Capital Solutions Groups in 2026

Above list is probably quite good. To add to it (and please chip in if you disagree);

• BX TacOps: Still do hybrid stuff in the US, less so in Europe - from what I understand, are withdrawing a bit in Europe
• Apollo HVF: Strong hybrid player, equity lean deals (I suspect mostly auction, but are comfortable taking on more risk vs other players - therefore, would expect a good % of bilateral deal-making as well)
• Bain Special Sits: Don’t know much about the team in the US, in Europe but weaker for hybrid (also been struggling to recruit given high turnover at senior level and culture is said to be toxic)
• Warburg Cap Solutions: don’t know much about them
• Sixth Street: Do more of the hairier stuff not just pure hybrid. Heard great things about the people in that team
• KKR SIG: true hybrid/equity lean player but sub-par fund size. Think had good returns but not an important strategy for KKR as a whole, so suspect will never properly scale. Has seen a lot of ongoing turnover in the last 5 years
• SVP Structured Credit: New strategy, think launched about 2 years ago. Bit unclear how it fits into SVP’s DNA overall, but think has now found foot. Do more smaller, bilateral stuff but can see them scaling in the coming years
• Silver Point: have a private pocket, they look at hairier junior credit deals and hybrid-like deals (obsessed with downside protection). Very smart people. Probably one of the more difficult ones to get
• Goldman Hybrid: large player, probably look at every deal in the market and involved in every process. Would keep in mind it’s still part of a bank and not a fund like APO, KKR and the likes - has  important implications as you get more senior
• Arini (Europe) and Sona: think are starting to build something similar within their PC arms? Could be interesting
• Angelo Gordon: legacy distressed/special sits team, sit in public/private - operate somewhat like a distressed HF. Could be very interesting if you have proper RX and/or liquid credit background, but rarely recruit
• Ares: call it special ops or something along the lines. Do hairier senior and hybrid but also the occasional secondary trade. Heard mixed things re culture but good platform to learn
• HPS: do hybrid as well, don’t know the team too well
• Think DK and King Street also do the occasional hybrid deal, worth looking up/reaching out to someone who has worked there