Any Shops That Are Open to Hiring Turnaround Consultants?
Wrapping up 2nd year at a T1 RX co, and just wanted to see if any PE firms are open to hiring people with RX consulting backgrounds, for either ops or deal team. Assuming any that are will be mostly distressed / SS PE firms, but would really appreciate any specific names. Don't want to spend all my time trying to recruit if there's a near zero chance of getting in, at that point might as well try for PC or something.
Appreciate any thoughts.
Based on the most helpful WSO content, PE firms are indeed open to hiring individuals with RX consulting backgrounds, particularly in the distressed or special situations (SS) space. While it’s not the most common path, there are notable examples of RX consultants transitioning into PE roles, both on the operational and deal teams. Here are some insights:
Distressed-Focused PE Firms: These firms are the most likely to value your RX consulting experience. They often look for professionals who understand operational turnarounds, cash flow management, and distressed scenarios. Firms like Centerbridge Partners, Oaktree Capital, and Apollo Global Management are known for their focus on distressed investments and may be worth exploring.
Operational Roles in PE: Your RX consulting background could make you a strong candidate for operational roles within PE portfolio companies. Many RX consultants have successfully transitioned into management roles at portfolio companies or into strategy consulting roles within PE.
Networking is Key: Given the niche nature of RX consulting, networking is critical. Leverage your existing contacts, alumni networks, and professional associations like the Turnaround Management Association (TMA) to connect with professionals in the distressed PE space.
Tailored Recruiting: Some PE firms may tailor their interview processes to your RX background, focusing on your experience with distressed deals, operational turnarounds, or covenant breaches. Highlighting unique or challenging cases you’ve worked on can set you apart.
Exit Opportunities: While RX IB is a more common exit route, RX consultants have also transitioned into PE, strategy consulting, or even startups. If PE doesn’t work out, exploring roles in performance improvement consulting or corporate development could also be viable options.
If you’re serious about PE, focus on firms with a strong distressed or special situations focus, and be prepared to demonstrate how your RX consulting skills translate to value creation in a PE context.
Sources: Q&A: Restructuring Consulting, Top 5 Restructuring Consulting Firms 2020 (my opinion), Thoughts on Restructuring Groups?, Request for Mods: Consider adding a Restructuring forum?, Why You Should Consider Restructuring – Common Misconceptions/Insight on RX Groups
Bump
Look on LinkedIn..?
I did, and the firms that do post on linkedin (in addition to headhunters) mention being "open to consultants", but my question is more along the lines of is it actually realistic? Doesn't matter if they're open to consultants if noone gets in with that background. They don't differentiate between RX and other types of consultants, just "consultant"
I mean fill in filter ‘used to work at x’ for your shop and then the firms you’re interested in and see how many alums they have
Are you open to private credit workout / restructuring seats? Can often leverage those into more investment side seats and lots of restructuring consultants in those seats. Have seen Blackstone, Ares, Golub in past month or so with a few others likely floating around.
Also distressed liquid credit / private special sits can be an option though more an uphill battle.
Yeah, I'd be fine with a PC seat as well, maybe might end up staying there if it jives well. In your opinion should I have tried to recruit for PC FT right out of my SA role, or do I have better chances now, with 2 yoe?
Additionally, not super clear on how recruiting for PC works, are there specialized headhunters, or is it up to you to reach out?
Look at the intersection of shops that (i) do hairy/value-oriented deals and carve-outs (albeit doesn't need to be all of their deals as many have mixed strategies), (ii) have in-house ops teams (legally need to be clearly delineated on team pages). I'd think of names like Platinum, Francisco, Clearlake, KKR, etc. (though can't speak for the health of each of these).
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