Curious as to others opinions and the community’s consensus but is it possible to move from a direct lending/mezz shop like a Ares, Golub, Varagon, PennantPark, Maranon, or THL credit that can invest up and down the capital structure to a special situations or distressed debt fund?
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The more complicated the deals you work on at a direct lending/mezzanine shops the more valuable you will become to special situations and distressed debt fund. Definitely doable.
definitely doable
Bump
I have seen this happen in one case. So it's doable, but rare.
Going from Mezz to LevFin/Restructuring banking, and then to Distressed/SS funds could be another option, if you can't do it directly. I know of someone who started in DCM, went to LevFin, and then went to a top distressed fund.
Bump has anyone seen this happen and is this a common exit opp for more traditional private credit professionals?
This will depend on your experience at the fund. Most of these private credit managers have dedicated workout / restructuring teams so if you work a bunch on those matters, you will be alot more attractive vs. just underwriting L+425 1L loans.
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