Thoughts on Diameter, Farallon?
Anyone have any insights into Diameter & Farallon. I know Diameter is credit focused, but how active are they in the distressed/event driven space? Any equity stuff or pure credit? $5-6bn AUM I think
I know Farallon runs a bunch of different strategies from distressed to L/S to risk arb, but it's not a MM right? Also it's in SF. 11 figure AUM-
Would appreciate any info on comp (@ junior levels + how it scales at a more senior role) and investment strategy/style
Both are solid shops. Diameter has absolutely crushed it performance-wise since inception. It's grown from $1bn to $6bn total ($1bn drawdown fund) within 4 years. Culture is tough i've heard. You work a ton, and you're also underpaid. But great name and experience to have on the resume. Lots of churn at the junior levels it seems. They're like your typical credit hedge fund. They run market neutral and so have a ton of CDS and shorts which you won't find in most traditional distressed shops. They trade much more than your typical distressed shop. They go from performing and IG all the way to distressed/RX situations, but they will be in the large cap public situations, not like that mid market loan to own crap that SVP and other funds with locked up drawdown structures play in. This is a proper hedge fund, not like your typical sleepy distressed shop.
Farallon I know less about but culture is also a bit weird I've heard. No insight into comp and internal promotion within the firm. I think they do focus a lot on distressed and merger arb vs traditional L/S equity, kind of like DK and a lot of event-driven shops setups.
Circumference Capital is a little over 3 times better