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I'm completely pulling all of this out of my butt, but I'll try to be helpful since nobody else has responded. Somebody correct me if I'm mistaken about anything. First off, I don't think they were ever a "big player". IIRC they maxed out at some mid-9-figure AUM but today they're probably sub $100m. I'm guessing most of the AUM today is George's money, but he always seems to be hitting the marketing hard, so maybe they do have some LP $ or are trying to attract more (not sure what the base rate success is for being a reasonably sized fund, facing major redemptions, then making a comeback several years later, but it's probably not good). Distressed may have been a challenged strategy for the 2010s but a major decline in AUM almost always means there was crap performance. They launched a few SPACS in the covid era; one was a now-defunct weed company and I think the other never made it to the transaction stage. Take that as you will. His book is alright, some good stories and a reasonable overview of the investment / portfolio management process. Being a distressed fund with no size and no clout is really tough, though, and at their size today, they likely are not involved in any rx processes like what the book talks about. I think they may have only had a single analyst a couple years ago (linkedin suggests he is no longer there). Again, I don't know this for sure, but it could be good experience if you lack other options but it's likely not a place you can get upward mobility or make any money.
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