Private debt fund vs Public debt hedge fund
Ceteris paribus, would you rather join a private or public debt fund? I know that both private and public credit managers have many different strategies but work with me here.
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Also if you could explain your reasoning that would be helpful!
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Can't speak to the public side but private debt is mostly direct lending across the cap structure in various situations which is much more process and diligence/deal-oriented in the way PE is.
Find one that does both
Anyone else?
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I won’t stop bumping until someone bites
Private debt is way more stable of a job and probably gives you better underwriting experience since you are getting more information on the companies you underwrite. Would take private debt unless it was more than a 25% discount in comp.
Have done both a strictly private credit role and a role with both pockets of capital. If it’s truly public vs private and other things being equal I would take private. As the other user said I think you get much more of a deep dive on the actual credit work and would be more likely to be able to pick up the trading side if you moved to public in the future. Definitely a personal preference as well as I just prefer the more in depth structuring and transactional work on the private side.
Our shop does both, I prefer private. Can often get deeper into a company, management much more accessible, and you can negotiate structure/economics.
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