HF arms of PE firms
Hi everyone,
Title says it all. Does anyone have any color on:
Ares Capital Markets KKR Asset Management Oaktree
In terms of culture, pay, what they look for? Thank you very much. I don't have offers, but have a contact who would be able to help me out with an internship/job and wanted to know a bit more.
Ares, are you referring to the BDC? If so, it is public. You should be able to pull information on them from their filings.
KKR is also public and you should be able to find more information about the operations. It may not answer all of your questions, but if you are looking for an internship/job, pay should be low on the priority until you get an offer.
Thanks goalieman, I will check those out. What I really meant was anything from people who have dealt with them, worked there, friend who worked there, etc.
Also - anyone with info on Tennenbaum Capital Partners? Forgot to add that one.
Bump...interested in these as well
From my experience, very good. More acceptable hours, good pay. Becomes stratospheric at the PM level only, though, as is usual.
Mostly credit-focused, which is unsurprising-basically leveraging the PE brand name and having a captive funding source for some of their own deals.
All three of places you named have mezz, distressed, and CLO/par loan capabilities.
From what I've heard pay and hours are both lower than in the buyout arms.
Last I heard Ares still had a lot of crappy assets they absorbed from Allied Capital.
hours are generally better than pe
pay generally lower at junior levels but with potentially faster promotion track/higher upside
most are credit or distressed/special sits focused, though kkr does equity long/short now as well
also, i would characterize oaktree more as a hedge fund with a pe arm than otherwise
Thanks so much everyone. Do most of these places have the same 2-and-out deal or could one progress without getting an MBA? Sorry for the barrage of questions.
Know a guy at Sankaty (which is basically the same general concept) who went straight out of undergrad; he's been there 3 years now and last I heard from him he doesn't plan to go for business school.
of the firms you listed, i know ares cap markets doesnt require mba (and many midlevel and senior guys dont have one), pretty sure kkr doesnt, no idea about oaktree
i know sankaty has a reputation for very fast promotion if you're good
add Blackstone's GSO to this list as well
Most major sponsors have a debt arm nowadays, especially if you include mezz funds (which are usually structured more like a PE fund than a hedge fund); most big ones manage across the capital structure (senior loans to mezz/distressed). Besides Ares, KKR, BX (GSO), Bain (Sankaty), and Oaktree as mentioned, there're also credit arms at TPG, Carlyle, etc.
There's also sometimes drift the other way-SAC's buyout arm is spinning off, and some firms target a completely hybrid approach (Cerberus, Centerbridge).
Don't wanna hijack but any word on Tennenbaum?
I've only ever seen them in distressed transactions, ie reorg/bankruptcy/DIP/distressed recap-they'll take control but I haven't ever seen them in what I'd call a vanilla PE investment (ie a classic buyout).
Also, you can take advantage of the fact that the bigger players are starting to go public. BX and KKR investor day presentations do a good job going over non-PE investing activities of the firms, though the BX one is a bit dated now. I would expect we'll be seeing more disclosure from Apollo going forward as well.
http://ir.blackstone.com/common/download/download.cfm?companyid=BX&fileid=404552&filekey=4685ab3d-d00c-4715-aad0-7a626fb8d89c&filename=2010_Blackstone_Investor_Day.pdf
http://www.kkr.com/kkr_ir/events_disclaimer.cfm?mypdf=/common/download/…KKR&fileid=450299&filekey=6e765300-c843-44cf-8687-46c9017693eb&filename=Investor%20Day%20Website%20Book.pdf&KeepThis=true&TB_iframe=true&height=165&width=590
I have seen them active on the junior capital side, but tend to be very pricey compared to other funds. they are more of a lender of last resort type.
HF arm of MM PE shop: opinions? (Originally Posted: 08/07/2008)
I have been looking to move from MBB to PE, but recently was referred to the newly formed HF (L/S equity and credit) arm of a top-flight east coast MM PE shop. Having mostly been looking at PE, I'm somewhat unfamiliar with the HF spectrum and would really appreciate input on how this might compare to other HF opportunities and also at the MM PE opportunities I've been looking at in terms of:
Exit opps (to PE, HF, etc.) Comp Lifestyle Culture Interest of work / "action" seen
Any insight would be greatly appreciated.
Have the offer now, so I'm even more curious. What is the long-term outlook for fundamental long equity-focused HF investing? How does it compare to other areas in the HF industry? I would really appreciate any insight.
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