Any thoughts on Bracebridge Capital?

Title. Saw that they opened their summer 2025 applications again and applied. Does anyone know about the process? Would also love to hear more about how attractive this opportunity is compared to other SA opportunities (e.g. return rates, culture, overall quality of firm, etc.).

17 Comments
 

solid place to start, but only network and grind for the role if you have a quantitative (math) background or else they won't give you a shot

 

I see, thanks! I study applied math but am not from a top target school (think Northwestern, Vanderbilt, etc.). I see that most of their interns and analysts are from top ivies, but will still give it a shot!

 

Speaking frankly, you have a solid shot if at Northwestern, you don’t really have a chance if at Vanderbilt

 

It's a great shop by pretty much any metric - one of my good friends works there and has said very good things about the culture (very nice wlb averaging maybe 50-60 hours weekly, seniors very approachable, and importantly no assholes even though everyone is clearly smart) albeit it's definitely more quantitative than your average hedge fund. They told me that the average tenure is something like 6-7 years, which is considerably higher than the pods, for example. My friend is also very well-comped with just a few yoe (and much less volatile than pods), and living in Boston with high pay is a different dream altogether.

 

That's very helpful! Do you know if they started out as an intern and whether the firm is good with internal promotions? Would also really appreciate it if you could share info about their comp progression (saw a thread saying they get carry in year 2...)

 

Yeah they started as an intern and I think most people get the return, though they usually only take like 3-4 interns a year. A quick linkedin search and you’ll see most get promoted to VP in 4 years. Don’t have many datapoints on comp but I think it’s roughly in-line with if not slightly above EBs for juniors. Obv scales more as you take on more risk with increase vol

 

What's your source on this? You only hear good things about starting out there but doing a quick linkedin search, you do see some recent juniors taking exits to some less than ideal funds so the whole rosy picture really may not be true. Just want to know how you know that's all.

 

It's pretty clear reviewing that commenter's post history they likely work or worked at Bracebridge as they themselves wanted the scoop on the fund before recruiting for it 3+ years ago.

 

Would stay far away Bracebridge. They like to project themselves as this slightly nerdy, under the radar hedge fund, with a lot more stability than other hedge funds. But the reality is quite different. Especially coming out of undergrad I’d be weary.

The firms returns have been particularly poor in the last 10 years. They try to convince investors that they are running an RV strategy, but the reality seems very directional and very punty. Most of the time they just want to run a large carry book. The level of depth of analysis is no where near that of other hedge funds that tend to be associated with a similar caliber.

The politics at the firm are also very apparent and trickle down to impact juniors too. Lots of turnover in the junior ranks for this reason.

TLDR, great place to be a senior individual where you can somewhat coast, with great work life balance, and continue churning the management fee. Not a good place to start out of undergrad as you really aren’t learning a particularly good / adaptable strategy.

As a former lp in the fund (I left my job and my new place is not an investor), this post is spot on re carry book and performance.  They haven’t made money since like 2010 and the dumb LPs seem to keep staying in…

i can’t comment about the people

I used to do Asia-Pacific PE (kind of like FoF). Now I do something else but happy to try and answer questions on that stuff.
 

Don’t know about the other silos, but the credit / distressed desk seems top-notch. Great culture and smart seniors on both the finance and legal side, lots of flexibility and autonomy from their founder, not afraid to take large positions with their book, often take contrarian views and march to the beat of their own drums, etc.

 

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