The Amazon Prime Video show's creative team reveals how a bidding war, authenticity, and passion fueled the adaptation of the best-selling novel. Competition from increasingly bigger banks was fierce. So-called PE funds may also buy out . 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. Indeed, when Hovnanian announced the land banking deal on July 13, 2012, its stock rose, its senior secured debt traded up from 84 to 97 cents on the dollar, and the price of the CDS contracts collapsed. 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. 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. 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.
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. 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. Part of GSOs success comes from leaving some money on the table. Tailor specific ESG inquiries and approaches based on various investment factors including the core industry sector of a particular investment. Mr. McLellan was hired by Mr. Bagaria and initially worked within AIC from 2004 2006 before moving into the Strategic Value Fund. Venture Capital. With Drexel and Milken gone amid a recession, many market watchers thought high-yield financing would die. This ESG Policy (the Policy) amends, restates and supersedes EagleTrees ESG Policy that was first formally adopted in 2017. After two games, Kevin Durant looks to be extremely comfortable in the Phoenix Suns' offense. Wasserstein purchased The American Lawyer, which he later sold, and New York magazine, which remains under his family's control. 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 . GSO is hoping to be a big part of the transformation. Mr. Jones is currently Chairman of Wasserstein & Co. Mr. OKeefe earned a B.S. 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. Every Monday the investment staff meets to go over ideas and review the pipeline. At Apollo, Mr. Bagaria invested in several asset classes including senior debt, high yield bonds, mezzanine finance and equity. She previously served as Partner at Wall Street Technology Partners LP and Director of the Dresdner Kleinwort Wasserstein Private Equity Group. Former Senior Vice President of North America Sales at Genesys. He also served on the Board of Directors of the Center for a New American Security and the National Guard Youth Foundation. She holds her MBA from Harvard Business School and a Bachelor of Science in Economics from The Wharton School at the University of Pennsylvania. He has also studied Precision Medicine at Harvard Business School and Fintech at the Said School of the University of Oxford. Prior to Emerging Capital Partners, Zachary was an M&A Executive at SABMiller and worked on beverage related transactions in South Africa, Nigeria, Angola, Kenya, Ethiopia, Malawi, and Tanzania. Banks may no longer have the balance sheets, but big institutional investors like sovereign wealth funds, endowments and pension funds do. Goodman had never heard of the firm, but he distinctly remembers Frederick Joseph, Drexels CEO, passionately recounting how it financed entrepreneurs, married capital to ideas and was profoundly transforming whole industries. or Want to Sign up with your social account? The 30-year-old newly minted Drexel vice president told the DLJ executive, Im going to help build this big business at DLJ, and youre going to get rich and famous. Moran, who says he instantly liked Goodman and the wealth of experience he had gotten working on deals inside the Drexel pressure cooker, hired him. 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. Drexel had unwittingly passed the high-yield baton to DLJ. Blackstones real estate group saw similar evidence, and BAAM expected mortgage improvement based on results from its underlying hedge funds. It was the first of many overtures Blackstones executives would make to him. 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. He is fluent in Arabic, French and English and is based in Alta Sempers Cairo office. But the $1billion price tag the proceeds of which the partners rolled over into GSO funds and the potential to take advantage of what they thought would be a huge shift on Wall Street helped alleviate their concerns. The mission of Alta Semper is to invest flexible and strategic capital across selected growth markets, with a focus on the healthcare and consumer sectors. Copyright 2023. It wants to stay off the front pages of newspapers. Mr. McLellan began his career in direct investing in 2004. 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. Do you thrive in a challenging environment that combines intensity with collaboration? 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. She previously served as Partner at Wall Street Technology Partners LP and Director of the Dresdner Kleinwort Wasserstein Private Equity Group. Although they enjoyed being their own bosses, they missed the prestige, and the deals, that came with being part of a big organization. So the firm created the bridge loan, not promising capital but intended to tide the company over until it could obtain permanent financing. 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. Private Equity Associates work as a team to initiate and continue the funding process of new private equity firms. The firm follows in the footsteps of Drexel and Michael Milken, who in the 1980s invented the junk bond market for non-investment-grade companies. 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. When the high-yield market trades at highs, we put out less capital, says Ostrover. Goodman, Smith and Ostrover founded GSO in 2005 to provide capital to non-investment-grade cyclical companies that were going through a tough patch but had tangible assets to put up as collateral to protect the firms downside when it lent them money. Amid the froth GSO is now doing its preparatory work for the next crisis. This content is from:
