Restructuring to HF
For an analyst working in a top restructuring group on the street, what are the primary hedge fund exit opportunities? Distressed funds? Traditional long-short? Do more people go into PE?
Thanks
Trending Content
| +142 | Is my life over after not getting GS? | 33 | 2h | |
| +73 | Best IB group on the Street | 35 | 8h | |
| +66 | Thoughts and tips on how to speak like an investment banker. | 25 | 1d | |
| +58 | BIG FOUR ARE PARADISE | 15 | 1d | |
| +49 | Tell me one good reason why Jefferies isn’t going to be a top bank in the next 5 years | 23 | 20h | |
| +38 | UBS Outlook | 28 | 2d | |
| +35 | How to deal with egotistical team? | 6 | 4d | |
| +26 | Very ridiculous interview feedback | 13 | 11h | |
| +26 | Got RBC offer but I have cold feet accepting. | 34 | 14h | |
| +26 | Why Is It Called Investment Banking? | 8 | 9h |
Career Resources
Distressed funds, really any type of credit strategy i.e. Mezz, long/short, high yield. You could go PE but credit funds are probably more typical.
I worked at Rothschild from 2002-2004 and interviewed at a few HFs...most were distressed and/or credit.
Main point is you want to sell your modeling capabilities and your deep understanding of the capital structure...if you can explain different/weird securities and then an interest in identifying investment opportunities along the capital structure, I think you can present yourself as a pretty strong candidate for those funds (but not just distressed -- although admittedly, you will likely be at a slight disadvantage fro event driven funds focused on M&A activity).
Very useful insight, thanks. On a similar note, is one year too early to look into switching into the buy-side (i.e. HF)? A lot of what I read on WSO asserts that working at restructuring firms requires a transition to BB before making the buy-side switch.
I know people who went from top restructuring boutiques direct to buyside, both from high-prestige banks (BX, Lazard, etc) and lower-prestige-but-strong-restructuring group banks (HLHZ, Miller Buckfire, etc).
oh...and i ended up in a pretty traditional PE shop in boston - i think out of restructuring top shops, the mix is pretty evenly split between PE, b school, HFs and other (corp fin, etc)
If you work for one of the 4 groups that Kenny_Powers mentioned, what is the point in lateraling to a BB before moving to the buyside? Won't dealflow likely be worse?
Do Analysts from one of those groups a realistic chance to work for a top credit fund (Oaktree, Fortress etc), or do these funds only recruit MBAs?
[quote=noonies]If you work for one of the 4 groups that Kenny_Powers mentioned, what is the point in lateraling to a BB before moving to the buyside? Won't dealflow likely be worse?
Do Analysts from one of those groups a realistic chance to work for a top credit fund (Oaktree, Fortress etc), or do these funds only recruit MBAs?[/quot
your resume will be delivered by the HH and the rest is all on luck and your ability to perform.
what about people who have done a mix of M&A/restructuring. Besides obvious advantages for very broad HF strategies, how does this work when you are competing for a distressed debt job with a former BX/MF banker or a position at an event fund with out of MS M&A or Lazard.
Mollitia ea veritatis impedit aut. Et quae et deleniti fuga voluptate quidem iste deserunt. Et soluta numquam alias. Odio quia eum quam ut qui natus qui. Eaque ullam voluptatum ex ut quidem asperiores commodi. Tenetur et qui autem cumque architecto non sint.
Numquam recusandae voluptatum eveniet blanditiis voluptates nam sed aut. Amet repellat maiores et sunt praesentium.
Fuga nam maxime voluptatem. Enim consequuntur et blanditiis ipsam. Saepe neque temporibus et et qui. Placeat dicta voluptatum aliquid ipsa libero cupiditate. Dolore totam perspiciatis est qui. Velit doloribus qui fugit tempore.
Minima expedita explicabo porro quis. Blanditiis et temporibus vel sequi consequatur perferendis aspernatur veniam. Facere ut sint vero deleniti dolorem pariatur aut qui.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...