Private Credit/DL Landscape

Hi Everyone, 

I'm going to be recruiting for Junior year internships and was really interested in the Private Credit/DL space. Was wondering if anyone could get a breakdown of the top firms Ares/Antares/MF Credit, comp, hours, culture and possibility exiting to an equity role down the line. 

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Comments (11)

  • Intern in IB - Gen
Nov 26, 2021 - 7:24pm

Well you need to find places that take SA. Off the top of my head, Anatares, BX, Ares, BlackRock, PIMCO, KKR do. Incoming SA at one of those shops and I'd imagine if you want to do PE its better to move sooner than later and maybe even lateral to IB depending what kind of PE role you're shooting for.  

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  • Analyst 3+ in IB - CB
Nov 28, 2021 - 4:41pm

Ares: strong. leads lots of deals, heard culture isn't terrible but definitely intense, pays well. Invests mainly in senior and uni with some 2L I think

Antares/Golub: extremely similar firms, along with ares these three agent at least 30-40% of deals I would guess. Very client focused, they provide very competitive pricing/economic to retain agencies and keep sponsors happy. All 1L and uni with equity coinvestments. Both have raised pay recently and are more in line with market now (Antares had historically been well under market). Have large capital markets groups that executed broadly syndicated deals. Hours aren't terrible (50-60) with limited weekend work 
 

NXT/Madison cap/Barings/Twinbrook: play in the smaller part of the market (Barings is bigger and prob the best of these), but I group these as the tier 2 guys behind the ones mentioned above. Pay is less. Don't know anything about culture but seems to be more conservative with risk

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  • Associate 2 in PE - Other
Nov 28, 2021 - 5:25pm

Insightful adding the below

HPS/Sixth Street/Oaktree: Will do a lot non-sponsor deals across capital structure with some really interesting structures. Comp is very slightly higher than GC/ORCC but will definitely get worked / meat grinders. 

  • Analyst 3+ in IB - CB
Nov 29, 2021 - 12:18am

I've heard mixed things on their hours. I know they have larger deal teams but their memos are longer as well. There's only so much work to be done on the less risky stuff (mainly to understanding business through data room, some customer calls, and clipping pages from the CIM) so it wouldn't make sense if they were doing anywhere close to IB hours 

Nov 30, 2021 - 10:52am

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