Looking for reference examples of PC case study decks (24–48 hr / 1 week format)

Based on the most helpful WSO content, here’s what you need to know about structuring and preparing a polished private credit case study deck for a 24–48 hour or 1-week take-home format:

1. Structure and Flow:

   • Executive Summary: Start with a concise overview of the opportunity, including the company, transaction type, and your recommendation (e.g., invest, pass, or conditional approval).
   • Business Overview: Provide a snapshot of the company, its industry, competitive positioning, value proposition, and stability across economic cycles.
   • Historical Financials: Highlight key metrics such as revenue, EBITDA, margins, and cash flow trends. Include observations on performance consistency and any red flags.
   • Forecast Financials: Present your projections, focusing on revenue growth, margin assumptions, and cash flow generation. Include a deleveraging profile if applicable.
   • Capital Structure and Terms: Outline the proposed structure, including seniority, leverage levels, interest rates, and covenants. Compare to market comps if possible.
   • Credit Metrics: Include leverage ratios, DSCR, and other relevant metrics. Sensitivity analyses (e.g., downside cases) are often expected.
   • Investment Thesis: Summarize why this is a good credit investment, focusing on recession resistance, recurring revenue, customer stickiness, and other key factors.
   • Risks and Mitigants: Identify potential risks (e.g., industry cyclicality, customer concentration) and how they are mitigated.
   • Recommendation: Conclude with a clear recommendation and rationale.

2. Level of Polish:

   • Use a clean, professional layout with consistent formatting and branding (if applicable).
   • Include charts, graphs, and tables to visually present financials and sensitivities.
   • Ensure the deck is concise but comprehensive, typically 5–10 slides for a 24–48 hour case and up to 20 slides for a 1-week case.

3. Additional Tips:

   • Review IC memos from firms like Golub Capital for inspiration. Their memos often include a 5–10 page summary with detailed analysis and stress tests.
   • Focus on clarity and logic in your recommendations. Be prepared to explain your assumptions and rationale during the presentation.

If you’re looking for specific examples, consider reaching out to peers or mentors in the industry who might be willing to share redacted versions. Additionally, practicing with publicly available BDC filings (e.g., Ares Capital Corporation, Golub Capital BDC) can help you benchmark your work.

Sources: Golub Capital type direct lending fund, Private Credit Case Study, My Path - MBA Banking Associate to PE, Case study interview for MBB consulting - 24 of my best tips on how to get in