Trying to piece together which funds offer associate programs that walk the line between hedge fund and private equity in the distressed space. I know Centerbridge at one point was known for having an associate program like this (not sure if that still holds true). Any others?
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Apollo’s pe group does both traditional buyouts and liquid distressed type investments
To an extent, yes. but they also have a dedicated group within their credit platform that makes illiquid non-control investments in distressed/stressed companies. They also have a multi-strat liquid hedge fund as well within the same credit platform. Associates are hired into these groups exclusively and don't get exposure across all strategies. I would also imagine given the sheer size of Apollo's latest PE fund, they will have no choice but to focus on a wide array of opportunities.
My sense is that within this space there are a few different buckets that you could place these funds in.
Turnaround/Control Oriented PE: Firms such as KPS, Oaktree's special situations PE, Cerberus, Carlyle distressed & special situations (invests out of Carlyle Strategic Partners Fund which I think make control style investments, correct me if i'm wrong). These firms essentially try to gain control of troubled businesses through more complex means such as bankruptcy, purchasing assets, etc. and then focus on operations to revive the business.
illiquid non-control credit investments: DIP/Rescue financing, other long-only, long-term credit investments in unfavorable companies. Most MF credit platforms have a group dedicated to this, as well as Oaktree's distressed credit team.
Liquid multi-strat hedge funds: These are your Silver Points, Avenue, Marathons of the world. Most MF credit platforms also likely have a group dedicated to this. Capital structure arbitrage, derivatives, etc. Will find more people here with trading backgrounds.
Most associate programs only give the associate exposure to one of the three listed above. Back to the original question, are there associate programs that give exposure to at least 1 & 2, but maybe even all three?
Also if anyone has insight into more funds that fit into those buckets, that would be helpful.
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