Career in UK Private Credit?
Recently attended a networking session at uni (London Tagret) and had the opportunity to talk to one of our alum working within Private Credit and was pretty intrigued by the nature of the work they do. I am still in the career exploration phase and haven't really decided what I want to do, but my alum did say that Private Credit takes in analysts right out of undergrad, so it does seem like a good career option. I was just curious to learn more about the industry and how it compares to IBD or Consulting in terms of exit opps. It would be really helpful if someone could provide some insight on the Private Credit scene in London in terms of top firms, comp, WLB etc.
PC is the exit opp.
While some PC firms take grads, there are probably fewer seats than PE, of which there are already very few seats. Heck the only places I know that take interns (not even grads) are Tikehau, Bain, and I think ICG? So while it's not impossible, I wouldn't bank on entering this out of undergrad, you're still probably going to need an IBD stint. Most people in PC were in Levfin IB or similar before. Pretty sure also that the internships prefer those who have IB experience anyway.
That's about as much as I know about it but wanted to clarify that point.
Firms with established internship programs where one can do PC;
-Barings (summer)
-Bain Credit (summer and offcycle)
-Blackstone (offcycle)
-Bridgepoint Credit (offcycle)
-Carlyle (offcycle)
-CVC Credit (summer and offcycle)
-MSIM (offcycle)
-GSAM (summer and offcycle)
-ICG (summer - SEO London)
-Oaktree (summer)
-Oak Hill (summer)
-Park Square (summer)
-Pemberton (summer)
-Tikehau (offycycle)
-GIC (summer)
Pemberton and Barings aside, all other places will require you to have some work experience, so it’s unlikely that a PC internship will be your first internship.
If you are keen on PC, the best play is probably to do a banking/debt related internship. Sponsors, levfin, levfin credit, and corporate banking would be the more relevant ones I think. More relevant for understanding debt - you can do any ib internship you want, you’ll get interviews with these places even if you interned in a sector team. Just not sure how much you’d learn about debt if you intern in a sector team.
Just adding on to this.
- MV Credit
- Macquarie Private Credit
- Any cap markets team at a sponsor (see the other side of PC)
Also thought Park Square only did FT analyst hiring?
Is this in London or US? Any chance of converting to full-time? How many of these funds offer analyst stints as opposed to only associate programmes?
Ardian too
Yes there’s more names - I just mentioned the ones that initially came to mind, didn’t say the list is an exhaustive list. There’s Hayfin and BlackRock private capital if you wanna count that too (and others I’m sure). Re sponsor capmarkets teams - not many that offer internships and the places like IK Partners and PAI Partners wouldn’t take someone without prior internships so point still stands.
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