Credit Research to Private Debt / Direct Lending
Hi everyone,
I am currently working as a Credit Research analyst for a very large family office. We invest on global bonds industry generalist. We tend to invest mainly on investment grade and crossovers bonds, but we do some high yield on opportunistic basis. The analysis is fundamental-driven, relative value, focused on downside protection. I give bond recommendations to the fund portfolio managers.
While I do enjoy my job, I am thinking of moving to private debt / direct lending. I have noticed that many private debt jobs require M&A, strong valuation modelling skills or restructuring knowledge. Do you think the move is doable.
Background: I am from a top European b School. Working in London. Previously did a 6-month internship M&A at elite boutique, but as an intern I did not develop modelling skills (powerpoint monkey).
Any input much appreciated. thanks
are you referring to mezzanine debt funds, or plain vanilla senior secured abl, cash flow, or leveraged lending?
I meant direct lending: senior LBO debt, stretch senior and unitranche financing, subordinated debt such as mezzanine and PIK loans
Did you get any other answers ? I am also a Fixed Income Research Analyst with a focus on high yield bonds and interested for such a move as well.
Would love to hear also.
Can I ask you guys, why you’re contemplating this move?
Looking from outside, working in research should be more rewarding than corporate lending and there are some threads on this forum that talk about the progression being Credit analyst -> credit research analyst on sell-side-> credit research analyst on buy—side.
From your experience, is it still a viable career path?
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