M&A to Credit Investing

How often have you seen this move being made? For context - I’ve recently started in M&A IBD, but unsure on what the future looks like for me re: exits. I interned in a small credit fund that did a mix of direct lending / special situations / distressed and found it pretty interesting - early days but I think it would be more appealing vs. the sponsor work I’ve done so far. Conscious it’s a very different role as an investor but it’s the closest thing I’ll get as a litmus test as to whether PE is for me.