Interview Advice with CEO + Recent JVs between Private Credit & AM / Bank Firms

For your interview with the CEO and Senior PM, here's how to approach it based on the most helpful WSO content:

1. Structuring the Interview with the CEO

• Anchor the conversation around strategy and growth: Your idea to discuss the multi-year plan for the strategy is spot on. CEOs are typically focused on the big picture, so ask questions like:

  • "What is your vision for this strategy over the next 3-5 years, and how do you see it differentiating in a competitive private credit landscape?"
  • "What are the key milestones or metrics of success for this strategy in the short and long term?"
  • "How do you envision the team scaling as the strategy grows, and what role do you see this position playing in that growth?"

• Showcase your value: Highlight your experience in syndicated credit and your ability to build detailed credit memos. CEOs want to know how you can contribute to the firm's success. For example:

  • "Given my background in syndicated credit at megafund, I’ve developed a strong ability to assess credit risk and structure deals. How do you see this skill set aligning with the needs of this role and the broader strategy?"

• Discuss the JV dynamic: Since this opportunity is tied to a JV-like structure, ask thoughtful questions to demonstrate your understanding of the complexities:

  • "How do you see the partnership dynamics influencing underwriting decisions and deal execution?"
  • "What are the biggest risks you foresee in launching this strategy, and how is the firm preparing to mitigate them?"

2. Understanding JV Structures in Private Credit

• Risks to launch: JVs between asset managers and banks often face challenges like aligning incentives, navigating regulatory hurdles, and managing underwriting standards across two firms. Be prepared to discuss how you would approach these risks.
• Underwriting dynamics: Typically, underwriting in these partnerships involves collaboration between the two firms, with one often taking the lead. Ask:
  • "How are underwriting responsibilities divided between the two firms, and what role does the investment team play in ensuring alignment?"
• Career trajectory: Being early to a deal team can be highly advantageous, as it allows you to shape the strategy and build a track record. However, it also comes with risks, such as limited resources or unclear growth paths. Frame your questions to understand:
  • "What opportunities exist for the initial investment team to take on greater responsibilities as the strategy scales?"

3. Handling the Interview Dynamic

• Addressing the role and pay: Since the position is slightly junior to your qualifications, approach this delicately. Avoid bringing it up directly with the CEO during the first interview. Instead:

  • Focus on demonstrating your value and interest in the role.
  • If the interview goes well, follow up with HR or the hiring manager to discuss the possibility of adjusting the role or compensation. You could say:
    • "I’m very excited about the opportunity and the firm’s vision for this strategy. Given my background and experience, I’d love to explore how I can contribute at a level that maximizes my impact on the team and aligns with my career trajectory."

• Expressing commitment without entitlement: Show enthusiasm for the role while subtly hinting at your qualifications:

  • "I’m genuinely excited about the opportunity to join at this stage and contribute to building out the strategy. I’d love to understand how you see this role evolving as the team grows and the strategy matures."

4. Final Tips

• Prepare for CEO-level questions: CEOs often focus on cultural fit, leadership potential, and strategic thinking. Be ready to discuss:
  • Why you’re interested in private credit and this specific opportunity.
  • How you’ve handled challenges or taken initiative in your previous roles.
• Negotiate tactfully: If the CEO brings up compensation or role fit, you can respond with:
  • "I’m open to discussing how my background and skills can best align with the firm’s needs. I’m confident we can find a structure that works for both sides."

By focusing on strategy, showcasing your value, and tactfully addressing role concerns, you’ll position yourself as a strong candidate while leaving room for negotiation. Good luck!

Sources: Q&A: Managing Director at Large Global Asset Manager, Private Credit Interview Advice, Q&A: Strategy consultant leaving for private equity, Private Equity Interview Questions - 13 Topics to Know, How to break into Real Estate Private Equity (w/ 0 RE Knowledge)