Getting smarter in structured equity and credit
Hi all,
Currently in banking but will be starting a new PE role this Summer. The firm I will be joining invests across the capital stack and does a lot of structured equity and credit investments. I want to spend the next couple of months getting smarter in this space and was wondering if any of you have any suggestions on good reads, online training courses, podcasts, etc.
I'm willing to reciprocate the favor by paying it forward or sharing interview case studies for any good materials.
Thank you!
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Given these deals are typically private and less covered than buyouts it's hard to read up on them. A proxy would be RX to see how creditors look to improve their positions / see how capital structures are recut when no longer viable. Details on these are more readily available.
When you hit the desk, get as many term sheets as you can to see how your team structure deals / mitigate risk. Think beyond just financial covenants, protections can be built in elsewhere such info undertakings / approval rights / key milestones / other bespoke EoDs.
If you want to learn more of the structuring side of things (ie - not the math in terms of calculating returns but more about how to put structured products together) I recommend looking at securitization law casebooks and in particular practical guides. I don’t know this space so I can’t give recommendations but my favorite M&A book is a legal M&A practical guide. It doesn’t really touch on the math but it basically provides a framework for what to care about at each step in the process. However, I should note these books are always expensive ($200+).
This may or may not work for you but it is a thought.
Would it be possible to share the actual title of the book? Thank you.
LexisNexis M&A Practice Guide by Glover, Chapman, et. al.
Josh Koplewicz has a podcast with Capital Allocators on "Flexible Capital and Creative Structures" which talks about his firm's approach to structured equity
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