I rejected these boys (i'm not here to offer much, i just don't get opportunities to reject mega funds that often and want to gloat slightly).

"After you work on Wall Street it’s a choice, would you rather work at McDonalds or on the sell-side? I would choose McDonalds over the sell-side.” - David Tepper
 
Oreos:

I rejected these boys (i'm not here to offer much, i just don't get opportunities to reject mega funds that often and want to gloat slightly).

Lol, grats. They rejected me a few months ago, but I didnt have the experience that you have.

This must mean you got one of the other offers you were gunning for!

Array
 

Multiple investing strategies, so have to specify what you're talking about:

  • Ares Capital Corp. (publicly traded BDC) is part of Private Debt (specialty lending/mezz.). Private Debt has a few other funds (including those that used to be a part of Allied Capital) that do similar lending activities. Allied doesn't spill into the other parts of the firm. As a result, this group has the highest ratio of investment professionals to funds managed (~100 IPs and ~$28bn AuM).
  • Capital Markets comprises several hedge funds that invest in public high yield and distressed debt (this is how the firm started [spun off from Apollo ~10-12 yrs. ago]; think old Drexel guys). As this is structured like a hedge fund this has the lowest ratio of IPs to funds managed (~40 IPs and ~$28bn AuM)
  • Private Equity is p. self explanatory, although Ares is more inclined to do minority LBO deals / loan-to-own distressed deals than vanilla LBOs. ~40 IPs and $10bn AuM.
  • Firm recently got into Real Estate as well.
 
no homo:

Multiple investing strategies, so have to specify what you're talking about:

- Ares Capital Corp. (publicly traded BDC) is part of Private Debt (specialty lending/mezz.). Private Debt has a few other funds (including those that used to be a part of Allied Capital) that do similar lending activities. Allied doesn't spill into the other parts of the firm. As a result, this group has the highest ratio of investment professionals to funds managed (~100 IPs and ~$28bn AuM).
- Capital Markets comprises several hedge funds that invest in public high yield and distressed debt (this is how the firm started [spun off from Apollo ~10-12 yrs. ago]; think old Drexel guys). As this is structured like a hedge fund this has the lowest ratio of IPs to funds managed (~40 IPs and ~$28bn AuM)
- Private Equity is p. self explanatory, although Ares is more inclined to do minority LBO deals / loan-to-own distressed deals than vanilla LBOs. ~40 IPs and $10bn AuM.
- Firm recently got into Real Estate as well.

I'm definitely interested in learning more about their private debt group in comparison to similar functions at oaktree, kayne anderson, and bain capital. If you have any info, it would be much appreciated.

I know their PE group just started its own analyst program, recruiting right out of undergrad. Heard it's rather a good place to work.

 
socman:
no homo:

Multiple investing strategies, so have to specify what you're talking about:

- Ares Capital Corp. (publicly traded BDC) is part of Private Debt (specialty lending/mezz.). Private Debt has a few other funds (including those that used to be a part of Allied Capital) that do similar lending activities. Allied doesn't spill into the other parts of the firm. As a result, this group has the highest ratio of investment professionals to funds managed (~100 IPs and ~$28bn AuM).
- Capital Markets comprises several hedge funds that invest in public high yield and distressed debt (this is how the firm started [spun off from Apollo ~10-12 yrs. ago]; think old Drexel guys). As this is structured like a hedge fund this has the lowest ratio of IPs to funds managed (~40 IPs and ~$28bn AuM)
- Private Equity is p. self explanatory, although Ares is more inclined to do minority LBO deals / loan-to-own distressed deals than vanilla LBOs. ~40 IPs and $10bn AuM.
- Firm recently got into Real Estate as well.

I'm definitely interested in learning more about their private debt group in comparison to similar functions at oaktree, kayne anderson, and bain capital. If you have any info, it would be much appreciated.

I know their PE group just started its own analyst program, recruiting right out of undergrad. Heard it's rather a good place to work.

