Breaking down distressed funds by strategy

Finishing updating this leaving as the three buckets below.
 

Setting up a topic to talk about distressed / capital solutions / special situations.  I'd love to bucket names on core types as it can be a bit murky at times and could help with recruiting in the future as a lot of funds do varying things. Ultimately this isn't supposed to say this fund only does X, but moreso engage discussion as people make choices for recruiting.

I'm not 100p clear on some of this as well so feel free to correct me or suggest additions or subtractions.  I'm going off primary focus (for example most of the private distressed lending buckets have secondary allocations).

Primarily private distressed lending / minority equity

Loan to own / control oriented shops / 363 players

  • Apollo PE
  • SVPGlobal (has a HF as well)
  • Oaktree Special Situations
  • KPS
  • Stellex
  • Monomoy
  • Middleground
  • Cerberus PE
  • Lone Star
  • Centerbridge PE
  • Clearlake 
  • HIG PE
  • Ares corporate PE
  • Wynnchurch 
  • Gamut 
  • Brookfield PE
  • Searchlight 
  • Platinum
  • American Industrial Partners

Funds that play in secondary distressed (note some have illiquids buckets as well for distressed lending):

  • Aristeia
  • White box
  • MM shops
  • Garda 
  • Aurelius
  • Oaktree flagship
  • Silverpoint 
  • Attestor
  • Centerbridge 
  • Angelo Gordon
  • Glendon
  • Contrarian
  • Taconic
  • Sixth Street Fundamental Strategies 
  • Sculptor credit opps 
  • Fidera
  • Bain Distressed 
  • CarVal
  • Castlelake 
  • CQS
  • AS BirchGrove
  • Marathon Asset Management 
  • Cross Ocean
  • H/2
  • Fortress 
  • Marble gate 
  • MHR
  • KKR Opportunities 
  • Monarch 
  • Solus
  • Kennedy Lewis
  • Farmstead
  • Arbour Lane
  • Eos
  • Ellington Credit OppS
  • Third Point
  • Senator
  • Baupost
  • Elliott (including twice)
  • Luxor
  • HG Vora
  • Davidson Kempner (credit focus)
  • Farrallon
  • Appaloosa
  • HBK
  • Empyrean
  • Q Investments
  • Bardin Hill
  • Abrams
  • Owl creek
  • Antara
  • King Street

Need to drop in

  • Fitzwalter
  • Atalaya
  • Arena
  • Avenue
  • Siguler Gulf

Comments (97)

Funniest
6mo 
abd2938, what's your opinion? Comment below:

Missing Nancy Pelosi in event driven and SBF in loan to own

Pls fix.

  • 19
6mo 
abd2938, what's your opinion? Comment below:

Jokes aside, great compilation. Thx!

  • 2
  • PM in HF - Other
5mo 

  • Associate 1 in IB - Restr
6mo 

Investing generally around significant corporate events (includes bankruptcy/restructuring but also merger arb, spin-offs, other corporate transactions that are mispriced by the market, etc.)

  • Analyst 3+ in PE - Other
6mo 

Great list very useful! GS MBD also has a big fund +10bn that does minority equity/pref special sits investments.

  • Associate 1 in HF - EquityHedge
6mo 

A lot don't clearly fit into a specific tier, but cool list nonetheless. For what it's worth, I don't think any evergreen fund has a strategy where the majority of the theses involve taking a company through bankruptcy (and certainly not for many in that tier).

6mo 
m_1, what's your opinion? Comment below:

HIG PE – Pretty sure they do more deep value/carveouts as opposed to actual distressed? Their core LMM/MM strategy seems to be to deploy quite a bit of capital into a fuck ton of deals very very fast. Extremely sweaty, but impressive.

RE: MidOcean, do you mean the MM PE firm? I don't think they do turnaround/distressed either. They botched a make up company and the execution there was objectively awful. Would be shocked if they had any sort of turnaround/distressed focus given they fucked up so much 101 stuff. The advisors they brought in too sucked.

