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I know many people who work in distressed credit/real estate and have interned at several top firms. (20 billion+, Think not Blackstone GSO, but like Fortress Credit, Oaktree, etc.)

Distressed investing, particularly credit, thrives in times of economic downturns when there are ample opportunities. The current opportunity set for distressed credit funds that are being raised due to coronavirus is a combined minimum of 700 billion- and there are more opportunities to come. Keep in mind there are only around 20 large and respectable funds and all of them will have a finance big-wig you've heard of at the top. These funds return around 35% net in times following financial crisis and have returned 15% net since 2010.

But don't get excited too quick...

Expectations for employees and partners are insane- you should easily be able to read legal documents like a lawyer- you would think all the partners went to Harvard law. Hours during an active deal can be worse than even banking; when I was interning (in SF) an associate on my floor worked from 6am till the next morning at 8 am working on modeling and DD for a couple of new properties. He then got on a plane, flew across the country (I'm sure he slept on the plane for a bit), and walked the CIO through the properties all day. He kept working through that night at a Wells Fargo which was financing some of the deal (fun story for another day) and finally got on a plane back to SF at mid-day... He was in the office at 7 am the next day. Otherwise, when you aren't active on a deal, in SF the hours are 6:30-5ish. Honestly not that bad.....

Distressed investing is the creme de la creme of finance, if you are smart enough and can handle it I would definitely recommend.

 

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