Top Opportunistic / Capital Solutions Credit Funds
Who are the top funds in the opportunistic credit space? Specifically interested in players that get involved in hairy situations, focus on non-sponsored deal flow, can invest across the capital structure, and have a PE-like robust diligence process. Thinking along the lines of HPS and Sixth Street but smaller.
Based on the most helpful WSO content, some of the top funds in the opportunistic credit space that focus on non-sponsored deal flow, can invest across the capital structure, and have a PE-like robust diligence process include:
These funds are known for their excellent structuring skills, finding the right spot in the capital stack, and going through the intricacies of each particular deal point with a fine-tooth comb. Many of the best credit investors in these funds have law degrees.
However, it's important to note that the opportunities in these funds can depend a lot on the organizational structure of the fund. For example, in funds that manage origination and portfolio management responsibilities separately, the opportunities may be more limited, within the parameters of the responsibilities you had previously held.
Remember, investing is a bit of a philosophical endeavor as well. As Dan Loeb said, "In order to be a really good investor, you need to be a little bit of a philosopher as well." So, keep that in mind as you explore these opportunities.
Sources: https://www.wallstreetoasis.com/forum/private-equity/qa-non-target-top-bucket-ssg-private-creditdirect-lending?customgpt=1, Good credit funds?, Credit Hedge Fund opportunities
Based on the most helpful WSO content, some of the top funds in the opportunistic credit space that are known for their robust due diligence process and ability to invest across the capital structure include:
These funds are known for their ability to navigate complex situations and focus on non-sponsored deal flow. However, it's important to note that the size of these funds can vary, and some may be larger than HPS and Sixth Street.
Sources: Good credit funds?, Most active credit shops in the market?, Credit Hedge Fund opportunities
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No comment on quality but people who I have seen play in non-sponsored in smaller size include MGG, Blue Torch, Comvest, TCW, Silverpoint Finance, Maranon, Victory Park though most of these are senior secured guys.
MSD does a ton of interesting stuff.
Every megafund has a fund or strategy dedicated to the “interesting” stuff.
Mezz lending was considered boring 5-10yrs ago since it was done by credit guys. Now the PE guys do it but call it hybrid value, customized capital, strategic capital, tac opps, etc so sounds a lot sexier.
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