  • Associate 3 in PE - Other
6mo 
m_1

HIG PE – Pretty sure they do more deep value/carveouts as opposed to actual distressed? Their core LMM/MM strategy seems to be to deploy quite a bit of capital into a fuck ton of deals very very fast. Extremely sweaty, but impressive.

RE: MidOcean, do you mean the MM PE firm? I don't think they do turnaround/distressed either. They botched a make up company and the execution there was objectively awful. Would be shocked if they had any sort of turnaround/distressed focus given they fucked up so much 101 stuff. The advisors they brought in too sucked.

MidOcean has a 7bn credit platform adjacent to PE team that does stressed / distressed among other things.

For HIG, it's more that they play in deep value so my understanding is that they look at some distressed assets I'll move them to the unknown category as I am not sure all boxes Bayshore plays in.

6mo 
m_1, what's your opinion? Comment below:
m_1

HIG PE – Pretty sure they do more deep value/carveouts as opposed to actual distressed? Their core LMM/MM strategy seems to be to deploy quite a bit of capital into a fuck ton of deals very very fast. Extremely sweaty, but impressive.

RE: MidOcean, do you mean the MM PE firm? I don't think they do turnaround/distressed either. They botched a make up company and the execution there was objectively awful. Would be shocked if they had any sort of turnaround/distressed focus given they fucked up so much 101 stuff. The advisors they brought in too sucked.

MidOcean has a 7bn credit platform adjacent to PE team that does stressed / distressed among other things.

For HIG, it's more that they play in deep value so my understanding is that they look at some distressed assets I'll move them to the unknown category as I am not sure all boxes Bayshore plays in.

Ah good call, didn't realize it. 

RE: HIG, yeah the core PE fund(s) are basically what I described. Not sure about the other funds they have.

  • NA in IB - Gen
6mo 

Any detail you can provide behind the botched makeup deal? What did they do wrong?

6mo 
m_1, what's your opinion? Comment below:

Any detail you can provide behind the botched makeup deal? What did they do wrong?

Their actions once the company trended sideways did not make sense to me. Neither did the advisory team they built out or interim CEO. I don't think they had a strong understanding of exactly what they were buying or how to operate it, as it was not a vanilla consumer brand.

  • Intern in IB - Cov
5mo 

How do you go about differentiating turnaround from distressed? I'm familiar with distressed but not too much about turnaround, so curious to hear your thoughts on that.

5mo 
m_1, what's your opinion? Comment below:

How do you go about differentiating turnaround from distressed? I'm familiar with distressed but not too much about turnaround, so curious to hear your thoughts on that.

Turnaround associated with controlling the company and doing what needs to be done operationally to make the company successful.

Distressed implies you don't need control per se. You might attempt to push the co around with a specific type of position you take, but you might not be in control of day to day operations. 

6mo 
Pushin P-ower point, what's your opinion? Comment below:

Genuinely curious bc an alumni a few years ago did this. Is an early career out of undergrad at a distressed fund worth it (or even 2-3 years after as an exit)? Are there pros to giving up the traditional IB or bust idea to go into this field? I definitely see how doing IB first gives you greater optionality, but wondering if going directly into a fund and getting a 2-3 year head start over the IB guys is worth it, or if it should be avoided.

  • Associate 3 in PE - Other
6mo 
Pushin P-ower point

Genuinely curious bc an alumni a few years ago did this. Is an early career out of undergrad at a distressed fund worth it (or even 2-3 years after as an exit)? Are there pros to giving up the traditional IB or bust idea to go into this field? I definitely see how doing IB first gives you greater optionality, but wondering if going directly into a fund and getting a 2-3 year head start over the IB guys is worth it, or if it should be avoided.

This is a sliding scale. 
 

For example I'd rank MM IBD < analyst at H/2 < PJT RSSG analyst < probably Silverpoint analysts for first gigs out of college.  Ultimately if the role you are looking at is the exit opp you want, then do that but if it's not, banking gives a bit more optionality.

Note I personally skipped banking but didn't move to finance until a couple years out of school so take my comment there with a grain of salt.

  • Analyst 2 in IB-M&A
5mo 

Is this based on personal experience? Because as a general rule of thumb, direct investing experience opens more hedge fund doors than banking experience, including whichever groups you consider to be most prestigious.

