What does it take to succeed in Private Credit?
Hey Monkeys, there are a lot of posts on WSO that talk about what it takes to make it in IB/PE - would love to hear any thoughts on what skills/traits/etc. you've observed in those that make it to a senior level in PC. Conscious that this probably varies as you move up and down the cap structure/fund size/vanilla DL vs. SS etc.
Literally all you need to do is not invest in dumb things and be friends with debt advisors/cap markets teams at sponsors. Congrats you are a private credit MD
No way! So why are you not an MD
As it so happens making friends with a handful of people at a handful of firms is very difficult when there are a hundred direct lending firms with little differentiation in product.
Interning at a boutique PC shop (4-8 bn AUM) so take everything w a grain of salt.
Imo PC is all abt risk management. The most successful seniors ik are those who can look at the risk profile of each investment, and then think about that effectively within the scope of the larger portfolio. This is obvious, I know, but I feel like the most intelligent PMs I know are the ones who effectively do this.
Have a good relationship with Cap Markets / Debt Advisors and have good network in the PC industry
If it’s DL, lever the tits out of the Company and ask questions later.
Don't lose principal and make good relative value interest investments
...and Amend and Extend
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