Anyone have any updated information on them? Haven't heard too much about them on this forum of recent. Would be interesting to get some color on the general trajectory of the shop and how it compares to similar distressed funds (DK, AG, SLP, Brigade, Oak Hill etc.)
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Comments (15)
Bump. Are they hiring in London?
Bump.. Would like to understand culture / comp / WFH / hours / etc for the CLO side
Really large holders / leads in some of the larger distressed deals that have come up recently in past year. WeWork, Revlon, Envision.
Like most other legacy managers in the 10bn+ size that still exist from the 2000s, have transitioned AuM into more performing credit and drawdown vehicles but still have a sizeable HF.
Always have been a bit more trader / liquids oriented than other distressed oriented shops which tends to be less fulcrum type loan to own positions.
Does anyone know about their interview process and case study?
For HF or CLO?
HF
Bump
Here is my current understanding of the firm:
Helpful. I had gotten a few pings on that viking opportunity. What ever came of it, how much capital is Pat working with?
Pat ended up hiring out of BX - he now has a team of 5 I think which is pretty decent. There was a headline about them raising a $1bn fund; I'm not sure what came out of it. From my understanding he currently trades out of the master with some deferral/approval rights from Andreas and other senior investment professionals at Viking.
Do you know if the CLO people work across strategies?
I don't unfortunately; the two people I know there do not
FWIW - Wework is yet to play out but their Revlon investment was not great (they got into the TLs in 70-80c range, then uptiered those loans which now trade at 40-50, and have to write a very large equity check to delever; the only smart ones in Revlon who made money was Craig's group at Ares that put in new money then traded out of uptier tranche in the 70s), and lastly Envision is an absolute garbage company where every investor across the structure has lost money.
But most of you would already know this as losing money / slightly breaking even in distressed investing is how you get to LSD to MSD annualized returns which is how King Street lost so much of it's AUM in the first place.
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