Distressed Debt / Special Situations Job Security

I am interviewing at a well known special situations / distressed debt fund and want to better understand if it is a good idea taking a job like this ahead of a potential notable downturn, etc. (which I believe there will likely be). 

Since these jobs focus on troublesome / unusual investments, is there a greater risk of investments going "belly-up" and the fund tanking / possibly losing your job? Obviously more companies become distressed in a downturn, but if things keep spiraling down I assume it means potential payouts to these funds also suffer... 

I appreciate any input / advice -