Rx advisory from buyside?
Career question:
I have worked on the buy-side for seven-years at a number of different credit shops (all respectable, but different, think large mutual fund, alternative credit shops, and CLOs platforms). Current shop is a credit platform with 50/50 of my responsibility being performing/distressed investing. Long-term my goal is to transition to a top tier pure-play distress manager with PE style capital (i.e., SVP, Oaktree, Davidson Kempner, Angelo Gordon, etc.). I know hard to do. My undergrad is non-target, and I joined my first credit firm right out of undergrad. I need to leave current shop within a year (I cannot provide further info here).
I have several offers at what I would consider tier two restructuring advisory firms (e.g., Ducera / Jefferies / PWP / Guggenheim / Greenhill / Centerview). I would come in as an Associate or VP depending on the shop. I do not have any offers for pure-play distress. I have not been able to get offers at top-tier advisory shops. Should I continue to slog and search for a pure-play distress role? Or will the advisory job benefit me after 2-year+ in my long-term career goal?
My general view is the advisory role could be beneficial to understand the bankruptcy process even further detail and create potential connections, etc. it is also a bird in the hand. I do not care so much about near-term compensation impacts. I am thinking five-years out here.
CNs: Long-term goal to do pure-play distress, seven-years buy-side experience, should I switch to restructuring advisory from alterative credit investing (50/50 performing/distress)?
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