Private Credit Fund (alternative investments) Role?
I am working with a recruiter on private equity associate roles, come from corporate dev buy-side, they presented this role today and specifically mentioned they were interested in my background. The firm perform is focused on private credit and special opportunity investments:
Responsibilities include:
- Monitoring, surveillance, and management of existing portfolio positions
- Review performance of financial asset transactions versus covenants
- Perform ongoing financial analysis and liquidity assessment of corporate
investments - provide support during negotiations with borrowers for modifications
- Produce quarterly cash flow models for individual transactions
- Ensure timely receipt of reporting from borrowers and management teams
Is this a back office position? It seems weird to me this individual would not participate in executing transactions but mainly monitoring existing transactions. I also am not connecting the dots on why they would want someone with a corporate development buy-side background (transaction focused experience) to fill this role.
this is a portfolio manager role, you're not originating new transactions. You're monitoring existing positions and dealing with amendments/waivers on credit docs.
Makes sense, I think I was reading too much into them wanting a corp dev background (recruiter must be filled with BS, just trying to fill a role). I am not entirely sure how I could bring value to a team like that with my background.
Is this PIMCO?
No it's a smaller firm about 100 people, 3 offices, their work is mostly opportunity type investments/credit related/special situations.
I wouldn’t say BO. It’s a PM role and depends on the shop you might get some decent deal experience if you have an active account load (refi/recap/incremental/staple/etc.) Hours are usually decent and provide mobility to FO at some shops (I know Antares had quite a few PM move to deal team). From what I’ve heard pay vs deal team is like CB vs IB (similar base but lower bonus).
My 2 cents from what I have experienced on the underwriting side working with PM team. I think you should stick with Corp Dev role if you are deciding btw your current role and this opportunity. This is a PM role and unless you are on underwriting side, you will be bored out of your mind after a year into this role (def not as exciting as a corp dev role at an acquisitive platform). Also it is much tougher to transition to a execution role since literally you are competing with outside IB talent and internal PM talent.
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