How to get to Special Situations or Distressed Debt investing from M&A Banking?

Here's my situation, I'm a rising junior currently interning in a credit investing role at a big firm, think Oak Tree / Apollo / Ares / Blackstone. When I took the offer, they were explicit that they don't hire out of undergrad and that this experience is primarily for experience and resume bolstering. Well, it worked.. I currently have an outstanding offer for the M&A division of a top boutique bank, think LAZ/PJT/EVR/MOE/Green Hill.

Now, my issue is that I'm really enjoying the work that I'm doing this summer and want some sort of credit investing, market facing, or special situations investing role. Will coming from an M&A background hinder me from doing this? I really would love to do restructuring banking because the work seems more interesting and like it's a better pipeline to the types of roles I'm interested in, but my bank doesn't have a generalist program..

I was thinking of trying to recruit for a full-time position in RX at a bank that has a generalist program after my junior summer, but that's not a sure thing...

For context, I'd like to work for a place like Oaktree, Blackstone GSO or Tac Opps, Apollo, Ares, Silver Point, etc.

 
  1. Take m&a offer from Evercore (assumption)
  2. (Optional) Hope the hot market continues
  3. Leverage M&A junior internship into FT RX or special sits given your background this summer

  4. GS SSG/PIA (rly tough w/out having worked at GS but maybe possible), Anchorage, BX GSO, Oaktree, Silver Point, Apollo Credit, KKR Credit, Ares: start thinking about these places asap.

 

Hi HighYieldBailBonds, any of these discussions helpful:

  • How to get to Special Situations or Distressed Debt investing from M&A Banking? special situations investing role. Will coming from an M&A background hinder me from doing this? ... I really would love to do restructuring banking because the work seems more interesting and like it's ... a better pipeline to the types of roles I'm interested in, but my bank doesn't have a generalist ...
  • Distressed vs. Credit vs. Special Situation vs. Turnaround PE a special situation. A special situation doesn't always have to be distressed though. I'll try to ... yield coupon payment. Private Equity Special Situations Imagine a small regional company wants to do ... only place in the world to go do distress is at Cerberus or
  • "special situations" = distressed debt investing? a specialized area of RE- or if the skillset you learn from debt investing can be used to move into other areas ... distressed debt investing? Second, Curious to know if these positions pigeon hole yourself even more into ... I always see people who worked in the special situations team- I get the sense that this is ...
  • Distressed debt / special sits investing- On the job job 4) Is there a real difference between distressed debt and special sits investing? I feel like some ... opportunities. While there is an abundance of information on PE as an exit, the info on distressed debt or ... special sits is more limited. Can someone shed some light on some of the following questions? 1) Is ...
  • Distressed Debt / Special Situations Modeling Tests modeling special situations modeling test distressed debt pe ... Anyone done this before? Wondering how these would differ from typical LBO tests- trying to prep. ...
  • Distressed Debt Interview I have a first round interview at a distressed debt fund. Any thoughts on what first rounds look ... so I assume I'll get asked about what I've worked on, and I have a credit idea ready to go ... if asked. I'm also doing some review on the high yield and levered loan market, but aside from ...
  • AMA: GS Special Situations > > Founder of a Private Equity Startup Business Honors programs and was hired directly out of undergrad to GS. I worked in the firm's Special ... Situations Group, analyzing private equity and debt opportunities. I closed 11 private equity and debt ... response- I'm planning to keep my responses going through 4/10 as of now. [EDIT 5/2 @ 7:56p] Still ...
  • More suggestions...

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