BSOF

Trying to learn more about BSOF. I realize it's been discussed in the past in various past guises (some of which seemed more fund-of-funds than principal investing), but it seems due for a refresh, given the recent shakeups there (several MDs on the special sits investing side are leading; a new CIO was brought in from Appaloosa; planned growth in the business).

Is anyone close with anyone on the special sits team there, or have any other insights about culture, progression, mandate, day-to-day, comp? Especially grateful for anyone who can speak to the new leadership.

 
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Interviewed there in fall'18. Really disliked the people I met - pedigreed but very arrogant and rude. No one had a clear answer on how conflicts/allocations are resolved - i.e. how does BSOF resolve conflicts with TacOpps or BX Credit/GSO on private and public opportunities. With Minh gone, all his guys left too - not sure how voluntary it was.

I'm also interested in current team setup under Appaloosa guy. Setup/mandate sound great and maybe they've finally found the right head for the business.

 

Would agree my experience with them suggests they have a chip on their shoulder as the red-headed stepchild within BX. Never really "leading" investments but leaning heavily on BAAM relationship GPs and internal TacOpps/Credit overlaps. Half the team are people from "pedigreed" shops that got blown out from a real HF and came to BX for the coupon clipping life. A lot of them have good background on paper, but if you dig into their stories and channel check, a lot of them came up with red flags from former colleagues.

 

I would agree with this. They have historically relied very heavily on their GP partners to actually underwrite and run investments. Anyone actually in the market would tell you that you never actually see a member of the BSOF actively involved in any distressed situation in any material way. I know a few members of the team personally and they are complete lightweights with respect to actual doc sophistication and bankruptcy tactics (relative to Apollo, Elliott, Silver Point, Oaktree, etc).

I don’t think this team comps at the same level as those platforms either, yet they seem to work just as many hours. Like you said, probably a good place to clip a coupon, but not a great environment to learn or actually build a career as a value-add investor.

 

Bump. Anyone have updated info on the mandate and types of deals the team looks at? How does it contrast with Tac Opps?

 

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