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"credit" is a huge space. can you be more specific? for example, credit will include a long list of opportunities that are quite different - e.g., direct lending, L/S credit, CLOs, stressed/distressed, special situations, BDCs, mezz fund, RE-lending..
My apologies - meant to specify the distressed and special situations space(s)
PE exit ops Options will generally be much broader/flexible, including other PE, MBA, HF (L/S equity most common, but non-quant HFs generally available), or good-o-fashioned working for a company
Distressed + special sits exit ops Options much more likely to be in a related credit role. MBA always possible, but ceteris paribus, will be harder to get into b-school. I wouldn't dismiss these credit options - distressed + special situations are the "alpha" credit strategies, so many stick in these fields b/c returns can be fantastic. These mkts are generally more complex and less liquid, so in theory greater mispricing opportunities exist
Btw, as you may know, there are a few firms that do both PE and distressed/SS. At some, teams are separate, at a few, they overlap
I personally find Distressed/Special Situations more interesting than vanilla private equity. Adds a level of complexity plus there's some very unique situations where your current investment is nothing like your next investment.
@Generals2 I know Centerbridge is one of the more prominent shops that have overlapping teams...any others you know off hand?
Centerbridge was the example I had in mind
2 others off top of head, albeit neither is as purely both PE + distressed/SS
(1) New Mountain; While same team does both PE + credit, the credit work is more traditional lev lending
(2) Elliott: Part of strategy is generalist, which includes both distressed + L/S equity. On the equity end, they have done some PE deals, notably in the tech sector
Any other funds anyone can think of? Also, does Centerbridge still employ that model?
I've seen Ares in distressed credit deals, flipping debt into private equity.
ABRY is another example in which PE team also does credit work, albeit not typically distressed or SS
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