Wasserstein Debt Opportunities Management, LP

Wasserstein Debt Opportunities Management, LP (WDO) is a New York-based SEC-registered investment advisor focusing on distressed debt and special situations investments. The firm primarily invests in performing, price-discounted high-yield debt, including leveraged loans and high-yield bonds, targeting U.S. non-large cap issuers where it identifies potential price inefficiencies. WDO was established in May 2013 by Rajay Bagaria, a former Partner at Apollo Investment Management, with backing from the Bruce Wasserstein family office.

The firm's investment strategy centers on generating risk-adjusted returns by capitalizing on opportunities in the distressed debt and special situations sectors. WDO seeks to create differentiated high-yield exposure through primarily private equity-backed, U.S. non-large cap high-yield issues. The firm employs a value-based and process-driven approach to identify and invest in underfollowed opportunities, aiming to recover and generate high cash-on-cash returns with capital appreciation potential.

WDO's team includes President and Chief Investment Officer Rajay Bagaria, who has extensive experience in the leveraged finance market, and Chief Financial Officer and Chief Compliance Officer Joseph Dutton, who has been working in the hedge fund industry since 1997. The firm operates as a fiduciary, acting in the best interests of its clients, and maintains a code of ethics to ensure fair and honest conduct. WDO has full investment discretion and may engage in leverage, with management fees ranging from 1.0% to 2.0% of net asset value and incentive allocation fees ranging from 10% to 20% of net capital appreciation.

WDO's portfolio includes investments in companies such as Calumet Specialty Products Partners, L.P., where it has held significant positions in recent years. The firm's investment philosophy emphasizes responsible growth and wealth generation for generations, delivered through partnership, vision, and experience. WDO's approach combines legacy and modernity, aligning its interests with those of its investors to create long-term partnerships for success.