Has anyone developed a list of distressed, special situations, and deep value shops in Los Angeles/OC? The big ones (Pinebridge, Canyon, etc) are obvious but I’m looking for a more comprehensive list.
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Oaktree
Right that one is pretty obvious. I guess I’m looking for more of the funds with less than $1B AUM
Hawkridge is pretty small. Otherwise you just have to search for spin outs of the bigger distressed guys, they likely Drexel alums.
Now we’re talking. Yeah I noticed Crescent Capital was founded by DBL guys.
They all by DBL bois, lol.
Distressed Burnham Lambert
Alright so any other ideas? I’ve found a couple more - five crowns, watermen, ripple, Yucaipa, and nexus
PIMCO has an alternatives arm that has people in this space.
Obviously
Sorry
Do you know anything about their distressed arm? Did a little research but couldn’t find much
Mig, legion, engaged capital & hawk ridge
Hell yeah this is what I’m looking for
Glendon Capital Management
Great call
Shithole of a firm, would not touch this with a stick.
Why is that?
ignore that guy, sounds so bitter. glendon is a decent shop - spun out of barclays not that long ago. the chick who runs it is a beast...
Good luck digging out a negative IRR on both your funds and never being able to raise capital again. You know nothing of this industry.
That's actually news to me, so thanks for sharing - had heard some rumblings but no one was able to confirm. Appreciate u sharing.
Many guys like this will get washed out. Especially firms of the setup like Glendon where they promise partner level carry to lure in associates/principals, then have no forward pipeline to raise money after fumbling by investing in shitcos like Pyxus. I like some of their team members but a zombie PE shop is last place you want to get lured into.
Likely depends somewhat on their large position on the FYBR reorganized equity...I think they were second largest holder after Ares if I remember correctly? Not sure on size of stake relative to fund size though but likely a decent position for them.
heard they are 5BN shop. not small by any standard. pls verify?
Nexus Capital Management
Another good one. Recent spin off of Apollo right?
That's right, both Gamut Capital and Nexus are recent Apollo spin-outs.
From what I can gather the universe of DD/SS funds in LA is small - more of a PE focused area. Seems like most DD/SS is still in NYC/CT
Beach Point Capital Management
Do you know anyone there? They look like one of the more solid firms in LA.
Nope. At a very similar sized/strategy shop on East Coast..
Thoughts on hiring Associates from the CLO/BDC world? Or does tour fund largely look for Rx bankers etc
PE, LevFin or RX backgrounds..
Bump to see if we can generate some more ideas here
Bump to see if we can generate some more ideas here
Skidrow is a distressed shop
Solace Capital Partners
What’s the latest on canyon capital? Had heard they’ve had massive attrition and loss of AUM in the main hedge fund (now >50% CLOs?) due to poor returns / not doing well in COVID. Believe they still have an LA office but top senior guys sit in Dallas?
Bump
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