For an analyst working in a top restructuring group on the street, what are the primary hedge fund exit opportunities? Distressed funds? Traditional long-short? Do more people go into PE?
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Distressed funds, really any type of credit strategy i.e. Mezz, long/short, high yield. You could go PE but credit funds are probably more typical.
I worked at Rothschild from 2002-2004 and interviewed at a few HFs...most were distressed and/or credit.
Main point is you want to sell your modeling capabilities and your deep understanding of the capital structure...if you can explain different/weird securities and then an interest in identifying investment opportunities along the capital structure, I think you can present yourself as a pretty strong candidate for those funds (but not just distressed -- although admittedly, you will likely be at a slight disadvantage fro event driven funds focused on M&A activity).
Very useful insight, thanks. On a similar note, is one year too early to look into switching into the buy-side (i.e. HF)? A lot of what I read on WSO asserts that working at restructuring firms requires a transition to BB before making the buy-side switch.
I know people who went from top restructuring boutiques direct to buyside, both from high-prestige banks (BX, Lazard, etc) and lower-prestige-but-strong-restructuring group banks (HLHZ, Miller Buckfire, etc).
oh...and i ended up in a pretty traditional PE shop in boston - i think out of restructuring top shops, the mix is pretty evenly split between PE, b school, HFs and other (corp fin, etc)
If you work for one of the 4 groups that Kenny_Powers mentioned, what is the point in lateraling to a BB before moving to the buyside? Won't dealflow likely be worse?
Do Analysts from one of those groups a realistic chance to work for a top credit fund (Oaktree, Fortress etc), or do these funds only recruit MBAs?
[quote=noonies]If you work for one of the 4 groups that Kenny_Powers mentioned, what is the point in lateraling to a BB before moving to the buyside? Won't dealflow likely be worse?
Do Analysts from one of those groups a realistic chance to work for a top credit fund (Oaktree, Fortress etc), or do these funds only recruit MBAs?[/quot
your resume will be delivered by the HH and the rest is all on luck and your ability to perform.
what about people who have done a mix of M&A/restructuring. Besides obvious advantages for very broad HF strategies, how does this work when you are competing for a distressed debt job with a former BX/MF banker or a position at an event fund with out of MS M&A or Lazard.
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