Oct 17, 2025

Direct from undergrad private credit analyst seats?

Recruiting for investment banking but realizing I am genuinely very interested in credit and would love to work at a credit firm or credit arm of a larger manager direct out of college vs. waiting 2 years in banking to exit there. I know Ares and Bain Cap have programs and I've heard Blue Owl and Oaktree do as well, but would love if any of you more knowledgeable people on the forum could give me a more comprehensive list. Thanks in advance.

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Based on the most helpful WSO content, here’s a list of private credit firms and credit arms of larger managers that hire analysts directly out of undergrad:

Firms with Structured Programs:

  1. Ares Management: Offers summer analyst and first-year analyst roles, particularly in their LA office. Analysts may rotate across special situations, direct lending, and buyout groups.
  2. Bain Capital Credit: Located in Boston, they have a structured summer internship and analyst program across credit and equity groups.
  3. Blue Owl Capital: Known for hiring undergrads, though specific details on their program structure are less clear.
  4. Oaktree Capital: Hires undergrads, often with a focus on industry-specific roles rather than strategy-specific ones.

Additional Firms Hiring Undergrads:

  1. KKR Leveraged Credit: Based in San Francisco, they hire summer analysts from West Coast schools and focus on performing credit.
  2. Silver Point Capital: Known for hiring top-tier candidates, particularly from Wharton and other target schools.
  3. Apollo Global Management: Offers various sophomore internships across strategies like performing credit, distressed credit, and real estate credit.
  4. Barings LLC: Offers summer internships and a two-year analyst program across private credit, public debt, real estate, and private equity.
  5. Prudential Capital: Provides summer internships and a three-year analyst program in private credit, distressed workouts, and mezzanine/equity investments.
  6. Goldman Sachs Specialty Lending: Hires full-time analysts out of college, with offices in Dallas, Houston, and Atlanta.
  7. Guggenheim Partners: Known for hiring fresh graduates into their structured credit teams.
  8. Waterfall Asset Management: A reputable credit fund hiring undergrads.
  9. CIFC Asset Management: Another credit fund with opportunities for fresh graduates.

Notes on Recruiting:

  • Many of these firms have structured programs, but others hire on an as-needed basis. Networking and alumni connections can be crucial for breaking into these roles.
  • Some firms, like Aurelius Capital, focus on niche strategies (e.g., litigation-heavy distressed credit), which may require specific skill sets or experiences.

If you're genuinely interested in credit, targeting these firms during your recruiting process could be a great way to start your career directly in the space without the traditional two-year investment banking stint.

Sources: Undergraduate Opportunities - Credit Funds, Best Credit Funds That Hire out of Undergrad

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