The private debt group is synonymous with other BDCs (think ACAS, Prospect Street Capital). Kayne is a fair comparison. I would say Ares sees better deal flow than most BDCs.

 
socman:

Hmmm, does being a BDC make it a less attractive place to work in terms of culture, pay, and career advancement? Pardon my lack of knowledge....

Depends what you are comparing it to. Turnover is high at the lower levels (analysts, associates), not sure about mid or upper. I know a few guys from boutique DCM desks that ended up there (think Jefferies, Piper), but they left within two years.

I imagine pay is above average against other BDCs and MM lenders, but cannot confirm.

 
Cries:
Oreos:

I rejected these boys (i'm not here to offer much, i just don't get opportunities to reject mega funds that often and want to gloat slightly).

Lol, grats. They rejected me a few months ago, but I didnt have the experience that you have.

This must mean you got one of the other offers you were gunning for!

It's a tough interview process, I was very surprised at each stage i got through.

Yea, i got all three positions (yup, me gloating again) i went for, and went for potentially the least prestigious but what i believe to be the best learning opportunity.

"After you work on Wall Street it’s a choice, would you rather work at McDonalds or on the sell-side? I would choose McDonalds over the sell-side.” - David Tepper
 

Ares Management was originally started as Apollo's debt arm and they share a lot of cultural traits with Apollo from what I've seen/heard.
They're a player in PE and RE, but a lot of their AUM is in their BDC and CLOs. The BDC, as mentioned is the former Allied Capital (same CFO fwiw). The BDC/Mezz, CLO/public debt, and PE teams are separate at least according to their website-in my experience managers like this tend to have some amount of cooperation to the extent they can without causing conflicts between various vehicles.

There have been many great comebacks throughout history. Jesus was dead but then came back as an all-powerful God-Zombie.
 
Best Response
Kenny_Powers_CFA:

Ares Management was originally started as Apollo's debt arm and they share a lot of cultural traits with Apollo from what I've seen/heard.
They're a player in PE and RE, but a lot of their AUM is in their BDC and CLOs.
The BDC, as mentioned is the former Allied Capital (same CFO fwiw).
The BDC/Mezz, CLO/public debt, and PE teams are separate at least according to their website-in my experience managers like this tend to have some amount of cooperation to the extent they can without causing conflicts between various vehicles.

All generally p. accurate.

Only clarification I'd make is that the BDC and CLOs are merely vehicles. The investment professionals are not spending the majority of their time running analysis on how much to dividend to the public BDC investors / pooling together loans and passing them along to various investors.

http://aresmgmt.com/Public/About/History.aspx maybe helps tell the story a little more clearly (in terms of funds committed by strategy over time).

The Apollo debt arm from which the firm was formed stands today as the Capital Markets group (like any hedge fund there are several funds managed out of this group; some comprise lower-risk syndicated leveraged loans [and use financial leverage to boost returns], while others invest more in HY bonds [less financial leverage] and distressed securities [almost no financial leverage]). Investment professionals here are classfied like they are at any other hedge fund (just Analysts/Sr. Analysts and PMs) and are responsible for identifying the right investments across these three groups (loans, bonds, distressed) and monitoring them. More time is obviously spent on diligence, etc. on the riskier end of that scale (bonds/distressed) because BB-rated loans aren't going to be worth 0 tomorrow. Lifestyle - generally market hours (so you get in between 7-8 AM as everyone's in LA). Can be stressful during those hours but you're out by 5-6.

The BDC is just one of the vehicles of the Private Debt group. Investment professionals are spending time looking at CIMs, doing diligence, putting together term sheets, going to investment committee and then finally investing. Deal timelines are typically ~14 weeks. Sr. guys (classified more like banking/PE as MDs, etc.) are sourcing investment opportunities through relationships w/ PE firms while jr. guys (classified more like banking/PE as well with Associates, Sr. Associates, VPs, etc.) are managing the diligence processes. Lifestyle - chill/good hours. Little busy when you're going to investment committee or if you have a couple of things going on, but keep in mind this group has the highest amount of investment professionals to funds managed ratio (this is positive/negative in that it benefits lifestyle/hurts the prestige factor of a jr. level position).

