Origination Process at LMM/MM Private Credit Shops
How does it actually work for non-banked deals? Are banked deals inherently more competitive? I'm a BB IB analyst who wants to learn more about how origination actually flows day-to-day at LMM/MM shops (call it $10-100mm EBITDA range).
Few things I'm trying to understand:
- How much of your deal flow comes from sponsor relationships vs. direct/non-sponsor origination?
- For direct lending guys — how are you actually sourcing? Cold outreach, intermediaries (debt advisors?), referrals from other lenders who pass on deals outside their box?
- How much time as an associate/VP is actually spent on origination vs. just underwriting deals sponsors bring you? Or is there usually a separate business development team focused on this?
- Are there any shops that focus on doing non-sponsor/independent sponsor deals specifically?
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