BB Special Sits Groups
Hey! Hopefully not too dumb of a question, but do BBs still have special sits groups (GS, MS, etc)? If so, what do they entail, because I believe the EBs dominate the RX world. Would love some insight
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Bump - I know GS had a legendary special sits group back in the day. Not sure what happened to it
Nuanced topic but has been discussed before. GS SSG essentially acted as a hedge fund and now exists as a spin out via Sixth Street. The merchant banking side of SS in banks is gone so mostly now site in the S&T box as product sales or trading, the HY groups dabble here sometimes. There’s also workout groups etc. long story short these are not traditional IB groups but some are great seats ie. DB distressed products group.
Which groups at GS are similar/spin outs of SSG?
There is a very small group that does the on balance sheet principal investing but they are not visible and it’s not a team that will hire anytime since it’s an artifact. Otherwise the group doesn’t exist anymore and has comparable parts sitting in the workout team, S&T team etc. no one’s doing direct hairy credit investing here anymore though
The closest would probably be the Hybrid Capital team within Private Credit, which invests out of the West Street Strategic Solutions fund (it’s a relatively new credit special sits fund that, if I remember correctly, closed in 2020, and they marketed it using deals from SSG)
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