PE is what it is, although as I think I mentioned there's not a whole lot of vanilla PE. Group is pretty indifferent between majority/minority investments (vs. the more standard majority-only deals you see with PE firms of similar size) and will play the majority angle pretty selectively in what I'd classify as more growth-y plays. There's an equal emphasis put on rescue lending / distressed for control, which I think also distinguishes the group. Lifestyle - not good. Banking-type hours in that you're eating dinner in the office nightly and are always on call. There's less old-Apollo here vs. Capital Markets but it obv. has its own prestige factor because it's PE.

What the groups share:

  • Members of their investment committees (i.e. certain sr. partners will sit on the investment committees for each of the three groups)
  • Sector knowledge (i.e. let's say you're in Capital Markets and you're trying to figure out what a business's true value is as you evaluate buying some bonds at 70 - someone in PE may have coordinated an investment in a similar sector so you can send them an instant message, walk over and have a quick meeting, whatever... same thing applies if you're in Private Debt and you're trying to figure out how much yield you should get for a 5.0x leverage middle-market loan you're looking to make in the food sector; you can just set up a meeting with the Analyst that covers the sector in Capital Markets to get their perspective)

You're not talking to counterparts in the other groups every day, but folks will use each other for help when needed. As a result of the second point, though, there's a good degree of mobility between the groups to the extent you want to try something new.

 

Wow, this is really great info. Thanks for the insight. Do you know how the Ares capital markets and private debt team compares to other funds that have similar functions (Farrallon, Oaktree, Bain Capital - Sankaty, Kayne Anderson, Golden Tree) in terms of career advancement, compensation, and experience?

I'm really interested in the space, but it's hard to find concrete opinions on the matter. Thanks in advance.

 
socman:

Wow, this is really great info. Thanks for the insight. Do you know how the Ares capital markets and private debt team compares to other funds that have similar functions (Farrallon, Oaktree, Bain Capital - Sankaty, Kayne Anderson, Golden Tree) in terms of career advancement, compensation, and experience?

I'm really interested in the space, but it's hard to find concrete opinions on the matter. Thanks in advance.

- Farallon's credit/distressed business is very similar to Ares Capital Markets. - Oaktree's a huge firm. I'd say their corporate debt business aligns with Ares Capital Markets, while their distressed business is a bit of a hybrid between Ares Capital Markets (capital appreciation) and Ares Private Equity (rescue lending / distressed for control) with significantly more capital to deploy towards distressed opportunities than Ares; distressed is Oaktree's bread and butter). Their control investing business aligns more with Ares Private Equity (they have less capital to deploy towards vanilla PE opportunities than Ares does). - Sankaty - lots of overlap with Ares Capital Markets (you'll find they're in a lot of the same loans/bonds) with some Private Debt overlap (their middle market group, in particular). - Kayne Anderson - really much more focused as a firm on energy infrastructure and real estate (the latter of which Ares has more recently gotten into); the middle market credit business overlaps with Ares Private Debt while PE overlaps with Ares PE (again, I think Ares has much more PE capital to deploy and is focused on a broader range of sectors). - GoldenTree - Pretty similar across the board to Ares Capital Markets, although I'd say there's subtle gap between how risk-averse the two firms are (GoldenTree being slightly more risk-averse), how much market exposure the two firms have (GoldenTree having more exposure to the overall high yield market b/c of the number of investments they have) and who they compete with (Ares being geared slightly more towards the higher return/pension fund investor and GoldenTree being geared slightly more towards the individual who might consider investing in a Fidelity mutual fund).

