Ares Special Opportunities Fund - London
Hey guys,
Anyone has any insides on the ASOF? I got told returns are really good, around 46% even though target is 15%.
How is the comp and culture?
Thanks
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Returns are abnormally high as raised during COVID, so didn't have existing exposure so were able to opportunistically deploy the fund at a depressed moment and then rode the technical beta train. Head is sharp/good sourcer, but it's a vanilla strategy.
I’m curious by what you mean with vanilla strategy?
Apollo Hybrid Value 2.0
As in tough culture? Or similar strategy?
as in boring strategy
I think the returns you are referencing might have been early days during COVID with a few catalysts playing out quickly... but one of the posters above is right in saying they were very opportunistic and bold during / towards the end of the initial COVID dislocation which was obviously a good time to go really long the market with no negative offset from existing exposure. That being said, I am certain that first fund will NOT post a 46% annualised return when all is said and done and it is a relatively standard special sits strategy (nothing bad about that, there's just not that much scope to do something unique in a saturated / efficient market with lots of capital chasing a relatively small opportunity set).
One thing to think carefully about is the dynamic of working for a U.S. based firm as part of a small team in London, with all of the key decision-makers and head of team based in LA (there are a few firms that do NYC + London, but LA + London is a meaningful difference in terms of logistics, cultural differences, general proximity and understanding of dynamics in Europe). The head of the team in London is well regarded in Europe and from my understanding a good guy, but the guys calling the shots are all in LA and I would diligence carefully how active they have been in London over the past year.
Comp will be aligned with market and competitive, culture is ok in London as far as I know but can be intense.
Can you elaborate on the dynamic of having a US-based IC?
Thank you
Read Liars Poker, and then equate this redcoat job to slaving away doing "equities in dallas". If your bonus decision makers are not in the same office, tough situation. Also, still a PE firm at heart and therefore political. Playing politics across the pond tough.
I'd still take the job if this is the best one offered. That is a good group in general. Much better xp than alot of BB imo. You will get fd on bonus. Really need to vet your direct(s). They can make your life hell even when you're putting good risk in front of them.
If OP wants to chat with someone who sat in that seat (albeit in nyc) for +7y at an equivalent top 3 group i can introduce after vetting.
God speed.
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Anyone an idea on comp and culture in London specifically?
Comp is good, Ares in general pays above street. Team is 5 people, so culture is a hit or miss
Gotcha
Culture in london in general is top tier. They barely work.
Completely incorrect - met some people who work(ed) there. All of them appeared burned out, and indicated the toxic culture. 3 out of 5 associates have churned already and they have only been around since 2022. Pay is also below par, and in line with general MM PE buyout
How does the carry work in there? I understand you start getting it at VP level, but is it on a cash basis (i.e HF style) or you get it post-close of the fund (i.e PE style)?
PE style, though would expect payments sooner than typical PE funds given there are coupons and maturity dates for a lot of their investments.
Haha I see your name popping up quite often on ASOF. I signed one of the two spots. Are you the other candidate?
.
Who is their HH ?
KEA / Ares HR
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