Rx -> Elliott / Silver Point / Aurelius
How difficult would you say it is to go from a top Rx group (PJT / EVR / HL) to a top distressed / special situations hedge fund like Elliott, Silver Point, Aurelius.
Many have done Rx then MF PE to be able to get considered for a seat at these shops, but for those not interested in wasting 2 years grinding away at something that does not interest them, would exits to the above be possible?
I believe only Silver Point participates in on-cycle recruiting not sure about Elliott or Aurelius. Any advice would be very helpful.
Most seats actually take from RX banking or RX banking -> special sits funds. There are 20+firms I'd put in front of Aurelius and I also don't believe they have hired since pre-2020.
Can you list some of the firms?
B
HL are rarely targeted by elite funds
Thanks for the insight, Intern in IB M&A
Its true, places like Farallon, let alone Elliott, do not hire from HL. The only way is to first do another stint then go to the aforementioned firms. No need to be insecure about going to HL, its still decent
Not a single person with any sense would go to Farallon to do distressed / special sits. They are a B tier credit fund.
Also you are literally interviewing for GS/JPM intern positions, how about you stfu.
How many investment professionals does a place like Elliot have? What would AUM per head be? Would the per head economics strongly exceed that of the best MFPEs, ie H&F?
care to explain your thoughts?
Aurelius basically shut down
Interesting to see how things unfold. Founder is married to another person on the investment committee. I saw that the old head of restructuring is now at Carronade Capital
By “at” I think you mean founded Carronade. Aurelius is a wreck. Nobody is going there. Elliott hires a lot from MF PE with distressed tilts like Apollo / Centerbridge. But backgrounds are probably more diverse as long as they are solid pedigree. Not sure how much they hire from the sellside, seems like you really need buyside prior experience to be their core target candidate
Aurelius has shed assets and (almost all) personnel since COVID. Most articles citing stellar performance are referring to the tiny drawdown fund they raised during COVID.
I work for a similar fund to one listed...background matters less than you'd think. These fund's recruiting is far less cookie cutter than MF PE. I've seen people in distressed seats at tops funds who came from Lev Fin / direct lending / whatever. RX is great training for an SPC / Elliott, but having strong investing acumen is ultimately what you get hired for.
Interested to hear what you specifically mean with the process being different than MF PE processes. Different types of case studies? More maths/statistics based?
Silver Point definitely looks to hire a ton of people out of banking. Elliott really only looks at candidates with prior investing experience (MF PE/top credit/other HF backgrounds)
Think Aurelius has definitely shed personnel - think Catalur spun out of them, some guys at Carronade too, so not sure if they're hiring or how much LP capital they're still managing
Any updates on how the Aurelius spinouts are doing?
Carronade is larger than Aurelius from an AuM perspective and leaked returns have been very good though they have seen a few guys from their investment team turn-over . . . Catalur is quite a bit smaller.
Elliott does hire people directly out of banking. I personally know a guy from my group who did on cycle with them 2 years ago and went there. They usually go near the end of off cycle and Idk how many spots they fill, but can confirm they participate
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