Chicago distressed debt/Rx shops?
Was looking into moving back and wondering what the scene is like for distressed debt investing or restructuring? Any good shops to know? Not worried about size
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Based on the most helpful WSO content, Chicago has a notable presence in distressed debt and restructuring, though it differs from the larger hubs like New York. Here are some key insights:
Houlihan Lokey (HL): Known for its strong restructuring practice, HL is a top player in the space. Their Chicago office is active, particularly in Food & Beverage and healthcare sectors, though the latter is known for a heavy workload.
Lazard: The Chicago office has undergone some restructuring due to senior banker departures, but it remains a solid option for restructuring work. Their middle-market (MM) team seems unaffected and continues to perform well.
Moelis: A newer group in Chicago, sharing a building with Lazard. They offer diverse coverage groups and have a reputation for being a "sweaty" but affable team.
Jefferies (JEF): While more slanted towards UCC (Unsecured Creditors Committee) work, Jefferies is a strong player in the distressed debt space.
Ducera Partners: Though not as frequently mentioned, Ducera has been highlighted for its pitch decks and solid work in the distressed space.
Evercore (EVR): Known for its large group and strong deal flow, Evercore is a good option for those looking to work hard and gain significant experience in restructuring.
Guggenheim: After absorbing the Milstein group, Guggenheim has been recognized for its debtor mandates and is worth considering.
Mesirow Financial: Mentioned for its Paper & Packaging vertical, Mesirow is a smaller but respected player in the Chicago market.
Baird: While more focused on middle-market industrials, Baird has a strong reputation in Chicago and could be worth exploring depending on your focus.
Goldman Sachs: Their Chicago office is noted for its strength in industrials, packaging, and education technology, though restructuring isn't their primary focus here.
Chicago's scene is diverse, with opportunities across both large and boutique firms. If you're looking for a mix of deal flow and a slightly different culture than NY, Chicago could be a great fit.
Sources: Chicago Scene 2019, What are the top restructuring/distress debt advisory teams on the street for 2020 Summer Analyst recruiting?, Chicago Scene 2019, Distressed debt / special sits investing - On the job, Credit Hedge Fund opportunities
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Not really any buyside distressed seats in Chicago... maybe some RX seats at the banks...
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