If you're looking for a combo of career advancement, comp. and experience, I'd rate the firms you listed as follows:

  1. Oaktree Distressed (good for all three, but the risk/return spectrum on distressed stuff is tightening; there's just not a lot of distressed paper out there... really the only bad thing you can say about the firm)

  2. Farallon (good for all three, but credit/distressed business is smaller/has not performed as well as Oaktree/Ares/top hedge funds - if that sort of thing matters to you; highest pay/prestige factor of anything you mentioned)

3.a. Ares Private Equity (good for all three, but vanilla PE in general is on the decline and as mentioned w/ Oaktree you have to pay more to get your hands on the distressed for control stuff these days; as mentioned lifestyle is like banking) 3.b. Ares Capital Markets (comp. slightly below the others and likely not considered as prestigious as Oaktree/Farallon [to be frank this is like comparing Ivy League schools], but has performed well and has a lifestyle benefit over 3.a.) 3.c. Sankaty (v. solid place w/ a smaller distressed focus but a slightly more cerebral/distinguished approach [note how MDs and up are listed on the team page vs. 2., 3.a. and 3.b.]; slightly better comp. than Ares Capital Markets but similar $/hr.) 3.d. Oaktree Corp. Debt (Oaktree as a firm is a great combo of everything, but you're getting similar pay to 3.b. and passing along distressed/special situation stuff to the A-team)

4.a. Ares Private Debt (sheer # of people is why I'd rate this here) 4.b. Kayne Anderson (rep. is decent; OK pay... it's just that there's a difference between where people from the first three groups end up and where people from Kayne end up - to the extent they leave) 4.c. GoldenTree (rep. is more mutual fund than hedge fund; OK pay)

 

Thank you so much, this is a great info. Just for clarification, is Ares Capital Markets a hedge fund? Or is it a fund that uses hedge fund strategies for credit investment? Also, can you share some additional info on Ares Capital Markets in terms of analyst exit opportunities, promotion/advancement to senior analyst and bonus relative to PE and Private Debt Group?

 
no homo:
socman:

Wow, this is really great info. Thanks for the insight. Do you know how the Ares capital markets and private debt team compares to other funds that have similar functions (Farrallon, Oaktree, Bain Capital - Sankaty, Kayne Anderson, Golden Tree) in terms of career advancement, compensation, and experience?

I'm really interested in the space, but it's hard to find concrete opinions on the matter. Thanks in advance.

- Farallon's credit/distressed business is very similar to Ares Capital Markets.
- Oaktree's a huge firm. I'd say their corporate debt business aligns with Ares Capital Markets, while their distressed business is a bit of a hybrid between Ares Capital Markets (capital appreciation) and Ares Private Equity (rescue lending / distressed for control) with significantly more capital to deploy towards distressed opportunities than Ares; distressed is Oaktree's bread and butter). Their control investing business aligns more with Ares Private Equity (they have less capital to deploy towards vanilla PE opportunities than Ares does).
- Sankaty - lots of overlap with Ares Capital Markets (you'll find they're in a lot of the same loans/bonds) with some Private Debt overlap (their middle market group, in particular).
- Kayne Anderson - really much more focused as a firm on energy infrastructure and real estate (the latter of which Ares has more recently gotten into); the middle market credit business overlaps with Ares Private Debt while PE overlaps with Ares PE (again, I think Ares has much more PE capital to deploy and is focused on a broader range of sectors).
- GoldenTree - Pretty similar across the board to Ares Capital Markets, although I'd say there's subtle gap between how risk-averse the two firms are (GoldenTree being slightly more risk-averse), how much market exposure the two firms have (GoldenTree having more exposure to the overall high yield market b/c of the number of investments they have) and who they compete with (Ares being geared slightly more towards the higher return/pension fund investor and GoldenTree being geared slightly more towards the individual who might consider investing in a Fidelity mutual fund).

