Thoughts on Diameter Capital
Quite curious to hear updated views on Diameter. How is the junior experience there, any thoughts on culture, performance, pay is appreciated. Is it a better opportunity than traditional distressed HFs (SLP/DK etc.)?
It’s the same as Radius Squared
This actually made me laugh
Radius x 2 actually
area Capital 🤣🤣
You're either in the double radius of trust or you're out.
Lmao iykyk
Bump
I've uniformly heard that their culture is rough - not just hours but personality-wise. Another frequent con I've heard is that the PMs will often trade out of a position without checking in with the analyst whose name it is - doesn't matter when you're a junior but feels fcked up when you're 7+yrs out of school.
That said, returns are generally good. Can't confirm but would believe pay is good as well in good years (not always the case at other funds).
They don't limit themselves to distressed credit - will do performing credit new issue flips, L/S credit trades, etc This is a valuable skillset to learn since most old-school distressed funds have crap returns and little love from allocators. DK/King Street have some of the most whelming returns ever. Silver Point - tough culture as well along with reverse commute. Not sure about returns but likely decent given their fundraising prowess.
Heard Diameter returns through YE 21 were good and then 22 and 23 were meh. They are a trading-first firm so will be in and out of names quickly which drives some of the selling names analysts cover vs. some of the 2-3 year time horizon funds. Closer to a King St. / Sculptor / legacy Anchorage than a Silverpoint / DK / Redwood given this focus on trading vs more distress for control / distress for influence, and you can see this with where they have picked off people from.
Does this mean they don't go as deep on names or not necessarily? Do they still get their hands dirty in LME processes even if their intention is not loan to own?
Thanks guys, this is extremely helpful. Seems like quite an interesting place from a junior perspective in giving you the optionality to jump over to more of a pure distress or more of a trading oriented shop. Feels like the industry is probably moving to a more trading oriented market anyway.
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