MF/UMM Distressed Buyouts
Hi wondering which MF/UMM firms do distressed investing out of their buyout funds/teams? Typically going to be distressed for conversion to equity, either through secondary market purchases or loan to own,
Apollo, Ares, and Centerbridge come to mind alongside Crestview, KPS, HIG, and Fortress. Specific deals that come to mind include LyondelBasell (APO) and Frontier communications (Ares).
Most curious about curious if in 2008-2009 and especially 2020 if the buyout PE teams at places like KKR, BainCap, Silver Lake, Blackstone, Carlyle made any major distressed investments?
Bump if Blackstone does since GSO does not do much distressed anymore
Is Frontier through ACOF or ASOF? Curious about ASOF mandate as well.
Not entirely sure but on the Ares website its listed as an ACOF port-co and Ares is the largest current shareholder and had around 33% post-reorg equity
ACOF funds wise are distressed for control while ASOF is non control but ASOF team works on all distressed so if you are a junior on ASOF you would have worked on the deal.
So ASOF executes the distressed investments out of the ACOF funds? How does that work with politics and fund management?
So for typical distressed for control deal, deal time is ACOF juniors + ASOF juniors + a few ACOF seniors?
What exactly is an ASOF junior working on? Would you comp it to like Oaktree global ops / value ops?
Curious on your thoughts on working ASOF out of school. Noticed the last fund did really well + they hired a former oaktree guy to run the group who’s been doing well, and they just raised a $7bn fund vs ACOF at like 5bn
I used to work at Ares. ACOF has performed pretty poorly due to consumer/O+G investment blowups (and imo is dragging the overall firm down, especially when you compare it to other large alt investment firms like BX/KKR/APO/etc that are strong across all groups) and is really just a vestige at this point. ASOF used to work with / part of liquid credit but moved to PE side in org chart. Their mandate is non-control investments. ASOF has performed very well ($7 billion latest fund is a good testament) and the ex-OAK head is very strong. Feel free to PM if helpful
Following
Bain Capital specializes in distressed investing but it's not on purpose
I think Angelo Gordon is on that list.
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