First time poster, long time lurker. I’m just curious as to what the typical career path looks like for someone who ends up working at a Direct Lender or Mezzanine fund (post analyst position)? Do the larger firms recruit from MBA programs, or is it more dependent on networking or getting in touch with the right recruiters?
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In my experience, it's pretty evenly split between LevFin / M&A IB programs and other credit funds. Some firms will also bring in analyst classes, from which some people will stay on as Associates. MBA not required from what I've seen.
Thank you that’s helpful. Do you think moving from a more traditional High Yield / Leveraged Loan credit research role would be challenging? I would think the credit analysis skill set would be important, but not sure if these types of places value transaction experience even higher.
I've seen a few people move over from a credit research role but you're correct in that transaction experience is probably whats most sought after. I think someone from a HY credit research role could make the switch if they can explain why they want to be in the direct lending space and why they're value add. Coming from a well known firm would probably make the sell even easier.
For what its worth, the more senior focused alternative lenders seem to be more open to credit research / credit risk / corporate banking backgrounds whereas the mezzanine players are more focused on similar candidates that would typically move to a private equity firm but want to focus on the debt side of the table.
Which large funds usually bring in an analyst class?
Antares, Blackrock, Sculptor, GSO, Sankaty, Prudential Private Cap, Audax, Oak Hill Advisors, Partners Group, some insurance companies, some BDCs. Note some seats aren't traditional private credit and may be a bit more opportunistic.
In sum - alot. Probably more buyside credit analyst seats out of undergrad than private equity seats out of undergrad, especially if you consider by fund size as there a couple very large players who take a ton of analysts (but also underpay).
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