34 Comments
 

Solid credit shop that also dives into some of the special situation/distressed credit opportunities a lot of other firms wouldn’t touch. Primarily recruit post IB analysts for associate roles, but I also think they have an analyst program on their investment team. I hear associate pay is in line with other LMM/MM PE shops, think 200k-225k. Shops like Atalaya are the exit opp, but I’m sure you could move to other credit shops both pure-play direct lending firms and special sits credit firms

 

They invest heavily in the Specialty Finance sector too. Pretty sure their fund dynamics require them to hit double digit to low teen returns which explains why they invest in some hairier deals - distressed/special situations and specialty finance companies that can't get bank financing because of their subprime customer base.

 

Interesting team - worked across from them a few years back and interviewed with them as well. For me, kind of strange culture with an extensive personality questionnaire for the interview process. Just kind of got weird vibes. As an associate you're working across specialty finance, real estate, and corporate debt (vanilla distressed debt investing). For me, also a turn off simply because I was not interested in the former two. 

However, I will say its a smart team and seemingly nice people who want you to succeed. Not a two-and-boot program like most MFs; they want you around for the long term. Pay is on par with any other MM PE figures you'll see around. Hope this helps!

 

More fit based than others you will have. Make sure to really think through the questionnaire you're filling out (you'll be asked about your answers throughout the process. IIRC, aside from that, it's nothing crazy - just deal related questions once you've cleared the fit portions. I would anticipate a "where in the cap structure" type case study as well.

 

I found them to be as sharp as any distressed invested worked with. Perhaps spent more time in the weeds than others, but questions were targeted and meaningful. They were always on their shit. As far as the personalities, they were pleasant enough and generally easy to work with. Sorry to be a bit vague, nothing stuck out to me working across from them as opposed to the interview process.

 

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