Special sits vs direct lending
Hi guys, just wanted to gather some datapoints to help make a career decision. Currently at a distressed fund (cross cap structure - senior debt, mezz, loan-to-own, pref equity, non control equity) and deciding between 3 offers - one in the special sits team of a MF and the other 2 in the direct lending team of other MFs. Background is that although my team has great dealflow / reputation, almost 70% of my time is spent on going back and forth between internal / LP reporting (especially given the complexity of our positions) and restructurings (lots of tedious calls with legal and tax teams - not as sexy as I thought it'd be). Even in live deals that we chase, the processes can run for months and often eventually turns boring or gets stopped in IC. The MF special sits team will be a good learning experience and great for more upside further in my career BUT I will need to keep slogging for another 2 years minimum. The direct lending team will allow me to look at more deals (with better likelihood of execution) and boost work-life balance, BUT exit opps will be weaker. I know most people would prefer being in special sits compared to direct lending, but there is something to be said for a less stressful life and more time to pursue side businesses (FOMO from many friends launching startups at crazy valuations) / pursuits. Has anyone been in a similar situation? Each person would have their own career aspirations / life goals, but just curious on how others have approached this. Thanks in advance.