By that July the three partners had launched GSO with 25 employees and one hedge fund. Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling. 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. A month after its launch, GSO hired Donald (Dwight) Scott, who ran the energy practice at DLJ before joining El Paso Corp. in 2000. Its really hard for some people to be aggressive in times of disruption because you have to do your work beforehand, says partner Smith. 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. At a bank youre working for anonymous shareholders, trying to make as much money as you can, he explains. But by the end of 2009, the firm had $24billion in assets. GSO and Blackstone announced the deal in January 2008. James Coulter, co-founder of private equity firm TPG, says the opportunity is much more attractive for managers and investors now that banks which threw cheap money from depositors at troubled companies financing problems and pocketed the profit are not in the mix. Richard was also previously the Head of Private Equity - Americas for Siemens Financial Services, Inc. Richard has invested in and worked . The overall number of key employees were 2. Prior to founding DC Capital in 2007, Mr. Campbell was a Partner of Veritas Capital Management, LLC from 1992 through 2006 having been a Co-Founder of The Veritas Capital Fund, L.P. and one of the two Managing Members of the successor fund, The Veritas Capital Fund II, L.P. Mr. Dutton has been working in the Hedge Fund Industry since 1997 and joined Wasserstein Debt Opportunities Management, LP in June 2013. Oct. 15, 2009 12:58 pm ET. Private Equity. In addition to his role at Semper Capital, Greg is on the Board of Pan African Investment Company, an early-stage venture capital investor in Africa, founded by Mr. Ronald Lauder and Mr. Richard Parsons. But the GSO team immediately understood the annuity-like cash flow streams of music publishing and how much less volatile it is than recorded music and less subject to the decline of physical recorded media., Wiesenthal adds that GSO was flexible enough to let billionaire David Geffen, also an investor, participate in the transaction late in the game. New York, NY 10036, With $58billion in assets under management and 235 employees, GSO has grown fivefold under the Blackstone umbrella. 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. 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. Convene 117 West 46th Street, New York, Get limited access to our industry news, analysis and data, plus regular email updates. The EagleTree Capital team is currently investing its fifth private equity fund, EagleTree Partners V, with over $1.1 billion of committed capital. Prior to that time he was a Senior and Founding Member of the Merchant . Work with portfolio companies to address ever-changing cyber-security considerations. In developing this Policy, we have considered a range of guidance, including the Principles for Responsible Investment, the American Investment Counsel Guidelines for Responsible Investment and the Sustainable Development Goals. (212) 702-5602 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. Loan prices dropped 30 points, obliterating almost the entire investment at least on paper. Only logged in subscribers of this site will be able to access the shared article. With Blackstone they would get scale, a brand, idea-sharing with the firms deal makers and access to new and larger clients. In contrast to the few traditional deals a year that a junior banker at Goldman might work on, Goodman cut his teeth on such unusual transactions as KKRs investment in Union Texas Petroleum Holdings in 1985 and Maxams 1986 takeover of Pacific Lumber Co. For the latter he and Joshua Friedman, then head of the capital markets group at Drexel, came up with a term sheet for a zero-coupon increasing-rate note whose complexity and model they still laugh about. While working at Sheffield from 2010 2016, Mr. McLellan led many of the largest positions analyzing long/short equity and credit investments. The world had changed, and the firm needed a partner. degree in Finance, Investment, and Banking from the University of Wisconsin, graduating with Honors. 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. 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. And it might be only the beginning of an even bigger U.K. commitment to Ukraines rearmament. [2], Perella left the firm for Morgan Stanley in 1993. Mr. Campbell is the Founder, Managing Partner and Chief Investment Officer. In the old days highly cyclical companies in trouble could sell control to a competitor, a private equity firm or a hedge fund firm that took a loan-to-own strategy. 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. The EagleTree Team has worked together for over 25 years. Current market conditions are setting the stage for a lot of future opportunities for GSO. 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. 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). After James joined Blackstone, Goodman took over CSFBs alternative capital division. Wasserstein & Co. is an independent private equity and investment firm, with offices in New York and Los Angeles. Goodman is quick to credit the Blackstone brand for at least part of GSOs success. DLJ used its market position to keep reinvesting in the firm, building a leveraged-loan capability and creating a derivatives business and large distressed unit. Mr. Bagaria is the Advisors President and Chief Investment Officer. Mr. Lauder is currently the Chairman of Clinique Laboratories, a division of The Este Lauder Companies. Alexandria, VA 22314, 515 North Flagler Drive | Suite 1450 Prior to this endeavor, she built a rich resume in the financial services sector, specifically working with private equity investment. 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. Bruce Jay Wasserstein (December 25, 1947 - October 14, 2009) was an American investment banker, businessman, and writer. 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. 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. 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. Sony went to every bank it knew, including those in Japan, but couldnt get a $500million bridge loan. He was appointed Chief Compliance Officer in January 2017. 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. For its drawdown funds alone, it committed $3billion to 26 companies. 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.