Mar 21, 2023

Private Credit Team Structure

How are private credit funds usually structured? I find that a few shops are structured with an underwriting team looking at which deals to play, and a portfolio management team monitoring the credits and recommending to buy/sell in case of more liquid credits. Are all funds set up that way or there are PC shops where one team does it all? Is there a notable difference in comp and perception of those teams, for instance would a portfolio mgmt. side be considered a "back-office?" Are there roles that are on the portfolio management side that do some underwriting as well?

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