HF arms of PE firms

Ares, are you referring to the BDC? If so, it is public. You should be able to pull information on them from their filings.

KKR is also public and you should be able to find more information about the operations. It may not answer all of your questions, but if you are looking for an internship/job, pay should be low on the priority until you get an offer.

Thanks goalieman, I will check those out. What I really meant was anything from people who have dealt with them, worked there, friend who worked there, etc.

Also - anyone with info on Tennenbaum Capital Partners? Forgot to add that one.

Bump...interested in these as well

From my experience, very good. More acceptable hours, good pay. Becomes stratospheric at the PM level only, though, as is usual.

Mostly credit-focused, which is unsurprising-basically leveraging the PE brand name and having a captive funding source for some of their own deals.

All three of places you named have mezz, distressed, and CLO/par loan capabilities.

From what I've heard pay and hours are both lower than in the buyout arms.

Last I heard Ares still had a lot of crappy assets they absorbed from Allied Capital.

hours are generally better than pe

pay generally lower at junior levels but with potentially faster promotion track/higher upside

most are credit or distressed/special sits focused, though kkr does equity long/short now as well

also, i would characterize oaktree more as a hedge fund with a pe arm than otherwise

Thanks so much everyone. Do most of these places have the same 2-and-out deal or could one progress without getting an MBA? Sorry for the barrage of questions.

Know a guy at Sankaty (which is basically the same general concept) who went straight out of undergrad; he's been there 3 years now and last I heard from him he doesn't plan to go for business school.

of the firms you listed, i know ares cap markets doesnt require mba (and many midlevel and senior guys dont have one), pretty sure kkr doesnt, no idea about oaktree

i know sankaty has a reputation for very fast promotion if you're good

add Blackstone's GSO to this list as well

Don't wanna hijack but any word on Tennenbaum?

Also, you can take advantage of the fact that the bigger players are starting to go public. BX and KKR investor day presentations do a good job going over non-PE investing activities of the firms, though the BX one is a bit dated now. I would expect we'll be seeing more disclosure from Apollo going forward as well.

http://ir.blackstone.com/common/download/download.cfm?companyid=BX&fileid=404552&filekey=4685ab3d-d00c-4715-aad0-7a626fb8d89c&filename=2010_Blackstone_Investor_Day.pdf

http://www.kkr.com/kkr_ir/events_disclaimer.cfm?mypdf=/common/download/…KKR&fileid=450299&filekey=6e765300-c843-44cf-8687-46c9017693eb&filename=Investor%20Day%20Website%20Book.pdf&KeepThis=true&TB_iframe=true&height=165&width=590

I have seen them active on the junior capital side, but tend to be very pricey compared to other funds. they are more of a lender of last resort type.