PubFin IB → Private Credit? Advice

Hey all,

I’m a 2nd-year PubFin IB analyst (promotion pending), and I’ve been fascinated by the work I've done with structured bank products on tougher credits. I’d like to pivot into Private Credit—open to infra/real assets, specialty finance, or MM direct lending/loan syndication

For anyone who’s made a similar move:

  • What paths actually work from PubFin IB → PC?
  • What should I highlight on my resume, and what should I downplay?
  • What technical prep do PC teams expect?
  • Any recruiter or fund recs (NYC preferred, flexible)?

Thank you!

8 Comments
 

I’m in a CIB group that primarily exits to direct lending PC if you leave the bank and I’ve seen the following:

1. Heavily emphasize execution and underwriting
2. Amount of deals. Our industrials, fig, and energy groups have the most and have a lot of reps.
3. Most go to MM shops, I’m at a Truist/SMBC/BNP type bank

I definitely believe a PubFin analyst at a reputable bank could do it. Just adjust everything towards a credit centric viewpoint

 

Interesting, there are a lot of crossovers in our work with industrials, fig and 'utilities' / energy clients that I feel would be good ot leverage.

So MM shops would be the target here. 

 

Most definitely target MM shops. Most UMM ones I see it’s mostly people from LevFin, occasion odd group here and there. PC is still growing as an industry, all of these firms seem to be hiring lateral positions.

Just have to find out which specific segment, if I exit I’ll end up going direct lending most likely as it’s more relevant to my position

 
Most Helpful

Disregard the title - I started my career in public finance as a summer analyst/returned full-time, transitioned to M&A at a Big 4 Corporate Finance, then moved to a middle market direct lending fund (currently a director). 

  • Paths: my path was untraditional in that a year after I joined, our department got acquired and my team moved to the Big 4 Corporate Finance team under the leadership of my amazing managing director at that time who saw it as a business need. From there, I underwent traditional buyside recruiting and landed in my private credit role. This was back when private credit was in its infancy and competition a lot more scarce, but I'd say the path nowadays is to leverage connections within university/friends of friends, etc. in addition to going to the recruiter "gatekeepers". Private credit firms like us still uses a recruiter to find junior talent and you would be hard pressed to convince firms that your DBC modeling is relevant.
  • Resume: would try to highlight any work on debt service coverage, leverage, modeling that has been done, as well as stuff like strategic advisory work that you might be doing, M&A.
  • Technical prep: would leverage the WallStreetOasis prep work and understand at a basic level debt modeling (revolver mechanics, term loan amortization, etc.) and using assumptions to build forecast, but really the focus as is typical are working on deals, and how to think about downside risks when you are given a CIM.
  • Recruiter/fund recs: there are lots here that you can search for funds on pitchbook, a lot of people are raising funds these days, and recruiters are also discussed on these forums (my personal favorite is Odyssey Search Partners). 
 

Dolorem eos omnis natus quam. Cumque deleniti aut rerum quia adipisci. Et cumque quia modi laborum.

Career Advancement Opportunities

June 2026 Investment Banking

  • Evercore 01 99.4%
  • Moelis & Company 01 98.8%
  • JPMorgan 01 98.2%
  • Guggenheim Partners 01 97.7%
  • Morgan Stanley 07 97.1%

Overall Employee Satisfaction

June 2026 Investment Banking

  • Moelis & Company No 99.4%
  • Morgan Stanley 01 98.8%
  • Evercore 01 98.2%
  • BMO Capital Markets 12 97.6%
  • Banco Santander 01 97.1%

Professional Growth Opportunities

June 2026 Investment Banking

  • Moelis & Company No 99.4%
  • Evercore No 98.8%
  • Morgan Stanley 05 98.2%
  • JPMorgan No 97.7%
  • BMO Capital Markets 12 97.1%

Total Avg Compensation

June 2026 Investment Banking

  • Vice President (14) $434
  • Associates (43) $259
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (22) $179
  • Intern/Summer Associate (13) $156
  • 1st Year Analyst (75) $151
  • Intern/Summer Analyst (67) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
kanon's picture
kanon
99.0
3
BankonBanking's picture
BankonBanking
99.0
4
Secyh62's picture
Secyh62
99.0
5
DrApeman's picture
DrApeman
98.9
6
Betsy Massar's picture
Betsy Massar
98.9
7
GameTheory's picture
GameTheory
98.9
8
dosk17's picture
dosk17
98.9
9
CompBanker's picture
CompBanker
98.9
10
Jamoldo's picture
Jamoldo
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”