Private Credit Hours
Looking to move out of IB as I'm sick of the last min deal sprints/tight timelines and have been looking at Private Credit.
Heard conflicting info on hours at PC funds- some people say that the deal sprints are pretty common in PC, where hours pick up to IBD/PE levels. Have also heard that you don't have time to do porfolio work during deals and this starts to leak into weekends....
How true is this? How do hours at top PC funds compare vs MM?
Would love to hear from some people already in PC (who moved for better WLB) and how they are finding it :)
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At a very active PC firm. The hours are generally 12-14 hour days for our associates. Our firm has a separate portfolio management team that handles the portfolio stuff, but you generally get roped in when things go sideways. There shouldn’t be a lot of last min jam jobs when compared to IB but there are some instances where we need to get a commitment in days.
Do you guys get a lot of works over the weekends?
Unfortunately yes, and it seems like a good chunk of our juniors are logged in on Sundays typically. But def not a full day.
Ignore the title. Weekend work varies. At my firm, associates handle both portfolio management and underwriting, with IC meetings on Monday (God knows why we chose Monday). If you get jammed with a memo on Friday or if a sponsor decides to drop the model, third-party work, or answers to your due diligence questions on Friday at 4 pm, then unfortunately, you'll likely be working over the weekend to update the memo for Monday or because your MD/Originator wants to go to IC with an updated memo. On the portfolio management side, you may be working weekends to update materials for portfolio reviews or just to catch up on your PM tasks.
Is the PM team front or middle office? How’s comp?
The PM team is mid office and the backgrounds reflect it (eg credit risk at banks / corporate banking etc). Comp is lower (similar to like IB versus CB) at my firm but a lot of the PM folks do end up being underwriters over time at the junior level.
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