Sep 20, 2022

Private Credit LP Role to Direct Investing Role

Hi all, I’m currently a senior in undergrad and just accepted a full time offer as an analyst at a private credit Fund of Fund / LP role with some co-investment and secondaries exposure. I interned on the team last summer and culture/wlb was great and I loved the team. Ultimately, however, I want to be in more of a direct investing role within private credit. I don’t want to recruit full time now and have to renege and ruin the relationships I’ve built, but definitely want to make the switch asap.

I just wanted to know if it would be feasible to make the switch directly from an LP role to something like an associate at a private credit shop, or would I have to take a stint in banking first to develop technical skills? Also would appreciate advice on when/how I should approach recruiting.

 

Would you say it’s easier to go directly from LP to GP, or would banking be the easier route? I think the main concern here for me is that I feel I might not be able to develop the technical skills a GP would look for, so IB may be helpful in that area.

 

If I go IB route, obviously LevFin would be ideal, but what about DCM or a coverage group?

 

In this industry, few things alter your odds of getting into a certain lane more than how you start things off. If you’re ultimate goal is to be in a direct credit investing role, you may be making it harder on yourself working at a fund of fund. I know it’s a lower risk decision because it’s an offer at hand, but unless this is what you want to do long-term, you may want to consider the implications. 

 

Omnis est voluptatem facere at adipisci distinctio quo. Quia repudiandae in dicta numquam.

Illum eum voluptas id neque accusantium nihil. Ipsam quia consequatur qui esse qui dolorem occaecati. Quas in culpa dolore occaecati aut harum. Quaerat rerum in enim enim porro unde. Voluptas harum nesciunt sunt omnis voluptas eum sint sit. Voluptatem iste a porro rerum consequatur iste velit. Architecto labore qui eos libero nihil aliquid.

Career Advancement Opportunities

May 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Perella Weinberg Partners New 98.9%
  • Lazard Freres 01 98.3%
  • Harris Williams & Co. 24 97.7%
  • Goldman Sachs 16 97.1%

Overall Employee Satisfaction

May 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.9%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 05 97.7%
  • Perella Weinberg Partners New 97.1%

Professional Growth Opportunities

May 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.9%
  • Perella Weinberg Partners 18 98.3%
  • Goldman Sachs 16 97.7%
  • Moelis & Company 06 97.1%

Total Avg Compensation

May 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (21) $373
  • Associates (91) $259
  • 3rd+ Year Analyst (14) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (68) $168
  • 1st Year Analyst (205) $159
  • Intern/Summer Analyst (148) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
CompBanker's picture
CompBanker
98.9
6
GameTheory's picture
GameTheory
98.9
7
kanon's picture
kanon
98.9
8
dosk17's picture
dosk17
98.9
9
bolo up's picture
bolo up
98.8
10
DrApeman's picture
DrApeman
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”