LevFin vs Rx for Special Sits and Private Credit Exits
All, haven't been able to find many data points and am wondering if anybody can share some color on exits from a levfin group vs rx group into distressed / special sits and DL roles. Am assuming here this is a levfin group that sits within IBD and has a banking orientation with strong technical development versus the purely capital markets focused levfin groups.
Would consider a top exit into a shop that invests across the cap stack - would I be better off coming from Rx or levfin group to achieve this? Is there an inflection point where a top levfin group is better than a lower tier rx group? Does levfin have a better shot at DL and Rx have a better shot at Distressed or some similar propensity? Appreciate any thoughts or data points you can share.
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I think people will generally give more credit to an RX background. From RX you can easily recruit into direct lending, but it would not be as easy to go from LevFin to distressed (not impossible by any means, though). I'm not saying that perception necessarily right in every case, but all else being equal rx situations tend to be more complex/unique/faster moving than LevFin.
For firms of similar caliber, I'd take the RX seat any day of the week. Get's a bit tougher when you're talking about a top tier LevFin shop vs. mediocre RX. You'd really have to evaluate it on a case by case basis. I'd take JPM LevFin over Rothschild RX, for example. Would recommend shooting for both and seeing what you can land. There should be a lot of overlap in prep at the summer analyst/analyst level anyways.
Well where do you have offers from? It really depends on which banks. Also, I'm assuming you're referring to Associate level, considering youre a An2?
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