IB M&A vs. Private credit PE

So after I finished my MSc last year I’ve been doing debt related internships, so far I’ve done one DCM internship in Amsterdam at a decent bank, then I was able to get an off-cycle internship in LevFin at a BB. I have now managed to get an internship offer at a large PE firm (c. €150bn AUM) in private credit, rotating between London and Frankfurt. I’m also offered an off-cycle internship at an EB in their M&A desk. Moreover my LevFin internship ends next month so I hope I’ve gotten the full time offer.

Moving to the buy side has always been the goal, of course. On the other hand, doing M&A now opens more opportunities albeit at a cost of more working hour and less comp (for now).

What do you think?

 

M&A at an EB will give you more career mobility. It will also set you up better for PE deals.

I’m in RX, and I’ve worked on LevFin deals as well, I think what you should think about here is whether you’re more interested in lending and analyzing companies from a risk perspective or a growth perspective. I’m a natural born pessimist, so I’ve always focused more on risk but that’s just me. PC at a fund like that will most likely make you focus on credit for the rest of your career (or take a serious cut moving from MF PC to MMPE). PC has good hours, and the comp is very accommodating.

 

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