Post-MBA RX -> Private Credit?
How difficult is it to move to private credit from a post-mba RX role? E.g. into a direct lending group in an investing or cap markets role.
I’m headed to an RX group post-mba (think HL/LAZ/EVR) and have been researching what kind of options are realistic if I ever want out of RX.
I know MBA IB associates cannot move to PE usually. However, I was curious if the credit side was more flexible with MBA associates and if there are certain roles to keep in mind. RX sample size is a lot smaller, so hoping for any anecdotal evidence from WSO’s finest.
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Very easily done. If you want a distressed / special sits role, also relatively easily done from a top tier restructuring Ibank as a post-MBA associate. Just make sure you don't end up in a workout seat if thats not what you want to do.
Thank you for the response, appreciate it! When you say workout, are you referring to workout groups within Banks? Also, do you mean there is less optionality once you enter that space?
Workout seats in private credit funds. Often times you will be funneled that way if you don't specify and PC restructurings are mostly out of court and in my opinion alot less interesting than restructuring IBD day to day.
Workout seat at a private credit firm may not be a step up coming from a Rx bank. Can elaborate more but 1) alignment / measurement of success - is you firm ok getting less than par and how will you be evaluated; 2) long term career path; 3) are you seen as driving value (obv you are, but different firms view it differently). Can be a thankless job at certain platforms. What will you do when troubled book is taken care off and they raise the next 3 funds. You really need to think long and hard about what it means for your career beyond the temptation of getting out of banking to something that is buyside on paper (referring to workout group and not new deals). Also the role will be different at smaller vs. medium vs. larger shops. My comments probably apply to small and medium shops. Don't k
And yes - you should be able to get looks at my direct lending firms. Highlight any financing work you do. And be vocal about why you want to do front-end deals vs restructuring / distressed. Easy to spin the story. Maybe GSO and Apollo don't line up but there are so many funds. You should network with firms and recruiters who cover the space. As long as you can do DD, modeling, know documentation and can think strategically - no reason why you can't come in. Beyond VP, you could get labelled a certain way but for A/SA just have to do the work to get interviews.
If it’s just associate to associate then pretty easy. Just need to know your stuff and honestly there’s a ton of spots
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