Sponsor Finance Credit Analyst -> MM Direct Lending?
Hi all,
I'm currently in a rotational credit analyst program at a $40B+ regional bank looking to eventually make my way to a MM Direct Lending shop. I've got the chance to rotate into our sponsor finance group, which provides the traditional bank financing for MM PE transactions. I was wondering if I could go directly from that role/group to a direct lending firm? I would be underwriting deals in the $5mm-$50mm range, and those are the same size of deals that I see some direct lending firms doing on a regular basis. I feel like it would be pretty applicable to a direct lending role, but I wanted to get some insight from some people in the industry.
Thanks!
Yes. This is about as applicable experience as you can get to DL besides maybe being in the Leveraged Finance (IB) group. Obviously the bigger/more well-known bank you're at the easier it will be to land at a DL shop, but in the meantime, I'd definitely recommended getting into this group at your bank. By far the most interesting and "hardest" (not really hard if you're half smart) deals you'll see at a bank.
Yes - know people from similar role at JPM who made the transition. Would imagine it's the same at large sponsor commercial banking platforms (CapOne, BMO, Webster, Key, etc.)
Jpm SFG?
JPM FSG* (financial sponsors group)
Do you have any insight into the syndicated finance group (SFG) and their placement into DL?
It’s possible - SFG is more like DCM for middle market / commercial bank markets, not as modeling intensive. You can spin anything well from that team, really up to you to make sure you have the modeling chops, credit skills, etc. that will hold up in an interview. You can get the deal experience required for your resume from that team for sure
Very applicable. Keep grinding and learning (deal story, thesis, merits, risk & mitigant) . Spend a year or so in this role and network with the DL side. Not a lot of hiring going on right now on the DL side but I am sure you will land something as activity picks up..
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