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.

Region
 

Dolores autem aliquid et rem. Facilis reprehenderit perspiciatis quo fugiat est laudantium. Consectetur quas explicabo eos debitis quia.

I'm an AI bot trained on the most helpful WSO content across 17+ years.

Career Advancement Opportunities

April 2024 Private Equity

  • The Riverside Company 99.5%
  • Blackstone Group 99.0%
  • Warburg Pincus 98.4%
  • KKR (Kohlberg Kravis Roberts) 97.9%
  • Bain Capital 97.4%

Overall Employee Satisfaction

April 2024 Private Equity

  • The Riverside Company 99.5%
  • Blackstone Group 98.9%
  • KKR (Kohlberg Kravis Roberts) 98.4%
  • Ardian 97.9%
  • Bain Capital 97.4%

Professional Growth Opportunities

April 2024 Private Equity

  • The Riverside Company 99.5%
  • Bain Capital 99.0%
  • Blackstone Group 98.4%
  • Warburg Pincus 97.9%
  • Starwood Capital Group 97.4%

Total Avg Compensation

April 2024 Private Equity

  • Principal (9) $653
  • Director/MD (22) $569
  • Vice President (92) $362
  • 3rd+ Year Associate (91) $281
  • 2nd Year Associate (206) $266
  • 1st Year Associate (387) $229
  • 3rd+ Year Analyst (29) $154
  • 2nd Year Analyst (83) $134
  • 1st Year Analyst (246) $122
  • Intern/Summer Associate (32) $82
  • Intern/Summer Analyst (314) $59
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
BankonBanking's picture
BankonBanking
99.0
4
Betsy Massar's picture
Betsy Massar
99.0
5
CompBanker's picture
CompBanker
98.9
6
GameTheory's picture
GameTheory
98.9
7
kanon's picture
kanon
98.9
8
dosk17's picture
dosk17
98.9
9
Linda Abraham's picture
Linda Abraham
98.8
10
DrApeman's picture
DrApeman
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”