Does anyone have any insight into life in the cap markets team within a private equity firm? I understand the role will primarily be coordinating with banks / direct lenders on arranging debt financing and ongoing work with portfolio companies once the debt is in place (incrementals, repricings, amendments, reviewing financial reporting, lender questions, etc.). Is there much more to it than the debt side of things? Does anyone have any data points on things like compensation, work life balance, how interesting / strategic the work is, work autonomy, possible exit opps (I figure this is more of a career role and will have fewer exit opps than the investment team)? Is it much of a credit role (assessing credit investment highlights & risks) or is it more just comparing grids you get from potential lenders and going with the best terms? Anecdotally, it seems like once people get in these roles they stay there for a long time, for better or worse. Curious to hear from people in these exact seats now, PE investment team members, levfin banker and/or direct lenders. Thanks!
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Approximately the same fundamental tool-kit / function sitting on the other side of your LevFin desks at banks. Maybe it gets slightly more 'strategic' if there's a troubled portco that needs to refi or something but even then, deal team drives most of it. IMO not that compelling at a junior level. More interesting if you are senior enough in your banking LevFin life and can move over to be a senior / senior-ish person at the fund building their own cap markets function. Eventually becomes pretty relationship driven and that's a key function of the job.
Thanks for the input
Acqusitions analyst in REPE. Our deal team was about ~15 people and capital markets team was 2-3 people. There were no juniors on the capmarkets team. Their hours were def better than hours, as their role primarly centered around lender relationships and supporting us with securing best financing possible. Generally, their jobs seemed pretty chill compared to deal team. While they aren't as close to the underwriting as the deal team, these team members are critical and our internal investment process required a capmarkets team member on every deal that goes to IC.
Anecdotally, I worked on developing a few new strategies with our PMs and the strategic input of the capmarkets team was definitely value-add.
All-in, I'd say its a good job depending on what you're looking for. No clue what they got paid but they are definitely important members of the team and I presume their comp reflected that. For context, this was for the euro team (~$10bn AUM) of a global MF ($+100bn)
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