BX BREDS Liquid Credit group
Anyone have any info on the BREDS Liquids Group at BX focusing on CMBS and MBS? Have an interview scheduled. Culture? Exit opps? Seems like a lean team with lots of deal flow
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bump
Any insights after the interview? Offer?
.
Bump
PM me w questions
Dont think i can pm you bc you commented as anon
Could you please PM me
Does this team basically just buy and sell cmbs? Can anyone explain?
They buy any RE liquid debt and have recently gotten the mandate to do more traditional ABS as well. They have numerous liquid debt funds in typical PE drawdown vehicles
Is the work analytical? I’ve heard lot of times your direct lending / underwriting RE acquisitions. Haven’t seen too much exits to traditional corporate PE / HFs
Analytical depends on the desk you are on. Probably not gonna be many exits to traditional equity PE. Exits will be more private credit or opportunistic credit hedge funds. Many of these MF's just started these groups so not many data points. At end of day traditional SM L/S equity is dying and AUM is going to private credit. Probably an amazing place to start if you want to be in credit
Analytical part also depends what specific deal you are doing. These MF groups also trade the debt on secondary markets when opportunities arise. Much of the work is the specific deal modeling and the due diligence / lender calls behind it.
If your working for CMBS desk / acquisition financing for commercial real estate how does below look like:1) Comp2) Hours3) Skills4) Exits - you've mentioned opportunistic credit is this in RE or corporate level? BREDS does performing credit, does it provide great exits to distressed / special sits investing at corporate level (Oaktree, King Street, etc)?Overall would have thought IB provides broader exits and is more interesting to work on corporate deals (M&A / financing)
There are many different desks in these liquids groups. They do lots of secondary investing on top of primary. But…
1- comp is around 180-220k+ all in for first year (BX bonus can be around 100%+)
2- Typically 7-8
3- Skills is underwriting credit, think of it as a buyside lev fun but also getting a chance to participate in secondary market when opportunities arise, sometimes opportunities that were passed up would get revisited in secondary
4- Once you understand credit you can transfer this to anything. Structured credit is done across asset classes and so exit opps are endless in credit. I’m at a competitor firm so can’t speak first hand - this is from speaking to people
Did you get the offer? Can you share more info please?
Does this group buy new issue conduit CMBS B pieces? I heard Blackstone bought one B piece from a BANK/BMARK shelf late last year.
That's right.. I guess they can leverage their relationships with those banks
Hey, how was your interview? Saw their job posting quite often on LinkedIn and guessing that didn't fill the position or are hiring for multiple positions.
Please DM me directly if that works better.
Thanks,
anyone know how much aum the liquid BREDS group is playing with?
16B + insurance capital
+1, that's more than i thought. any idea as to the BREDS liquid's historical returns / targeted returns?
Didn't they lose a ton of money in 2020 and they actually was in the process of winding down the funds that investing in CMBS and other bonds with heavy repo leverage??Pretty sure I came across news on this and they also decided not to charge management fees for that fund
link to the article?
doesn't seem to be true
How would you compare this team vs breds originations or Brep? Equal?
Bump
my two cents, their originations team is way way way better and stronger platform. their liquids is relatively new and is less an established biz model I guess.
if you are asking to choose between Liquids and originations, no brainer go with originations.
just my opinion...
Is is true this group has had a ton out of outflow and people leaving? It looks like that judging by LinkedIn. What do you think exit ops are?
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