Hi All - need your help on advice as I'm in between two offers right now:
1. Private Debt Shop - Direct Lender - 1L, 2L, Unitranche deals; sourcing, evaluating, structuring and executing transactions.
2. CLO Asset Manager/Co-mingled Funds - invests in Sr. Sec. Loans; would be evaluating deals in the leveraged finance market and executing transactions (buying paper of LBOs, M&A, etc.)
Both are associate level roles. The Private Debt shop opportunity is interesting and with a leader in the space. The CLO AM role is with a company that is not as well known in the space, but has a great investment committee and the pay is extremely competitive. Only thing is - IMO - if I were to take the CLO role I could pigeon hole myself into a career of buying up paper/loans, etc., and not really have an opp. to be flexible down the line. Not a bad gig. The Private Debt shop just seems more interesting as you'd be closely working with PE Sponsors and mgmt. teams. Curious as to what you'd take if you were in my shoes?
What are you looking at in terms of comp at both places? IMO you will have much more flexibility to move around at the DL firm as the structuring and execution of sponsor backed transactions is invaluable and a high desired skill. If the fund also does a deep dive on DD, you’ll gain even more exposure into different business models.
CLO AM - $100-120k base; bonus 80% Private Debt - $95-100k base; bonus 50-80%
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