Blackstone BAAM Special Situations

Somebody please explain this group. Is it direct investing or investing in managers and secondaries like most of BAAM. Is it public markets? Private markets? How does it differ from TacOpps. Does this group even exist or is it a myth. Atish Nigam runs the fund apparently.

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They invest directly both on their own and sometimes through co-investments with BAAM GPs . If you look at where the leavers went and the head guy who just came in, you can get a flavor of some of what they do (credit leaning, special sits, funky investments). 
 

I talked to a guy there a while ago and he was talking about doing capital structure arbitrage in bombadier, direct loans into a distressed issuer, and bank risk transfer deals.

 

It exists. Super small team. Manages a good bit of $ and has allocations across several asset classes, public & private, debt & equity, albeit more of a credit focus.

Lots of investments sourced through other BX funds / strategies but they invest in ideas on their own as well. I think IP's focus on their arena of expertise according to their background.

 

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