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You'll have a hard time going to distressed funds from a MM PC fund if it's vanilla DL. If you've had exposure to distress / opportunistic, then I'd say you have a better shot.
In my experience it's easier to move up market on the credit side than equity. Have seen people make the move from MM to MF under a similar strategy.
Distressed / special sits would probably depend on where in the cap structure the MM was focused. I've seen people make the move from junior debt funds that had experience with hairier deals. Directly working through restructurings / takeovers helpful too. As the other poster mentioned, tougher sell from a vanilla DL seat. Have also seen PE exits but usually with a step down in general fund size (MM to LMM).
So typical path is two year IB + one year MM PC + MF PC?
I wouldn't say that's the "typical" path but it's certainly more common in credit compared to the equity side in my experience. The typical path is probably to move between firms within the MM PC space, just given that is where the majority of seats are. But what you laid out would be a good outline for the move from MM to MF, with maybe an extra year at the MM.
MM PC hiring out of undergrad is becoming more common as well for what that's worth.
HPS depending on the group (ie; not their senior loan group) is a better seat than DL at BX or Apollo.
Is the pay for associate 1 at HPS better than BX? I heard BX is paying 325k for A1
I'm not sure on that, but HPS does more special sits like deals than Blackstone direct lending so when recruiting for distressed credit HFs its an advantage.
Does anyone have numbers on HPS or BX?
Anywhere
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