Private Debt/Direct Lending/Private Credit - What are the differences? Best firms with WLB
Forgive me for the naive question but are the terms Private Debt/Direct Lending/Private Credit interchangeable? I've been trying to do some reading to differentiate but it seems to be the same business model.
Also does anyone know companies in this space that have good WLB? I keep hearing of Credit funds that require 40 hours per week on here but can anyone specify ones they know are good? I am looking to get into the space and WLB is important to me.
Bump - also curious
Bump. Interested to hear how you can move into these spaces as well.
bump
Private debt and private credit are fairly interchangeable. Direct lending is generally referring to the large unitranche issuers (think goblub or ares), and is part of the larger private credit market.
All interchangeable. My firm is typically 40 hour or less weeks but at times there are short runs of 60-80 for a few days.
Mostly interchangeable, direct lending more often refers specifically to the slightly higher end of the spectrum of credit quality or the larger size. Think LBO financings, large unitranche, portco tuckons, etc., Private credit includes all of that but can include some harrier stuff like refis and recaps technically. But it is semantics, just how its used in my shop.
I don't think 40 hours a week is very likely but 50-70 is definitely.
PC/PD are interchangeable. DL is the largest subset of PC/PD that mostly deals with the originations of new loans and more plain vanilla deal structures. Other PC/PD include special situation/ distressed/ mezz/etc that aim for higher risk adjusted return and more complicated deal structures.
Bump
40 hrs a week hahahah I've heard that on here too. It's because the fucking noobs on this forum have only been in the market for <1 year where the deal flow is subdued. try 60-80hrs. I've seen others put banking face time in 5 days a week i.e. 8ish - 11ish with a break for lunch and dinner.
What subdued deal flow? This year is as busy as ever for us.
Whats HPS like? In terms of progression and comp?
bump
Bump
What PC firms are considered to have pretty decent WLB (while still paying okay)?
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