PIMCO Distressed & Special Sits?

Since the Incora deal made the headlines, there have been some interesting tidbits of info on PIMCO's increasingly active distressed and special sits team. They appear to have revamped their team in the US (heard about some senior hires from KKR's special sits team as well as from Elliott) and in Europe (brought in the former head of alt credit at Och-Ziff/ Sculptor). All in all, even headhunters now describe them as Tier 1 in distressed, whatever that means.

Since there's no specific thread on them, I was hoping to hear more about them - deals they're looking at, recruitment MO, what backgrounds they search for and culture, ideally in Europe/ London but overall as well. 

Comments (23)

May 2, 2022 - 5:14am
Pan European Monkey, what's your opinion? Comment below:

Not 100% sure but I know that the prior team was not super great - one guy went to ICG to do run a stressed/distressed fund - they raised half their target, another one founded arcmont's more stressed/junior strategy and from what I hear they aren't doing too well… 
Seems like they did a full revamp of the team over the last 2 years, but I'd guess it's too early to say based on their performance at PIMCO, so it's more about their prior track record. But what do I know afterall - you are probably more senior than me. 

May 2, 2022 - 10:59am
Managing Dictator, what's your opinion? Comment below:

Haha, I agree there's a bit of a correlation between insight and seniority, though I wouldn't bank on it. 

You bring up an interesting point, wonder what prompted them to execute such an exhaustive revamp. The head of corporate special sits was brought from KKR merely in 2019 (https://www.globenewswire.com/news-release/2019/06/13/1868687/220/en/PIMCO-Names-Jamie-Weinstein-as-Managing-Director-Portfolio-Manager-and-Head-of-Corporate-Special-Situations.html), then all the hiring re-started looks like.

  • Associate 3 in PE - Other
May 2, 2022 - 11:08pm

They are a major player in the Envision transaction as well announced Friday. 

I don't know this for a fact, but I'd expect their cost of capital to be slightly lower than the typical distressed fund as well, especially out of the vehicles they have been investing in these transactions out of (more liquids vehicles than their drawdown DISCO vehicles).    

  • Research Associate in HF - Event
May 2, 2022 - 11:54pm

Most of the distressed stuff they own that they are headlines for is done close to par...

  • Research Associate in HF - Event
Jun 29, 2022 - 1:44pm

Must be a lot of random PIMCO employees on here dishing out down votes. Weird

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  • Analyst 1 in AM - Other
May 3, 2022 - 1:04pm

Definitely a fast growing area at PIMCO, last I checked they had $48B in private credit and special situations investments. Read on another thread they're trying to build an analyst layer through their newly established internship role to support the senior VPs and PMs. Seems to be on par with other MF credit arms like KKR/BX credit in terms of exit opps and comp. 

  • Analyst 1 in AM - Other
May 9, 2022 - 5:03am

Bump. Seems like the group flies under the radar, any info on deals and performance?

  • Analyst 1 in IB-M&A
May 27, 2022 - 2:51pm

seems like the dream making PM at PIMCO and buying a nice suburban house (bonus if with an oceanview) near Newport Beach.

  • Research Analyst in AM - Other
May 28, 2022 - 8:00am

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