Insight into Distressed HF vs. Credit
Incoming SA at an RX group (PJT/HL/EVR) and I'm pretty set on recruiting on-cycle to a Credit/ Distressed role (as opposed to traditional PE). As of now, my long-term goal is to work at a place like Eliott, Maverick, and Viking.
From what I have read, a popular route to places like that is 2+2 --> Bschool (?).
Any insight into the following companies (Comp/ Culture/ Exits) would be greatly appreciated:
Oaktree (Special Sits and Global Opps), Apollo (Hybrid Value), Centerbridge, SilverPoint, Aurelius
I know the work itself in the abovementioned firms varies but I'd still like to "benchmark" some of the alternatives (or just hear any advice) thanks in advance.
If goal is maverick Viking (L/S) why the fuck would you purposefully recruit for distressed?
And not just distressed, but Aurelius specifically? Yeah, don’t do that.
why not Aurelius?
Is there an argument to be made that some of these L/S firms like to hire distressed people because of a niche/different skill set? Or no?
No
Can you elaborate?
I wouldn't go to a distressed credit fund if you're interested in the L/s shops listed
Following - I'm in the same boat. Long term goal would be firm that invests across the capital structure in SSs
I'd probably learn what that entails before you create a long-term goal. You havnt worked a day on the industry so just be patient and focus on learning what IB is first.
Well the problem is that recruiting for buy-side seats begins so early now, so the best time to prepare for recruiting is during college. It seems to me like if you don't have a long-term goal that you're actively pursuing, the seats will be taken from the people that do. And just because I haven't hit the desk yet doesn't mean I can't begin learning now.
Tomorrow: Incoming SA pretty set on recruiting for PE, can anyone shed light on how well Apollo places into Tiger Global and Pershing Square
In fairness given how lean the PJT RSSG classes run and placement into Apollo / ultimate placement into Tiger Global, it is probably not the most ridiculous question if they were an SA into PJT RSSG. By my count on LinkedIn there are 3 members of the 2017-2019 and 3 members of the 2018-2020 PJT RSSG classes currently at TGM off LinkedIn.
You will have shots on goal at all of those firms you listed beyond Aurelius (who I don't think can afford to hire analysts as of now) if you are an RX IBD analyst at those firms if you don't have an atrocious GPA.
That being said its pretty dumb to go to a credit / special sits firm to try to make it into a Maverick or Viking style group given differences in investment style (yes I know Viking has their structured capital group but that's a bit of an island). Fwiw, Maverick has taken analysts directly out of two of those groups.
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