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
Disclaimer: I do not work for Bain and have not been involved.Although have great respect for exit options I know 1 person myself, who has exited from there and entered a 5b+ hedge funds specifically Ian there corporate finance and development team.
Wish I had more insight but that’s it hope it helps
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
second this - would love to see a list
bump - interested as well
Oaktree, Silver Point, Sixth Street Strat cap, SVP, Diameter, Mudrick, Farallon credit, Angelo Gordon off the top of my head
Word on the street (no first hand info), but heard that culture is pretty bad (vs. Other Bain’s team like PC or PE which appears to be great), and also heard from a friend in the secondary space that returns have been quite bad over the last 10 years
Is this just for London, or does this apply to Boston too?
Does this relate to london specifically? Corporate? Heard this is true for NPLs but not across other verticals
What I heard is not much about the hours, but the culture per se, and yes london and yes corporate
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.
This is inaccurate for europe, for example Pizza Express and Pronovias are loan to own, Gail's a pure PE deal.. know for sure they're taking part in pure PE deals / loan to own or deeply distressed sits
Fair enough - didn't realize OP was asking about especially London. I was talking about US for most part
Bain London NPL group known as No Personal Life group
Could you please elaborate on this, and if this permeates to the Boston office?
curious as well
In the US they have done a number of PE type investments with Sikich ($250m minority growth), IMS (structured minority), Cuisine Solutions ($250m growth investment)
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
In one of the above mentioned, and never crossed them.. not sure how active they are, saw they did some cool loan to own.. looking on LinkedIn, some Srs have “interesting” profiles
Bump
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