GS Hybrid Capital Investing
Wanted to hear your thoughts on GS Hybrid Capital Investing - how's the work flow, culture like?
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Have interviews started yet? Applied to the London opening in August but haven't heard since
Has started
Bump
Bump have applied also. Based on what I can find they are investing out of a $14bn fund? Which is massive for a special situations/hybrid strategy, I imagine this to be similar to Apollo Hybrid Value and those guys are only at 4bn or so
Over the last 2-3 years in Europe at least it was a primarily a HoldCo / Preferred Equity business (did amongst others Morrissons’ Pref, TeamSystem’s HoldCo, few others that aren’t public) with sponsors. Juicier than direct lending but still churning with sponsors. Hybrid Value and other true hybrid funds will go sponsorless and act as a de-facto sponsor alongside a management team, diligence process will be much more in-depth.
I would name Apollo HVF, Ares ASOF, Blackstone TacOps, Brookfield special investments, Atlantic Park, Carlyle CCOF, KKR Dislocation, Oaktree Opportunities, HPS Mezz and maybe something at Sixth Street as the most relevant non-sponsored players in the non-HF world that can play in size across the junior part of the capstack and do interesting things.
Not that it’s necessarily relevant to you but at Ares it’s the PE folks that get to deploy money out of ASOF, so they’re not necessarily credit guys
How would Hayfin's SO fund compare with the other names mentioned? My understanding is it's primarily sponsor focus with no dedicated team (ie generalist between vanilla DL and SO)
Hayfin?
definitely a step down from its predecessor's (GS SSG's) glory days, when they were effectively a HF that can take public and private positions, investing in situations such as distressed loan-to-own real estate. Since the volcker rule and Goldman started moving away from investing balance sheet capital, the hybrid capital team now is more of a structured credit fund that does rescue / growth / acquisition financing
Hey PEM, I'm due to have a speculative conversation (~first round~) with the team. Have been informed that it covers technicals / experience. If you're familiar with the Hybrid Capital team and hybrid capital investing generally, I was wondering, what technicals and areas of experience would you advise to prep? I have average level knowledge of PE technicals (i.e. can do paper LBO, 3 statement), but have never touched anything in the credit / debt investing space. I have a bit of time to prep for any technicals that may be tested so keen to cover all bases. Are they likely to test in a way where a candidate would need to prep for both private credit and private equity technicals (if there is a difference)?
Is it also worth it to know about some/one of their PortCos and whether you would/would not invest in it (I note the team doesn't disclose many investments however), and also to perhaps pitch a target that could be of interest to them? IMO this would only arise in later rounds but keen to hear your view.
Bump - any insights on culture, hours and deal flow?
It's essentially the former SSG team but without the original public markets mandate. Expect deal flow to be getting very interesting in this environment.
Sounds interesting - any insights on culture?
No idea about culture but assume that the work will be technically demanding and intense given the nature of the product.
interviewed there for an off-cycle and the two directors were very brutal (but could just be an interview tactic)
Anyone have any insight on the AIMS team within GSAM? Is it the same team, and how do their summer internships work (e.g. focusing on a specific investment strategy vs. being a generalist)? Have a superday coming up, so would appreciate any advice!
Not the same team - spoke to quite a number of people after applying.
AIMS sit in GSAM public (despite the private nature of the role) and Hybrid Capital sits in GSAM private.
As I understand the bifurcation is for legacy reasons. MBD and SSG merged and eventually renamed as GSAM private, AIMS was not in either of those divisions. If I had to guess they probably ringfenced it to keep bonus pool separate/maintain exclusivity.
Interesting, my superday is for "AIMS Private". From what I now understand, the team is separate from Hybrid Capital and is basically an FoF investor, is that right?
Does anyone know how GS Hybrid Capital relates to GS Specialty Lending? Are they the same thing or separate?
direct lending separate to structured finance separate to hybrid
Any recent updates on this?
Would be great to get insights on pipeline, perception (external/internal), exit opps (if any), comp, culture.
Am going through interview stage at the moment (LDN), and I come from a relatively similar shop, although more equity/equity-linked products.
Bad performance of the fund and many key seniors have left in recent times, comp is in line with banking with minimal carry. Culture isn't great, not because of the team, but because it's GS. It's part of their Credit team, so the type of investments will be different compared to your other process
Was in the process of Associate recruitment a year ago so happy to provide some input. They always end up interviewing every single candidate on the market but always picking internally so would not rely on it
Can confirm the last part as I got a verbal offer that was rescinded when they promoted someone internally
Beyond the seniors that left they also fired an Analyst recently
Was wondering if you could share insights about the interview content and process you had during your experiences? Any advice on what technicals and experience questions to prep for would be really helpful.
Is it also worth it to know about some/one of their PortCos and whether you would/would not invest in it (I note the team doesn't disclose many investments however), and also to perhaps pitch a target that could be of interest to them? Or is this overkill based on your experiences?
How did your process go in the end? Seems from vacancies advertised online that they may have filled those spots now - hope it went all good with your process.
Was wondering if you could share insights about the interview content and process you had during your experiences? Any advice on what technicals, experience questions and anything else to prep for would be helpful if you're able to share.
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