  • Analyst 1 in PE - Other
6mo 

What do you mean by equity lean? Does that mean that even though they are special sits, they mostly do debt/ pref equity deals?

  • Analyst 1 in PE - Other
6mo 

got it, thanks!

  • Associate 1 in RE - Comm
6mo 

Bro when Kennedy Lewis first opened one of the partners sugar babied my gf at the time (total sloot, insanely hot). Devastated at the time but now I wonder if the guy would sling me a sweet gig?

  • Analyst 2 in Consulting
5mo 

How exactly would that conversation go in your head?

  • 2
  • Research Associate in HF - Event
6mo 

There's many funds on here that do all flavors / multi strategy credit offerings. Bucketing into one or the other doesn't really make much sense at all as much as the intern or 1st year RX analyst wants to force a square into a round hole.

  • 3
  • Principal in HF - Event
6mo 

Glad someone said this. This sort of broad categorization is inaccurate and imprecise enough to really not be that useful for any practical purposes (like recruiting), and is directly misleading in many instances. There is much less distinction among most of these funds than implied. Also, even the categories themselves don't make much sense.  "Going to bankruptcy is the thesis" is silly and absolutely doesn't apply to a significant portion of those funds' portfolio. Those event driven funds dabbling in credit is very misleading as some of those funds core product is corporate credit (DK) and most of the others have dedicated credit teams and historically are big players in stressed and distressed credit. 

  • Associate 3 in PE - Other
6mo 

There's many funds on here that do all flavors / multi strategy credit offerings. Bucketing into one or the other doesn't really make much sense at all as much as the intern or 1st year RX analyst wants to force a square into a round hole.

This is again suppose to be an open discussion so feel free to suggest alternatives.  If you think a multi-strat bucket is best, happy to add and I get why certain funds make sense there but I'm more trying to avoid moving firms that have like a 10% secondaries bucket being "multi-strat" when all they effectively do is stressed private credit.

if it's too misleading I'm also happy to hold as just a decentralized list or delete if that makes more sense.

  • Associate 2 in PE - LBOs
6mo 
Associate 3 in PE - Other

Setting up a topic to talk about distressed / capital solutions / special situations.  I'd love to bucket names on core types as it can be a bit murky at times and could help with recruiting in the future as a lot of funds do varying things. Ultimately this isn't supposed to say this fund only does X, but moreso engage discussion as people make choices for recruiting.

I'm not 100p clear on some of this as well so feel free to correct me or suggest additions or subtractions.  I'm going off primary focus (for example most of the private distressed lending buckets have secondary allocations).

Private distressed lending / minority equity

  • Ares Special Ops
  • Atlantic Park
  • HPS
  • MGG
  • Blue Torch
  • Apollo Hybrid Value
  • Owl Rock Opportunistic 
  • Carlyle Opportunistic
  • Brookfield special investments  (equity lean)
  • Sixth Street Strategic Capital (equity lean)
  • Clearlake Opportunities
  • Blackstone TacOpps (equity lean)
  • Blackrock Opportunistic 
  • Goldman Hybrid Capital
  • Golub Opportunistic
  • Victory Park

Loan to own / control oriented shops / 363 players

  • Apollo PE
  • SVPGlobal
  • Oaktree Special Situations
  • KPS
  • Stellex
  • Monomoy
  • Middleground
  • Cerberus PE
  • Lone Star
  • Centerbridge PE
  • Clearlake 
  • HIG PE
  • Ares corporate PE
  • Wynnchurch 
  • Gamut 
  • Brookfield PE
  • Searchlight 
  • Platinum
  • American Industrial Partners

Liquid focused stressed / distressed:

  • Goldentree
  • Brigade 
  • Beach Point 
  • Diameter
  • Redwood
  • Blackrock Credit Alpha
  • Varde
  • PIMCO
  • Nut tree
  • Canyon 
  • Apollo credit hedge fund
  • Caspian
  • MidOcean
  • Sound Point 
  • Oak Hill Advisors

Market neutral credit

  • Aristeia
  • White box
  • MM shops
  • Garda 

Process driven distressed: 

