The Hovnanian deal was originated through the hedge fund but later expanded to include the rescue financing fund. 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. Mr. Kelsey earned a B.S. It took a week before Hovnanian softened, but GSO got its deal. In its five years in the Blackstone fold, GSO has gone from having two fund products to managing 27. Click here. Prior to that time he was a Senior and Founding Member of the Merchant . 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. A verification email is on its way to you. Though it was satisfying to be on their own, Goodman, Ostrover and Smith were used to being No. In recent years, the firm has invested in pharmaceutical manufacturing, retail pharmacy, cancer care and diagnostics platforms in Egypt, Nigeria and Morocco. Mr. Dutton has been working in the Hedge Fund Industry since 1997 and joined Wasserstein Debt Opportunities Management, LP in June 2013. Many investors wouldnt know how to approach that.. Pam Wasserstein is the President of Vox Media, the leading independent modern media company, where she oversees strategic initiatives, including e-commerce and consumer businesses, as well as the New York Magazine brands. Europe currently offers GSO the greatest opportunities. Mr. Dutton has been working in the Hedge Fund Industry since 1997 and joined Wasserstein Debt Opportunities Management, LP in June 2013. Contribute to the database and get 1 month free* Full online access! Terms of the transaction were not disclosed. Its investment activities are focused on . Amid the froth GSO is now doing its preparatory work for the next crisis. 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. He was CEO since the firms formation in 2001 through 2012. On day one Credit Suisse gave the firm more than $500million to manage a big part of the approximately $3billion it had raised from outside investors, including the Bass brothers, Blackstone, Cornell University, K2 Advisors, MetLife, Notre Dame and Quellos Group (now owned by BlackRock). 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 . Mr. Jones is currently Chairman of Wasserstein & Co. At the same time that GSO is capitalizing on the void left by banks, it is also benefiting from historically low interest rates and unrelenting investor demand for credit investments. 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. Prior to Cordiant, she gained advisory experience as a Summer Analyst with the Investment Banking and Equity Capital Markets teams at Scotiabank in Toronto. 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. Previously, Mr. Kelsey worked at Jefferies LLC in the Leveraged Credit Research group where he was responsible for covering the gaming and retail sectors. Mr. Bagaria began his career in the leveraged finance market in 1999. and co-managed the company for five years until its merger. Afsane Jetha - Gaining Additional Experience. While Goodman loves to talk, Ostrover has to be pressed for details. Thats where you wanted to land a job if you were a Harvard Business School student. 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. Dresdner Kleinwort Wasserstein (DrKW) operates as the investment banking arm of Germany's Dresdner Bank AG. 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. 100%. Since the financial crisis investment banks have been deleveraging and governments around the world have imposed stricter capital requirements on financial institutions, as the U.S. is doing with the Dodd-Frank Wall Street Reform and Consumer Protection Act. Before becoming President and Chief Investment Officer of Wasserstein Debt Opportunities Management, LP, in 2013, Mr. Bagaria was a Partner and Investment Committee member of Apollo Investment Management (Apollo), the investment manager of Apollo Investment Corporation (AIC), a publicly traded business development company. 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. 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. Afsane speaks Gujarati and French and is fourth-generation Tanzanian. He also served on the Board of Directors of the Center for a New American Security and the National Guard Youth Foundation. EagleTree has always strived to maintain a strong culture of good governance to ensure that it operates in a socially responsible manner. Track ESG-related metrics across our portfolio companies and engage and collaborate with portfolio companies to consider recommendations from these findings. 1 leveraged-finance player, lending to blemished companies that were in some of the fastest-growing sectors of the U.S. economy, including energy exploration and homebuilding. If you disable this cookie, we will not be able to save your preferences. Through this process, however, I feel like just getting a gig in any respectable private equity shop is tough -- and even though I came from a top 5 school and currently work in equity research at a bulge bracket, I still feel like I'm pretty low in the "pecking order" when it comes to recruiting simply because there are so many bankers trying . Orkila Capital was formed in 2013 to pursue proprietary and compelling growth equity investment opportunities in the media, entertainment and consumer sectors. 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. I fell for it hook, line and sinker, says Goodman. Smith, who calls himself Mr. 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. He currently serves on the Board of Governors of the Middle East Institute and is a former Vice Chairman of the organization. 