Debt opportunities management delivered through partnership, vision and experience.
Wasserstein Debt Opportunities Management, LP (“WDO”) is a New York-based SEC-registered investment advisor focused predominately on leveraged loans and high yield bonds. 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 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. 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.
President and Chief Investment Officer
Mr. Bagaria is the Advisor’s President and Chief Investment Officer. Mr. Bagaria began his career in the leveraged finance market in 1999. 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. 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. At Apollo, Mr. Bagaria invested in several asset classes including senior debt, high yield bonds, mezzanine finance and equity. Mr. Bagaria also held responsibilities related to secondary trading, investment team development, portfolio company work-outs and the development of Apollo’s energy lending and aviation investment platforms. 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.
Chief Financial Officer and Chief Compliance Officer
Mr. Dutton has been working in the Hedge Fund Industry since 1997 and joined Wasserstein Debt Opportunities Management, LP in June 2013. He was appointed Chief Compliance Officer in January 2017. 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. Prior to that, he worked for 14 years in Senior Hedge Fund operations positions for top tier firms, including IFS State Street and HSBC. 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.
Mr. McLellan joined Wasserstein Debt Opportunities Management, LP in 2017 as a Managing Director. Mr. McLellan began his career in direct investing in 2004. Before joining Wasserstein Debt Opportunities Management, LP, Mr. McLellan was a Senior Vice President at Sheffield Asset Management, LLC (“Sheffield”), a Chicago-based fund with a contrarian value orientation.
While working at Sheffield from 2010 – 2016, Mr. McLellan led many of the largest positions analyzing long/short equity and credit investments. Prior to joining Sheffield, Mr. McLellan worked at Apollo Global Management, LLC (“AGM”) from 2004 – 2010. Mr. McLellan was hired by Mr. Bagaria and initially worked within AIC from 2004 – 2006 before moving into the Strategic Value Fund. 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. From 2002 – 2004, Mr. McLellan worked as an analyst for Deutsche Bank focusing on Mergers & Acquisitions and Media Investment Banking. Mr. McLellan earned a B.S. degree in Finance and Government from the University of Notre Dame in 2002, graduating magna cum laude.
Chairman of Wasserstein & Co
Mr. Jones is currently Chairman of Wasserstein & Co. He was CEO since the firm’s formation in 2001 through 2012. 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. 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. 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. 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. 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. 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.
Mr. Jones received his MBA from the Yale School of Management and his B.S. from the University of California at Berkeley.
Mr. O’Keefe joined Wasserstein Debt Opportunities Management, LP in 2014 as an Associate. Previously, Mr. O’Keefe worked at S&P Capital IQ Leveraged Commentary & Data Group where he was responsible for research on leveraged loans and high yield bonds. Mr. O’Keefe earned a B.S. degree in Business Administration from Western New England University with a concentration in finance.
Mr. Montana joined Wasserstein Debt Opportunities Management, LP in 2014 as a Finance Associate. Previously, Mr. Montana worked at State Street Investment Management Services where he was responsible for fund administration in Global Emerging Markets. Mr. Montana earned a duel B.S. degree in Finance and Economics from the City University of New York with a concentration in Investment Analysis.
A better way
to better returns.
Performing, price-discounted debt that we expect to recover. High cash-on-cash returns with capital appreciation potential.
Strategy inception: May 2013
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
Leveraged loans offer a hedge against interest rates and can augment a largely ﬁxed-rate portfolio. We build SMAs to meet client’s yield and volatility targets.
Strategy inception: June 2015
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)
Short Duration High Income
Mid-to-high single-digit cash-on-cash returns with a < 3.5 year maturity. Our mandates are uniquely balanced between ﬁxed rate bonds and ﬂoating rate loans.
Strategy inception: November 2018
Commingled private fund exclusively for US based qualified individuals, family offices and institutional investors
Distributes current income semi-annually
Offers differentiated exposure and mitigates rate risk in an inflationary environment