Just saw that Bain Capital closed on $9B for their latest Special Sits vintage. Anyone have any insights on the group there? That seems like massive growth, so I’m assuming returns are great. Any insights on going there vs traditional PE, or instead of other MF special sits funds (Apollo hybrid value, BX tacopps, Oaktree, etc)?
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Bain Capital's Special Situations group has been gaining traction, and their $9B fundraise is indeed a significant milestone. Based on the most helpful WSO content, Bain's Special Sits team operates semi-independently, stemming from its roots as Sankaty Advisors, which gives them a more opportunistic and flexible approach compared to some other megafund platforms. They work across the capital structure and asset classes, which can be appealing for those looking for diverse deal exposure.
When comparing Bain Special Sits to other MF special sits funds like Apollo Hybrid Value, BX Tac Opps, or Oaktree, here are some key points to consider:
Bain Special Sits: Known for sharp teams and a more independent structure, they focus on opportunistic and distressed investments. Their recent growth and fundraise suggest strong performance and investor confidence.
Apollo Hybrid Value: Highly respected for their ability to navigate complex, "hairy" situations. They are aggressive and creative, with a strong reputation for special sits investments.
BX Tac Opps: While still a strong name, Blackstone's Tac Opps has seen a decrease in fund size and opportunity set due to internal cannibalization from other BX groups. However, the brand and team remain solid.
Oaktree Special Sits: Focused more on distressed-for-control or middle-market situations. Their dedicated special sits fund is smaller but has historically delivered strong returns.
Choosing between Bain and traditional PE depends on your career goals. Bain Special Sits offers a more dynamic and opportunistic environment, which could be more exciting for those interested in distressed and flexible investing. On the other hand, traditional PE might provide a more structured path with a focus on buyouts and operational improvements.
If you're comparing Bain to other MF special sits funds, Bain's semi-independent structure and opportunistic approach might appeal to those looking for a broader mandate and less rigid hierarchy. However, Apollo and Oaktree are also top-tier options, especially if you're drawn to distressed or control-oriented strategies.
Sources: Special Situations Investing (BX, Apollo, Ares), Current Thoughts on Opportunistic/Special Sits Groups (Oaktree Special Sits, BX TacOpps, Apollo Hybrid Value Fund, Brookfield Special Investments, KKR Special Sits), Thoughts on Bain Capital PE?, Bain Special Sits $4B Fundraise, Bain Captial FT Analyst Program
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Small correction - they raised $5.7bn for Fund II, so in total ~9bn. Work at one of the firms you mention, and personally never really came across them but I know they're bigger / more active in Europe & Asia.
From a friend who interviewed - it's a broad mandate that includes opportunistic public / private equity (all levels), hybrid capital, distress / LTO etc. DSS ‘19 did / is doing well.
Can play in size and go sponsorless, which implies heavy DD work / can act as sponsor to drive change. No clue on culture or anything from me.
Adding to poster above, I also work for one of the listed comps (in Europe) and we also never see them on any of our deals. TBH they do a lot more NPL and NAV deals, so it’s not 100% special sits, although they probably have some distressed/loan to own stuff, but definitely not major focus. In short, we don’t see them as competition
It’s 5.7B for just North America and Europe, with a separate 3B for Asia. The group is very active in North America and not very active in Europe. They do distressed, capital solutions, hard assets, and full buyouts
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$9B is top 5 largest special sits vintages in the world, so they must be doing something right.
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which HH do they use?
Looking for any updates on culture / comp in London as well. Heard NPL there traditionally has been intense, but less of a focus now within Bain Cap SS (?) - any views would be great.
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Does anyone know how their interview process looks like for off cycle thanks!
Interested. Heard culture is rough but returns are good.
Anyone has any insight on interview / typical model or case thanks!
what stage are you in?
Waiting for first round which got told 2 cases w VP, and then will be model+debrief, and superday. Got told this week will be first round and I told HH super wanna go back to Boston cuz I went to school there and apparently barely nobody wanna go to Bos lmao
Special sits is oversaturated. Can easily see based on oaktree fundraising troubles as well as other players.
Based on a deep research, first they don’t just do distressed or traditional special sit business but also mixes in growth, MM, LMM etc. it’s a broad mandate. Second, their global head sits in HK which is interesting since Asia actually has the most opportunities regarding distressed assets, so I think for someone who is open to relocate in the future, I think Bain SS seems like a super good place
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