Private Credit SA Interviews?
I have an interview for a private credit 2024 summer internship coming up. Saw content for this at ASO level but what broad level of credit knowledge (or PC industry knowledge) is expected for a summer analyst interview? Any insights into the kind of questions I’ll get?
For further context seems like they have a broad mandate and invest across the cap stack from pref equity up to senior debt. Not sure if that changes things.
Well depends a bit on the size of the manager but I would be familiar with leveraged loans vs HY bonds vs private credit, what is a BDC, a view on credit market direction and troubled sectors, know a few BDCs, know SOFR, Fed Funds and 10Y rates, and know the usual IB technicals for accounting, valuation, DCF.
I'd be able to do thinks like calculate YTM, leverage and coverage ratios, and I would do some paper LBOs as well.
This could be overkill depending on the manager and what year you are in but if you know all that you should be in good shape for junior SA.
Thanks for the in depth response. For some context I’m a sophomore and firm invests in 10M-50M EBITDA businesses I believe. Not sure if that changes anything
Oh. So smaller firm. Guessing MGG.
Ya I would focus more on the first paragraph and know how yields and prices interact. I would still try to be familiar with basic LBO IRR and MOIC math but you will probably not be asked to do a full paper LBO.
What PC fund is already interviewing for summer 24?
Small firm don’t want to dox I’m sorry but multiple PC apps are open right now (ex. KKR PC for 24’)
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