Direct Lending - Sixth Street, Golub, Whitehorse or Twinbrook
Looking to lateral would appreciate thoughts on culture, comp and strategy
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Based on the most helpful WSO content, here's a breakdown of what you should know about these direct lending firms:
1. Culture
2. Compensation
3. Strategy
Final Thoughts
Each firm has its strengths, so your choice should align with your career goals, risk tolerance, and preferred work environment.
Sources: Private Credit / Direct Lending Comp, Private Credit / Direct Lending Comp, Restructuring --> Direct Lending / Private Credit, State of the Houston IB Scene - 2022
Obligatory I have never worked at any of these firms, nor have I ever worked in lending.
With that said, Golub has one of the highest satisfaction rates of any company ever. I believe last year they literally had 99% satisfaction, and iirc, all employees have to fill out the survey. I think they also have some insane metrics like no employee turnover in the last 6 months. They are also known for outpaying their competition. Golub is the #1 private credit firm in the world from a market share perspective. If you have traction there, I would encourage you to explore it.
Someone I know very closely works there, and wont leave until they retire.
Edit: For those looking for more on Golub, read one of their most recent PRs: https://golubcapital.com/news-insights/golub-capital-announces-another-…
Curious to know why they like it so much? In late stage interviews with them, people I’ve met there I have liked but more details on the overall culture, WLB, etc would be helpful. Comp seems solid enough so not very concerned about that but have definitely notice a trend of people sticking around.
Re-reading my comment, I should have noted the person I know there is not in their traditional finance or investing arm (they are middle office). With that said, it doesnt change any of the above. Relatedly, I actually remember being a student and listening to a 2 hour presentation from someone in their lending team, and they spoke extremely highly of the firm and opportunity, going above and beyond what they were expected to say (i.e., they actually appeared to mean it).
Golub is an extremely private company and I want to be careful not to share too much, but when you work for a private company it is very easy to pay above market comp if you excel at what you do. The culture is also pretty strong. People are intelligent and kind. And the leadership is brilliant. So the business performs. Consistently.
I know this is rather vague but when a company 1. Pays above market, 2. Develops a unique and strong culture and keeps the assholes out, and 3. Outperforms the market, that is usually a great place to work. Further, don't underestimate the value in working for truly brilliant minds. They are a market leader for a good reason.
Do some digging into the Golub founders (two brothers), and much of what I said above should easily be validated.
Great private companies look to fly below the radar in many senses, Golub looks to prioritize discretion over "prestige". I find tremendous value in this approach as I work for an organization that has a very similar approach. Private companies that become market leaders are unicorns, and there is always something special about it. In a world where private equity wants to get their grubby disgusting fingers on every single high performing asset, to work for a company that generates billions at high margins while still remaining truly independent is no small thing.
I'd agree with the poster above. I'm not too familiar with twinbrook but outside of the additional levels they add in their progression haven't heard many complaints about Golub.
Maybe I had a one-off experience but I don't think twinbrook is a particularly sharp group / remotely comparable to the others you mentioned?
Seem to hire a lot of ex-CPAs and few bankers.
Who knows might be a better strategy but totally different approach than competitors.
Source: Never worked at any, but know people at each
Comp: Golub, Sixth Street, Whitehorse, Twin Brook
WLB/Culture: Twin Brook, Golub, Sixth Street, Whitehorse
Strategy: choose your own adventure. Sixth Street probably most interesting/diverse. Whitehorse will look at harder deals. Golub broad, but skewing vanilla. Twin Brook very vanilla.
Whitehorse is a sweat shop, I would avoid. I’ve heard mixed reviews of Golub, but no horror stories. Its a great name and if you’ve had good interactions with the team, probably worth going for it.
Agree that WhiteHorse is a sweatshop. While they do look at harder deals (which could be fun), that doesn't mean they are good deals; just pull up a stock price comparison of GBDC, TSLX, and WHF.
I'd probably go Sixth Street if you want best blend of intellectually challenging / skill development while still getting paid well, and Golub if you want more vanilla but market leader / giant in the space with good culture and top of market pay
I would pump the breaks on the above regarding golub. Good pay yes, but historically it was known to be sweaty from the investment team side with lots of analysis, only to then turnaround and bend over to give sponsors 10x ebitda leverage at all time tights for anything remotely touching enterprise software up until last year. My example is tongue in cheek, but you get the point. Lots of analysis to put out market clearing paper with docs that have gaping holes in them like most mid-large cap sponsor deals these days. Golub has also been adding new titles and role, delaying career progression (they have senior associates, AVP’s, vice presidents, senior vice presidents and principals)
Sixth street is known to be sweaty as well, but they will do interesting deals that others will shy away from given the complexity. If you go here would be easier to lateral to other places given the depth of training / experience you’d get.
Whitehorse tries to play in this same camp as sixth street as well, but they have a worse reputation in the street in terms of ability to execute. Seen them do some questionable things in the name of deployment.
Twinbrook is below all of the above for the prior mentioned reasons in this thread.
Having actually worked at one or more of the firms listed, here are a few insights:
Agree with this mostly, except your first point - pretty confident this is not the case, its clear which ones you didnt work for
Curious, what are typical hours? I have heard it’s better than banking but curious if that’s true and what that means.
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Avoid twinbrook, they hire big 4 associates because they know they can pay them less than people coming out of banking programs. Significant discount to market comp
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