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Bid Wars: Private Credit’s Talent Bidding Frenzy

Europe’s fundraising boom, Brookfield’s caution, UHNW & insurer inflows—and why firms are raiding corporate banks and quants for their next Associates.

Author

James Howl-Newton
June 20, 2025

📰 Welcome to career.credit
Happy Friday!

Markets may be catching their breath, but the race for capital—and for people—has never been tighter. Below we break down the week’s biggest moves, why Associates are suddenly the hottest commodity in finance, and where firms should look next for fresh talent.

🏦 This Week’s Private Credit Headlines

📈 Fundraising Rockets (Thanks, Europe)

Global private-credit fundraising jumped +60 % QoQ to $59 B in Q1 ’25. The kicker? Europe drove the entire surge with a record $31 B, while North America cooled for a second straight quarter. Returns lagged public markets—U.S. private credit did 8.3 % in ’24 vs. 8.7 % HY bonds—but insurers keep upping allocations. Expect more dry powder hunting mid-market yield.

🚩 Brookfield Slams the Brakes

Brookfield Wealth Solutions is paring its private-credit book after “overbid” deal flow crushed spreads and covenants. CEO Sachin Shah: “Yield’s gone, protections are thin.” While peers lean in, Brookfield’s retreat is a warning shot: too much money, not enough structure.

🏦 Super-Rich & Insurers Pile In

From family offices to P&C carriers, UHNWIs and insurers are vacuuming up private debt as they chase equity-like returns with (perceived) downside cover. Retail channels are opening too, adding still more capital to a crowded trade.

🧑‍💼 Career Insights: Associates Are the New Unicorns
We’ve never seen anything like it: top-tier Associates (3-5 YOE) are fielding 3–5 live opportunities simultaneously. Signing bonuses have crept down the ladder, and 20 %+ bumps are now table stakes for successful lateral moves. Speed plus a crisp story around execution experience are winning offers.

🧠 Deep Dive — Where Will Tomorrow’s Credit Pros Come From?

The Big Question: With every platform scaling, where can firms still find under-the-radar talent?

Source

Why It Works

Watch-outs

Corp-Bank Deal Teams

Built-in credit culture, used to LMM & non-sponsor deals—perfect for the surge in cash-flow revolvers and hidden-asset lending.

Need exposure to sponsor processes & faster credit memo cadence.

Leveraged Finance Analysts (Public-Side)

Modeling muscle plus market read—great feedstock for liquid credit desks.

Guard against “trader mindset” in long-hold portfolios.

Restructuring / Workout

Covenant math + downside playbook; valuable as terms loosen and defaults tick up.

May need coaching on origination & relationship management.

Data-Science Adjuncts

As platforms digitize underwriting, quants who can tag-team with deal folks are a force-multiplier.

Must learn credit judgment—can’t rely on the model alone.

Takeaway: Don’t limit searches to traditional sponsor-coverage and M&A resumes. The next Associate class may be sitting on a corporate floor two blocks away, structuring revolvers for a regional bank.

📊 Macro Moves Impacting Private Debt

  • Fed Holds (4.25 %–4.5 %) — Signals Two Cuts in 2025
    Higher-for-longer keeps coupons fat but could pinch new-money M&A and stress weaker borrowers.

  • Tariff Overhang
    New trade levies add cost uncertainty, a boon for covenant-lite headaches—and for lenders that price risk correctly.

💬 Final Thought
Capital keeps flooding in, but talent is the true choke point.
✔️ Act fast on A-players
✔️ Broaden the sourcing lens (corporate bankers are waiting in the wings)
✔️ Invest in tech that multiplies each seat’s impact

See you Tuesday for the big one… the Private Credit Compensation Report for 2025!