IB to Special Sits / Distressed

Based on the most helpful WSO content, here are some of the top investment banking groups known for strong placement into Special Situations (SS) and Distressed strategies:

1. Restructuring (RX) Groups:

   • Evercore RX: Consistently regarded as one of the best RX groups, with strong exits into distressed and special situations funds.
   • Lazard RX: Another top-tier RX group with excellent placement into distressed investing roles.
   • PJT Partners RX: Known for its elite restructuring practice and strong exits into distressed hedge funds and special situations funds.
   • Houlihan Lokey RX: Particularly strong in middle-market restructuring, with solid exits into distressed strategies.

2. Leveraged Finance (LevFin) Groups:

   • Bank of America LevFin: Strong reputation for credit-focused exits, including distressed and special situations roles.
   • J.P. Morgan LevFin: Known for its robust deal flow and placement into credit and distressed investing.
   • Citi LevFin: Another group with a strong track record of exits into distressed and special situations funds.

3. Industry-Specific Groups with Distressed Exposure:

   • Goldman Sachs TMT or Industrials: These groups often work on distressed or special situations deals, providing exposure to relevant skill sets.
   • Morgan Stanley M&A: While not RX-specific, the group’s exposure to complex transactions can be valuable for distressed exits.

4. Other Notable Groups:

   • Moelis RX: A strong player in the restructuring space with excellent exits into distressed investing.
   • Rothschild RX: Known for its expertise in restructuring and distressed transactions, particularly in Europe.

These groups are highly regarded for their deal flow, technical training, and network, which are critical for transitioning into top-tier Special Situations and Distressed strategies.

Sources: Top firms for distressed investing. Solving for brand and deal experience more than ability to growth within the organization., Direct Lending --> Distressed/Special Situations Investing, Special Situations Investing (BX, Apollo, Ares), https://www.wallstreetoasis.com/forum/hedge-fund/the-future-of-special-situations-distressed?customgpt=1, Mistake to join a Distressed HF now?