Debt fund WLB
I am currently working in non-bank agency lending, and I’m wondering if the hours at a debt fund would be significantly worse? I currently work probably 40-50 hours on an average week, but that’s definitely in waves of super busy weeks and super slow weeks. I’m mostly interested in distressed credit originations.
Based on the most helpful WSO content, hours at a debt fund can vary depending on the type of shop and the deals being worked on. Here's a breakdown:
General Hours at Debt Funds:
Distressed Credit Originations:
Comparison to Your Current Role:
If you're comfortable with occasional longer hours and enjoy the challenge of distressed credit originations, it could be a rewarding transition. However, be prepared for a more demanding schedule compared to your current role.
Sources: The Hours, Golub Capital type direct lending fund, 2017 Hedge Fund Report: 8 Key Takeaways, Debt Funds in Chicago, Q&A: Non-Bank Commercial Lending
Analyst at opportunistic debt fund. 55-75 on 99% of weak. Average weeks around 60-65.
Very manageable WLB for the most part.
60 hours is 9AM to 9PM Monday through Friday. So you can't really do much during the week right?
hilarious what people think of as manageable WLB
I worked mostly 8 to 5 most of the time as an underwriter. Once in a while, I work a bit on Sunday evening. When I was an underwriter, I had worked less than when I was an originator. So call it 45 hours.
When I transitioned to originator, due to market coverage and travel, I worked a lot longer. When I didnt travel, I work 8 to 6, usually have a dinner for work or just personal and almost always needed to connect again from 9 to 11 to catch up on emails or finsh up something that I was working on. Except Friday, I wrapped things up by 4-5 pm. I worked the majority of Sunday just to organize and prepare for the upcoming week, call it 5-6 hours on Sunday. When I traveled, I started the day at 8 and finished at midnight because of all the meals, coffee, drinks on top of trying to work in the evening. I traveled every 3-4 weeks for 2-4 days each trip. So roughly 55-65 hours when I didn't travel and 70-80 hours when I traveled.
Now I am still originating but also involved in fundraising and investor meetings. I travel every 2 weeks except from mid June to mid of September. Same schedule as above and I work every Sunday for the same 5-6 hours. I am done by 2-3 pm on Friday now though. I probably average 60-70 hours a week still.
More hours overall now, however, since I have a junior originator on every deal now, it feels less stressful to respond to everything on time and read every single thing. I am still very involved in origination. However, if I travel and I get a lawyer's comment on stuff late Thursday night, I won't need to sweat it and have the junior originator deal with it. I go to bed and off to the airport on Friday morning and monitor my phone/laptop and just go home to start the weekend.
Next level is running the team which will be little to none origination and just fundraising, investor meetings, and managing the team, guesstimate is same 60ish hours.
TLDR: 45 hours -> ~60 hours hours -> 60+ hours. Overall, hours are still long but less of the hectic last minutes stressful stuff and more time on the plane and travel. I don't have kid so it works fine right now but will need to find a way to adjust soon.
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