What is the typical process for a direct lending analyst or associate position ($100 Billion AUM NYC)? I assume usually a screen or short behavioral/technical round then a full model but what kind of model are they really asking for? A standard LBO model does not include enough credit metrics and includes a lot of unnecessary equity return stuff. Any examples?
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For a direct lending analyst or associate position, particularly in firms with $100 billion AUM in NYC, the process typically involves the following steps:
Initial Screening: This is often a behavioral or technical phone screen to assess your fit and basic knowledge.
Case Study or Modeling Test: The modeling test is a critical component. While it may resemble a standard LBO model in structure, it is tailored to focus on credit-specific metrics rather than equity returns. Based on the most helpful WSO content, the deliverable often includes:
Interviews with the Investment Team: These are typically more in-depth and may include hypothetical investment scenarios. You might be asked to:
Final Presentation: If you advance, you may need to present your findings, such as a credit memo or detailed analysis, to the investment committee.
The modeling test is not a standard LBO model. Instead, it focuses on credit metrics like DSCR, LTV/LTC, Debt Yield, and downside protection. The goal is to evaluate your ability to assess creditworthiness and structure deals effectively.
Sources: Q&A: Non-target → Top Bucket SSG Private Credit/Direct Lending, Specialty Lending (GS/TPG) - Any insights?, Credit Analyst Q&A, Credit Analyst Q&A
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