Who are the biggest players in distressed REPE?
As the title says, I would be really interested in hearing who the biggest players in the distressed REPE space are ... looking for the biggest distressed funds (not biggest overall) and players who permanently sit in the space (as opposed to launching a fund to seize recession-driven opportunities). Didn't have too much luck finding anything with research or the rest of the forum.
bump
Interesting quote by Darcy S I believe something along the lines of label a property distressed and you can automatically slap a 10-20% premium to the actual value. Not going to elaborate on what this means, but food for thought.
Anyways, fortress is probably the biggest player in the distressed space, but distressed funds are a dime a dozen, especially with covid everyone and their mother went to raise a fund labeled as distressed. Just do some googling around.
Also Lonestar funds
Got it, that makes sense -- thank you!
The strategy of targeting "distressed" is really a market cycle dependent function. A lot of firms will become "distressed asset specialists" when those opportunities become common and disband those teams when deals dry up.
I think the above comment paraphrasing Darcy S is interesting, and probably true. Distressed deals get tons of attention and bids, same for fund raising efforts for funds that claim to have distressed focus or mandate. After the 08 GFC, there was probably 10x more dollars raised than deals that ever came out. I'd guess that will be even more true today. The reality is that lenders (the real pushers of distressed sales) have little incentive to force a sale at a distressed sale (and often force mandated against it by regulators), so the days of mass distress are less likely even in extreme market conditions.
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