How do top credit shops compare to MM/LMM buyout?

Thank you, and of course. Happy to help. 

I’ll also add — reasons to use in an interview (you can decide how true they are):

1.  learning from reps: you learn the most actually doing and executing transactions. each rep you’re learning new things or deepening what you do know. In PE your might only go post LOI a few times and you might never close a deal. In credit the velocity is a lot higher so there’s more chances to get reps 
2. investment philosophy: credit is appealing because it matches your investment philosophy. the returns in credit are lower in an absolute basis but they’re also much less risky. creditors have legal recourse to protect their capital. you are making sure your downside is protected instead of swinging for the fences
3. arms length relationship w/ portcos: a lot of PE is managing various things at a company (e.g., building a management incentive program, figuring out what to do with the VP of Ops equity (he’s been a good employee for 20 years but the business has outgrown him), our insurance carrier is denying our enormous claim, etc.). if you prefer focusing on transactions vs. getting in the nitty gritty at companies, private credit could he a better fit
4. flexibility: many PE funds because of their mandate are going to be more limited in what they can do with structure (e.g., can only take majority positions, can’t go above preferred equity in the cap stack, deals have to be structured equity, whatever) and if the equity thesis isn’t strong enough you're not doing the deal. with credit there are, generally, lot more options → you can move down the cap stack, you can put tighter covenants, you can use warrants or convertible debt, and if it comes to it you can take them to court. also, there’s a nice band of “will give the sponsor a 1.1x times return but will be able to service their debt.” it’s a lot safer diligencing potential downside vs. praying for a rocket ship.