Minnesota Distressed Funds
Anybody familiar with the current landscape re: the Minnesota distressed shops to supplement some of the older threads? Places like Castlelake, CarVal, etc. Trying to get an idea for how strong some of these places are relative to shops in NYC.
Bump
Castlelake is solid / well known in the space. I don't imagine distressed investing in Minnesota is a particularly deep market to be honest.
Pretty extensive distressed presence in Minnesota believe it or not - Castlelake, Varde, CarVal, Whitebox, Wayzata (now defunct), etc. More of a distressed presence in Minnesota than Chicago, despite Chicago being much larger
Huh, that's surprising. Pretty cool though
Yep, a lot of ex-Cargill spinouts. Varde and Castlelake especially are both solid places to be.
Its pretty deep.. lots of shops. CarVal, Varde, CastleLake.. a dozen other UMM/MM shops..
More familiar with Castelake, which is a pretty successful shop. Highly flexible mandate (secondary market to specialty financing). Focused (but not solely) on distress in the aviation and power/energy sectors. They're opening (have opened?) an NYC office, so gives you a bit of flexibility if you'd like to change locations.
They are international and very strong and some (e.g., Varde) have incredible track records. Most of the big firms have 24/7 desks to cover all global markets.
Any idea who runs the recruiting for CastleLake, Varde and CarVal?
SG covers CarVal.
GoBuySide covers Castlelake
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