Creditor-side Rx (HL/PJT) vs. sponsor-focused levfin for a long-term private credit career?

Spoke to an A1 in LevFin at BB, saying he had an informal lateral offer to join a creditor-heavy Rx group. My personal end goal is private credit or a hybrid capital fund, and having watched the explosion of LMEs over the last couple of years, feels like understanding docs and how deals get unwound is going to matter more and more as these loan books age? 

The A1 I spoke to is hesitating because LevFin keeps him close to sponsors and origination, which seems to be where the direct lending shops recruit from + start over on learning curve, ie not sure how much of the Rx skill set (waterfalls, claims, LME structuring) actually shows up in underwriting performing credit versus being a "nice to have."

Anyone made the jump/now sits at a direct lender or a hybrid fund? Did your Rx or LevFin background give you a real edge in recruiting and on the job

Appreciate it


 

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