Probably about the same difficulty as winning a standard PE role. So: doable if you act quickly enough and network extensively, but still challenging with a not-so-high success rate even if you’re at a top bank.

Potentially, yes. But I have to admit I haven’t seen many examples of that transition before.

I currently work in Big4 Valuation, focused in debt and derivative valuations.

My responsibilities are valuing various debt/equity securities from secured debt to preferred equity using a variety of models. How hard would it be to move to a Mezz Fund in, say, 2-3 years? Enough transferable skills? Thanks.

Potentially, yes, but it would probably be a stretch because neither one is known as a very technical role, and they may not think your university coursework is relevant.

Anything credit related, probably high-yield or distressed. But S&T roles are quite different, and they’re not ideal for getting into mezzanine in the first place.

I was wondering what the best desks (if any) in Sales and Trading are for exits to Mezzanine funds. I would think high yield credit but am curious on your thoughts. Thanks.

I don’t know if it’s a “slight discount” but I would be surprised if the bonus is only 10-20% of what you earn in normal PE. Yes, it’s possible to move into distressed investing later.

Thanks Brian! That’s certainly helpful. I thought private credit analyst pay will be around 10-20% bonus. Glad to know that it’s comparable to traditional PE compensation – at a slight discount.

Would it be possible to lateral into distressed PE or distressed HF down the road from credit mega fund such as Ares or GSO? Without banking experience? Appreciate your insights.