Updated Views on private credit arms of top banks (GS, MS, JPM)?

Based on the most helpful WSO content, here's what you need to know:

Private Credit Arms of Top Banks (GS, MS, JPM)

• Goldman Sachs Asset Management (GSAM): GSAM is currently leading the pack with one of the largest direct lending (DL) funds ever raised recently. This indicates strong momentum and a significant market presence.
• Morgan Stanley (MS) and JPMorgan (JPM): These banks are considered laggards compared to GSAM but are likely expanding their practices to catch up.

Compensation (Comp)

• Junior and Mid-Levels: Historically, compensation at these levels was somewhat tied to banking and included a discount. However, given the soaring compensation levels at mega-funds (MF) and upper middle market (UMM) funds, it is likely that compensation has become more competitive and market-aligned.
• Scaling Up: As you move up the ranks, compensation typically scales significantly, reflecting increased responsibilities and performance metrics.

Work/Life Balance (WLB)

• Banker Lifestyle: The intense banker lifestyle often carries over to private credit arms of top banks. However, the work hours can be somewhat more manageable compared to traditional investment banking roles.
• Comparison to Other PC Funds: While the hours may still be demanding, they are generally chiller compared to other private credit funds, especially at smaller or less competitive firms.

Industry Perspectives

• Momentum: GSAM's recent large DL fund raise indicates strong momentum in the private credit space. MS and JPM are expected to follow suit, expanding their practices to remain competitive.
• Work Environment: The work environment in private credit arms of top banks can be intense, but there is a growing emphasis on balancing work and life, especially as the industry evolves.

For more detailed and updated insights, you might want to check the latest threads and discussions on WSO.

Sources: banker career/lifestyle....not all that great? worth it?, How do investment bankers handle long hours?, Banking vs. The Buy-side: 10.5 considerations, https://www.wallstreetoasis.com/forum/investment-banking/do-bankers-tend-to-over-exaggerate-hours?customgpt=1, What is corporate banking?