What are people's thoughts on Canyon Partners? Last threads trace back to 2020 and a lot has changed, most recently their "strategic minority investment" from Dai-Ichi. Terms are a little wonky. For a fund of their size, not sure how to interpret this...
Anyone have perspective on their reputation, comp, hours, culture, etc.
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This in no way provides you with the information you're looking for... but the one cool aspect of my otherwise thoroughly unimpressive job is that I interact with some of the higher-profile hedge funds managers with some frequency. As far as personalities go, Josh Friedman is (comparatively) pretty laid-back and cool. Very intelligent too.
To be fair, my positive opinion of him is more a function of my distaste for some other hedge funds managers, however. Haven't really crossed paths or email chains with Mitch.
Josh is 67 and took chips off the table. Dai-Ichi doesn't have the brand name cache as other insurers but has a large balance sheet and which will be first money-in for new product roll out which will be helpful for longer term viability of firm post-Josh. Canyon had its issues, sure, but its relatively stable and still one of the largest credit HF.
What I heard is every partner reinvested those Daichi buyout money back into the fund, seems crazy to me but would love to hear someone confirm
Cannot confirm or deny but a press release suggested that Canyon will keep Dai-ichi money in the company. Investing across funds vs. letting it sit on balance sheet seems like the most logical avenue. Canyon partners are aligned with medium-to-long term incentives, defers taxes, and smooths a gradual transition. Josh will sunset out of the company as capital is returned. Canyon is Josh's legacy so I'm sure that he will still have a large % of his net worth invested in Canyon funds after he is no longer involved in the day to day operations in 5-10 years
Thought the deal was all primary with an additional 1.3bn committed as an LP, either ways wouldn’t be surprised if dai itchi made it contingent that any redemptions were reinvested back into the fund
Any thoughts on the firm's culture, comp and WLB these days?
Bumping on this ^
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