Private Credit Summer Intern - Compensation, Exit Opps?
Hi all. Have not posted a lot so I'm still trying to figure out how everything works on WSO.
I was fortunate enough to receive a summer internship offer to join the Private Credit department in London of a relatively large (I think) Asset Manager (between 200-400 billion AuM). I really loved the team, the culture and the office there, so that's a really good thing about the opportunity. I was just wondering whether the comp was in line with market standards or not. So what's the average comp for a summer intern in Private Credit, and for an analyst?
Also, what are the usual exit opps, the long term view in terms of opportunity in that industry etc...
Thank you!
Hey there! Congrats on the summer internship offer, that's a big step!
In terms of compensation, it can vary quite a bit depending on the firm and the location. Based on the most helpful WSO content, a VP2 in Direct Lending in London can expect a base of £175k, a cash bonus of £205k, and a carry allocation of around £1m. Now, these figures are for a much more senior role, but they give you a sense of the earning potential in the field. For a summer intern or an analyst, the figures would be significantly lower, but still competitive.
As for exit opportunities, the world is your oyster! Many people in private credit move into other credit-related roles, such as public credit, distressed, mezz, or leveraged finance at a bank. Some also go on to MBA programs or smaller equity funds. The key is to network and make the most of your time in your internship.
In terms of the long-term view, private credit is a growing field with a lot of potential. LP's are recognizing the benefits of investing in private credit, and the field is expected to grow over the next 5-10 years.
Remember, the most important thing is that you enjoy the work and the culture of the firm. If you're happy, the compensation and opportunities will follow. Good luck!
Sources: Private Equity vs. Private Credit, Undergraduate Opportunities - Credit Funds, London Private Credit Compensation 2022, Exit Opps: Private Credit vs. Corp Dev
bump
Depends where you got the offer, was it at one of these shops; Ares / Bain Capital Credit / CVC Credit?
Hey! No it's not one of those. Can you PM me?
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