Did I screw up taking MF Credit?
Posting in IB forum for visibility.
Starting this summer at an MF credit platform (not Bain), mostly doing senior lending. Took this over a Top 3 BB and an EB so can't help but feel like I screwed myself here. Having second thoughts re LT optionality especially as I'm realizing I might be more interested in publics. Feel like a lot of the exits are laterals within PC (not even sure how feasible going down the cap stack is). Thought PC was interesting, but less certain now with my personal interest in publics + compression in fees/returns in PC.
Curious how people would think about these:
- How realistic is MF PC to L/S Equity? Can I count on HHs reaching out or is it gonna have to be self-directed with reaching out to HHs/funds directly? If so, any info on how to best approach HHs would be great
- Would trying to recruit for IB FT make any sense? Would assume top 3 BB would be a long shot, and not sure if going to a lower BB makes much sense from a brand name perspective. Also considering recruiting for pods but not sure how feasible these are
- If FT recruiting doesn't pan out, what's my next move? Will coming up with equity pitches and reaching out to PMs be a viable option?
What does the bull case for MF PC look like now if I end up staying?
Appreciate any thoughts from people who’ve been in a similar position
Public credit is always an option and shouldn’t be too hard of a sell from your background. FWIW I also started at a MF credit fund in a CLO role like Bain and I was clearing 200k my first year working 50-60 hrs and never once felt jealous of the IB guys I met at networking events. Actually felt pity for them working double my hours and getting paid less. Not a bad place to be but to each their own. I haven’t seen much credit to L/S equities
Thank you. What would the timeline to switch to public credit look like? Have heard the earlier I leave the private side the better. How can I make up for the potentially less rigorous training compared to the RX guys?
Also totally get the point on comp/hours; was one of the biggest pulls when I signed, but now I feel like I'm fine working more hours at this age for the optionality. Also suspect on future upside on earning potential, but PE isn't super attractive in that regard and I get that L/S equity has significantly higher volatility
I didn’t come from private but I’d look to leave within a year or two. Learn your docs, use all the resources you have like junior lawyers or more senior guys at work who can walk you through the basics. Not much to say other than self teach, the advantage you have (I think) is your ability to form a view and communicate that which seems obvious but have heard that is a criticism interviewing bankers.
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