If you're looking for a combo of career advancement, comp. and experience, I'd rate the firms you listed as follows:

1. Oaktree Distressed (good for all three, but the risk/return spectrum on distressed stuff is tightening; there's just not a lot of distressed paper out there... really the only bad thing you can say about the firm)

2. Farallon (good for all three, but credit/distressed business is smaller/has not performed as well as Oaktree/Ares/top hedge funds - if that sort of thing matters to you; highest pay/prestige factor of anything you mentioned)

3.a. Ares Private Equity (good for all three, but vanilla PE in general is on the decline and as mentioned w/ Oaktree you have to pay more to get your hands on the distressed for control stuff these days; as mentioned lifestyle is like banking)
3.b. Ares Capital Markets (comp. slightly below the others and likely not considered as prestigious as Oaktree/Farallon [to be frank this is like comparing Ivy League schools], but has performed well and has a lifestyle benefit over 3.a.)
3.c. Sankaty (v. solid place w/ a smaller distressed focus but a slightly more cerebral/distinguished approach [note how MDs and up are listed on the team page vs. 2., 3.a. and 3.b.]; slightly better comp. than Ares Capital Markets but similar $/hr.)
3.d. Oaktree Corp. Debt (Oaktree as a firm is a great combo of everything, but you're getting similar pay to 3.b. and passing along distressed/special situation stuff to the A-team)

4.a. Ares Private Debt (sheer # of people is why I'd rate this here)
4.b. Kayne Anderson (rep. is decent; OK pay... it's just that there's a difference between where people from the first three groups end up and where people from Kayne end up - to the extent they leave)
4.c. GoldenTree (rep. is more mutual fund than hedge fund; OK pay)

you are crushing this thread; well done

 
PEVAN:

Can anyone speak to the kind of returns that private debt arms can get?

Think about the cost of capital. It depends what type of blend they get across senior, sub, mezz. Generally these groups won't focus on senior, unless they tie it to sub (i.e. unitranche).

Unitranche looks for 10-15% (depending on borrower's quality, collateral, willingness of debt group to put capital to work, etc.).

Sub/mezz is going to be coupon between 12-16%. If warrants are attached, it will approach 20% or cross into the low 20s).

Each shop is unique and changes as its capital availability fluctuates.

 
peinvestor2012:
PEVAN:

Can anyone speak to the kind of returns that private debt arms can get?

Think about the cost of capital. It depends what type of blend they get across senior, sub, mezz. Generally these groups won't focus on senior, unless they tie it to sub (i.e. unitranche).

Unitranche looks for 10-15% (depending on borrower's quality, collateral, willingness of debt group to put capital to work, etc.).

Sub/mezz is going to be coupon between 12-16%. If warrants are attached, it will approach 20% or cross into the low 20s).

Each shop is unique and changes as its capital availability fluctuates.

Broadly agree though I think there's a decent BDC-based bid for 1st lien mid-mkt paper well inside of 10% right now.

Ares BDC is a public filer so you can see what they've been up to. There may be some deals that go into other pools of capital but it should be a pretty good cross-section of the private debt side of things.

There have been many great comebacks throughout history. Jesus was dead but then came back as an all-powerful God-Zombie.
 
Kenny_Powers_CFA:
peinvestor2012:
PEVAN:

Can anyone speak to the kind of returns that private debt arms can get?

Think about the cost of capital. It depends what type of blend they get across senior, sub, mezz. Generally these groups won't focus on senior, unless they tie it to sub (i.e. unitranche).

Unitranche looks for 10-15% (depending on borrower's quality, collateral, willingness of debt group to put capital to work, etc.).

Sub/mezz is going to be coupon between 12-16%. If warrants are attached, it will approach 20% or cross into the low 20s).

Each shop is unique and changes as its capital availability fluctuates.

Broadly agree though I think there's a decent BDC-based bid for 1st lien mid-mkt paper well inside of 10% right now.

Ares BDC is a public filer so you can see what they've been up to. There may be some deals that go into other pools of capital but it should be a pretty good cross-section of the private debt side of things.

Did they take another tranche too? Generally I find BDC pricing is unreasonable for 1st lien loans and are seldom winners in a financing process unless there are some issues (i.e. balance sheet problems, illiquid collateral, restructuring, high custy concentration).

 
peinvestor2012:
Kenny_Powers_CFA:
peinvestor2012:
PEVAN:

Can anyone speak to the kind of returns that private debt arms can get?

