Any insights into Bain Capital Corporate Special Sits team

Hi everyone

Curious to hear about Bain Capital Corporate Special Sits / Distressed franchise (mandate, culture, track-record, etc), especially in London

Understand mandate is broad, typically include loan to own, minorities, pull to par, pure PE plays, even long equities

Also know they have several verticals (RE, NPLs, etc) but focusing on Corporate here

Thanks

 

Work at a competitor. From what I have heard / seen, Bain Cap. special sits is closer to a Apollo HVB / BX TacOps style fund than an event driven / deep value fund. 

 

Do you have a list of “good” deep value / true special sits funds

 

Bain (like Carlyle) play no relevant role in actual liquid special situations / distressed / chapter 11 processes. What they call "special sits / distressed" is really just private capital with higher yield targets across mezz/pref/structured loans/"tac ops" style private equity. Their book of credit/equity will likely have very little mark-to-market and funds are probably structured with performance fees after a 6-8%+ hurdle.

 

Bain London NPL group known as No Personal Life group

 

Could you please elaborate on this, and if this permeates to the Boston office?

 

Broad mandate that includes opportunistic public / private equity (majority and minority), any form of hybrid capital, distressed debt, loan-to-own, etc.

Understand DSS ‘16 had some difficulties but DSS ‘19 is performing well (expected top quartile)

Typically competes against BX TactOps, SixthStreet, Ares ASOF, Carlyle, Apollo HVF, GS Hybrid Capital, KKR, etc.

Can play in size and go sponsorless, which implies heavy DD work / can act as sponsor to drive change

 

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