Rialto Capital Management- What do you know?
Was just looking to see what you guys knew about this firm? Don't know much so anything would be appreciated. Thank you very much.
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They're a subsidiary of Lennar. Big special servicer and opportunistic investor - I remember they had a $1bn fund they were deploying out of a year ago.. might be the same fund, or possibly onto the next.
This will certainly be an interesting place to be as the wall of maturities come due and risk retention kicks in .
There's this thing called google
Their website has a decent high-level on their business lines, all things considered. http://rialtocapital.com/en/expertise/values.aspx Go to the Investment/Asset Management tab and then the Fund Management tab. Their CMBS b-piece team suffered a publicized defection of two important MDs and a director (and possibly some support staff but whatever) over to KKR in January '15, but Rialto's operation is still kicking, given that they were No. 1 in the 2015 B-piece league tables by both volume and deals ($14.53BN and 14, respectively - note that the volume figure is the notional amount of those entire CMBS securitizations - that's not how much $ they put out). And KKR came in at No. 6 from no business in 2014 with $4.37BN across 4 deals. I've met a few guys from Rialto at various industry events - from that limited sample set, I'll say that it's definitely not a white shoe shop. Maybe the fact that they're headquartered in Miami with the parent tells you something. This is neither an endorsement nor a criticism.
BUMP - what else do you guys know? Glassdoor reviews aren't too hot, but the scope of work looks very interesting; investment, restructuring, distressed investing, CMBS buyer, etc.
The people you've met from the firm, although not a white shoe shop, were they cool/smart? Are you implying that because they are a large buyer but lost some people to KKR, those guys who left were the rain makers?
Biggest B-piece buyer in CMBS land for the last few years, and I believe the only folks who have been able to raise significant dedicated money for post risk retention b-piece fund. They also have a special servicing arm that dovetails with the b-piece buying. Not sure how much 1.0 stuff they have, as most of their portfolio comes from their 2.0/3.0 b-pieces, so they may not have many loans that are in special or deal with the wall of maturities, but will be busy down the road when 2.0/3.0 loans start to go bad.
They also do just about everything else a debt shop does including write loans for their own book, for conduits, and do some bridge/mezz/floaters. They also do equity investment/Asset Management.
Certainly lots of deal flow and interesting opportunities if you can work across teams and figure out what you like. Their reputation as a guardian for the trust took a bit of a hit when they lost the guys to KKR, a lot of people think they are not hard enough on the issuers, but they have money to spend and will continue to do deals. Lots of B-piece land is based in Miami -- Rialto, LNR, Eightfold -- so could be additional opportunities down there if you like the city.
Anyone know if they have summer analyst/associate stints for MSRE students?
Heard it's a sweatshop out there. As an analyst I wouldn't expect anything more than being another cog in the wheel, but that can be the case in many places. And yea, definitely not white-shoe. I've heard stories of hot-headed management physically throwing things around the office/shoving stuff off desks, but that may have been skewed by the dissatisfaction of the former employee who told me. Still seem like obviously solid players in the space, but just tellin' you what I've heard.
I had an interview with them for an acquisitions analyst. Pretty straight forward interview with HR first and I really hit it off with her. However, the next one was with the MD and the VP and I could easily tell that these guys don't really dick around. They don't like small talk and just want to get down to it. Very straight to the point. Similarly, when I was networking for Rialto I was constantly told that they're tough negotiators and all very type A but incredibly smart and cunning (Like a Torchlight). Btw I was interviewing and talked to their Atlanta office.
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