Investment Analyst - Prudential Private Capital (PPC) FT 2021

Does anyone know a decent amount about this group? I applied for this last week and got picked for a first round interview (I have a background in corp fin at a large AM) and am curious as to if anyone knows what the culture is like, general exit opps, thoughts on the program itself and any tips for preparing for the interview. First portion is strictly behavioral questions and the second portion is specific to the business unit. The job description is as follows:

**As an Investment Analyst, you would work on a small deal team responsible for underwriting, portfolio monitoring and marketing, while getting the chance to develop your analytical skills and learn to think like a buy-and-hold investor in a three-year analyst program. You will learn about investing private placements of senior debt and junior capital within a variety of industries from large, multi-national companies to smaller, privately-held companies. Many of our analysts move on to attend top business schools and have received a variety of opportunities within the industry at the close of the three-year Investment Analyst program.

Job Responsibilities:
Write internal credit memos
Industry and company research
Comparable analysis
Financial modeling and credit analysis
Transaction and due diligence support
Portfolio and credit monitoring
Communication with portfolio companies
Prepare marketing materials**

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Comments (134)

Aug 11, 2020 - 11:37pm

All I could find for SA was the Dallas energy group. Is that the only slot open?

Overprepare because even the most obscure detail may suddenly be of great importance.

Aug 11, 2020 - 7:46pm

I can help w/ prep in terms of leveraged finance capital markets. Send you some market updates in leveraged loans, high yield or whatever you think you need to review.
that's a tough interview to get - how'd you manage that?!?

  • Prospect in AM - Other
Aug 11, 2020 - 10:52pm

shoot I already did the hirevue but any prep would be much appreciated! pm me and we can talk. and honestly not sure, I was slightly surprised but at the same time i'm definitely really excited about the role

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Aug 24, 2020 - 4:22pm

"Prudential Private Capital (formerly known as Prudential Capital Group) is the private capital arm of PGIM, the $1.2 trillion global investment management business of Prudential Financial, Inc. (NYSE:PRU). Expertise, analysis, and experience drive everything we do."

Sep 8, 2020 - 3:11pm

I got the hirevue for their 2021 intern program and to be honest don't know too much about lev fin. I would love any materials I could get my hands on as I brush up on my knowledge of debt markets in the next few days.

  • Prospect in IB-M&A
Aug 7, 2021 - 12:49am

lol glad to see someone else from this years recruiting cycle on this thread. I just finished the hirevue and tbh I was surprised by the lack of technicals. Even for the 2nd part of the hirevue (which I thought were going to be technicals) I got 2 behaviourals and just 1 stock pitch type question. I'm recruiting for FT though so my questions might have been different.

Aug 5, 2021 - 4:25pm

Can you send those to me too? This is an old forum but I just got the interview for FT 2022 so any help would be appreciated, thanks man.

Array
Most Helpful
  • Works at CorpFinance
Aug 12, 2020 - 2:54pm

Interviewed many years ago for the Prudential Capital Group Investment Analyst role at their NYC location.

First Round was mostly behavioral. In fact, I cannot recall if technicals were included in this round.

Superday was a written test and interview with different members of the team with a mix of technicals and behaviorals. Didn't land the role but the competition was stiff (one of the people interviewing was a guy from IB who was looking to pivot into something else, which I found amusing since I was desperately pushing to land a FT IB role at the time).

Aug 12, 2020 - 7:11pm

The role is underwriting and performing credit analysis on mostly mid-sized private debt deals. From my understanding deal teams are usually pretty lean so you get good experience early on. Also, depending on your geographic preference will determine what industry you are focused on. For example, I know Dallas is energy, New York is corporate finance, and Newark is infrastructure. So depending on where you are placed will determine what type of deals you work on. I think it's a really good starting position if you're interested in private placements.

Also, for those who are confused Prudential Private Capital was rebranded a few years ago and used to be known as Prudential Capital Group.

Aug 14, 2020 - 1:55pm

They are separate from Pru's core fixed income. The core group your referring to is mostly focused on public fixed income, whereas this is private. They are two completely separate and different asset managers under the PGIM umbrella.

For the private space there are offices in both New York and Newark. The private space operation is kind of decentralized so there's office all over the U.S. and depending on your office will determine the deals you work on. NYC is more concentrated on Corporate Finance, whereas Newark specializes on infrastructure and leasing. Other offices will have other specialities too.

  • Prospect in IB-M&A
Aug 24, 2020 - 2:39pm

What's the base and bonus looking like here? Recently got a first round but have no real clue what they do. Are they IB or buy-side

Sep 1, 2020 - 4:20pm

Technically buy-side, as they are an arm of Prudential Global Investment Management, but they mainly focus on private lending (which is way different than buyouts or public markets investing, the main things that come to your head when you think of the buyside)

Aug 24, 2020 - 4:12pm

Just got accepted for round 1 HireVue for the same pos. Could anyone share which type of questions to prepare for during the business aligned round 2 interview? Think I chose NY as my preferred location, followed by NJ. Also, are there multiple tries for each Q? Would suck if there's only 1 attempt.

  • Prospect in PE - Other
Sep 1, 2020 - 9:21am

How was the actual interview in terms of technicals/behaviorals asked?

  • Intern in HF - EquityHedge
Sep 4, 2020 - 12:56am

7 behavioral, 3 (I would hardly call) technical. Just know simple debt metrics and ebitda

Sep 3, 2020 - 4:08pm

Took the HireVue a few weeks ago. For all y'all asking, it was Two Separate HireVues,

One being all behavioral questions like (When is a time you exceeded expectations yadda yadda)

and the other HireVue was 3 Technical Questions about basic Accounting Things (think of all those Ratios you used in your intro accounting class about Debt and Capital etc).

