breaking into PE post liquid credit
question in the title - current liquid credit professional with industry expertise looking to break into a more PE oriented role at the VP level, without bschool transition. insight appreciated
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What sort of liquid credit do you trade? Are you primarily trading on the run, liquid HY and IG? Performing, stressed, or distressed? I don't think you'll be able to transition from straight liquid credit into PE...especially not at the VP level. Not only do you need to understand how to look at a deal from the perspective of the equity investor, you need to understand the nuance of transactions as well. If you trade event driven credit then you will have been exposed to transactions to an extent. Distressed credit, especially if you participate in committees or purchase debt with the intent of converting to equity, has a lot of parallels with PE but you will likely need to switch to private credit (mezz, special sits, cross cap. structure). Unfortunately it will be a very tough transition depending on your level and type of experience.
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