Hi everyone – recently received offers to join full time as an Analyst 1 at BX/GS private credit, as well as at GS/MS/JPM in a M&A coverage group.
I know this boils down to my long-term goals – would want to do MF PE or Hybrid / Opportunistic investing long-term (more junior than the currently direct-lending-focused private credit role I got the offer for). Which role would best set me up for that? Appreciate any input!
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To answer your question, Private Credit is widely regarded as being less prestigious than PE or IB. This is because the DD and financial analysis is a lot softer and less detailed and you maintain no actual control of the deal or process. It is generally heralded that Private Credit Associate's role in the deal hierarchy is as the investment banking associate's "bitch".
At the end of the day, writing 65% LTV unitranche senior secured lines for Sponsor acquisitions is hardly prestigious. That is why people will often call the lender team the private equity sponsor's "dog" or their "bitch" or say things like "man, the IB team just put the lender on a friggin leash and walked him around times square".
Generally, PC groups do not get the same type of "all-american", technically-strong, fresh-faced Analyts that top tier IBs or PE shops get either. You will be working with a much less moist and succulent Analyst class. It will not be uncommon to work with people who are technically strong but lack people skills or vice-versa. Occasionally you will get someone who has the technical skills and the soft skills but was born with cerebral palsy or something which made IB/PE untenable for them.
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