No there isn't a chance to retake, you only get 30 Seconds to prep each question. So I would say practice some basic accounting ratios. :)))

  • Prospect in Other
Sep 11, 2020 - 2:53am

Applied for FT, still waiting for what comes after hirevue

Sep 20, 2020 - 10:46pm

not yet, did the hirevues a couple weeks back

Array

Sep 20, 2020 - 10:38pm

Interview Prep RB2000 & @GoldMen's Sacks"  & @rogerthat317" , @nontargetscum" - I can send lev fin/direct lending interview prep materials for next time- hit me up (market updates, primers, exercises, whatever)

here's what I wrote in the Bain Credit Interview thread https://www.wallstreetoasis.com/forums/bain-capital-credit-sa-first-rou…

Interview Prep

1) Read loan market updates (weekly/Q) - LCDcomps.com / LevFin Insights (LFI)

2) Loan products (RC/TLA/1L TLB/2L TL/Unitranche) - get comfortable distinguishing btw lender/investor, general characteristics

  • -Revolver/Term Loan A (banks, less leverage, covenants, 5yr tenor, pricing is lower, amort on TLA)
  • -Term Loan B: 1st Lien TLB / 2nd lien TLB / Unitranche (institutional investors, more lev, possibly cov-lite, higher pricing, 1% amort - 1L/2L - no amort, etc.)

3) Direct Lending vs. Broadly Syndicated - Execution Strategy - know the diff considerations from borrower perspective

  • certainty of funds, speed of execution, albeit at a higher price/fees most likely, deal w/ 1 lender vs. a group of lenders, etc.) - read Direct Lending primer

4) Underwriting Fees & Flex - LBO: RC / 1L TLB / 2L TL. Typical fees and flex, normal market:

  • RC/1L 2.25% (125 bps flex)
  • 2L 2.75% (150 bps flex)
  • Privately placed 2L 0.25% to 0.50% UW Fee (priv placed much more common today)

5) Credit Risks & Mitigants (Credit Strengths & Weaknesses) – familiarize yourself

  • -Ratings Reports – basically summarize this for you (create login – Moody's and S&P – get free access to "Rating Action" reports)
  • Example:  eResearch Technologies (B/B3 CFR)
  • Revolver $200 / 1st Lien TLB $1,155 /   Priv Placed 2L TL  $395
  • EBITDA $210
  • Leverage 5.5x/7.4x

Credit Strengths (Moody's)

  • 1) significant  customer concentration (albeit across a number of different clinical trials) – could also be considered a weakness (customer concentration)
  • 2) strong market position in the niche electronic based clinical outcome assessment market,
  • 3) solid growth prospects driven by favorable industry fundamentals,
  • 4) solid EBITA margins
  • 5) high revenue visibility provided by contract backlog.
  • 6) meaningful growth in the backlog in the last 6m indicates that the company has largely overcome the operating challenges
  • 7) revenue growth coupled with cost saving initiatives will drive earning expansion
  •  a) Moody's projects will reduce Debt/EBITDA to <7.0x in 2020

Credit Weaknesses (Moody's)

  • 1) very high financial leverage - PF Moody's Adj. Debt/EBITDA:  7.9x
  • 2) elevated financial risk associated with private equity ownership evidenced by aggressively high initial debt levels following the proposed LBO
  • 3) aggressive track record of growth through debt-funded acquisitions.
  • 4) significant  customer concentration (albeit across a number of different clinical trials)
  • 5) risk that larger better capitalized companies could choose to pursue developing their own electronic clinical outcome assessments.
  • 6) recent revenue declines related to integration of the 4 recent acquisitions, to extend into early 2020.

Helpful links to comments I wrote on OID, All-in-yield calc, UW fees and flex, Term Loan A vs. Term Loan B. Hit me up if u want - happy to send materials / docs / primers, etc.

https://www.wallstreetoasis.com/forums/tla-vs-tlb-maturity-and-leverage#comment-2071053

https://www.wallstreetoasis.com/forums/oid-in-leveraged-loans

  • Incoming Analyst in AM - Other
Oct 2, 2020 - 3:21pm

Not sure what the timeline is for PPC (which I applied to at the same time as 2 other groups at Pru), but I received my FT offer with the CIO group 9/18. If anybody has Qs, feel free to PM me 

  • Incoming Analyst in AM - Other
Oct 2, 2020 - 3:33pm

I apologize for that! I heard back 2 hrs post-interview, though I'm not sure how normal that timing is. I'm joining the PE team w/i the CIO office. HR told me that my placement would be determined after the analyst class was finalized (so probably December-January), but I got placed early b/c I suspect the PE people who interviewed me wanted me on their team, so the head of the group reached out to me the day after I accepted the offer to set up a catch-up/intro call.

  • Prospect in IB-M&A
Oct 8, 2020 - 10:56pm

Anybody in the Dallas office heard back after the super day or know of the typical timeline?

  • Analyst 1 in IB - Cov
Jan 23, 2021 - 12:00pm

Case Study and interview for Prudential Private Capital for Chicago Office. Am FT BB Credit looking to lateral for something better.

  • Prospect in IB-M&A
Sep 6, 2021 - 2:11pm

lol it's been almost 4 weeks after I've submitted mine. Not sure what's going on, in the email they said they would respond within 3 weeks for me.

Sep 8, 2021 - 4:10pm

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  • Prospect in IB-M&A
Sep 8, 2021 - 4:30pm

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  • Intern in IB - Gen
Sep 15, 2021 - 11:55am

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