Think about the cost of capital. It depends what type of blend they get across senior, sub, mezz. Generally these groups won't focus on senior, unless they tie it to sub (i.e. unitranche).

Unitranche looks for 10-15% (depending on borrower's quality, collateral, willingness of debt group to put capital to work, etc.).

Sub/mezz is going to be coupon between 12-16%. If warrants are attached, it will approach 20% or cross into the low 20s).

Each shop is unique and changes as its capital availability fluctuates.

Broadly agree though I think there's a decent BDC-based bid for 1st lien mid-mkt paper well inside of 10% right now.

Ares BDC is a public filer so you can see what they've been up to. There may be some deals that go into other pools of capital but it should be a pretty good cross-section of the private debt side of things.

Did they take another tranche too? Generally I find BDC pricing is unreasonable for 1st lien loans and are seldom winners in a financing process unless there are some issues (i.e. balance sheet problems, illiquid collateral, restructuring, high custy concentration).

Ares has a lot of balance sheet CLOs; post-crisis all the new non-listed BDCs are using TRS lines to play in the squishier portion of the broadly-syndicated/upper-mid-mkt space.

Ares also has a grandfathered-in leverage line from GE that doesn't count against their 40-Act leverage tests so they have more flexibility than many BDCs; additionally the loans they put in this vehicle don't get consolidated into their financials so they don't show up when you're eyeballing their portfolio.

There have been many great comebacks throughout history. Jesus was dead but then came back as an all-powerful God-Zombie.
 
jsnholmes1:

Just for clarification, is Ares Capital Markets a hedge fund? Or is it a fund that uses hedge fund strategies for credit investment?

This should be stapled to the top of every post on this board: "A hedge fund is a legal/regulatory structure for an investment vehicle." Whatever you think the distinction is between a "hedge fund" and "a fund that uses hedge fund strategies for credit investment" probably doesn't exist. Ares is an investment manager, focused on alternative credit strategies. Like pretty much every investment manager, Ares has a range of vehicles under management. There are lots of reasons for funds to have multiple vehicles-they relate to taxation (on-shore/off-shore), life cycle, differing strategies, offering a range of products for investors ("Oh, Client X wants a levered version of our long/short fund? Ok, let's start Ares Levered Fund I LP"), regulatory, and a million other reasons. Some are hedge funds in the sense you're using the word (ie exempt from some of the regulations that apply to mutual funds), some are managed accounts or feeders for individual clients (which may or may not be legally structured as hedge funds), some are likely structured similarly to PE funds (common in distressed and structured credit). A big slug of Ares' AUM is in the form of CLOs, which combine structural features of hedge funds (leverage, incentive fees), mutual funds (generally long-only, stricter investment mandate than the typical hedge fund) and PE funds (ramp-up/wind-down lifecycle). Point being, don't get hung up about the idea of a "hedge fund" versus any other type of investment vehicle.
There have been many great comebacks throughout history. Jesus was dead but then came back as an all-powerful God-Zombie.
 
Kenny_Powers_CFA:
jsnholmes1:

Just for clarification, is Ares Capital Markets a hedge fund? Or is it a fund that uses hedge fund strategies for credit investment?

This should be stapled to the top of every post on this board:
"A hedge fund is a legal/regulatory structure for an investment vehicle."

Whatever you think the distinction is between a "hedge fund" and "a fund that uses hedge fund strategies for credit investment" probably doesn't exist. Ares is an investment manager, focused on alternative credit strategies.

Like pretty much every investment manager, Ares has a range of vehicles under management. There are lots of reasons for funds to have multiple vehicles-they relate to taxation (on-shore/off-shore), life cycle, differing strategies, offering a range of products for investors ("Oh, Client X wants a levered version of our long/short fund? Ok, let's start Ares Levered Fund I LP"), regulatory, and a million other reasons.

