GS Restructuring Team London
Spoke to a mate at GS London office, who said that they, alongside MS both have restructuring teams. Does anyone have any idea what they do exactly?
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US-based here, but JPM, BAML, and CS all also have Rx groups too. I think some banks call theirs "special situations" or "special credits" or something to that nature but it's mostly the same function at all BB's. These groups help provide liquidity financing like DIP loans to companies where the firms have balance sheet exposures. They are not neutral advisors like EVR, HL, PJT etc., but the BB's are themselves creditors that can be involved in restructuring/reorg negotiations just like the rest of the creditors of a company. They are often housed somewhere within DCM/LevFin in the BB's.
Will they provide good exit opps into distressed funds, or no?
Sure, but probably not as good as say EVR/HL/PJT/Laz Rx. That being said, there is some benefit to being at a BB while doing what is considered more boutique-y like work. Greater exposure to bigger deals, likely a larger network, brand recognition, etc while also being able to have a convincing story that you know distressed and understand Rx better than the average BB coverage analyst. I have seen exit opps from BB RX into top boutique RX, buyout PE, Private Credit, and of course buyside distressed. There is optionality to be sure. But if you were dead set on distressed buy-side then the more traditional boutiques would likely be better since its pure advisory and you would likely be able to see action on the debtor side, not just the creditor side.
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