On-Cycle PE from Private Credit
Just wondering how easy it is to make the switch during on-cycle. I know its generally not super easy at the associate level, but curious how easy it would be for a FT direct lending analyst at Ares, KKR Credit, BlackRock, Blackstone, Blue Owl, PIMCO Alts, etc,to recruit on-cycle for PE?
I'd imagine the skillset is similar to LevFin/Sponsors bankers if not better since you actually are investing in the debt rather than syndicating it out, but at the same time, it might seem like a weird path to the HH and your interviewers and perhaps training quality might seem worse? Curious on thoughts.
For reference, I do have an offer at one of the above mentioned shops but would like to do on-cycle for PE.
bump!
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I know people that have made the move. My biggest recommendation would be to do 1 year at your current shop and then recruit so that you have some deals on your resume you can intellectually speak about. Given the preponderance of buy side analyst programs, this is becoming a more and more common path out of school. You’ll have to be equipped with answers as to why you want to leave your current buyside gig, why equity vs credit, what makes you a better candidate than an IB analyst, etc. Make sure you can intellectually speak to both the equity and credit side of every deal listed on your resume.
Do you think it would be better to reach out to headhunters for on-cycle PE associate roles after the 1 year or trying to lateral to a PE analyst role?
Would recommend waiting the one year, because if you’re trying to lateral to a PE analyst position as a PE analyst already with 1 YOE, then they’ll look at you funny and scrutinize why you want to leave. Besides I think it’s worth getting 1 year of deal experience as it gives you the opportunity to demonstrate your investor acumen to PE firms.
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