What makes a great credit investor? Key differences vs IB and PE

Coming from a traditional IB (M&A) background and having done a good amount of research on PE, I think I have a good understanding of what skills are valued for long-term careers in IB (relationship management, ability to sell) and PE (due diligence, running tight processes, navigating IC politics). However, I feel like that isn’t as clear to me in the credit space, especially with the common view that DL funds, and by extension DL investors, lack differentiation.

For those who have built careers in credit—whether in direct lending, special sits, liquid credit, or credit HFs—what are the key skills that separate top performers? How do they compare to the skills that matter most in IB and PE?

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