How are Merchant Banking salaries compared to those in IBD in London?

I am in the process for a Merchant Banking position in a well-renown firm in London. The role it is similar to Private Equity, but instead of investing in equities, the team provides debt solutions to private companies (PIK notes, Mezzanine debt...).

I have realised that in this forum we talk a lot about IBD, but we never talk about Merchant Banking divisions (Some banks called them Investment Managements Divisions). I would like to know a little bit more about how is the pay, the workload and the exit opportunities in MBD.

Until know I have hear very contradictory opinions regarding Merchant Banking, some people say is shit, but some people say that working in MBS is even better than working in IBD.

I would appreciate any insight from people who have worked in Merchant Banking.