  • Elliott
  • Aurelius
  • Oaktree flagship
  • Silverpoint 
  • Attestor
  • Centerbridge 
  • Angelo Gordon
  • Glendon
  • Contrarian
  • Taconic
  • Sixth Street Fundamental Strategies 
  • Sculptor credit opps 
  • Fidera

Event driven / value hedge funds: 

  • Third Point
  • Senator
  • Baupost
  • Elliott (including twice)
  • Luxor
  • HG Vora
  • Davidson Kempner (credit focus)
  • Farrallon
  • Appaloosa
  • HBK
  • Empyrean
  • Q Investments
  • Bardin Hill
  • Abrams
  • Owl creek
  • Antara

Unclear on following funds where they would land

  • King Street 
  • Bain Distressed 
  • CarVal
  • Castlelake 
  • CQS
  • AS BirchGrove
  • Marathon Asset Management 
  • Cross Ocean
  • H/2
  • Fortress
  • Marble gate 
  • MHR
  • KKR Opportunities 
  • Monarch 
  • Fitzwalter
  • Atalaya
  • Arena
  • Avenue
  • Cyrus
  • Siguler Gulf
  • Solus
  • Kennedy Lewis
  • Farmstead
  • Arbour Lane
  • Eos
  • Ellington Credit Opps

lmao Nut tree under the Liquid focused stressed / distressed category

    • Associate 3 in PE - Other
    6mo 
    Associate 3 in PE - Other

    Setting up a topic to talk about distressed / capital solutions / special situations.  I'd love to bucket names on core types as it can be a bit murky at times and could help with recruiting in the future as a lot of funds do varying things. Ultimately this isn't supposed to say this fund only does X, but moreso engage discussion as people make choices for recruiting.

    I'm not 100p clear on some of this as well so feel free to correct me or suggest additions or subtractions.  I'm going off primary focus (for example most of the private distressed lending buckets have secondary allocations).

    Private distressed lending / minority equity

    • Ares Special Ops
    • Atlantic Park
    • HPS
    • MGG
    • Blue Torch
    • Apollo Hybrid Value
    • Owl Rock Opportunistic 
    • Carlyle Opportunistic
    • Brookfield special investments  (equity lean)
    • Sixth Street Strategic Capital (equity lean)
    • Clearlake Opportunities
    • Blackstone TacOpps (equity lean)
    • Blackrock Opportunistic 
    • Goldman Hybrid Capital
    • Golub Opportunistic
    • Victory Park

    Loan to own / control oriented shops / 363 players

    • Apollo PE
    • SVPGlobal
    • Oaktree Special Situations
    • KPS
    • Stellex
    • Monomoy
    • Middleground
    • Cerberus PE
    • Lone Star
    • Centerbridge PE
    • Clearlake 
    • HIG PE
    • Ares corporate PE
    • Wynnchurch 
    • Gamut 
    • Brookfield PE
    • Searchlight 
    • Platinum
    • American Industrial Partners

    Liquid focused stressed / distressed:

    • Goldentree
    • Brigade 
    • Beach Point 
    • Diameter
    • Redwood
    • Blackrock Credit Alpha
    • Varde
    • PIMCO
    • Nut tree
    • Canyon 
    • Apollo credit hedge fund
    • Caspian
    • MidOcean
    • Sound Point 
    • Oak Hill Advisors

    Market neutral credit

    • Aristeia
    • White box
    • MM shops
    • Garda 

    Process driven distressed: 

    • Elliott
    • Aurelius
    • Oaktree flagship
    • Silverpoint 
    • Attestor
    • Centerbridge 
    • Angelo Gordon
    • Glendon
    • Contrarian
    • Taconic
    • Sixth Street Fundamental Strategies 
    • Sculptor credit opps 
    • Fidera

    Event driven / value hedge funds: 

    • Third Point
    • Senator
    • Baupost
    • Elliott (including twice)
    • Luxor
    • HG Vora
    • Davidson Kempner (credit focus)
    • Farrallon
    • Appaloosa
    • HBK
    • Empyrean
    • Q Investments
    • Bardin Hill
    • Abrams
    • Owl creek
    • Antara

