There were a bunch of articles late last year about how Elliott PMs are leaving to set up their own shop, and apparently part of the reason for that was how the firm institutionalized its investment process to the point it became much more restrictive (especially for the London-based team) and PMs couldn't dive in the same opportunities as before either because it was too complex for too low of a ticket or because there were several layers of IC to get your idea approved and by that time the opportunity would fly away.
So I'm curious: are there any places, presumably much smaller than Elliott today where that combination of mandate (looking at everything under the sun) and relatively quick decision making still exists? Said differently, what would be the funds most resembling Elliott in the 80's / 90's in spirit?
I don't think there are many firms that reach a certain scale that do not become institutionalized... it's almost an oxymoron. I'm sure there are some that are flying under the radar (likely much smaller AUM), but from what I hear the various Elliot spins (in London anyway) aren't doing so hot. Very interested to see what Nabeel Bhanji does at Citadel, however.
He’s just going to be a regular event driven PM lol.
does he specialize in event driven strategies?
would also be interested
In my opinion some that come close: Irenic, Castleknight, Attestor, Hill Path
Sounds right, except Hill Path of whom I haven't heard before (looks very interesting). Attestor thought does only distressed debt no? Haven't seen them being very flexible there but could be wrong
they control an airline and frequently take equity stakes in businesses post-reorg. Maybe not vanilla L/S equity but definitely closer to Elliot than most other funds
Irenic is trash
would appreciate if you could elaborate on that?
AT LEAST two on this list are clown funds. IYKYK
seems like I don't know then. Would you be able to provide more details?
Correct
Hill path capital up and coming
.
been in some overlap positions with them few years ago / have interacted with folks there. Smart PE-type investors (perhaps in structurally shitty live entertainment / consumer businesses?) given Apollo background, very detailed oriented and perpetually flogging around management teams. But agree with you in that don't really get the broader reputation on this forum. Found a niche in being hyper-involved with small cap businesses but difficult to compare to true event driven strategies IMO.
Agree with above users. Elliott has been a good story. Distressed is a nice-to-have and transition to activism was more of an organic inevitability given their AUM - it was imperative that they were involved in more direct 'value' creation for themselves because watching your first liens that might get 80c - is super risky!! (if there's even that many chances to do that).
My view is that they usually adapt, but they haven't been able to so lately. Think BI had an article which quoted "HH calls were being returned for the first time ever" - 1-2 people from each of my previous shops/UG have been at Elliott, a few are there and the rest all of left. Nothing but praise from them about the place
Where are those formers leaving to?
Varies a lot... one joined 2 guys finding their own thing, 1 to her family business. One who worked w Cohn / dabbled in activist (that I know of, very public campaign) became a chief exec F500
highbridge
Whitefort Capital Management, interviewed with them some time ago. Incredibly sharp people there.
Anything you know about it? Have a call coming up
PM me
Have heard good things about Irenic. Strong returns with low beta, growing quickly, and are doing anything and everything (activism, take privates, credit, etc.).
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