Written by a private credit analyst.

The author works on the direct lending deal team of a global private markets firm: screening sponsor-backed deals from CIMs and bank memos, building the first credit case, running due diligence with sponsors and advisors, and drafting the notes that go to the investment committee.

Before that, credit analysis at a €3.5bn European private debt manager, on mid-market senior, unitranche and mezzanine loans, including a live portfolio followed through annual reviews and waiver requests. MSc in Corporate Finance. The author stays anonymous, so nothing here asks to be taken on reputation.

How the material is sourced

Every market figure in the articles links to the document it comes from, with the as-of date printed next to it: Federal Reserve notes, Financial Stability Board and OCC reports, public filings of listed lenders. Deal examples and case studies are fictional and say so. When a figure is our own, such as reader numbers, the date of the measurement is given.

What the preparation is built around

Candidates who prepare for private credit as they would for private equity tend to come unstuck once the questions turn to downside, structure, covenants and documentation. The material follows the order in which a lender reads a deal: what the downside looks like, whether the cash arrives, what breaks first, and whether the structure protects the lender.

Start with the free memo template, read the private credit interview questions, or see what the Interview Guide contains.