I'm a sophomore at a nontarget, I'm interested in hedge funds and PE. I have an opportunity to recruit for a private credit role for my junior year internship at a large shop through a connection. Can private credit analysts exit to PE and HF? Or is it usually an end goal. I don't want to pigeonhole myself into something this early in my career.
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Would say it depends on who the fund lends to and what the structure of their investments are. But generally, private credit is a very competitive space to get a job in and will have good ‘exits’ (many would consider it an exit already).
For example - if you’re doing LBO lending for PE acquisitions, PE is definitely a natural ‘lateral’ spot. PE firms will appreciate your ability to screen and understand a deal. It’s direct experience.
However, if you’re at a fund that focuses on lending against hard assets and doing more “complex commercial banking”, then the exits will be less clear. You’ll still be able to do IB/PE if you really want, but will need to understand the M&A process and study in your free time.
If you’re at a fund that does Mezz debt or Subordinated debt loans, or invests in those sorts of bonds/notes, then Hedge funds and PE firms would be a natural ‘lateral’. Notice I say lateral, because this is buyside, and these roles are pretty competitive in their own right. All you’re doing is changing the part of the capital structure you invest in (debt vs. hybrid securities vs. equity), or what sorts of investments you make (buying companies, minority investments, venture capital, loans for acquisitions, loans for general working capital, etc)
I work at a large PC fund. Most of the inbound from HHs are PC opportunities but I also get a decent number of PE and HF. I really only get MM/LMM PE so pay is lower than my current comp. I don’t know if it’s possible to make it to MF if that’s what you’re looking for. MFs and UMM PE usually only hire out of banking.
What about exiting to MF credit from a MM PC fund? Is it easy or very hard? Thinking direct lending.
I don't want to leave. My job here is cushy with very good hours and comp.
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