What are your thoughts about starting a career in opportunistic credit (higher yielding private credit) versus structured equity (non-control equity, potentially preferred)? Both seem to have grown in AUM after rates rose, but which asset class has the better long-term horizon? Would the work be more operational on the structured equity side?
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Most credit opportunities / special situations mandates will have the ability to do both opportunistic credit and structured equity. You likely will receive a board seat and have more governance in a structured equity position.
There is a ton of overlap between both. Structured equity is generally more interesting than pureplay credit.
Personally I think credit is super boring and kind of depressing. Even opportunistic is a bunch of 300 IQ guys fighting each other to the death to deliver 12.88% IRR.
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