Title says it all.
If your goal is to land a position at a large private credit shop, would you go with BB lev fin experience or would it be better to get first experience in private credit by joining a smaller fund doing Investments <100m?
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Ah, the age-old question of big fish in a small pond versus small fish in a big pond. It's a tough one, but let's break it down.
If your ultimate goal is to land a position at a large private credit shop, both options have their merits.
Starting with a BB LevFin experience, you'll get a comprehensive view of the deal cycle, which is quite process-heavy. This includes preparing the IM, management presentations, financing documents, coordinating logistics, and so forth. It's a great way to get a solid foundation in the field. Plus, the brand name of a BB on your resume can open doors down the line.
On the other hand, joining a smaller fund doing Investments 100m gives you the opportunity to focus more on actual investing. You'll likely have more hands-on experience and become better at security analysis, commercial/financial due diligence, etc. It's a more specialized route, but it can give you a unique edge.
In the end, it really depends on what you value more: the broad, process-heavy experience of a BB LevFin, or the specialized, hands-on experience of a smaller fund. Both can lead to a large private credit shop, but the journey might look a bit different.
Remember, there's no one-size-fits-all answer here. It's about finding the path that aligns best with your career goals and personal preferences. Good luck!
Sources: Q&A: BB LevFin - Mezzanine - Opportunistic PE, Performing / Opportunistic Credit fund vs. LevFin at an IB?, Top Private Credit vs IB for Developing Investor Skillset?, Direct Lending vs LevFin at a BB
BB Lev Fin
BB LevFin
No brainer. BB LevFin
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