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. Previously, Mr. Montana worked at State Street Investment Management Services where he was responsible for fund administration in Global Emerging Markets. Debt opportunities management delivered through partnership, visionand experience. Summarize the positive impact that our integration of ESG initiatives had on the portfolio companys business and/or culture. Currently, Mr. Campbell is the Chairman of all of the Fund II portfolio companies, Michael Baker International, LLC, and The SPECTRUM Group, LLC. The market is saying youre going bankrupt, Ostrover added. GSO and Blackstone announced the deal in January 2008. Lets face it, if a company can tap the public markets, they will, and theyll get a much better deal.. 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 . 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. Mr. Parsons was named Americas Best CEO in the entertainment industry by Institutional Investor in 2005. Morants agent denied previous allegations he hit and flashed his gun at a teenager suggesting they were made to tarnish his reputation. By that July the three partners had launched GSO with 25 employees and one hedge fund. Instead, banks dominated the leveraged-finance markets, with few institutional buyers such as high-yield mutual funds. 1 underwriter for high-yield bonds, a distinction it would keep for 12 years. Bertman, who built an underdog team into a profitable legend for LSU, told Goodman that success took three Hs: hard work (in an interview his uncle calls that hustle), honesty and humility. Blackstones acquisition of GSO has been an undisputed winner. 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. She co-founded Work It, Mom! Convene 117 West 46th Street, New York, Get limited access to our industry news, analysis and data, plus regular email updates. But in June 2004, John Mack, then CEO of CSFB in the U.S., announced he was leaving; the Credit Suisse board had decided not to renew his contract. Smith calls Europe a huge opportunity maybe a little like what Milken saw in the 1980s and DLJ in the 90s. 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. He is fluent in Arabic, French and English and is based in Alta Sempers Cairo office. Incorporate detailed ESG considerations into our pre-investment decision-making process in order to better assess ESG risks and opportunities and to provide us with an initial overview of a potential portfolio companys ESG profile. Private equity (PE) refers to a constellation of investment funds that invest in or acquire private companies that are not listed on a public stock exchange. 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. from the University of California at Berkeley. High cash-on-cash returns with capital appreciation potential. Private equity is capital that is not noted on a public exchange. Senior Vice President of North America Sales at Twilio. This content is from: When Bruce Wasserstein and Joe Perella Ruled the World. 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. By 1999, however, DLJ was hamstrung by its small balance sheet and a business that was primarily domestic. Original price $69.99. Previously, he served as an Associate Principal at McKinsey & Company in the Financial Services Group. Former partner at Wall Street Technology Partners and former Director of 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. 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. EagleTree Capital is an independent private equity firm located in New York. PETER A. WEINBERG Afsane speaks conversational French, Gujarati and basic Swahili. 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. Land More Interviews | Detailed Bullet Edits | Proven Process, Land More Offers | 1,000+ Mentors | Global Team, Map Your Path | 1,000+ Mentors | Global Team, For Employers | Flat Fee or Commission Available, Build Your CV | Earn Free Courses | Join the WSO Team | Remote/Flex, WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file, 101 Investment Banking Interview Questions. She co-founded Work It, Mom! Contact Details Address:1301 Avenue of the Americas, 44th FloorNew York, NY 10019United States Phone/Fax:Phone: 212-702-600Fax: 212-702-635 Other Contact Details:Website: The firms long-only strategies include a $24billion CLO business, making GSO the largest institutional investor in leveraged loans, as well as closed-end and other funds. She holds her MBA from Harvard Business School and a Bachelor of Science in Economics from The Wharton School at the University of Pennsylvania. a private-equity-owned . In all cases the company would likely be giving up control at the bottom of the market. 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. Prior to the IFC Ahmed developed his investment banking and corporate finance experience as a senior associate with Beltone Investment Banking, Ernst & Young and the Arab African International Bank. The overall number of key employees were 2. At its peak, GSO had $475million in hedge fund exposure to homebuilders and related industries and put out $600 million in financing across private market vehicles. His research and publications focus on international development with a special focus on capacity building in health care and biopharmaceutical production in emerging economies. Earlier in her career, she was part of the Consumer Team at Permira in London which followed her time at Wasserstein Private Equity and Merrill Lynch in New York. If you miss your Wasserstein Fellow appointment without notifying OPIA at least 24 hours in advance to cancel or reschedule your appointment, you will be barred from signing up [] Rescue lending has returned an annualized 15.2 percent since inception in September 2009. The top skills needed for this position are business management, market analysis, finance and accounting, problem-solving, data . 1 salesperson by a third-party consulting firm, and Goodman and Moran decided to steal him away the day the news came out. They began their partnership at the global investment bank, Wasserstein Perella & Co., where they led the merchant banking group. More.