does anyone know anything about king street capital? type of distressed investing that they do? nature of the work there? i have an interview in the coming weeks
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stellar distressed fund
distressed obviously covers a huge range of strategies. do you know whether they are distress for control or more passive, liquid stuff?
King Street runs multiple strategies. You would have seen their activist role at board level recently in Toshiba. They also have more passive liquid investments. Not entirely sure how it is broken down team wise / structure wise, or if you'd be interviewing as more of a generalist. The people I've interacted with there are extremely bright, and track record of the firm has been strong. Not known as a sweatshop either, so a pretty good place to be.
A friend of mine works in the London office, My understanding is that you work as a sector specialist on a cross-capital structure basis. So the TMT guy is looking at both equity and credit across European TMT. It's a great shop with staying power and a good brand in the distressed space.
mind expanding on the backgrounds they usually hire from?
generally good reputation, tend to be in more liquid distress credit. Heard their interview process includes a lot of technical related questions.
View them similarly to DK except the people are much better
Interesting. Would you mind sharing the key difference between liquid and illiquid distressed deals? What are the key differences in features, and how would you assess them differently?
DK has considerably higher returns than King St in recent years. Regardless King St. has a great reputation. It’s one of the best (and biggest) distressed funds.
What are the returns? And NY office is genearalist across cap structure I assume but do you pick your sector?
Also, what does DK stand for?
Anyone know anything about their CLO investment platform? Seems relatively new
Its not new. Probably almost 5 years old at this point. KS is split into 2 groups. The hedge fund and the CLO guys. If you're on the CLO team you're not working on the distressed and hedge fund trades. They manage about $6-7bn in CLO AUM. Comp is much lower than the hedge fund side of the biz but since it's still King Street its pretty good and higher than other CLO shops. Only like 5-6 guys in total on the CLO side.
don't forget the gals on that side.
Would it be difficult to transition from the CLO side to distressed? Also what would a trader role look like at a place like this (element of PM/decision making or completely execution)?
impossible, at least no one has been able to it before so it’s never happened. I’m speaking in absolutes because it’s true. (i mean internally switching). they use that possibility as a lure but it’s not real.
trader role 100% execution + some high level filtering of sellside ideas, but there’s zero path to PM
And is that generally the case exiting out of CLOs? Not much of a transferrable skillset?
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