Private Credit out of undergraduate?
Over the past few weeks I’ve become less excited/overall interested in securing a Junior summer in IB and more intrigued by the private credit space.
Is it a viable strategy to pivot my focus onto securing an internship in PC? I’m hesitant because of the lack of spots compared to IB. I know one or two Chicago shops that are planning on recruiting for 2024, but that’s it.
Should I just hunker down, secure an IB offer, and lateral over to PC later on or do I have a real shot at landing something now?
Antares Capital (and perhaps a few others) have internship roles and/or analyst roles directly out of college — not many others do from what I know.
Not anymore. Antares no longer provides internships (they changed this about 2-3 years ago).
CO 2020 was the last class. Decision was made before Covid iirc. Mostly because they found it easier to recruit out of big 4 than train up college grads and for them to leave in a year or two.
BC Partners has a private credit team in NY that hires both analysts and SA. Very Canadian dominant afaik (Queen's, UBC)
hi matthew
Bain Capital Credit has junior internship roles. Very difficult to land if not diversity, but offer rate is usually quite high (~80%) and it’s an excellent training platform. From what I’ve heard, the culture is very strong and the pay is excellent for first year analysts (~230k all in)
Similar across other PC arms at MFs such as KKR, BX, Carlyle, and I think PIMCO has private distressed credit roles for undergrads as well
When you say offer rate, do you mean conversions from SA -> FT?
Not OP but yes. Have heard this from BCC analysts as well. Collegial culture and flat hierarchy
Blackstone and BlackRock have private credit summer analyst roles
Ares also has SA positions within Credit for direct lending, liquid credit, and alternative credit
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