offered the struggling homebuilder a lifeline last year. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. and co-managed the company for five years until its merger. These initiatives and strategies include new product launches, entrance into new markets, add-on acquisitions and operational improvements. Dresdner won't acquire Wasserstein's private equity business, which will be spun off to the U.S. firm's existing shareholders. 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. 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. While at AGM, Mr. McLellan analyzed event-driven long/short equity and credit, distressed-for-control, private leveraged buyouts and private minority investments in a variety of sectors. His company had been bleeding money for six years and had used up every penny of its capacity to issue secured debt. Mr. Jones received his MBA from the Yale School of Management and his B.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. 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. 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. Former partner at Wall Street Technology Partners and former Director of Dresdner Kleinwort Wasserstein Private Equity Group. Wasserstein Debt Opportunities Management, LP (WDO) is a New York-based SEC-registered investment advisor focused predominately on leveraged loans and high yield bonds. Now the emergence of alternative credit mirrors tools that equity investors have had with private equity, says TPGs Coulter. That makes GSO Blackstones fastest-growing business in terms of both earnings and assets. 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. At that time, Drexel had a lock on the business. from the University of California at Berkeley. Wasserstein & Co. manages capital on behalf of institutional and individual investors. Though he loved working on Wall Street, particularly at DLJ, Goodman wanted to spend all his time investing. If you're happy with cookies click proceed. Prior to this endeavor, she built a rich resume in the financial services sector, specifically working with private equity investment. Mr. Campbell received a B.S. 2016 Respect the human rights of those affected by our investment activities and seek to confirm that our portfolio company investments do not support companies that utilize child or forced labor or maintain discriminatory policies. 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. It was DLJs limited balance sheet that taught Goodman, Ostrover and Smith how careful they had to be with their credit analysis and due diligence. 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). Terms & Conditions. Morants agent denied previous allegations he hit and flashed his gun at a teenager suggesting they were made to tarnish his reputation. 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.