    Unclear on following funds where they would land

    • King Street 
    • Bain Distressed 
    • CarVal
    • Castlelake 
    • CQS
    • AS BirchGrove
    • Marathon Asset Management 
    • Cross Ocean
    • H/2
    • Fortress
    • Marble gate 
    • MHR
    • KKR Opportunities 
    • Monarch 
    • Fitzwalter
    • Atalaya
    • Arena
    • Avenue
    • Cyrus
    • Siguler Gulf
    • Solus
    • Kennedy Lewis
    • Farmstead
    • Arbour Lane
    • Eos
    • Ellington Credit Opps

    lmao Nut tree under the Liquid focused stressed / distressed category

      Where would you put them?

      • Associate 3 in PE - Other
      5mo 

      Both them and Redwood (from which they came) are some combination of liquid credit, process-driven, event-driven. Would also reclassify both Canyon and Goldentree (at a minimum) from that group to the same places. As I think several others explained above, the forced categorization isn't necessarily super high value.

      I reworked it to be secondary distressed focus, privates focused, loan to own focused or not, idea is still more around analysts are focused on performing edged or more stressed.  I still view Goldentree as a credit alpha type experience since analysts spend a lot of time on performing credit which is a much different experience than a firm like Glendon, despite Goldentree being likely as sophisticated as a firm when they do make it to bankruptcy.

      Similar to why Oak Hill was originally in process driven because they have their distressed horizontal team.  

      • Research Analyst in HF - Other
      5mo 

      Some big names missing. Probably add Benefit Street Distressed in the first section with the more private credit type players. Benefit Street as a whole is like $40bn credit shop, with like $25 of that in private credit and $3 in pure distressed, similar to Owl Rock's profile. Anchorage shutting down its hedge fund but still has big distressed pools of capital. you've got Redwood and Nut Tree but missing Knighthead. Appaloosa still going on. Everyone's favorite Chatham. 

      CQS doesn't do distressed anymore. It's mainly performing CLO, Loan funds and HY. I don't even know what the main hedge fund does anymore.  

      5mo 
      hunt4dollas, what's your opinion? Comment below:

      Not familiar with distressed investing. What does 363 mean and what type of investing is it?

      • Intern in IB - Gen
      5mo 

      Do any of these funds take sophomore summer?

      5mo 
      Yakehito, what's your opinion? Comment below:

      Who are the major BSDs at these places.  At a lot of these firms, the investments are run by a team of just a few people and/or overseen by 1-2 partner / PM(s).  Who's particularly impressive?  Always find it entertaining to try to read about some of these folks if articles exist on Institutional Investor, FT, WSJ, etc.

      5mo 
      Anonymous Monkey, what's your opinion? Comment below:

      Appaloosa - The same guy who traded for Sam Darnold and Baker Mayfield

      Angelo Gordon - Ryan Mollett

      Apollo - Jim Zelter/John Zito

      Aurelius - Mark Brodsky

      Attestor - Jan Peters

      Bardin Hill - Jason Dillow

      Brigade - Don Morgan

      Canyon - Josh Friedman/Mitch Julis

      Diameter - Scott Goodwin/John Lewinson

      Elliott - Paul Singer/Jesse Cohn

      Fortress - Pete Bridger/Drew McKnight

      Glendon - Matt Barrat

      Goldentree - Steve Tananbaum

      HG Vora - Parag Vora

      Kennedy Lewis - Darren Richman/David Cheyne

      Knighthead - Tom Wagner

      King St - Justin Gmelich

      Mid Ocean - Ted Virtue

      Monarch - Adam Sklar

      Nuttree - Jes Nussbaum

      Oak Hill - Glenn August

      Redwood - Ruben Kliksberg/Sean Sauler

      Sculptor - Jimmy Levin

      Silverpoint - Ed Mule

      Sixth Street - Alan Waxman/Clint Kollar

      5mo 
      ajsoqkaks, what's your opinion? Comment below:

      Elliot is Dave Miller for credit - definitely not Jesse Cohn who does equity. Source: Elliot website

      Array

      • 2
      • Analyst 2 in IB-M&A
      5mo 

      If you don't know, don't Google stuff and pretend you know

      • 1
      • Associate 1 in IB - Restr
      5mo 

      Most of these are just founders or CEOs, not day-to-day leading investments, and in some cases not even the point person for their respective distressed strategies...

