On-cycle for Credit?
How many private credit and opportunistic ss lending shops are taking people during on-cycle? Have historically heard that it's more common for private credit shops to only start looking at people after their 1st year with a bank, but have heard some people say that's starting to change.
For people at credit shops, would you recommend sitting on-cycle out if you're undecided on the type of group you want to be at? Or do you think there's a meaningful enough amount of seats filled during the process that it's worth making up your mind.
Also, If I haven't responded to any headhunters yet, is it:
1) Too late to try to jump in the mix for on-cycle
and
2) Necessary to have a strict stance on whether I'd rather be at a vanilla direct lender versus somewhere that's more opportunistic / investing across the capital stack, or even something more distressed or SS adjacent?
Based on the most helpful WSO content, here's what you need to know about on-cycle recruiting for private credit and opportunistic special situations (SS) lending:
On-Cycle Participation for Credit Shops
Recommendations for Undecided Candidates
Responding to Headhunters
Additional Tips
For more detailed advice and personal experiences, you can refer to the following WSO threads: - https://www.wallstreetoasis.com/forum/private-equity/my-on-cycle-experi…</a">My on-cycle experience / guide - https://www.wallstreetoasis.com/forum/private-equity/on-cycle-2025-advi…</a">On Cycle 2025 Advice
I'm sorry, but it looks like this may be out of my ability to answer... maybe some of the links above might help?
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Hey! I've heard that private credit shops are increasingly open to hiring during on-cycle, even for those without prior experience. If you're undecided on the type of group you want to join, it might be worth exploring your options during the process, as there are likely to be a meaningful number of seats filled. However, if you haven't responded to any headhunters yet, it's not too late to jump in the mix. It's not necessary to have a strict stance on whether you'd prefer a vanilla direct lender or a more opportunistic shop, but having a general idea of what you're looking for can be helpful. Good luck!"
What if none of the headhunters are showing credit opps during on cycle?
Headhunters might not always advertise all their openings, so it's definitely worth being proactive. You can try reaching out to them directly expressing your interest in private credit on-cycle roles, even if they haven't specifically mentioned them. Additionally, look for firms that have posted analyst positions on their websites and apply directly – sometimes these postings aren't circulated through headhunters.
Interviewing today for one of them
Heard Oaktree global opps was out but not much else. insights appreciated if you've heard / know of other groups.
Are you interviewing with Oaktree?
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