how much do PC IC memos differ from PE IC memos
Are they generally of the same length or are credit memos generally shorter ?
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Depends on the firm but much, MUCH shorter and with a very different focus (downside protection / cash coverage and docs) vs equity (all of the above + underwriting growth, which is in general much more difficult than debt).
Credit is typically shorter. PE it can vary but most skew long
PC - high retention and status quo win the day; you don’t get paid to take unnecessary risks, and so as mentioned, you’re very focused on predictable fcf, low capital intensity, and servicing debt.
PE - all of that is table stakes + you have to believe you can continue to expand existing customer accounts, acquire new customers at a low cost, or grow / acquire adjacent services. Not to mention you’re on the frontline of the deal process guiding third parties, and closest to the data. You’re doing a lower volume of deals in PE, so you have more time to focus on each transaction and fewer portfolio companies to stay on top of.
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