Direct Lending to Mezz/Opportunistic

At a fund that invests across the capital structure from 1L to common equity and everything in between. Few notes:

1. There are far fewer opportunistic funds than there are direct lending funds. Like 10 from my experience. I don't know if any hire out of undergrad. If they do, the nooks and crannies of the internet have plenty of info to be dangerous and there are some good textbooks on opportunistic investing. 
2. Does your SA firm have an opportunistic strategy? If so, connect with these folks any way you can over the Summer. At end of summer, approach about a potential lateral into their group.
3. RX banking imo is the best way to position yourself if you can't break in immediately. 2-3 years as an RX analyst and you'll be primed for a opp/ mezz shop. Also a great way to get very familiar with credit docs early on. This path also leaves the door open for a retreat to direct lending later. Can do it after Associate years as well but you're pretty expensive.
   1. Note on dili: Since you are investing up and down the cap stack (and some of these firms offer operations or growth consulting services to portcos), you often think like an equity investor and diligence is heavy. Modeling is often as complex as you will see in PE world. Granted a small sample size, but I was downright disappointed in many of the modeling capabilities of the levfin/ DL kids we interviewed and I pray that was not a reflection of how their firm model deals out (we are talking Rev/GM/ EBITDA, walking to FCF, and calling it a day).
      1. Another point on this: Direct lending is purely a commodity at this point. I have seen that many of these folks don't do even do real modeling or diligence and their appetite to do a deal is based on LTV and IC's desire to put capital out at that point in time (so much group think across the DL industry regarding when/ where to put capital out, another story another time).

EDIT: Had a post thought: Worthy to ask how the fund sources its deals and what types of transactions they focus on. Know that if a mezz fund is focused on sponsor-backed transactions, the 2L and mezz market is on a lifeline again if not dead. After spending almost a decade in the space, when it comes to sponsor-backed junior debt deals, its a tough go. You are very expensive paper, you're competing against all-senior solutions with much lower cost of capital, the appetite for junior capital is often a reflection of tight capital markets so you may be investing into a tough environment, can't get much/ any fund level leverage, and you're stuck in a duration conundrum: If the deal outperforms out the gate, you're getting refi'd within 1-2 years and MOIC sucks. If the deal underperforms immediately, you're probably driving a workout process and likely going to be the fulcrum security in a RX or BK scenario. Unless they can prove they can 

Hope this helps