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When it comes to full time recruiting banks dont get too hung up on what you’re group was over the summer. They understand that what you’re doing as an intern isn’t really all that important. But it really comes down to the story you spin. I’ve seen guys go from summer analysts at (not too sexy) debt groups to Lazard, HL Rx, Moelis, etc for full time. Also seen people go from more of the none IB type debt roles (ABS) to strong levfin groups. Problem with those DL shops (which are both strong firms) is that sends the message that you really are drawn to debt, whereas a debt group in IB can be spun as you’re drawn to IB and group placement is what it is for the summer sometimes.
I was also hoping the offer was with STRH. if it’s with fifth third ( no disrespect to them) I would alter my view towards one of the buyside shops.
I definitely agree that when it comes to full-time recruiting an IB internship would be easier to spin and leverage for a debt group at other banks. However, I am not completely sure what I want to do down the road. I know I want to be on the buy-side so the DL shops are very attractive. However, how are PE and the private debt shops different in terms of comp/hours/culture (assuming same experience/position) other than the obvious equity vs debt?
It’s going to vary a lot bc comp, lifestyle and deal experience vary a lot more on the buyside. The reality is there is a pretty big gap between Ares, Golub and Antares (kind of similar to comparing GS, Citi and BMO, respectively). Note, these are all great firms but they simply exist at different tiers.
Ares is the largest / most sophisticated DL https://www.bloomberg.com/news/articles/2018-10-18/ares-faces-onslaught…</a">(generated 14% annual returns since inception which is incredible) and will pay in line with or above most MM PE shops but below MF PE. Lifestyle overall will be better than IB and a lot of PE shops but not by a large margin. You can look at their BDC filings for an idea of their investment types (although I’d note that the BDC only represents a portion of their funds; they’ve also raised tens of billions of private funds with different mandates). The due diligence will be fairly close to traditional PE although obviously on the lighter side.
Golub is also a DL powerhouse and will be similar to Ares, just slightly watered down (pay will generally be lower than MM PE but still pretty solid). Work life balance will be a bit better since they don’t have the same obsession with doing PE level due diligence for all of their deals. They also tend to be more willing to give that extra 0.25x to 0.5x or leverage to a sponsor in order to win a competitive process (whereas Ares is more prone to develop a leverage read and hold fast to it given the level of analysis that went into determining the level).
Antares is also good but will be at the lower end of the spectrum for all the things discussed (pay, hours (in a good way), and super sexy deal flow).
Again, since Ares doesn’t do summer analysts for their DL group, is reiterate that starting out in IB would be your wisest choice (as long as it is a real IB (my apologies to fifth third)).