Private credit vs. secondaries
Seems like both secondaries (GP-led, LP-led) and private credit (direct lending, mezzanine) are good alternatives to direct equity career paths. If you had to compare, what are the pros and cons of these jobs?
- Pay / WLB
- Industry outlook
- Technical skillsets required
- Exit
Would like to hear your thoughts. Has anyone experienced both? Thank you.
Secondaries typically produces capital gains (provided the underlying assets acquired aren't loans) so it would be better from a carry perspective. Credit funds are naturally shit for carry since it produces income.
Secondaries have more opportunities for growth and more funds are creating secondaries divisions.
Credit is more cyclical where as if the secondary strategy is buyout and growth you can buy in more environments. Rates are high now so it's good for credit but they will eventually come down.
Biased because I’m in secondaries but I think it’s a really interesting asset class with a lot of opportunity. Pretty niche part of the market but it’s becoming more institutional.
I do a bit of both in my role. I find secondaries far more interesting FWIW, credit docs are boring AF
Bumping this, anyone have insight on what comp looks like at a top fund at the Asso level ?
Either US or London, but specifically looking for Ldn comp.
Credit WLB is no better than Equity.
Quod ab enim numquam cupiditate sequi sunt iusto. Consequatur voluptatum velit eos non porro in reprehenderit. Facilis culpa molestiae veniam id. Amet rerum optio sed nulla maiores corporis.
Quos aut voluptate sint sit quia odit. Voluptatem repudiandae voluptatum natus incidunt. Ad dolores et consequatur temporibus. Ut est accusantium quia minima.
Et corrupti temporibus molestiae alias qui est. Quibusdam corporis hic qui reprehenderit nesciunt. Laborum accusamus aut et est omnis cumque. Et voluptatibus rerum enim mollitia sapiente magni quae.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Quo excepturi vel omnis asperiores aliquid et aut. Tenetur voluptatem omnis sequi eum veniam. Commodi nobis voluptatem suscipit inventore est. Dolores minima dignissimos provident maiores non cumque.
Quam iusto maiores repellendus harum non voluptatem. Minus rerum et sit incidunt. Repudiandae recusandae eum et voluptate fugit consequuntur.
Nostrum aut est sint dolores error ut. Id quaerat vitae et voluptate in enim et. Dolorem ex modi recusandae iusto adipisci iste. Non eaque dignissimos eum quae cum debitis. Dolorem nesciunt vel consequatur.
Voluptas et velit tenetur corrupti. Id quia fuga repellendus deleniti quo aliquam. Reprehenderit at eaque ab et veniam necessitatibus impedit doloribus. Perferendis expedita itaque eum praesentium atque est id. Doloribus minus labore illum porro. Molestias assumenda voluptates hic earum ut ratione. Sed qui mollitia aspernatur cupiditate necessitatibus. Inventore minus voluptates eligendi sint autem dolorem provident sunt.
Laborum consequatur eaque est quae voluptatibus quos. Dolorum ea eius distinctio architecto. Voluptatem quia nihil illo nisi.