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Atlas Holdings - distressed PE shop
Hello, haven't found a lot on the forum about the culture at Atlas Holdings. From what I can gather: good returns, good comp, non-bankers, a bit awkward, and can be a sweatshop. Would be nice to hear a second perspective about whether to steer clear.
Creation Multiple for Distressed Businesses with Multiple Tranches of Debt at Different Prices
Hey all - I just joined a relval IG hedge fund out of college and trying to learn more about distressed securities. Say you have a company with $1000 of secured debt (term loan at 95c) and $3000 of unsecured debt (three tranches of bonds - $1000 due 2025 at 95c, $1500 due 2027 at 85c, $500 due 2031...
RX IB vs Sell-side Distressed Desk Analyst for Special Sits Fund
Please ignore the seniority tag - I am just coming in as an associate from 3 years of being analyst in M&A (quite a few deals under my belt but no actual distressed experience). I have offers from two sell-side banks. First one is from a Top 5 RX shop. Typical sell-side RX IB opportunity at...
SVPGlobal (London office)
Hi guys, Does anyone have insight on SVPGlobal? Specifically interested in their London office. The 3 latest Special Situation funds raised since 2008 performed well according to their press release (consistently >15% IRR and >2.0x MOIC) but they are rasing a much larger $5.0bn vehicle and would be...
Bracebridge Credit
Noticed the firm's post for a credit investment analyst - seems to be a fundamental opportunistic credit role, but with a greater focus on trading throughout the capital structure vs. deep diligence on a name. Curious what folks think of this kind of role (e.g. Citadel credit, Aristeia, Diameter?...
What is going on with Catalyst Capital (Toronto, Distressed PE)?
Catalyst Capital was basically the only distressed fund in Canada that worked on legit deals (Cirque du Soleil bankruptcy), and was aggressive in fund raising but haven't raised a fund since 2015. An article from Buyouts Insider says faced a ton of litigation and pushed out their last fund by 1...
Davidson Kempner Philadelphia Office?
Davidson Kempner is headquartered in NY but they say they have additional offices in London, Dublin, Hong Kong and Philadelphia. Is anyone familiar with the Philadelphia office and if they actually have investment teams?
High-yield, Distressed Debt, and Special Situations Groups
Does anyone know who the most well-regarded High-yield/ distressed debt/ special situations groups are on the street? I know that Oaktree, Centerbridge, and Angelo Gordon all have very strong teams and track records. Who else am I missing?
Distressed/Special Sits/Event-driven research resources (e.g., Bloomberg)
For those in distressed/special sits/event-driven, other than Bloomberg, are there any other research resources that you currently use frequently or like to use at some point?
Top Credit Hedge Funds
Have been asked often recently what are the best credit hedge funds out there. With restructuring and distressed credit getting interesting again below is a good framework for those interested. Curious to what others in the industry think and if I’m missing anything. Hope this is useful. Tier 1A:...
BCG turnaround and restructuring group -- similarity to A&M?
Hello! Potential incoming BCG Associate here. Can anyone tell me how similar the work is at BCG's turnaround and restructuring group to the leading restructuring shops like A&M? How feasible would an exit to restructuring PE or banking be? Thanks!
Q&A: Direct Lending to Associate at $5bn Distressed Hedge Fund
Open to any questions from people curious about the switch and my path to a distressed hedge fund. Background: graduated with a 3.7 from a semi-target state school, spent 2 years in direct lending then 1 year in restructuring before joining a public markets distressed debt fund. Also going to self...
Restructuring/Distressed Debt Modeling
I've been procrastinating my final exam studying by trying to build a loan-to-own pitch for a (currently) distressed company, but putting together the operating, liquidity, recap, and waterfall models has helped me realize that there is a staggering amount of uncertainty in these situations. Just to...
Distressed Investing
I am currently reviewing a distressed opportunity and I wanted to know if anyone has any experience in this field that may be able to help. So the distressed opp is a travel business that has been significantly affected by Covid, but the majority of their revenue is tied to leisure travel which is...
