Thoughts on Ares Alternative Credit
有人对ARES的替代信贷小组有见解吗？初级竞争 /策略 /文化 /工作时间 /一般思想 /等
Have been seeing some job postings recently on LinkedIn, I'm currently at aBB并希望进入机会主义信用和/或特殊坐空间。
看来他们在CAP结构中具有相当广泛的任务 - 基于合同 /资产的融资，专业融资，贷方融资，租赁等。AUM似乎最近已经增长了很多。
Would appreciate any thoughts of how they compare to other special sits / opportunistic credit strategies and what are the other most similar groups out there. Is the skillset pigeonholed or does one have the flexibility to later move to distressed / special sits / PE?
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Bump - any insight would be hugely appreciated!
介意我是否问您目前正在哪个组？还寻找类似的过渡，但很好奇是否对dcmto move into credit
目前在Lev Fin，也花了一些时间在工业中
Following
Also following. Doesn't seem to be too much info out there
你通常贷款资产/流cashfows not businesses. It's somewhat more "FIG" like & NPLs. Its a great strategy and a lot of money is going into the space but you'd likely be locked in the space. Would be much harder to move intoPE/苦恼…
谢谢回复。因此，职业灵活性更为利基，可能是其他证券化信贷机会吗？
In general that's right.
I agree with Pan Euro Monkey. Not necessarily just 'securitized credit,' though, but think more asset finance. "Alternative" here means "alternative" from corporate credit solutions. This encompasses music/drug royalties, specialty finance like equipment leases, factoring, NPL portfolios, asset based finance (think asset finance teams at Castlelake/CarVal/etc). This is very different from buying sec or unsec TLs or bonds on the secondary market in hopes of trading up or taking control of a going concern operating business.
I've heard with the new fundraising they're pivoting to include more opp. credit / tac. opp. style strategies. Senior team seems pretty strong, definitely securitized background (Fortress）but also some broader special opportunities lending.
Wouldn't be sure about exit opps / comp / culture. I'll defer to those who are more knowledgeable.
I think there will a line of how hairy / special situations style investing they can get since Ares has their Special Opportunities group which has crushed it (led by Scott Graves who was basically heir apparent at Oaktree).
可以说是通过特殊行动完成的，然后分配给该小组的交易，或者该小组获得更多的现金流，而不是以业务为中心的机会，例如遇险的塔式运营商或不表现的贷款组合。
Pretty interesting thread as this area seems to have a lot of growth / white space at the moment. Which groups are most similar to Ares Alt Credit? Would that beBxTAC OPPS？
This is where the line is super tricky. Tac Opps would probably buy music royalties owning the equity and bidding for these rights at 10-15% yield and GSO/Oaktree would finance such purchases with debt at 7-8% yield. If you work at a large firm with multiple flexible strategies, you know its a headache to figure for which fund this is supposed to go to and you get conflicted internally on every other deal…
Be ready to be pigeonholed and good luck finding another opportunity if you end up not liking it since there aren't lot of other players doing this kind of stuff (other players aren't doing all that in alt credit and focus on just one to two subsets)..
Not your typical special sits skillset looking across the cap stack for value/upside or distressed paper type situation trying to figure out the fulcrum..
What's the most similar group(s) out there to Ares Alt. Credit? Seems to be a lot ofHFs/PEthat have teams that do some of their specific strategies
Brigade, Victory Park, Atalaya, Vardë, Castlelake, CarVal, BC Partners Credit, etc.
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