Houlihan Lokey Private Debt Advisory Interview
Does anyone know what to study for a HL PDA interview, i have just been studying regular IB guides and then dcm/levfin but not sure what else. anything helps!
im guessing by the name this is under capital solutions?
would probably treat this similar to a private credit interview and brush up on what makes good credit investment, diff between DL and BSL, cap structure, bond math, issuer structure/seniority/collateral etc for recoveries, fixed vs floating vs PIK interest and why to use them. read some private credit primer if short on time. read gatto's credit investors handbook time permitting
Yes its under capital solutions. is there any primer youd recommend if short on time? I feel like I cant find any good resources other than redbook levfin guide.
a few years old but i remember ares used to publish a series of white papers about DL, PC, and alt credit
Isn’t private debt advisory essentially just the MM/advisory version of LevFin (since these banks don’t have a balance sheet so will be advisory in nature)?
What is the reputation of the group? And the exits?
bump on exits - are special sits and PE possible
@ a top MM, fairly new but growing quickly
Focus on LBOs, credit analysis, and private debt deal structures in addition to standard IB material.
any recommendations on things to study?
Check out Duff & Phelps guides, Aswath Damodaran’s LBO and credit stuff, and debt market sections in CFA Level II/III prep.
how did your interview go? I just got the first round for the same position. Trying to prepare for it
Easy
wow, hope it's easy for me too! It it enough to just focus on basic IB, LBO, and credit knowledge?
Anyone hear back yet for second round? My interview was last week.
Same, had interview early last week went well but still nothing...
I heard back pretty quickly, but they had me talk to another banker on the team, which they said was still a first-round interview
same thing haha
me too, after two first-round, nothing more
Was it mainly behaviorals or what were the techs like?
For HL PDA interviews, you’re on the right track with IB fundamentals, DCM, and LevFin. I’d also make sure you understand credit analysis, covenant structures, and typical private debt deal terms HL focuses more on the credit side than traditional M&A banking.
Anyone hear back for a spd?
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