To folks in Private Credit, how often do you get to travel and meet clients/DD trips as a junior associate- particuarly in the MM space?
I understand that there is somewhat limited travel at the bigger places like Ares etc as most of the dilligence is based on extensive DD reports, but do let me know if this is not true!
Thanks :)
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Will vary from firm to firm. At my LMM-focused firm, the Analyst/Associates on a new deal will typically attend in-person management meetings. We don't always do in-person meetings and sometimes sponsors will limit attendees, but otherwise they will go. Frequency of travel therefore really depends on deal flow.
More common among smaller junior debt/mezz or larger SS shops with lean teams where diligence is more in-depth and granular (and return expectations are higher and investments are riskier) than larger senior secured DL places just looking for yield/to get as much capital out the door.
That makes sense. Juniors in the room are typically preferred in smaller or more hands-on stores so they can truly grasp the business. It appears that the structure and magnitude of the offer determine how much travel you get.
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