Lazard Real Estate
Hi Everyone, I was just wondering if anyone knows much about Lazard's Real Estate IB team? They did some deals with Brookfield which seems pretty cool, and seems like an all around solid team. I was just wondering if there is some insight on hours, culture, and in particular exit opps? If I realize...
Restructuring Analyst Description
Hi Everyone, I am thinking of moving into restructuring because I am interested in distressed asset/debt. I was just wondering what an RX analyst does vs a standard IB analyst working on M&A/IPOs. In particular: -Valuation work (Do RX groups work on DCFs, LBOs, M&A modelling, Takeunder transaction...
Bain Capital Credit - Distressed
I was wondering if anyone had experience with Bain Capital Credit’s Distressed arm. What types of deals have they done, are they looking to make control investments, what’s the culture of the team, and how does associate recruiting differ for distressed credit versus PE at Bain (specifically...
Q&A: distressed debt hedge fund analyst & top 3 MBA
I'm at the midpoint in my distressed hedge fund analyst career so thought it would be helpful to folks 0-7 years out of college as they navigate their career choices. Open to questions from folks interested in my path as well as distressed debt & credit investing generally. Background Investment...
Q&A: VP in Restructuring
BS in Accounting & Finance graduating with honors CPA, ABV, CTA, CIRA, CDBV, Series 66 & 79 3 Years in Big 4 Audit 1.5 Years in TAS 2 Years in the Restructuring space Currently at a boutique investment bank Hybrid role of financial & operational restructuring, special situations M&A and distressed...
How to Make Distressed Buyout models (Freight Industry)
I will be working on the freight rail side of a transportation manufacturing firm (rails, trucks, and construction) this summer. I am specifically tasked with canvassing, and evaluating small distressed rail manufacturers for acquisition. Of course, I'm extremely excited for this internship, as I...
Starting a job in a private equity fund that buys european non performing loans. What do I need to know?
As the title says, I am starting a new job in a private equity fund that specializes in buying non performing loans from large european banks. I come from a banking background and looking for advice from anyone who has previously worked in the sector. What is crucial to know? Would would benefit me?...
SOLIC Capital
SOLIC Capital Advisors, LLC (“SCA”) is a leading specialty investment bank providing merger & acquisition, restructuring, capital placement and valuation advisory services to companies, lenders, institutional investors, the legal community and other creditor constituencies. SCA is a subsidiary...
2021 Top 10 Cashflow Markets in the US
I get tired of seeing reports about the 'best markets in real estate' only to find they're recommending markets like Portland, Nashville, Austin, etc. The reports focus on appreciation and recommend markets with median property prices of seven figures rather than CASHFLOW. Let's be honest, if any...
London - Mapping the Distressed / "Special Sits" Funds
In your view, what are the leading distressed / special sits (I know it's become a bit of a catch-all term) funds in London & Europe more broadly? Any new / up-and-coming funds to keep an eye on? Understand this is a fast-growing space with lots of new funds as everyone is waiting for a wave of...
Questions about a long term career in RX
Recent college grad here, I joined one of the major RX consulting firms shortly after graduation. Have some questions about a long term career in restructuring and making the most of my experience in RX consulting; also happy to answer any questions from others about getting a foot in the door...
Student interested in learning more about L/S & Credit
Hey All - I am interested in working at a HF upon graduating uni. I am currently studying at Oxbridge and have some internship experience in finance where I picked up essential modelling and valuation skills through the firm's training program. I have been reading into some HF strategies, namely L/S...
Distressed Debt Math
Can someone help me understand how to go through some specific calculations for distressed debt (or point me to good resources for this)? For example, lets say a company has EV of $150, secured debt of $75 and $125 of unsecured debt. Hence, the unsecured debt is trading at 60 cents on the dollar...
