Blackstone Credit vs Bain Capital Credit
Very straight forward here, Blackstone Credit VS Bain capital Credit? In terms of performance over the years, investments made, flexibility up and down the cap structure, and exits - who would you go with if you have an offer from both and why?
Both are great names, but I personally would go with Bain Cap Credit, especially as a junior. Most analysts/associates there work on a variety of deals in the credit sphere, meaning they get exposure to the entire cap structure. This is important because it makes it easier to exit into distressed/special situations investing compared to if you were doing strictly senior lending, which is the case at BX. Bain Cap culture is top notch and comp is quite good and pretty much identical to BX through VP (I have no idea beyond that). On the other hand, BX is in NYC, is a very revered name in all types of private investing, and it’s a much bigger shop, which could be important in terms of comp at the senior level (MD and heads of groups). I think anybody would be pumped to get an offer at either.
Do you have an offer to both places?
No offer yet, I have the chance to speak to some senior folks at both places due to a few connections and interest in credit investing. I’ll be doing a credit internship this summer with hopes of landing at one of these places. I love that you mentioned SS/Distressed investing because that’s exactly what I’m interested in. It seems like (and you can tell me if I’m wrong) that BX doesn’t do DS/SS anymore? More to the point like you mentioned Bain operates up and down the cap stack and across illiquid and liquid. You also have the chance to move around with the deal as well. My only really concern is missing out on exits and not being in the mix since Bain is in Boston.
If your main concern is Bain being in Boston, I know that some analysts can work in nyc if they are in the Private Credit group if their group head allows it. Heard it’s 50/50 now with their PC team in terms of Boston/Nyc because they’re expanding their ny presence. Special Situations group not so much though — mostly in Boston until associate and above. Agree with Analyst 2 above that Bain Cap is known to invest flexibly up and down the cap structure more so than Bx. Hope this helps!
I wouldn’t be of much help but this discussion seems to be between two people who know credit field quite good.
What would you recommend resources-wise to prep for internships in credit? I have few potential leads to some big names and wouldn’t want to screw it up. Thanks in advance for response!
Which group at BX credit?
Direct lending and Opportunistic/stressed debt
Blackstone right now is mostly managing their book / unable to deploy much in terms of new deals. I’ve never actually seen Bain in any deals so assuming what their strategy is fundamentally different than traditional MF PC
Bain has been slowing up ticking their deals in the credit/debt markets as of recent. This is just going off of what they post on the website and LinkedIn page.
Why do you think BX is not deploying much capital right now and watching their book so closely? I know the PE team did the Cvent deal a couple weeks back.
Thoughts on BX Liquid Credit analyst program? Think they focus on higher in the cap structure than BC but seems like it would a better experience than most banking programs (if you want to stay in public markets role)
Not familiar with that group tbh, the two senior folks I met were in the DL focused side. I could definitely be wrong but that seems where most of the capital is being focused towards on the PC side. What other analysts programs would u put up there with BX and BC as being good ones?
Ares has a pretty robust analyst program for DL
Have you seen good upward mobility or good exits from that program?
What are the exit ops out of these programs?
What are the chances of internally moving from DL to Special Sits/Distressed Debt at shops such as Bain Capital, Ares, Oaktree? How can you prepare and what are the notable differences one should be mindful of wanting to make this move?
Bump
bump
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did you end up recruiting for these for SA, in a similar situation and curious about how it went
Tried FT for Bain, didn’t work out. Ended up at an another well respected tenured credit shop on the west coast now into BB bank. My advice go with which ever you feel most comfortable with senior folks. Relationships and mentorship matter.
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