SSG seems like the most elite but opaque group at GS. Does anyone have any information about it?
I worked at a top BB IBD last summer and am wondering if I have a shot here. How do they recruit? Somebody told me they only take 1-2 kids a year and are even more selective than GS TMT or Blackstone PE. I'd appreciate any insight into how this group operates or looks for candidates.
Goldman Sachs Special Situations Group
SSG is a group that sits within the Securities Division of Goldman Sachs but operates independently.
Goldman Sachs describes the group in the following way:
SSG is a global, multi-asset class business, specializing in principal investing and lending in all levels of capital structures on a risk-adjusted return basis. SSG is the primary center for Goldman Sachs' middle-market financing and investing activity. The group lends and invests Goldman's capital directly to mid-sized companies.
@thenerdyguy shared that there are four internal groups within GS SSG:
- Multi-Strategy Investing - Investing in both public equity and debt
- Private Capital Investing - Early state investing, along the lines of late stage VC type work
- Asset Investing - Investing in senior securitized debt with claims on some sort of physical asset
- Alternative Energy - Investing in energy across the capital structure
GS SSG Interviews
Users explained the process to get into the group below:
It is competitive to get an interview, and if you get an interview you certainly need to know your stuff. They take very few undergrads, correct, but that's not because it's the single most prestigious thing under the sun. The simple fact of the matter is that undergrads often have little value to add, and in a group that lean, the logic is "why up the headcount?"
However, the group has been hampered by regulation since the crisis. Its reach is much more limited. Investments were often small, in weird assets, and that exits were limited given how unusual the experience is. I don't personally know anyone who's exited the group so I can't speak to what the exits are like, but the short story is that it isn't as much like working for a distressed hedge fund as it is working for a catch-all group that invests in whatever weird stuff gets by the regulation.
Questions were a mix of basic IBD questions, with a few geared toward deciding how you would invest in a company. For example, I was asked what factors I would look for if I wanted to invest and gain steady returns year-over-year, why EBITDA vs revenue, walk through DCF, financial statements, what's in an investment memo, etc.
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