2023 SA PIMCO Alt Credit & Priv Strategies
Hi all! I unexpectedly got a first-round hirevue invite for this position for next summer due within like two days.
Just wondering what the role entails and the comp/hours/culture/exit opps/etc... I'm caught off guard because I didn't really put much thought into this position while recruiting for IB in the past two months or so. I did get an offer recently for an IB position that pays well but would be long, hard hours, so I'm sort of open to this opportunity. Another natural thing to add is that most of my interview preparation has been centered around IB, so I do have a technical base knowledge for finance, but it has been a while since I studied these things. I also follow the markets decently, but I feel wholly unprepared for this interview process.
I did some searching around the forum and it seems to be a very well-respected and firmly decent position. Just wondering if anybody else is in the same shoes as myself and knows about this division of PIMCO in general. Thanks!
Got rejected from same group yesterday after having internal referral and doing Hirevue
Sry to hear that man. Do you happen to have any info about the group and how competitive the process is?
When did you also submit the Hirevue btw? I submitted it yesterday and just waiting fora response.
No idea bro, sorry can’t be any more help.
All I know is PIMCO is one of the largest AM and biggest bond traders in the world. They are known for RE and Bonds, and have a great reputation.
I submitted my hirevue like 3 weeks ago
Did the superday last year - it's faded from my memory but I can try to help.
The team's thesis is basically to invest in anything and everything. It could be oil tankers during a contango event, or something like forestry. (what I was told).
During interviews, they will want to know if you understand how a non-correlated portfolio works and whether you're creative/analytical enough to handle diverse asset classes from a birds-eye view.
Regarding competitiveness, my entire superday round was rejected (yes, everyone). I don't know what their criteria for a good candidate is. It's possible that it could be very "fit-based" and they're willing to wait for the perfect person.
Is there any specific technical material you recommend I study?
Should I be reading up on news more than anything? Seems like they invest in a broad range of things, so I would appreciate some pointers on what to look out for in the news or terms to become familiar with should a super day opportunity arise. Thanks.
I'm sorry but I don't recall the specific technical questions. What I can recommend is: seek to understand their business very well, and be well versed in modern portfolio theory / basic corporate finance concepts.
Make sure you fully comprehend what the purpose of alternatives are in the grand scheme of things.
The Alt Credit & Private Strategies intern role is the most junior role in PIMCO's alternative investments division which invests primarily in private markets and has grown tremendously over the past couple years due to the search for higher yielding opportunities in a low-rate environment. It is the only investment role offered at PIMCO out of undergrad besides trading and primarily consists of 3 teams: commercial real estate, private distressed credit, and private special situations. Each team is small (20 IPs) and mostly have sell-side experience from GS or other IB/structured credit roles. CRE and Private distressed credit have their own funds while the special situations group invests more opportunistically across different funds and across assets such as music IP, litigation finance, aircraft leasing, etc.
The internship for this role is split into 2 teams: real estate or private credit. If you are on the RE team (~5-6 interns per year) you will rotate across debt, equity, and asset management. If you are on the private credit team (~4 interns per year) you will rotate across private distressed credit and private special situations. Hours are decent for both teams, 50-60 hours with $100K base. Arguably the most prestigious role at PIMCO for undergrads.
Source: close friend was an intern in said group
Interned at PIMCO last summer (albeit in Product - not in this role, but know those that did) and can corroborate. PIMCO is of course the world's premier bond fund, but few are aware that it is also one of the largest investors in real estate after taking over Allianz RE.
Were the alt credit and private strategies interns from HYP and the like? Just trying to get a feel for what kind of background they're looking for. How was your experience btw?
Do you think it would have been possible to switch from product to alt credit after summer if one did very well during the internship? Also, from your understanding, what did people exit to from product? Thanks
Did your friend say anything about the trading position you mentioned?
Is there any material you recommend I read up on to become familiar with PIMCO's investing strategy, area, etc...?
Also any idea on what to prepare for technically should a superday opportunity come by? Sounds very competitive and I dunno where to start.
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