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 (29)

8mo 
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. 

8mo 
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.

  • Intern in AM - Equities
8mo 

Bump

  • Analyst 1 in AM - Other
8mo 

Following

  • Associate 3 in PE - Other
8mo 

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
8mo 

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

  • 2
  • 4
  • Research Associate in HF - Event
7mo 

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

Most Helpful
  • Analyst 1 in AM - Other
8mo 

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
8mo 

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

  • Analyst 1 in IB - Gen
8mo 

bump

  • Associate 1 in HF - Event
7mo 

Completely incorrect 

  • 1
  • 3
  • Analyst 1 in IB-M&A
8mo 

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

  • 1
8mo 
CuriousComic, what's your opinion? Comment below:

Any idea if PIMCO allows internal movement to this team?

  • Research Analyst in AM - Other
8mo 

will be extremely difficult. You may need to go to another firm then come back after you gain more experience

  • Intern in HF - Other
7mo 

bump

  • Associate 1 in PE - Other
4mo 

SSG and Distressed Private Credit are separate teams at PIMCO. Their distressed team invests solely out of their Corporate Opportunities Fund which is currently on its 4th or 5th vintage and has done very, very well over COVID times. SSG invests out of a number of "TacOpp" funds focused on cash-flow heavy assets such as data centers, music IP rights, aircraft leasing, etc. Both teams are lean (<25 IP headcount) and super bright. Definitely great learning experience and role at PIMCO. 

  • Prospect in Research - FI
4mo 

the above is correct.

PIMCO is one of the largest credit managers on the street, so will always have workout positions, that comes with the territory but thats separate from these two teams. They have both been extremely active and done well since COVID.

  • Associate 2 in PE - Other
4mo 

Anyone know if this group (SSG or Distressed) hires lateral associates?

  • Analyst 1 in IB-M&A
10d 

Yes, they're hiring for Associate, Portfolio Manager level roles for Special Situations which is mostly based in their New York office. 

4mo 
non-target BB Banker, what's your opinion? Comment below:

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4mo 
Managing Dictator, what's your opinion? Comment below:

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