Thoughts on Hayfin Capital Management - London?
Hey guyss,
What are your thoughts regarding Hayfin capital as a whole, and in particular, their special situations team/strategy?
Are they good? what's the culture? I heard they are quite flexible investing, which sounds cool.
thanks!
Bump
.
How would you stack compared to GS Private Credit / Hybrid Capital and Bain Credit?
Bains direct lending team only look at sponsor stuff and do smaller tickets; LTVs are also on the low side from the stuff I've seen (and this js pre 2022). The only thing "Bain" about it is the name. That being said they seem like nice people. Re the corporate special sits team I think the consensus is clear regarding the team but I think they're decent especially if you're interested in hospitality/retail and the like. Haven't interacted with anyone from GS but I've been told the direct lending team is the best team on the floor culturally, and yeah it's supposed to be the golden child of gsam. Haven't heard anything bad about the hybrid team, just not sure how they stack up against other large cap junior capital funds seeing as they basically just do fixed rate holdco paper on sponsor deals.
My understanding is GS private credit direct lending/mezz team is top tier for credit in London. Work on all the largest pe backed deals in Europe across unitranche to minority equity, with a fair bit of PIK / senior notes. Not sure about the culture being good (apparently lots of weekend work) but exits for sure are great (seen large cap pe, distressed credit, other large cap credit shops, MM PE) and probs the best team from legacy MBD in terms of actual performance for GS. Hybrid is a bit of a weird one, had a mate there who I didn't think was great and lateralled recently to a completely different sub industry of finance altogether. Think they are basically a junior credit fund who play in hairy industries, but the reality is the deal flow is not as good as direct lending/mezz (flagship mezz fund invested by DL team and not hybrid) and they e had a few wacky deals (Morrisons etc.). Being a junior there you'll still exit very well. Can resonate with discussion on Bain above; it does not really compete with BX, GS, CVC who are recently growing, etc.). Still a great place as an analyst though if you get an offer (culture will be much less sweaty than those places mentioned prior and pay still decent). If you're starting out though in one of these roles I'd aim for BX / GS as you'd get exposure to many different credit investing types and potentially exit better
Isn't the hybrid capital team the old SSG & MSI team which was the best at GS? Do you have any examples of the exits from the PC and Hybrid Capital team?
I would've assumed those teams are a bit odd as a role given the huge conflict of interest with their investment bank
It is however the mandate is completely different; it used to be GS B/S investing in public / private markets, acting as a sort of internal HF with lots of flexibility and shorter investment periodd. Today its majority of deals are being a junior capital provider to PE deals demanding slightly higher IRR than DL / Mezz, they can have more significant equity positions and also work alongside large cap sponsors. Alot of the legacy SSG team left for other funds but a few of the VPs stayed around, from what I've seen. I don't work at GS, but a competitor credit fund and only know info outside in. I reckon it is still incredibly difficult to get an analyst/associate position here. In terms of recent exits from last 2-3Y at GS PC, seen large cap PE (i.e. one of KKR / Bain / BX / Advent), large cap credit (i.e. 2-4Y to BX etc.), HF (a couple well known distressed credit), PIMCO, MM PE (won't say names as very obvious to find) etc. If you look on LinkedIn or ask around I'm sure you can gauge rep for yourself
Have a very good friend who works there and my understanding is in LDN the MSI team joined Hybrid a little later on, and many of the “wacky” deals (e.g. Morrisons) were done by the guys who came from the MBD credit side.
Churn has been high but have heard culture has improved significantly and most/all of the guys remaining are SSG/MSI.
Is this for GS or Hayfin?
This is false info
I mean this is false
This is simply incorrect.
The Morrison is indeed horrendous, and the large ticket size they provided (1bn of PIK) does not make it better. Firstly, the deal was not originated by the MBD Credit side, it was from the old SSG where some people went to Hybrid and some to PCG, and FYI the majority of MSI people left when Hybrid was created. Secondly, before a deal gets approved it goes through rigorous committees and internal discussions, so to blame it on specific people especially at a place like GS in my opinion isn't justifiable. Overall, the fund performance at a place like GS Hybrid is horrendous, wouldn't recommend
GS Private Credit team deploy capital out of both their senior loans funds and mezzanine funds. FYI, they don't really do minority equity. Have a friend who used to work there two years ago and the issue with the team is the enormous amount of administrative and non-sense portfolio work; unlike many buy-side firms the team do not have a portfolio team so all the Analyst do the monitoring and if you have more than 100 portcos, then your quarterly monitoring work becomes a lot. In terms of deal flow, they get a lot of inbound as the banking side (LevFin) market both themself at GS AMD for deals.
I’m bumping this since there were no good responses
Also interested. Does anyone have some insights?
Hayfin is decent but id say on the lower end of MM tbh (I work in UMM and have friends in MM and this would be my consensus working after 2Y post IB). Better in credit than equity for sure, but still not as good as names mentioned above for credit (BX, GS, CVC, Oaktree etc.). You can see this by their junior hires exp. tbh, not the best people go there. But, in life do you want to go to the place with all the hardos, i.e. culture may be significantly better and hours will obvs be better than GS /BX
Thanks! Interesting, I looked in LinkedIn and the profiles looked quite good imo.
Hi fellow monkeys,
Any thoughts on Hayfin and the Maritime team in particular? Appreciate it's quite niche but was wondering if any of you had insights.
Cheers.
Bump. I'm interested in knowing.
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