Bain, Apollo, Oaktree, Ares, Fortress, HIG
Any intel at all on any of these shops strategies, equity or debt teams/funds would be greatly appreciated.
Thank you as always.
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Based on the most helpful WSO content, here's some detailed information on the strategies and teams of the mentioned shops:
Bain Capital
Apollo
Oaktree
Ares
Fortress
HIG
This information should give you a good overview of the strategies and focus areas of these firms. If you need more specific details, feel free to ask!
Sources: Special Situations Investing (BX, Apollo, Ares), Top firms for distressed investing. Solving for brand and deal experience more than ability to growth within the organization., Breaking down distressed funds by strategy, Breaking down distressed funds by strategy, What’s the mega fund cutoff?
Think I read in one of the industry rags that HIG's debt team won't be raising another fund. So likely winding down / exiting that business.
Do you know which? Would actually potentially explain why my friend just left for another shop. Have been meaning to sit down with them to discuss.
Believe HIG only has one real estate debt team.
Can confirm HIG debt winding down
I am in the industry and have been hearing multiple folks say HIG is winding down Bayside Capital (or there is a skeleton crew remaining) and also their London debt team. Whitehorse seems fine.
As for the others, they are pretty solid debt platforms and are very active. Do you have any specific questions on those funds or a specific strategy (can only speak to the debt side).
Sorry saw that this was in the real estate forum. My previous reply was more corporate credit-oriented.
I historically have always worked at larger institutional shops on the acquisitions side (whether that was in core investment strategies across all product types or opportunistic (both equity & debt) AUM North of $100mm but recently switched over to a more middle market shop exclusively on the debt side as primarily subordinate debt (still very institutional). I must admit I am missing the highly institutional nature in my day to day. Similarly having larger access to capital allows for various strategies on the debt side (e.g. senior loans, stretch seniors, whole loans, mezzanine financing, note on note financing). Would you be able to share any additional insight into any of the above referenced groups.
Very good
Would definitely say that Ares is the best shop for equity on the list followed by Bain Cap. Ares is turning into a real estate behemoth and Bain Cap definitely has a promising platform (although it is new and the fundraising close on their third fund will be telling).
Don't know much about HIG, but I would place Oaktree and Fortress after Bain Cap. I would place Apollo last as their real estate equity team seems to not be a focus of Rowan's and they are only raising a fraction of what you would expect given their brand name. Apollo equity is really overrated on this site and if you want Apollo real estate you should look to Ares with the AREA acquisition they did forever ago.
How about their respective debt teams/platforms?
Totally disagree on Apollo. Idk about US, but in Europe Apollo is super active, both on the core/core plus side (with their insurance capital) and on the opportunistic side (with EPF). Thing about Apollo is that they like to go on a low profile so often many of their investments are not public. They're not as big as Blackstone but I think that they rank first among the names mentioned by OP in title.
Also their debt team is quite strong
Apollo are not fundraising for core+ in Europe. Head of the team left and they are only keeping on essential personnel to finish fund life. With their deal with Citi, seems like Apollo is focusing on debt not equity. Amazing place but would agree that Apollo is last on the list for me
source:
https://greenstreetnews.com/article/apollo-partner-departs-as-firm-chan…
Any idea if these firms typically recruit a year or so in advance, or just one off as needed? Seems like many take 2 years of experience minimum, so wondering if I’d need to start keeping my eyes pealed for spots prior to having the 2 years under my belt
hey can u talk more about the RE behemoth? i know they raised like 3billion for re secondaries in december but how’s it looking now
Any views on Sixth Street ?
Also curious about sixth street
Ares seems to be quite active in the market right now, we are seeing them offering a lot of preferred equity and mezz. The same goes with Apollo and Oaktree, but on a slightly lesser level. I have heard of the other groups looking at things, but haven't run into them as much as Ares/Apollo/Oaktree.
These groups are inherently opportunistic, so they are active in the market for higher yielding investments such as preferred equity and mezz where they can fill capital gaps in the stack.
If in Europe avoid Bain like the plague lol
Care to elaborate a bit?
Also curious why? Do they have European counterparts on the RE team? Ik they do deals there but didn’t think they had an office/team there
No bain in Europe u moron
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