PE vs. PC Exit
In a coverage group, and have been thinking more about an exit to private credit. Have worked on mostly financing / credit deals, and find the process to be more streamlined. Really don’t enjoy the unpredictably and long process timeline of M&A. Private credit has been on the rise and it might be good to get in early. Have seen most associates come from LevFin and DCM. Would it be difficult to transition from a coverage group to private credit? And is it worth it compared to traditional private equity?
No not difficult at all - just make sure the relevant deals are listed on your resume and you’re prepared to talk about them through the lens of a credit investor vs an equity investor
Agree with above, not a difficult exit and agree with your thinking of good to get in early.
If you've been working on credit deals already, this seems like an easy move and your reasoning is pretty clear. Make sure those credit deals are highlighted on your resume in the right way, and maybe reach out to a few of the bigger HHs who send you stuff to see if they have someone who covers credit (assuming you don't want to or can't go internal, otherwise that route is even easier)
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