Best Path to Private Credit?
I know that in the long term, I want to be at a senior focused direct lending fund. Just finished an internship at a MM bank and also know that I want to do an MBA at some point. I have no desire to be in IB, unless needed to get where I want to be. I'll be applying to and hopefully accepted at one of the T15 deferred MBA programs this spring. I'm at a major non target, so I don't think I'm going to be able to land at a direct lending firm right out of school, especially given timing. Question is if I do a F500 FLDP program or corp dev / corp strat before my MBA, will that set me up well to recruit for direct lending roles after my MBA, or would I be better off sweating it out for a couple years at the MM bank?
TL;DR: What is the best non-IB/PE, pre-MBA job to recruit for a direct lending role out of an T15 deferred MBA program?
I don’t think Corp dev or strategy is as conducive to DL as something more accounting or debt centric.
I would look into less prestigious lending analyst programs that you could use as a bridge to DL.
I’d very much recommend doing IB if you can. You’ll be viewed long term as much more desirable in the DL world (regardless of how long your IB stint is).
1. IB (whether LevFin, Sponsors, RX, or other. Usually the easiest way to get into private credit
2. Credit analyst at a bank or private credit shop (whether a small BDC, mezz shop, etc)
3. Commercial banking: have seen a few people get in from this field
At the end of the day you have to do something similar to what investors do at private credit shops, which is generally underwriting leveraged loans. Find a role that’s similar to that and it will help set you up. I don’t think working through a LDP, F500 company, or working in Corp dev and strat will help you get to private credit as they are very unrelated.
This is the most accurate advice. Even big 4 diligence or valuation would be better than F500. Corporate side has a reputation for being 40 hour/week slugs. So beyond skills, there is even doubt as to whether or not you're able to keep up with a tougher work environment or not.
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