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Credit IBD to Credit Asset Manager - move as Analyst or wait
Hi All, I am looking for some advice please. I am working in credit at a top IB for 1.5y and will be promoted to senior analyst soon. Got an offer for a mid tier credit asset manager that has great work life balance, hours are 9-7 and pay is ~ 25% higher than mine and bonus 100% Options: 1. Take the...
Potential convergence between pubic & private credit
Curious to get everyones thoughts on the potential convergence between public and private credit. While still early on, sort of evidenced to me by banks forming private credit trading operations, more deals shifting to private but starting to look more like syndicated deals in terms of origination,...
Joining a (credit) fund build-out at junior/mid-level?
Associate level at a large AM here. Spent my career so far supporting senior analysts, I have grown responsibility over time but don’t see a real career path upwards here given the scale and limited turnover. Started poking around at new opportunities and I have been reached out to by two...
CLO/Performing Credit at a Distressed/Credit Fund
Seems that a lot of legacy distressed/mutli-strat/private credit funds have built out well-established CLO platforms. A few questions about working at these relative to more traditional structures: How does coverage work? Seems like most have the teams in a separate silo of analysts that focus just...
WTF is the point of low amort structures in DL/PC/lev lending?
Why not just do interest only? Can someone explain to me the purpose/history or regulatory background of low amortization deals? Explain it to me like I am an idiot (which I am). 1% of even 2.5% per annum is not materially reducing the commitment and credit risk…so I simply don’t understand why...
Comparing smaller Credit/CLO funds?
Figured there would be more info on this forum. As some of you many know, there seems to be a lot of recruiting going on in credit right now, particularly in performing at smaller shops. I'm thinking about taking my next step to a smaller shop where theres more career upside and growth, and have...
What is a good range for an associate salary (CLO/CBO structuring) in a credit fund?
Currently going through recruiting with a couple of credit funds (think Ares / Bain / ICG/ KKR) in NYC for an associate role for their internal CLO/CBO structuring desk. Any thoughts on what comp should look like? Is 250-275 TC a good range? I have 4 years of rating agency experience and a...
Case Study in Credit Fund - no modelling?
Going for a 2nd round interview in a large liquid credit fund in a Tier 1 US city, and I was expecting some modelling,but looking at agenda it looks like it'll only be review of a CIM for 30mins + 1 hour credit assessment and and HR interview to conclude. Is this normal, doesn't look there's time...
Interview response timeline
How long does it usually take for a credit fund (AUM ~ 50bn, 500 employees) to get back after interviews. I've done 12 interviews with a credit fund in 3 stages the last stage being nearly a fortnight ago. The partner replied to my thank you email saying we'll be in touch 'in due course'. Should I...
HY outlook & recovery?
What are people's thoughts on the recovery path for the HY and LL markets (2021-2023). Are there still pockets of value? Keeping the question broad but would love to hear from those in the opportunistic credit space
Analyzing Credit Fund Investing Opportunities
Recently came across a role (missed the boat on the application) that was focused on credit fund investments throughout various strategies (private lending, distressed, special situations). The role entails investing in credit funds, meeting with fund managers, diligence on credit fund strategy,...
Leveraged loan investing?
I’m curious, how is the work at the junior level different in leveraged loan investing (buy side) vs levfin (sell side)? Are you still directly involved in the transaction process on the buyside? And finally, what would some exit opps be from doing lev loan investing at a relatively no name fund (
Corporate Development to Private Credit Fund?
Hi WSO , I currently have an offer for a corporate development role with a small [ ] group. They currently have Redacted The role will be involved in the whole m&a process including integration and also working on operational finance. Would this experience help me get into a private credit fund? I...
DDJ Capital Management - Brand/Exits/Investment Strategy
Hi guys, I recently came across DDJ Capital Management, an $8bn High Yield Opportunistic boutique fund near Boston that's been investing in HY since the 1990s, but it doesn't seem to get many mentions on WSO . Aside from the fact that they do some aggressive CCC bottoms-up investing, does anyone...
UK Private Debt Analyst - Concerns about becoming a generalist
Hi WSO , Background is as follows- 1st Class at Top UK University, Internship & Graduate scheme at same institution (large private debt business part of an insurance co. so not IB but well-known name on the buy-side) and now an analyst within their Private Debt arm (2 yrs out of university in...
Starwood
Anyone know of LBC Credit Partners, HQ is in Philadelphia. PE Debt Fund, mostly senior secured I think. Fairly large I believe in AUM and staff. Curious if anyone knows of their reputation in the market, culture, pay, advancement opps, etc.? Thanks in advance.
Melody Capital
Hey all, Has anyone in the industry heard of or known anything about Melody? Curious to know what perception is given they aren't a typical credit shop.
Private Credit Funds
Can anyone discuss their experience working at a private credit fund (senior loan fund, BDC, etc.)? In terms of exits, I've read that most people tend to stay in industry, but what other opportunities are possible with private credit investing experience?
How are LBOs for companies trading at 30X EBITDA financed?
I work in the lower middle market space (commercial and industrials) where companies typically trade for 6-7x LTM EBITDA . These deals are typically financed with 3-4 turns of senior debt, a turn of mezz, and the rest funded via equity. How are LBOs of tech or public companies that trade over 30x...
MM Lending -- Pay / Compensation / Lifestyle?
I'm currently looking at MM Lending opps within PE firms and it looks like there is a dearth of information on the strategy on WSO Can anyone that works in or around this strategy offer any insight on the career path?
6 months as a credit analyst and not enjoying the job - options?
I'm a first year analyst at a credit focused fund and after about 6 months on the job I can't say I'm really enjoying myself. I don't hate the job, but I've realized I'm just not really passionate about markets and I miss working on more transactional projects (I spent two years in banking before)....
direct lending vs. corporate banking
Hi All, this question may sound a bit stupid, but i was wondering what's the difference between direct lending and (potentially credit investment) and corporate banking? I'm in European and direct lending business is rising here to bridge the gap on bank's restrictions on lending. Many large PE has...
loan oriented fund?
I read tons of material on the variations of PE funds and HFs , but I've never seen something about a fund that invests in commercial loans? Like what I have in mind is (way oversimplified) raise a fund, invest in mortgages/non liquid debts. I'm sure someone somewhere does this, can anybody just...
How to Break Into a Credit Fund from BB Industry Group?
I'm an analyst at a top BB in an industry coverage group. My industry is fairly technical and we do all of our own modeling, so that's not an issue - however, I haven't had a chance to deal with too many distressed debt or similar situations. I'm very interested in working for a credit or distressed...
Credit Fund Recruiting Advice
Hi everyone, Anyone who has gone through the process, is there any advantage to waiting to recruit after this initial stage of madness is over? I know there are a bunch of funds that won't even look at analysts until their second year ( och-ziff, york, Brevan Howard , etc), or is this not wise...
Angel Island Capital / GGC
Can anyone provide info on the fund? (GGC's credit arm.) 1. Do they have a specific focus? (Bank, high-yield, mezz, distressed?) 2. I've done some Googling on their deals but can't find any -- anyone have color here? 3. Do they mainly provide the leverage for GGC's deals, or do they do a lot of...
Exit Opps for Entry Level Analyst/FX Trader
Hi all, I am just hoping someone can put this into perspective. I have the potential to get offered at a small Asset Management shop ($10bb
Credit Funds?
Hi, I was wondering if Credit Funds even recruit analysts out of undergrad (for FT), supposedly those who have experience in IBD specifically in the credit area i.e. lev fin? If so, would this primarily be through referrals?
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