Carlyle Opportunistic Credit [LONDON]
Hi all,
Curious on any insights into the Carlyle Opportunistic Credit team.
1. Does this compare to the likes of Apollo Hybrid, Blackstone Tac Opps etc. or what should I think of?
2. Any insight in the team in terms of culture etc.
Can’t speak to quality of the group, but have heard culture is very sweaty/toxic, but I guess that shouldn’t be surprising given the shop/product
It differs a lot from the places that you have mentioned. Firstly, the team is now called Carlyle "Illiquid Credit"
I have been on deals with them and essentially they are a glorified private credit team. They do everything from "junior" direct lending to secondary investing where they would buy bonds, a bit like the Partners Group liquid credit team. They won't do distressed or hairy deals like Apollo Hybrid. For your reference, BX TacOps is not a credit team, they only do pure Equity investments, and therefore a pure private equity type of investor.
Have spoken to a few of the people in the past and think the culture is a bit grindy but seems to be a decent place to work for.
In the last year they have lost some key seniors, 2-3 of the MD / Partners went to Permira to set up a new opportunistic team.
Adding some info to the above which is quite accurate on their investment style. They do mostly HoldCo loans / prefs targeting mid-teens. In Europe they compete with the likes of Hayfin, Ares, HPS.
Head of private credit team Taj and co-head of Europe special sits Falcinelli are ex Sculptor hence culture isn’t great, but good AuM and deployment.
What is their investment focus? Non-sponsor lending / family businesses? What makes their strategy more "opportunistic" than other shops and why do some investment professionals state their in a "special situations" team? Would this account for the two situations noted above
Think they just lost another Principal to BlackRock yesterday
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