Bain cap credit info?
Anyone have any info on analyst hours/WLB, comp, perks, etc? Have heard great things about the culture.
Also curious about mobility to NYC for full time and exits. Is exit to distressed/special sits hf (redwood, diameter, etc.) doable?
Roommate just finished through the analyst program. Great program, and people exit to lots of different roles. 1st year comp is $110k base, $100k bonus (plus $25k signing bonus if converting from junior year internship). I think something people forget is that $210k in Boston is like $280k in NYC, so it is a truly well paying role. I believe flexibility to move to New York if you get promoted to associate — they wouldn’t allow an analyst move to NYC before two years is up. HQ is in Boston, after all.
In terms of exiting to special sits roles, you’re a lot better positioned coming from Bain Capital Special Sits, obviously (which is absolutely crushing it, heard anecdotally). You still have a solid case coming from Bain Capital Credit, but if special sits is your end goal, try to get into that group instead. Though I have heard from my roommate that the Special Sits group has much harsher WLB/culture, which makes sense.
could you mention some of the typical exits from the analyst program?
All according to my roommate: Some have exited to private credit roles. One recently went to GTCR PE. At least two to different family offices. One to BX (infra I believe), one to Apollo. Various credit hedge funds. One to secondaries (Harborvest). You can find others through LinkedIn. Honestly seems like people who start there out of undergrad can go to all different types of places. Not sure how differently it’s perceived coming from their liquid credit group vs private credit, but would imagine there is a bit of a distinction at least.
Thank you so much man — any info on exits to PE? Also curious about nature of work and reputation between private/liquid groups. Special sits is great but seems smaller so maybe trying to exit from liquid to distressed hf is more realistic
$100K Bonus (~90% Bonus of Base) seems high for Credit? does BCC actually pay that much/is that what other credit roles at other UMM/MF are paying analysts?
Why would I spread misinformation about a role? Yes, that’s what it pays. The pay is standardized across all of Bain’s analysts programs in its different funds. I have no idea what other firms pay for analysts.
Friend went through the program. Echoing above, pay + hours/culture are pretty unique — you're clearing >200k in a (lower) CoL city for about ~60 hrs/week.
That said, it seems like it recent years (as with everyone else in mega cap credit world) that the focus has shifted more to CLO-adjacent money than traditional, deep-value plays. As such, it's a lot of new issue work and you're not getting a ton of exposure to stressed/distressed/equities. If you want to be there for awhile, could be a great seat; if optimizing for exits, it might make sense to look for a traditional rx banking seat or pe.
Thanks this is helpful. Any insight on an2 and aso comp?
Apparently pay for an/asso is standardized across groups, so assume it's in line with others MF (which is like ~33% higher in Boston than NY or SF). Comp structure diverges at VP+ where carry is factored in, of course, but given that credit fundraising is on the uptick everywhere while PE is lagging, have to imagine that private partnership + growing AUM + solid WLB = great lifetime seat for those who get promoted.
On the private side, they don't really have the balance sheet to compete with the Ares/Blue Owl/GSOs of the world so they are lending primarily to MM/LMM sponsors. On the public side, again it's largely become CLO-adjacent money so expect a lot of new issue / not much exposure to anything trading below 97.
Apparently some of their people who tended to play more opportunistically got poached by SS as well as one or two left to Elliot. The people left are more focused on growing their book with minimal volatility. As such, not a lot of stressed action.
Exits seem to skew MM / all over the place depending on the analysts but one or two a couple of years ago left to Apollo and Bx.
Anyone know insight on their recruiting process?
Their special sits group is not actually special sits but agree the PC group is one of the best WLB-adjusted comp opps on the street if you want to do DL
How is their special sits group not special sits? They’re the group within Bain that does the most distressed, from what my former Bain credit roommate explained. Seen as well in the news that they have started multiple airlines, done some interesting super deep 1L term loans, as well as public carve out buyouts, other interesting JVs, etc. Agree that it seems to be largely funky downside protected PE, but they do distressed as well, so not really sure how they’re not special sits in your eyes. Seems like they compete in the same space as Apollo hybrid value, etc.
It's hairy private capital / hybrid solutions stuff as you said (or at least that was case a few years ago, mostly in growth capital type situations). They are doing far less public distressed than Apollo HVF or even the Ares Opp group for example, which is also by and large pref/pik type private deals.
OP specifically asked about exits to distressed/"special sits" HFs - so was just making the point that you will not be operating in that world, relative to someone in RX IB for example, or arguably even LevFin. Not saying it's not good training, you won't get looks or that the deals aren't hairy or 'special situations' in the literal definition of the words - just making a distinction between an alt manager hybrid type group which take on the deals that don't neatly fit into a PE or PC mandate from the public distressed HF roles poster was referencing, because they're completely different mandates and it's more of a jump you have to make rather than a lateral move as the 'special sits' moniker would suggest IMO.
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