I currently work in commercial banking and have been contemplating the switch to private credit / direct lending. Right now I’m struggling with where we are in the economic cycle as I feel private credit is less secure in downturns but would give me more career upside. Wondering if anyone else has dealt with a similar situation/has any advice?

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I’d disagree. In times of economic downtown, private credit/direct lending firms light up. They’re able to provide alternatives to traditional loans. Private credit shops have the ability to provide flexible loan terms more so their regular banks

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Depends on the firm & the underwriting. There’s a lot of great shops out there & the successful ones are the best at downside protection (ie if all else fails and everything goes wrong, what will my return be?)

While there’s risk in any investment, a lot of institutions are adopting private credit as an alternative to fixed income (stable/yield generating/able to tolerate more inflation).

Deal flow picks up during times of distress & volatility. Traditional banks are limited in the terms they can offer in loans. Direct lending/ private credit shops have the ability to offer more flexible terms and solitons to cash strapped businesses. A business that might not be eligible for a loan from a traditional source due to their financials will turn to private credit/ direct lending firms for exactly this reason. Private credit funds tend to perform best in economic downtowns/volatility

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