Recruiting at private credit shops?
Given how prevalent private credit is becoming as an exit opportunity from investment banking, how would one go about recruiting for private credit? Targeting names like PennantPark, Maranon, Comvest Credit, HIG Whitehorse, GSO, Ares, etc. Particularly firms that’s can invest across the capital structure.
Seems like private credit offers exposure to transactions at a high volume and offers an interesting investing experience especially if the firm has a loose mandate that allows it to invest cross-capital structure. What can one expect in experience / comp as they move up the ranks?
Bump, would also like to know more about the recruiting process/timeline
I know BainCap Credit hires off-cycle / ad-hoc, so I imagine a lot of these funds operate similarly.
and how is bain capital credit in general?
Any idea of which HH they use?
bump
Depends on your background. Generally speaking though, most firms use the same headhunters as most PE processes. For example the firms you mentioned above use HSP, CPI, and Amity. GSO is handled mostly internally through recruiting. For HIG Whitehorse, GoBuyside handled their recruiting. I think their process is like a modeling test and then a super day in the spring. That being said I totally botched the modeling test and somehow still made the super day so I’m not sure how important the modeling test is there
How much experience do you think one would need before trying to go for a role like this either directly or through one of the HH? Like is it expected to create the gobuyside account immediately after starting FT and look for something 2 years out or like wait 1/2 years? I'm in a distressed role but I don't know how long I should stay before looking for an off cycle exit
Depends on the firm. The mega funds typically will do processes similar to pe where hiring is done a year to a year and a half in advance. That being said many firms also hire off cycle. The answer to your question is whenever you feel ready for interviews. Once you’re ready, feel free to go and apply, but I would encourage you to have some deal experience first. I’m biased though and am incredibly against the current recruiting system for many firms of hiring right off the desk since it kills diversity.
If you’re in distressed, I’d say keep your head down at least for the next six months as this is going to be an awesome opportunity to lean in and learn. Opportunity on the other side will always be there but the opportunity to work at a distressed shop during a crisis only comes once a decade
Bump
PC is certainly becoming a very hot exit opp given close to/same comp as PE with much better WLB… Even bond giants like PIMCO are growing their private credit teams exponentially (I think $18B to $33B in the past 18 months).
bump
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