Updated views on Ares ASOF?
How does this group compare to say Oaktree Special Sits in LA or Apollo Hybrid Value? Any insight appreciated.
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Tough group to work for. Know one of the associates there that looks like he has legit depression all the time.
ASOF II's IRR is 6.9%/4.3%, so something might have blown up in the portfolio
lol what Distressed PE firm besides KPS and SVP does well? At that point just go to a diameter/trading shop.
Hybrid value doesn't really play into the distressed realm so can't really count them
Farallon?
Bumping, any other thoughts on WLB, fund II returns?
ASOF I is 1.6x / 20.6% fwiw which for its vintage I imagine is top quartile for a 2019 vintage.
When did ASOF II start investing? Feels like from a J Curve perspective that's very reasonable for a fund that had an October 2022 close.
You probably need to be comping ASOF against Oaktree Opportunities, not Oaktree special situations given mandate crossover / flagship team.
On work life balance, given where we are in the cycle and type of deals they are doing, can't imagine this is a 55-60 hour a week job as a junior . . .
Agreed, in the LA scene (in corp PE) but ASOF Fund I was very very strong, you don't oversubscribe a fund by $3.5bn and get to $7.1bn (ASOF Fund II) with shitty performance. I personally would never join given WLB is probably terrible (+ Ares isn't known for good culture) but for learning/returns I'm sure its a good place as an associate
This is for the LA office?
Does ASOF being rolled into Credit change anything? Carry structure/payout, geography, etc?
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