Restructuring --> Direct Lending / Private Credit
First time poster--haven't been able to find substantial information on this subject so I figured I'd start a new thread. I'm wondering if anyone could provide some insight on the pivot from restructuring/distressed (IB) to the private credit/direct lending space.
Restructuring exit opps typically get mentioned in the SS/Distressed Credit context, but do analysts/associates get looks from private credit/DL shops as well? Although restructuring work is more transaction-based than typical LevFin deals, the overlap is noticeable, especially when engaged on a refinancing/recapitalization, DIP marketing, etc. Depending on the situation, RX bankers can spend substantial time reviewing indentures/credit agreements, modeling debt repayment scenarios, analyzing leverage/capacity, which I feel like would transfer well to the private credit world.
Also, is it correct to have a more bullish leaning view on the role of DL/private credit providers in the current regulatory environment going forward? Interested to hear some thoughts from people in the industry (outlook, day-to-day, lifestyle/pay) especially in the current credit cycle. Thanks.