Credit + Equity

Based on the most helpful WSO content, finding funds that allow you to work across the capital stack (credit and equity) can be challenging, as many funds tend to have specialized silos. However, here are some actionable recommendations:

1. Headhunters Specializing in Generalist Mandates:

   • While many headhunters focus on specific silos, some firms like Ratio Advisors and CPI have been noted for their broader mandates. CPI, for instance, is known for covering a wide range of roles and may even test candidates with paper LBOs or case studies during intro meetings.
   • Ratio Advisors is particularly strong if you're interested in tech, VC, or growth investing but also has connections to buyout firms that may offer cross-capital stack exposure.

2. Networking and Direct Outreach:

   • Many WSO users emphasize the importance of networking directly with funds rather than relying solely on headhunters. Funds like Ares, Centerbridge, and THL have been mentioned as examples of firms with strategies that may align with your interests in credit and equity investing.
   • Use platforms like LinkedIn or alumni networks to connect with professionals at these firms and inquire about opportunities.

3. Targeting Specific Funds:

   • Look into funds that are known for their flexibility across the capital stack. Firms like Apollo (including Hybrid Value), Oaktree, and Silver Lake often have mandates that span credit and equity investments.
   • Middle-market private credit funds or firms with mezzanine strategies may also offer roles that allow for exposure to both credit and equity.

4. Headhunter Strategy:

   • If you're not finding headhunters advertising generalist roles, consider reaching out to them with a clear explanation of your preferences. Headhunters often tailor their searches based on candidate feedback and may have unadvertised mandates that fit your criteria.

By combining targeted networking with outreach to headhunters like CPI and Ratio Advisors, you can increase your chances of finding a role that aligns with your goal of working across the capital stack.

Sources: Transitioning from IB/ER to HF Series - Part 2: Where to Interview and Behaviorals, Private Equity vs Megafund Credit, 2022 Private Equity Headhunter Coverage, Can GCM analyst recruit for PE?, Best Headhunting Shops ?