Which path to private credit?
Looking for some thoughts on my situation.
I currently work in underwriting and portfolio management, covering leveraged loans at a small firm. My end goal is to work for a strong private credit fund focusing on first lien/unitrache sponsor backed financings.
I am interviewing with a couple well-known (but non-BB) banks with their sponsor finance teams. My understanding is that in these roles I would be doing essentially the same work I would at a private credit fund just on deals with lower risk profiles or in some cases partnering with non-bank funds for synthetic 2nd-liens, last out facilities, etc. But largely similar work at the associate level such as owning data room, modeling, first draft on memos, port. mgmt., etc.
I'm also interviewing with a MF for a liquid credit role pretty similar to what I am doing now.
If I accepted any of these roles, it would be with the intention of eventually moving to a strong non-bank private credit platform. My gut tells me that I would be better off working one of the sponsor finance roles and getting relevant experience and continuing to build my credit skillset. I also think that it would also be an easier sell down the road, rather than staying in liquid credit longer, but honestly don't know. That said, comp at the MF would be significantly higher (like $75-100K) and brand recognition would be stronger, which coming from a shop no one has ever heard of has a certain appeal. I would hope I could make up the comp difference down the line but right now in my mid-20s it obviously seems like potentially giving up a lot.
This is a little premature since I'm still in process with all the firms and have no offers but thought it would be nice to sanity check my train of though before I overthink this to death. Given my end-goal, which of these paths do you think would be the better option (obviously assuming offers are extended)? Thanks in advance.
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