I've been interested in distressed / special situations investing for over a year now, did an RX banking internship this last summer and didn't get a return offer, decided to post-pone a year to recruit for summer internships again. Given the accelerated nature of summer recruiting, I wasn't able to secure a IB internship at a RX boutique/lots of stuff has already finished. I have a friend at a MM DL shop that helped me get a summer gig at his shop in their sponsors / levfin group. My ultimate long term goal is to work for a distressed / special sits fund. My main questions are:
- How transferable is the skill-set I'd get there to working at a shop like, for example, Silver Point or Anchorage? (My buddy says that the role is great for becoming an expert on credit agreements, managing investment after its been underwritten, and you really get a lot of good reps in modeling / financial statements / LBO type work)
- How hard would it be to get looks when applying to funds if I'm working in this role and not at a RX boutique / BB Bank and..
- What could I possibly do to overcome those potential setbacks?
I'm determined to get into the industry, as I find the space intellectually stimulating and fascinating and think where we are in the cycle, it would be a great spot to end up in over the next couple of years. Thank you all for your help and comments in advance, I'm open to all feedback and/or suggestions.