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.
Not accurate considering this is Europe and EBs aren’t as strong. Also entry level in PC would not pigeonhole you into it at large PE funds. Would take PC over EB if this is Europe and BB over PC at a strong group.
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