PCPPrivate Credit Prep
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Notes on how a lender reads a credit and how that comes up in the interview: the case study, debt sizing, covenants, structure and recovery. Market figures link to their source.

Start with the private credit interview questions or how the interview is structured.

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Aerial view of three large data center buildings with a fourth under construction, surrounded by cooling units and a power substationDeal File No. 1 · Data centers · 26 September 2026Meta Borrowed $27bn Without Borrowing It. In September, Its Bond Hit a Record LowHyperion is Meta's AI data center in Louisiana. Its $27.3bn bond, rated A+ and sold under Rule 144A, was the largest private debt offering ever, though not a direct loan. Why lenders want it, and why it fell to 94 cents on 23 September.Read the Deal File
  1. Direct Lending Interview Questions, from Origination to WorkoutDirect lending interview questions from the fund's side: sponsors, structure, covenants, monitoring, workouts and market data, with the lender's answer to each.Interview Answers9 Oct 2026
  2. Private Credit Technical Interview Questions, Answered with the MathThirty private credit technical interview questions, answered as a lender would: leverage, coverage, cash flow, covenants, structure, documentation, with the math.Interview Answers9 Oct 2026
  3. Private Credit Case Study Interview: A Worked Example With AnswersA private credit case study worked end to end: the ninety-minute budget, the numbers to pull from the memo and the written recommendation, with answers.Case Studies9 Oct 2026
  4. The Private Credit Interview Guide: What It Tests and How to AnswerPrivate credit interview prep in the order it is tested: the lender mindset, technicals, case study and questions, with an answer structure for each.Interview Answers9 Oct 2026
  5. Leverage Ratios in Private Credit: Debt/EBITDA, Coverage, and What Lenders Look AtLeverage ratios in private credit: 2026 new-issue multiples by tranche, then net and senior leverage, interest coverage and FCCR on one $212.5mm credit.Technical Concepts9 Oct 2026
  6. Private Credit vs Private Equity: Careers, Pay and Interviews ComparedHow private credit and private equity differ as careers: the work, payoff, horizon, pay structure, what each interview tests and how people move between them.Interview Answers9 Oct 2026
  7. Why Private Credit? How to Answer the Most Common Interview QuestionThe lender mindset, why generic answers fail, a three-part framework, and two example answers you can adapt.Interview Answers27 Jun 2026
  8. Private Credit Interview Prep: A 2-Week Study PlanPrivate credit interview prep as a structured two-week study plan: technicals, case studies, deal walkthroughs and market knowledge, with a daily focus and practice exercise.Interview Answers16 Oct 2026
  9. How to Discuss Covenants in a Private Credit InterviewMaintenance vs incurrence covenants, headroom, leakage and enforcement, with a lender-first framework and a ready-to-use answer.Covenants & Documentation1 Apr 2026
  10. How to Analyze Downside Risk in a Private Credit Case StudyThe systematic downside framework lenders use: revenue stress, cash flow impact, covenant trip and recovery, built for timed cases.Case Studies9 Oct 2026
  11. What Makes a Good Credit vs a Good Business, And Why Lenders Care About the DifferenceThe most common private credit interview mistake. The lender-first framework that separates the two, with a ready-to-use answer.Credit Analysis30 Mar 2026
  12. Cash Flow Analysis for Private Credit: What Lenders Actually Look AtHow lenders analyze cash conversion, EBITDA addbacks, working capital and maintenance capex, with interview-ready frameworks.Credit Analysis9 Oct 2026
  13. How to Walk Through a Deal in a Private Credit InterviewThe five-part framework for answering tell me about a deal, clearly, with conviction, and from the lender's seat.Interview Answers28 Mar 2026
  14. Private Credit vs Leveraged Finance: What's Different and How to Talk About ItHow deal process, risk, structure and career path differ, and what interviewers are really testing when they ask you to compare them.Interview Answers27 Mar 2026
  15. Documentation Risk in Private Credit: What Interviewers Want You to KnowLeakage, permissive baskets and loose docs weaken a credit before the numbers break. What interviewers test, and how to answer it.Covenants & Documentation26 Mar 2026
  16. How to Size Debt in a Private Credit InterviewThe three-constraint framework lenders use to size debt: leverage, coverage and liquidity, with a ready-to-use interview answer.Technical Concepts9 Oct 2026
  17. Sponsor-Backed Lending: What Private Credit Analysts Need to UnderstandHow PE sponsors behave as borrowers, what equity cures really mean, and how lenders think about sponsor dynamics in interviews.Deal Structure24 Mar 2026
  18. Recovery Analysis: How Lenders Think About What Happens When a Deal Goes WrongHow lenders estimate recovery through enterprise value, collateral and waterfall analysis, the layer most candidates skip in a case.Credit Analysis23 Mar 2026
  19. How to Talk About Working Capital in a Private Credit InterviewHow lenders read DSO, DPO, inventory cycles and seasonal swings to find where cash quietly disappears, and how to say it in an interview.Technical Concepts22 Mar 2026
  20. PIK vs Cash Pay: What the Economics Mean for the LenderHow payment-in-kind interest works, when it protects the lender, when it is a red flag, and how to discuss it in an interview.Technical Concepts21 Mar 2026
  21. Private Credit Market Overview: What You Need to Know for Interviews in 2026Deal volume, spreads, competition with BSL, PIK trends and rate dynamics in 2026, framed as answers you can use in an interview.Market Knowledge20 Mar 2026
  22. Direct Lending vs Syndicated Lending: Key Differences for Interview PrepStructure, documentation and process differences between direct lending and syndicated loans, and why each one matters to the lender.Technical Concepts19 Mar 2026
  23. Private Credit Interview Questions, and How a Lender Answers ThemThe questions private credit interviews ask, grouped the way interviewers use them: motivation, structure, technicals, the credit view, the case study and your experience, with what each one tests and a lender's answer.Interview Answers9 Oct 2026
  24. How to Answer “Would You Lend to This Business?” in a Private Credit InterviewThe strongest answer is a lender decision, not a company summary: business quality, cash durability, downside, structure, recommendation.Case Studies13 Mar 2026
  25. Unitranche vs First Lien vs Mezzanine: What the Structure Actually ChangesUnitranche, first lien and mezzanine compared: where the lender sits, what protects that seat and what each costs, with a table and a worked example.Capital Structure9 Oct 2026
  26. What Is Private Credit? What the Job Actually Is, and How to Explain It in an InterviewPrivately negotiated lending where downside underwriting, structure and documentation decide whether the lender gets paid back.Interview Answers13 Mar 2026