Opportunistic Credit vs. Tac Opps vs. Special Sits
Can anyone explain the difference between the 3? Seems to have a bunch of overlap but not completely clear.
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There is a bunch of overlap and no one definition.
Nobody really uses the phrase Tac Opps broadly, that's just a group at Blackstone.
Opportunistic credit generally means you're investing in stressed/distressed public cap stacks targeting a 12-20% IRR.
Special sits can include the definition of opportunistic credit, but it can be much more broad as well. Usually, special situations is defined as the ability to invest in asset classes others can't invest in and/or with deal structures that others can't invest with. The idea behind special situations is that there is a unique problem that traditional capital solutions can't satisfy so you create your own unique capital solution to solve the problem.
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