Private Credit RX Groups
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I'd rank the experiences following as.
Junior levels: RX Banking > PC Workouts > RX consulting
Mid-senior levels: PC Workouts => RX Banking > RX consulting.
I used to work in one of these groups. You ultimately do more stressed amendments with 4-6 group clubs in PC Workouts vs. restructuring work which isn't as technical as RX Banking and work can be a bit less exciting. Exit options are better from RX Banking than PC Workouts and the training is likely better in RX Banking.
At the senior level PC workouts has a pretty good lifestyle, you get to negotiate most of the time, RX bankers and consultants do alot of the heavy lifting, and you still can play in interesting situations. You get control and autonomy that has often been earned from your time in RX banking.
Exit options from PC workout groups at namebrand places generally are similar to buckets to RX banking analysts on the distressed / special sits side except a sizeable minority of distressed firms won't interview and you don't have the same L/S and PE exit options.
Note this is specific to PC workout groups which the firms you list have separate from their distressed and opportunistic credit verticals. So if you are in the "portfolio management / restructuring group at Ares vs. the Special opps group", "special sits at Golub vs. Opportunistic Credit", "portfolio management / restructuring at Carlyle vs. their strategic partners or opportunistic group", "blackstone credit restructuring vs. blackstone tac opps / distressed / special opps". KKR restructuring vs. KKR Opportunities etc.
Exits from the latter portion of those firms are going to be different than the PC workout groups and generally are much better. Other firms may merge the two groups as well.
Other DD questions for the groups are (i) whether they do restructurings of the equity portfolio as debtors as well (ii) how often they are willing to put in money / what situations will they put in money (iii) how many assets they have the keys on and (iv) willingness to play in liability management transactions. Alot of groups vary on these points and this also has an effect on experience.
Thanks very much for the thorough response!
How easy/common to lateral from PC workouts (the “former”) to a distressed inv seat. Can imagine there may be pushback doing so internally but there’s surely a lot of skillset overlap that could be leveraged for external opps?
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