Mezzanine Fund Interview. You have a 5% note with a maturity in five years trading at 80. What is the current yield? Prepare hard. Every top-notch private equity firm divides the interview questions into two basic types. What are a few different debt metrics we look at in Mezzanine Financing? These questions are asked to know your opinion and seldom have just one correct answer. Make sure that you handle these questions with composure and try not to lose your focus. The second part of this question is all about how much do you know about the firm and how your goals and the firm’s goals are in alignment. As a private equity employee, your job would be the same. Please make sure that you are aware of the industry vertical throughout the value chain. –        Fixed Charge Coverage Ratio = FCF / Fixed Charges, o      Fixed Charges include amortization, interest & taxes, –        Debt Service Coverage Ratio (EBITDA / Interest). Figure 5: breakdown of investors participating in private debt market, Source: Preqin Private Debt Spotlight March 2018, Figure 6: expectations of private debt funds for sectors that will attract the highest levels of investment from private debt funds, Source: Intertrust (2018) Changing Tides: Global Private Debt Market in 2018. But trust me these questions are very relevant for the interviewer. This is not exactly a technical Private equity interview question. Getting a position in hedge funds and private equity boils down to one question: Will you make money for the firm? There would not be a lot of questions in this part of the interview but surely there will be a discussion on these lines. Whether it is a telephonic interview, a video call interview or face to face interview, any company would want to make sure that you are the right fit for them. To learn more, including how to block cookies, read our privacy policy. It is a simple private equity interview question, and the interviewer wants to see how fast you can answer it. Roughly US$107bn of new capital was raised by private debt funds in 2017 globally, of which US$67bn was raised by funds in the US, US$33bn by funds in Europe, and USD$6bn by funds in Asia5. But even after all of this, an airline is a very risky investment, and it’s better not to get into it. In Canada, TD Asset Management, Sun Life, Manulife, pension funds (Canada Pension Plan Investment Board, Ontario Teachers’ Pension Plan), Blackrock, credit funds in the US. If you can explain a little and show them the report, they will understand that you have already done your homework and you are very much sincere about this job. The best way to explain this is through an example. Private debt has only recently been considered an asset class in its own right, and the term covers a range of different investment styles and strategies. Guide to Private Equity Interview Questions. Because through this question, the interviewer is trying to understand whether you have a real interest in private equity, or your ultimate goal is to exit private equity and join something else. Figure 1: comparing private debt to other asset classes, Figure 2: risk-return profiles of different investment strategies, Source: IHS Markit (2017) The Rise of Private Debt. Private Debt / Credit fund interview advice I'm currently interviewing with a well-established private debt fund and the next step is a case study and debrief afterwards. If you are able to convincingly answer these questions, it creates a positive image in the interviewer’s mind and the chances of you getting selected become brighter. )   Increase the duration of the amortization of intangibles. The analyst has to be well versed with concepts of finance--especially financial ratios. You can reduce the purchase price that the private equity company has to pay to buy out. 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