Bain Special Sits $4B Fundraise
Saw this in the headlines. Any thoughts on the reputation of Bain Capital's Special Situations team? Know they recently spun off from their broad credit group.
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Bump, curious about this group
From what I’ve heard they do PE like deals
Take this with a grain of salt.Feel like I haven't seen them on much distress deals. As of recent. Obviously raised a big fun, I think the last one was $3bn.
Might be more opportunistic rather than distressed.
What is the main difference between opportunistic compared to distressed?
Opportunistic = equity deals all the way to credit maybe an event mis-priced a business and they see a turnaround. Doesn't necessarily mean distressed.Distress = business is failing, whether that due to its industry, a major lawsuit or the capital structure weighing heavily down on its cash flows.They can be one in the same and from what I know many groups in SS can have a distressed mandate.
From speaking with an associate there for a coffee chat, I believe they are more opportunistic than distressed. Generally looking for mispricings and undervalued companies
Agree with this, haven't seen them on any actual distressed cases or filings.
Any insight on a career in this group?
Bain Special Sits does predominantly i) loan to own on cap stacks where they can solely be in control (whether through tradeable instruments or bilats) so you wont see them in the names that makes the news; ii) financings for stressed/distressed companies. They’ll occasionally take a bite on secondary pull to par trades (ie if the whole market is gapping out).
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