Private credit / direct lending
Private credit is lending to companies by investment funds rather than by banks. A direct lender agrees a loan with a company, often one owned by a private equity firm, and holds it until it is paid back, instead of selling pieces of it on to other investors the way a bank-arranged loan is sold.
Borrowers choose it because it is faster, more certain and more flexible than a loan that has to be sold on, and they pay a higher interest rate in return. The lenders are funds raised from pension funds, insurers and other institutions who want a steady income, and the market has grown quickly as banks have lent less to riskier companies.
Someone starting out studies whether a company can repay, looking at its cash flows, how much it already owes and what the loan agreement lets it do. They build the credit model, write the paper that goes to the investment committee, help negotiate the terms, and then watch the company's performance for the life of the loan.
Open jobs
| Job | Firm | Level | Stage | Posted |
|---|---|---|---|---|
| Private credit | Santander CIB | Associate | 3+ years | Yesterday Closes 14 Nov |
| Private credit |  Ardian | Off-cycle starts Dec 2026 | Second-to-last year at university or later | 6 days |
| Private credit · Direct lending |  Five Arrows (Rothschild & Co) | Off-cycle | Second-to-last year at university or later | 4 weeks |
| Private credit · Securitised products |  Nomura | Summer | Second-to-last year at university | 7 weeks Closes 31 Jan |
| Private credit |  Goldman Sachs | Off-cycle | Second-to-last year at university or later | 2 months |