Associate at a CLO Fund moving to Direct Lending
First-time poster here. I an Associate at a small CLO fund (~$2bln in AUM) and my job responsibilities include screening new credit investment opportunities in the primary and secondary broadly syndicated leverage loan markets (non-investment grade), as well as managing my current portfolio of credits.** My question is would a move to a direct-lending position at a private debt fund (i.e. Ares, Golub) be a feasible / strong career move? What are exit opportunities for someone in my position?** Thanks in advance.
Comments (10)
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I sit near direct lending guys and have yet to ask them what they actually do at a credit fund I just joined.
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对于您职位的人来说，这将是一个好举动，尤其是当您像您上面提到的那样的大型商店（可能是可行的）时。直接贷款涉及到更多的繁重的工作，因为它需要更深入地深入研究所投资的每个名称，因为当然，与杠杆贷款市场不同，当然，这不是流动市场来退出风险。通常，如果您参加直接贷款协议，您将有机会与管理团队以及与管理团队一起有更多的一对一面对面时间PE赞助商比您是小型CLO经理。我有直接贷款工作的好友，并利用了该角色搬到PE或到达HF, direct lending is a great long-term opportunity.
As a research associate at a CLO shop, you likely have exit opportunities in the rest of the leveraged loan market (60% of LL market is CLOs) like Apollo or otherPEshops that also manage LL investments (but not forPEside of business), or moving to aHYmanager with LL & bond exposure.
Thanks for the response. A follow up to my initial question - Would I be in a better position compared to an Associate in Leveraged Finance for a direct lending role? Being on the buyside has its perks, but I would think that an Associate in LF would have more origination experience.
I think it really depends on how in depth your firm's process is when reviewing deals. If they do have a strong process and you are developing strong analysis skills within the leveraged loan market then you should have no problem competing with LF Associates. At the end of the day, you are investing in the same type of product, just different risk parameters.
到OP：
You are already more than qualified to get a direct lending job if you want one. Or, at least you are qualified to get a first round pretty easily.
不确定您的过程是什么样的，但是我们对新的联合贷款做了很多勤奋。几乎与我们在俱乐部交易中所做的事情相当Di强调。如果您只是考虑将直接贷款作为垫脚石，那么我会警告您没有必要。
Unless your current job/shop is terrible: just sit where you are, learn how to invest, read some books, manage a PA, look at as many deals as possible, and maybe get aCFA。您可以做这些事情，您将能够获得上面提到的任何工作，而无需触摸直接贷款。
不必担心与LEV FIN分析师/员工竞争。我还没有遇到一个对投资了解的知识的人。
大批
Thanks Cries. I'm just trying to gauge the prestige / potential exit opportunities (in the case I want to leave) of staying at my current credit shop vs. going to a direct lender.
我认为您的意思是“不像Golub或Ares那样享有声望”？如果是这样，是什么让您将Antares放置在其他两个下方？
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