HH talking to me about Strategic Value Partners (SVPGlobal)
Read a lot of the content about their history and model. Sounds compelling in this day and age.
Any knowledge from the people here?
Senior Associate level role.
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If you don't mind me asking who is the HH for SVP? I don't know much about the fund except one of my bosses worked there. Extremely smart guy, although he never really spoke of his time there. He did mention that it was a great place to get exposure before jumping to another fund and that helped him rise the ranks quickly. Don't think he liked the commute to CT though
interested in this
Bellcast recruits for them. dynamics does some too for them. they work you hard. it’s basically a distressed PE shop so the hours aren’t better than banking. but yeah you do learn a lot and can jump easily to a distressed hedge fund or other things. they do work you hard though. if you’re coming in as a senior associate you’ve got some RX years under your belt and maybe some buyside so you know how it is. I have a couple of friends who have/still work there.
What’s the comp here?
Can anyone add more color? I have a friend who does more portfolio side work at one of the big shops who was approached by a HH a month ago for a senior role there, they asked me my opinion but I hadn’t heard of them. Is the culture like banking / are the hours bad all the way up?
Seems like a good time to go into distressed so I told my friend to do it but now I’m worried I sent them into a meat grinder.
so I’ve heard the hours are bad compared to your typical credit hedge fund but comparable to mid market PE - 60 hour workweeks being the norm. SVP is a mix of both distressed/event driven PE and liquid HF although most of the Capital is in locked up PE vehicles (like most distressed vehicles these days). probably gets you good exposure to both sides of the buyside industry which can be appealing for some. I’m not sure if lifestyle is better at the senior levels - promote seems to be a little difficult and lots of turnover generally to go to different funds. Not sure how the reputation is generally in the distressed credit space but seems like exits are diverse?
I’d say they are pretty legit and top tier players but usually play in middle market stuff despite their fund size. not as big of a rep as like an anchorage or a king Street but I doubt you’d have any issues finding top gigs with SVP on your resume
60 hours a week being the norm is considered bad compared to typical credit/distressed funds? Reason I ask is I know someone who works at a smaller single manager distressed fund and he says he works about mid 60s on average so was wondering if that's typical or just an outlier.
no it’s probably reasonable lol I’m just at a chiller place so I’m spoiled. it all comes down to AUM per Investment professional AND time/resource consuming nature of strategy. my hedge fund does a lot of passive investing and process that isn’t as resource intensive, and we don’t ever take control etc. SVP likes to take control on a fair amount of their deals and ends up owning majority equity stakes similar to PE portfolio companies so they have a bunch of operational stuff to deal with as well. so combine that resource intensive strategy with a sizable AUM per head (especially given the non-passive nature) and you get to 60-70 hours easily.
and then also it just comes down to culture as well. I’ve heard that Diameter is a crazy place to work. long hours and stressful founders, but they run ~$1bn in liquid l/s credit hedge fund strategies so not as manpower intensive. They’ve been crushing though it apparently so whatever floats their boat I guess.
my friend said HF is around $2-2.5bn of the total AUM so largely more in PE style vehicles and the key decision in determining what trade goes in which fund is holding period so sub 1yr goes in the HF largely and longer gets put into PE fund, and then for larger RX/Reorg situations it gets split into both depending on other factors.
bump, curious about SVP
Anyone able to add some color on culture and the London office more specifically?
I know this fund pretty well. The founder Victor is intense and thorough - you need to be prepared going into meetings - but overall it's not as much of a sweat shop as people make it out to be. I would characterize Victor as tough but fair. Senior folks (VP/Directors) that have been there a few years generally have a pretty good life - maybe even 40 hour weeks and get paid decently. Junior levels work more. The commute to CT sucks but there is a shuttle that picks you up from home which makes it more manageable. Cash comp is OK but carry structure sucks (vests over 6 years). Performance has been good so far (they are generally draw-down closed end vehicles) but distressed is a tough market and they are raising a big fund. Hope this helps - DM for more info.
Out of curiosity - do you know anything about returns? Seems like they have been hanging on to few investments (Klockner Pentaplast, Pfleiderer) for a while now - not sure if they are just making the capital compound or what but would be keen to have a ballpark estimate.
Returns are prob solid. Smart ppl work there doing good work. Victor seems like good boss. Obv in distressed and longer-term investments things can be a meaningful amount to manage but overall seems like a respected place that has been around for a while and well-regarded around the street
What do you gain out of talking about something you know nothing about? A sense of accomplishment? Every sentence you write begins or ends with "idk", "maybe" or "not sure". You sound like a college sophomore who during COVID googled about a bunch of firms and are trying to pass that off as first hand or second hand knowledge.
Just trying to help even if it’s a little bit. Would you like me to leave the forum?
I don't know if I gain something by speaking about something I know nothing about. It is nice to try to help others however I can
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