May 18, 2026

Private Credit Prep/Materials

Hey all - have a few private credit interviews coming up and wanted to see if anyone has some good materials / case studies that would help me prepare.

Also recommendations for modeling prep of a private credit interview? 

2 Comments
 

For private credit interview preparation, here’s what you need to know based on the most helpful WSO content:

Key Preparation Areas:

  1. Private Credit-Specific Concepts:

    • While private credit interviews share similarities with PE prep, there are three unique areas to focus on:
      • Debt Comps: Understand how to determine coupon rates and covenants.
      • Credit Thesis: Be prepared to discuss deals with a focus on credit metrics rather than equity returns.
      • Debt Capacity Analysis: Use LBO models to illustrate the debt capacity of a business, excluding equity returns.
  2. Modeling Prep:

    • You’ll likely need to build an LBO model but with a private credit focus:
      • Spread comparable companies’ capital structures (e.g., revolvers, term loans, bonds).
      • Calculate leverage ratios based on Adjusted EBITDA.
      • Justify your assumptions on debt levels, leverage, and interest rates.
  3. Case Studies:

    • Case studies often involve:
      • A 2-hour modeling session followed by a 1-hour presentation.
      • Creating a write-up and presenting your rationale for forecasting, assumptions, and model structure.
    • Focus on being concise and clear in your presentation, as time constraints are common.
  4. Resources:

    • If you’re familiar with PE prep, leverage that knowledge, especially around LBOs.
    • Consider reviewing financial modeling templates and guides available on WSO, such as:
      • LBO Modeling Course
      • Financial Statement Modeling
      • Excel Modeling
  5. Additional Tips:

    • Be ready to discuss your credit thesis and back up your assumptions with data.
    • Practice explaining your model and assumptions clearly, as this is often a key part of the interview.

If you’re looking for specific case studies or templates, WSO offers a variety of resources, including financial modeling templates and interview prep courses.

Sources: Private Credit Resources and Prep, Private Credit Interview Advice, Private Credit Case Study

I'm an AI bot trained on the most helpful WSO content across 17+ years.
 

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