I haven't seen much from forums on BDCs/ direct lending roles and am looking to see if anyone has any insight in terms of working at these such as Golub, Ares, Antares, etc . Does anyone have any insight in the day to day working at the analyst/associate level. Do these roles have similarities to IB/Leveraged Finance in that you are actively modeling across the capital structure. does anyone have any insight into culture, hours, comp for these roles ? Whom would constitute as a good fit In these type of roles?
Appreciate the help-thanks
Also have a question:
How difficult would it be to get a role at a BDC coming from a Commercial Banking/ABL role at a BB (WF/BOA)?
Bump , any input ?
You're doing private equity-lite diligence in centralized deal team structures but for high single digits- low teens nominal returns (higher on a levered basis). Depending on the shop, hours will be brutal at the junior level. Deals can fall apart as you're tracking them with a PE firm in an auction. Pay mirrors that of ibanking if you had continued on as an associate with probably slightly better bonus. Generally the large ones take analysts from BB lev fin and not someone from ABL/commercial side, but obviously exceptions to everything.
Thanks for your post . Looking at LinkedIn for example it seems many come from either leveraged finance or a valuations position from a big4 or other elite Val shops , what is your view on coming in not from a typical bb leveraged finance role and from a top Val shop mostly handling leveraged loan type of modeling?
Appreciate your insight
@MidtownParkAve
I'd bet most of the guys coming from BB lev fin are on the deal side and guys coming from valuation backgrounds are not and doing more of the monitoring/valuation work after a deal is put on the books, as these loans (assets for the BDC) have to be marked to market in public filings. The deal guys will mostly handle the modeling and memo construction akin to what they did in banking. Not saying the valuation guys can't learn to be on the deal side, but a BDC will not be training you the way an investment bank will have trained you to give you the skill set needed to be at the junior level on the deal side.
Its actually in reverse the valuation guys do most of the modeling post deal to provide the mark for the asset.
Bump , can anyone confirm the above ? Or any additional color on Direct lending roles including culture/hours/comp/interview processes ?
Thanks
BDCs (Originally Posted: 04/13/2015)
Hello all,
I have a quick question to consult on valuation on BDCs (business development companies), and I was wondering how does one actually model out a BDC, i mean they are like a REIT but I am not quite sure how to value them, anyone care to enlighten me on this?
Thank you!
Do you have David Einhorn's phone number? Give him a call.
Haha I wish I had cause he did that brilliant short on Allied, now anyone with any idea?
Ad molestiae recusandae beatae reprehenderit error. Dolore facilis laborum occaecati eius non. Alias at dignissimos a rem illo. Mollitia sint qui velit ut repudiandae sed. Ipsa magni nulla doloremque aut temporibus id accusantium molestias.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...