      5mo 
      Anonymous Monkey, what's your opinion? Comment below:

      If you are talking about the Scott Graves/Craig Snyder team - good people, small team, started at the right time from an op set perspective, and have a lot of deal from from the rest of the house. Ares is also a fundraising machine.

      5mo 
      SharelockHolmes, what's your opinion? Comment below:

      Thanks for the reply! Any idea how their reputation is in the market? Exit opps? Culture?

      • Intern in IB - Gen
      5mo 

      How does DE Shaw credit opportunities fit here? Heard they have a distressed mandate

      • 1
      • Investment Analyst in HF - Event
      5mo 

      Low-key, CROP at DE Shaw is maybe the best mandate in distressed.

      (1) The rest of the firm pays the bills so there is no performance pressure (the group can underperform for 5-year stretches with no turnover in personnel or risk to job security or allocated capital), (2) the seat is incredibly relaxed from the perspective of hours, number of positions to manage and trade, ability to take concentrated or one-off positions (which would be suicide sizing when not nested in a multi-strat), and general chill factor in how harried the day-to-day is, good flexibility with time off and face-time and (3) given those factors, the pay is extremely generous - comfortably into mid-7-figures for tenured analysts in a good year.

      • Associate 1 in IB - Restr
      5mo 

      GSO (i.e. BX credit) does almost no true distressed investing anymore. They've shifted the strategy significantly over time to almost solely performing private credit/direct lending since their acquisition, and most, if not all, of the distressed guys that made GSO famous in distressed have since departed. Given the sheer size of the platform I wouldn't be surprised if they have some pockets of capital geared toward distressed on an opportunistic basis but it's not an area that the platform/firm's leadership wants to be devoted to at all anymore. 

      • Prospect in IB - Gen
      5mo 

      work here now, above poster is correct. Mostly direct lending, but various groups (I.e. energy, capital solutions) have ability to invest across cap stack across distressed / special sits.

      5mo 
      Anonymous Monkey, what's your opinion? Comment below:

      It's interesting. The energy people who blew the place up in 2014-2017 are now somehow in charge of it. #politics

      • Investment Analyst in HF - Event
      5mo 

      "Can" and "will" are different. They won't do it even when opps present themselves as the talent isn't there to think in a contrarian way. Cap Solutions also has major fund constraints due to legacy of key man departures in the past and haven't been able to offer competitive terms in rescue space for a while. 

      • Associate 1 in IB - Restr
      5mo 

      Could probably add Atlas Holdings to "Loan to own / control oriented shops / 363 players"

      5mo 
      FlybyWilly, what's your opinion? Comment below:

      Kennedy lewis is more like blue torch ... also wouldnt use '363 players' to delineate anything (can be standalone reorg or 363 as a means to get control... the difference is the big funds like Oaktree/Elliott/SVP etc raise longer duration capital and can be illiquid, so they can see through a turnaround, and are big enough to lead steerco's/rights offerings/design & participate in backstop economics)

      • Analyst 3+ in HF - RelVal
      5mo 

      Arena will do distressed for control / minority equity / corporates and have a liquid markets team 

      4mo 
      creditmonkey1738, what's your opinion? Comment below:

      Can't speak to Metropolitan but can confirm Arena, Castlelake and Atalaya all have decently sized corporate teams (and ~15%+ return hurdles generally imply skew toward distressed for control/minority equity/turnaround situations as opposed to more vanilla MM LBO financing) and liquid/public markets teams

      • Associate 2 in PE - Other
      5mo 

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      • Prospect in Research - Other
      5mo 

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      • Intern in IB-M&A
      3mo 

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      • Analyst 1 in Research - FI
      27d 

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      • 2nd Year Associate (29) $251
      • 1st Year Associate (71) $192
      • Analysts (217) $178
      • Intern/Summer Associate (20) $130
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      • Intern/Summer Analyst (237) $85