Thoughts on HY Credit versus Private Credit?
Curious to hear peoples thoughts on a career in HY Public Credit (e.g., at an asset manager / mutual fund) versus private credit given the current market environment? Will HY go away in terms of a career? Is private credit overinflated? Can you go wrong with either one?
HY will not go away. I believe the total HY market is like 10x maybe more than private credit.
That said, private credit may provide a more transferable skillset as you're doing more than just credit work as its more transactional and team structured work. In private credit you won't own your investments like you would in HY, its much more part of a machine. Most terms are just market driven and your loosely just processing deals as they work through the system driven by originators and sponsor relationships. You don't get the ability to think of good ideas and make interesting secondary trades like you can in HY. The pros are you're not really subject to market to market nor market hours. If you really like the idea of owning your investments than HY is probably the better fit. But overall, the private credit market seems to offer a more diversified skill set and has more growth ahead. Either one is a good outcome, do a degree there is a lot of personal preference, but I do think from a more derisked holistic standpoint, the more transactional and team nature of private credit likely opens more doors later down the road if you want to / are forced out, relative to HY.
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