Switching from Private Equity to Private Credit?
I haven't seen much info on the site about associates in PE who have made the switch from PE to PC. I am currently a senior associate (3rd year) at a MM PE firm, and previously worked in the M&A group of an BB. Have been a top performer every year, and have the opportunity to come back post business school.
I've decided that the grind of making partner isn't for me so want to get out of PE, but also don't want to give up too much of my compensation by switching to Corp. Dev. / start-up.
PC seems to be a good middle-ground. Unfortunately have no friends in the industry and have no idea on what level I'd be joining as (with 5 years of experience), as well as expected comp.
Can anyone shed some insight on making this switch?
The the nature of understanding business models translates well. The mindset is different as your upside is limited to return of principal plus interest mainly (unless you are also doing warrants etc).
The governance is more limited and there isn’t really any portfolio management activities. Unless you are at a loan-to-own type shop, you are unlikely to take the keys even if things go bad.
The other role you might want to consider are Fund of funds co-invest / co-underwrite teams or pension funds that have a similar mandate.
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