I'm currently working for a private debt fund focusing on senior secured debt (analyst with two years of experience). I am curious would there still be a chance for me to join the EB/ BB LevFin? It feels like I did make a mistake back in the time as the compensation is significantly lower than IB peers...The fund is still very young, and it's backed by a group of reputable institutions (the significant investors have a > 1tn combined AuM).
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is it Prudential Private Capital?
LevFin and direct lending is an incredibly similar job. biggest differences being that you'll have to learn the ratings / syndication process and all the materials and nuance that go along with that.
Thank you!I concerning about how worthy my experience is, like the deal's size/ targeted company and the capital structure are fundamentally different.We are focusing on mid-market companies, and the ticket size is up to 250m... Typically, We provide unitranche, and the bank provides SSPCF while LevFin do deals from senior to subordinated loans (or partner with credit opportunities fund for 2L).
Bump
Have you thought about lateraling to a different direct lender or junior debt provider who might pay better (salaries have gone up considerably and you can look at the odyssey search partners newsletter with credit salaries that they publish)? Most people are not trying to go the direction you are going (not saying don't do it) but I would imagine it should be pretty easy fit given how similar of a job they are. You might also want to consider work life balance on the increase in salary as well, and other shops might offer additional carry that makes up for the cash pay.
That's indeed a good solution.However, is my profile competitive enough compared to other applicants who have worked in IB?It seems like most of the leading shops or IB DL funds like MS/ GS/ DB/ or even HSBC are hot exits for IB
I would think so, everyone is looking for new employees and given your relevant experience I would think some shops would actually prefer a background like yours to someone from the sellside. Credit funds are not as focused on recruiting based on "prestige" as a comparable buyout fund would be but want to have someone with credit experience who could jump right in. It is quite common for people to hop between debt funds.
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