I think it will be quite difficult if you’re in more of a middle or back office role. If you want to do this, you’ll probably have to go smaller (boutique or regional firm) and find a role where your borrower relationships might be helpful. It’s generally pretty difficult to move from MO/BO roles to the front office in most areas of finance.

Finding your site extremely informative.

I’m late 20’s now and have about 3 years work experience working in the operational team as the Agent, administering the loans between Direct Lending/Private Equity firms and the borrower. We work with a lot of the firms mentioned in this article. I’m UK based and my uni grades weren’t great (young and naive at the time!).

What do you think the realistic chances are for me to make the switch to a PE or DL firm?

Thanks

No. You’re splitting hairs. Focus on performing well, getting a return offer, and interviewing successfully. By the time you win a PE offer or start in the role, you may not even want to do it anymore. “Prestige” seems important when you’re in university but becomes irrelevant after a few years.

It’s the same criteria you would need to get into the top EB/BB banks because the same types of people recruit for both roles: high GPA, top university, previous internships, good technical knowledge/deal experience, ability to talk to other humans without staring at your phone, etc. If you want to work at one of these funds, focus on summer internships at them because they will mostly hire summer interns for full-time roles. But you should also consider whether it’s in your best interest because going to a large bank after university still gives you broader options.

Thanks!

Thanks. Yes, private credit is somewhat overlooked. We did cover direct lending careers here: https://mergersandinquisitions.com/direct-lending/

Compensation is definitely lower than in traditional PE, but there may not be as wide a gap at the mega-funds / other large firms. You could probably get in from a current M&A role, assuming you have at least some exposure to debt-funded deals.

Any thoughts on Private Credit? I’ve generally seen this asset class gain traction with however less “hype” from students than PE. Any ideas on hours/comp e.g. in EU? How difficult is it to break in from a current M&A role?

Thanks