Alright guys, I’m in bit of a pickle. I have 3 days to prep for a private credit first round. I don’t know why I signed up. It was a moment of weakness. I was getting crushed at work, a head hunter reached out and I said let’s do it. I didn’t think I’d get an interview but here we are. I don’t want the job, I don’t even want to leave banking yet. I just need to show well for 2 30-min interviews (mostly for my pride). Yes, I know I did this to myself. I’ve been mainly preparing my why PC and why that MF and reviewing my deal experience. Also reading some private credit primers. Any advice on just getting up the curve enough to look decent? Are the BIWS 400 questions relevant post-IB recruiting?
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BIWS irrelevant. MF PC is a joke of an easy job. You just need to show that you can think about old economy business services, industrials etc companies well - and orient to the downside. In your cases (if you are given cases), you’ll need to flag things like recurring revenue, stickiness, stable end markets. You need to show a basic understanding of credit metrics like ENITDA / int, eb-capex / int etc. not just interest but potentially other fixed charges. Understand MF PC is also about “workouts” with PE partners but this rarely gets to bankruptcy so it’s not a question of do you know distressed but you need to be literate (what is CH11). Ultimately it’ll boil down to fit and whether interviewers like you. And you need to have a good reason why credit.
source: none just common sense
also learn the specifics of direct lending vs broadly syndicated debt. diff covvies. private credit / illiquidity premium. 2-3 lenders vs a multi-member syndicate. workouts as option, etcetcetc
Any good resources on docs/cov differences between TLB and DL market? Thank you!
cliffwater has a pdf investor letter, even w/ a bridge, and some seminars on YouTube
differences are covvies, ability to workout, and some price premium. Focus on latter two and what that implies
The MF PC sausage factory is just looking for a pulse I believe
Is MF PC a good long-term career out of IB?
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