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Based on the most helpful WSO content, case studies for Asset-Based Finance (ABF) or Specialty Finance (SF) roles at buy-side funds like TPG typically focus on evaluating your ability to assess credit risk, structure deals, and analyze cash flows. While specific formats can vary, here are some common elements you might encounter:
Credit Analysis: You may be given a scenario involving a borrower or asset and asked to evaluate the creditworthiness. This could include reviewing financial statements, understanding collateral, and assessing repayment capacity.
Cash Flow Modeling: Expect to build or analyze a cash flow model. This could involve projecting revenues, expenses, and debt service coverage ratios (DSCR) to determine the feasibility of a deal.
Structuring a Deal: You might be asked to propose a financing structure, including terms like interest rates, covenants, and repayment schedules. This tests your ability to balance risk and return.
Investment Memo: Some case studies require you to prepare a short investment memo summarizing your analysis, key risks, and recommendations.
Scenario Analysis: You could be asked to stress-test a deal under different scenarios, such as changes in interest rates or asset performance.
Presentation: In some cases, you may need to present your findings to a panel, simulating an investment committee discussion.
To prepare, focus on: - Strengthening your financial modeling skills, especially for cash flow-heavy assets. - Reviewing credit analysis frameworks and understanding key metrics like DSCR, LTV (Loan-to-Value), and IRR (Internal Rate of Return). - Practicing concise and clear communication for investment memos and presentations.
If you're looking for more tailored advice, WSO's Private Equity Interview Course or Networking Guide might be helpful resources to refine your skills. Good luck with the case study!
Sources: Q&A: MBB -> Strategy at Media Company, Going A2A.. feel like a failure, Q&A: GS/MS IB Analyst —> Megafund PE Associate —> HBS/GSB Business School, 20 Most Frequently Asked Questions - London Edition, Q&A: GS/MS IB Analyst —> Megafund PE Associate —> HBS/GSB Business School
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