How to prepare for PC Internship Interview?
Got an interview coming up with a LMM PC firm for an internship. Was hoping to get some advice on how to best prepare. Only been doing IB-style prep, I’m a bit unsure how to calibrate given there's a lot less stuff out there for PC interviews.
What fund is it?
I would say on top of the traditional IB techs, have the capital structure down cold. Also understand what makes a good pc investment(the 3 c’s of credit, deal structure, covenants, etc.).
Know what BDCs are of course, CLOs, and other vehicles direct lenders use.
You don’t need to have PE associate level LBO knowledge for an SA stint, but know the mechanics, drivers, and what goes into the sources and uses section, as at the end of the day, most if not all PCs lend to sponsor backed businesses.
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