Private Placement Investment Shops Versus Credit Funds

How do you guys think of private placement investment shops shops like AIG or Prudential versus Private credit funds? Is there a difference? I'm assuming credit funds will take more strategic positions in buying secondary market paper that is distressed.

What is the pay difference for analyst/ ass. in corp. bank, private placements investment shops, and credit fund?

I'm assuming prestige/ competitiveness rank would be: credit fund, private placement shop, corp. banking.

What are the work life/ hours differences?

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