Thanks.

Yes.

You can always move back into standard PE/other deal roles if you have a distressed or restructuring background (much easier than doing the reverse). It’s still better to start out in a standard non-distressed role first, but it’s not that hard to switch if you want something different.

How I understood it, joining a special situations advisor (incl restructuring investment banking) seems to build a good profile for joining a distressed PE thereafter. Once working in distressed PE, would you deem it challenging to change tracks back to plain vanilla PE within a big fund such as Bain Capital, for instance?

I mean, you could always leave for another PE firm or a distressed/restructuring group at a bank. But yes, it would be more difficult to join larger banks/PE firms/normal companies from there unless you do something else in between first.

Sorry, don’t know much about them. You’re still probably better off at a dedicated distressed PE firm or, on the advisory side, an elite boutique, because the big banks are more tightly regulated and therefore can’t do as much as smaller firms. Some of these SSG teams may be good, but I don’t have any firsthand knowledge to say for sure. A transfer depends on where you’re transferring from – if it’s from an ECM or DCM team, sure. If it’s from M&A or a strong industry group, there may not be as much of a difference.

What do you think about the in-house investment arms of investment banks?
I heard GS has SSG team which seems to do what you introduced in the article.
In additional, here is also news saying Deutsche Bank is putting more sources to develop its SSG team.

Do you think internal transfer from IBD to these groups a good strategy?

Thank you again for the great article?

Thanks for reading!

All the large firms above should have teams in London as well. Beyond that, we don’t track firms to that level of detail, so I don’t have a list readily available.

Thanks. Like the ones you stated above, would you recommend some distressed PE firms based in London!?