Some are hedge funds in the sense you're using the word (ie exempt from some of the regulations that apply to mutual funds), some are managed accounts or feeders for individual clients (which may or may not be legally structured as hedge funds), some are likely structured similarly to PE funds (common in distressed and structured credit). A big slug of Ares' AUM is in the form of CLOs, which combine structural features of hedge funds (leverage, incentive fees), mutual funds (generally long-only, stricter investment mandate than the typical hedge fund) and PE funds (ramp-up/wind-down lifecycle).

Point being, don't get hung up about the idea of a "hedge fund" versus any other type of investment vehicle.

+1

 
dos santos:

As a junior analyst in the Capital Markets group, what can you reasonably expect in total compensations? Also, how long does it typically take to become a senior analyst? Is this role the same as a credit research analyst at a traditional asset management firm such as PIMCO?

No. PIMCO is investing in fixed income products. Ares is a direct lender to middle market companies. Ares is more like a bank than an asset manager.

 
peinvestor2012:

No. PIMCO is investing in fixed income products. Ares is a direct lender to middle market companies. Ares is more like a bank than an asset manager.

That's completely false - this would be true for Ares' private debt business, not capital markets as the question asked for.

Some of the stuff Pimco does overlaps with Ares CM, some doesn't and vice versa. Ares doesn't do investment grade or have an equivalent to the strategy Pimco's most well known for, though (Pimco Total Return Fund and its derivatives).

 

Thanks for the reply Frank. What is total comp like for junior analysts? When I visited their website and read bios of their analysts, some have been with Ares for 5+ plus years. Does that mean promotion to senior analyst will take 5+ yeard?

 
Solidarity:
Anyone have any thoughts?

What kind of thoughts are you looking for?

They have distinct funds for debt/mezz, real estate and equity, and one of their funds is a BDC (publicly traded-"ARCC"). I interviewed there a while back and have dealt with them as a potential financing source on PE deals. Culture is rough--typical DLJ/LA-esque ex-banker mentality, or at least that was my impression from a handful of interviews like 5 years ago. I could be wrong and/or it could have changed since.

 

Thanks, apareto

I meant mostly in terms of hours, compensation, culture, investment philosophy, etc. I know that they're ex-Apollo and from what I've heard, they take fresh undergrad analysts? I figured west coast would be DLJ/LA types but what about culture on the east coast?

 

They acquired the Allied Capital (that's how they got the BDC). Know a person who works in MO, comp is pretty solid for a non-front-office position and better than some other MO roles at big buyside firms but as Frank and Pareto said the culture is pretty aggressive.

There have been many great comebacks throughout history. Jesus was dead but then came back as an all-powerful God-Zombie.
 

What in god's name are you talking about?

People tend to think life is a race with other people. They don't realize that every moment they spend sprinting towards the finish line is a moment they lose permanently, and a moment closer to their death.
 

Ares, Prospect, and these other large public BDCs usually all pay around the same, they might even list it in their earnings transcripts (i.e. "we aim for our employee compensation to be 50% base and 50% bonus) and then it's very easy to figure out once you go to glassdoor/payscale and look at the base because it's pretty standard across the BDC industry.

Usually it's less detailed work if you're focusing on senior/secured loans but the pay is less than traditional mid-market PE firms. Hours can be slightly better or worse than PE, depends on group/timing/firm.

 

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Professional Growth Opportunities

March 2024 Hedge Fund

  • AQR Capital Management 99.0%
  • Point72 97.9%
  • D.E. Shaw 96.9%
  • Citadel Investment Group 95.8%
  • Magnetar Capital 94.8%

Total Avg Compensation

March 2024 Hedge Fund

  • Portfolio Manager (9) $1,648
  • Vice President (23) $474
  • Director/MD (12) $423
  • NA (6) $322
  • 3rd+ Year Associate (24) $287
  • Manager (4) $282
  • Engineer/Quant (71) $274
  • 2nd Year Associate (30) $251
  • 1st Year Associate (73) $190
  • Analysts (225) $179
  • Intern/Summer Associate (22) $131
  • Junior Trader (5) $102
  • Intern/Summer Analyst (249) $85
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

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success
From 10 rejections to 1 dream investment banking internship

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