I’ve seen some insightful threads recently on the London private credit scene, but I’m hoping to understand some more firm-specific details.
Any info on the performance, culture (especially hours), pay (relative to street is fine), and any other details would be appreciated on the below firms/groups:
Blackstone/GSO
Schroders
Partners Group
and any other strong firms (special situations info also appreciated).
if there are trends like if PC groups of US MFs pay more than EU firms etc then that would be great to know. Hopefully compiling a mega thread of London PC will be helpful to many.
Cheers in advance!
Muff
@TitanBrit @PanEuropeanMonkey would be great to pick your brains on the region if possible
bump
For Bain cap: now it's divided in 2, credit (with liquid strategies, ie. CLOs and pull to par, and PC), and special sits (divided into Corporate / RE & NPL). The first one has decent returns, but work isn't that interesting from what I heard, but excellent culture. the SS has been underperforming (other than the vintage 19 fund which has bene doing ok), but it's a way more interesting job, in particular corporate ss, where you have a super flexible mandate (loan to own, stress, distress and growth capital, LBOs, LO public bonds and equities etc.). Heard few unpleasant things on the culture tho. Source: one of my best buds used to work in one of these team
That’s good info thanks. What are the hours like for each group for associates and VPs?
When my friend was there, PC/liquid 50/60 with max 70 in execution / around reporting date.. SS group longer
Not super familiar with the space (and less so when it comes to names in particular) but GSAM / Ares / GSO / HPS / Arcmont are the some of the bigger players in the space. In general they tend to pay more than other shops (US shops do vs. European shops). I think KKR has been growing quite a bit.
Do you happen to know if they are sweatshops or not and if they take MBAs?
I’ve heard that Ares is a sweathshop but how are the others? And thanks for the input mate!
Seems a bit of a broad topic but just a couple of points. (1) Yes US firms pay better than European's (2) Not sure why the list includes Schroders (unheard of in PC and irrelevant anyway) and PG (mostly followers to bigger funds). (3) List should def include Park Square, HIG Whitehorse, Bridgepoint Credit (fka EQT Credit) in the MM space and, as someone already mentioned, HPS, KKR and Apollo in the large cap space.
If any specific questions, happy to help (not gonna respond about culture / hours for all funds…)
Fair enough mate and thanks for the info. Could you give a broad statement about if GSAM and Apollo are as sweaty as their IB/PE group reputations?
GSAM is a vanilla direct lender, the people are actually standard PC. Apollo is really a bad place to be, but they pay way above average.
What would you say about the UK insurance companies doing private credit? This could be for their Annuity books or other purposes.
I work in one of the larger ones here in London. There are insurance regulations which restrict us going below BBB but we still deploy a large quantum in Infra, RE, SF, PP, DL, etc.
Sorry what’s the question? You work there so you know what the culture is…?
Hey mate, also any thoughts on if you need a European language in addition to English to recruit for these firms? I’m looking to recruit in the next year or 2 and it sounds like I might need to pick up French or another language to be competitive as a white male?
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