Mid-Size Event Driven Equity/Credit Funds
Was curious if anyone has any perspective to give on the few mid-size funds out there that operate an event driven, cap structure agnostic mandate under one team/one PM. A lot of these places tend to keep a lower profile but thinking of places like HG Vora, Luxor, Senator, Empyrean, Owl Creek,...
NYC Conferences/Events
Hi, I've been in New York for just over a year and am finally settled in. Currently, I work on the sell side covering event driven trading (90% merger arbitrage). My eventual goal is to move to the buy-side, a transition that I hope to make within the next two years. Wondering if anyone can suggest...
Top 20 Hedge Funds List
Excellent 2015 edition of the Barron’s Best 100 Hedge Funds list. Many of the funds on the list fly under the radar on WSO. I am sure that people working in the industry have heard about most of those these funds, but probably ca. 50% have never been discussed/mentioned around here. Equities...
Distressed Debt Research vs IBD
Out of curiosity, which would provide better preparation for a future role in distressed debt investing on the buy-side - being a distressed debt desk analyst (in Sales and Trading at GS /MS/ DB / BAML ) or working in an industry group in IBD (at a BB )?
Anyone want to start an investing club?
Would anyone be interested in starting a group to discuss anything from value investing, special situations or distressed? I'm also New York-based, so it could be possible to have a meetup. LinkedIn Group is here https://www.linkedin.com/groups/Value-Investing-G… Feel free to post, comment or add...
Catalyst Capital (Toronto Distressed) - Thoughts?
Monkeys - Any thoughts on Catalyst Capital? I've heard they are a top ranked distressed fund in North America, but they are very opaque. I'd like to hear about culture, hours, pay, etc. Also, any clue if an industry guy could break in there? I know they usually recruit guys coming from restruc,...
Career Advice - JPM DCM vs Nomura S&T
I'll keep this short and sweet: You want to be an investor as a long-term career, and say you were given these two hypothetical job offers out of college: 1) Nomura High Yield and Distressed desk analyst - somewhat principal strategies like role where you perform fundamental analysis on different...
Distressed Sovereign Debt Investing Resource
Hey guys, Looking to do some reading and learn more regarding investing in distressed sovereign debt. Obviously a pretty specific/niche area so I would appreciate any reading materials or resources that anyone can suggest. Thank you in advance.
DB Distressed Products Group
Anybody have any insights into this group? Thanks!
Restructuring debt - finance concepts
I'm still in my basics, so please bear with me. If my company has a debt worth $100 (bank loan @ 12%, bonds @ 8%, preferred stock @ 6% cumulative), and my revenue is just not sufficient to repay it for another 2-3 years, how do I solve this debt? I might file a chapter 11 Bankruptcy and try to...
KKR Special Situations - London
Guys, does anyone have any information on KKR's Special Situations team in London. It's part of the Credit team. Any information on work culture, compensation etc would be great.
How to break into distressed investing
I work in research and investment analysis, as a generalist in the private market, I have evaluated equity and debt products/investments. Personally, I am definitely more in tuned with the debt side, I find it more interest and more intuitive. That said, distressed/special situation investing would...
Turnaround PE (SBs Awarded!!!)
I have received a FT offer to work at a MM PE firm with $4-6B AUM. Down the road I'd like to do some sort of distressed investing (either on the HF or PE side) and wanted to get everyone's thoughts on turnaround PE industry. Any advice on breaking-in, top firms, personal experiences, industry...
Goldman Sachs Multi-Strategy Investing Group (MSI)
Does anyone know anything about the Goldman Sachs Multi-Strategy Investing Group (MSI)? I believe it is housed within the Special Situations Group.
Goldman SSG AUM
Hey guys, Obviously, the prospective monkeys with their hard-ons for Goldman SSG all ask about how to get a job there. I'm more interested in their AUM. Been asking friends at GS about this, and can't seem to get a straight answer. I've got a few guys in my group who worked there years back, but...
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