Anti-sponsor/corporation HF?
Love this community, always learning a ton from your collective wisdom.
I'm currently an IB analyst at one of the M&A/RX shops, think (EVR/PJT/HL/Moelis).
Have been thinking a lot about my post-banking career and leaning towards working at an activist credit-oriented HF.
I'm curious if there are credit HFs out there that have a reputation for being anti-sponsor or anti-corporation, or to put it in another way, for not being restrained from engaging in hostile situations. Frequently hear about Elliott and Aurelius but wondering if there are more. Also seeking additional insights into Elliott/Aurelius.
Seems like most of my friends and coworkers have a friendly bias to sponsors and corporations, so i struggle to discuss this publicly. I'd love to work at a place where profit-making and doing-good are aligned, for example in the sense of seeking justice, but being profitable at doing so.
Could be a narrow filter but looking for shops with a reputation for (1) being driven by a sense of do-good (or standing up for the oppressed or weak), (2) having a great track record, and (3) providing good learning experience for juniors.
General advice also welcomed.
If you read about what Elliott and Aurelius have done/are doing with regards to Argentina and Puerto Rican debt respectively I really don't think you would categorize them as having a sense of "do-good". Not going to say whether I think what they've done is necessarily a bad thing but it's clearly not something driven by wanting to help the oppressed or seek justice as you're interested in. Similarly the Aurelius and Windstream situation, while anti-corporation I guess by your standards, was not driven by standing up for anyone but Aurelius' self interests of having CDS on the company.
Thanks for your comment and agree. Not sure if it's the outsider quality about them that draws me in or the "thick-skinnedness" but definitely curious what it's like to work at those firms.
Just admit you want to make money and be a ruthless investor that is known for getting shit done
I wouldn't really say that Elliott forcing payment on Argentine debt is nearly as bad as the socialist kleptocracy the Kirchner family is suffocating the nation with.
These generally don’t exist
There are some do good PE firms like leapfrog. Also do good venture firms.
there aren’t do good hedge funds afaik
at Aurelius you will literally not even do finance there. you’ll make exhibits to accompany their various lawsuits
Any good credit hedge fund is gonna get creative and do whatever is legally allowed to get the max recovery possible - all the major funds have smart people and access to really good lawyers/advisors. I don't think any fund would describe themselves as being "anti corporate" though, generally you want to have a constructive relationship with mgmt teams and other creditors and have a reputation as being sturdy handed but fair. Also would recommend you drop the spiel about "standing up for good", regardless of what Mark Brodsky says about being some type of guard ensuring fairness in credit markets (whatever that mans lol) the only reason he or any creditor gets litigious is to self serve and max out their potential recoveries.
I lol'd at title.
Try VC twitter, maybe you'd be more at home there.
^this.
my advice to OP is to look into a part-time clown, part-time VC whose stage name is “chamath palihapitiya”
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