Incoming PC Intern - How to convert?
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May 31, 2024
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Expectations for interns at the analyst level are low. By far the most important thing is going to be your attitude, work ethic, and ability to pick up things on the job. No one is going to expect you to know how to structure a credit agreement (even A1s in PC don't know this, and there are a lot of seminars you'll be sent to run by actual law firms to educate you). It won't hurt to brush up on all the credit basics you've mentioned, but I don't think it'll be the determining factor.
See my comment in another thread which has some tips (though more banking specific but most if not all can be applied to buyside): https://www.wallstreetoasis.com/forum/investment-banking/skills-to-succ…
as a buyside intern, you will need to display technical knowledge and will most probably have more responsibilities as an intern as expectations are much higher than at a bank (unless diversity internship). My MFPE internships were very technical in nature with a lot of responsibilities (same with my mates who did PC internships)
I wouldn't read Moyer as a first step. Apart from link above, really hone your excel/modelling skills by learning how to build 3 statement LBOs from scratch, including detailed operating models, complex debt schedules, return waterfalls to different type of debt investors with hurdles, different operating cases for the company (extreme downside, downside and base) + all the accounting core concepts + different types of debt, debt covenants, what happens when you breach covenants, covenant cushions, OID modelling, how to actually look at a company and decide which type of debt is more suitable (hardest and most important part). For example, in this you would do a lot of analysis on one type of debt structure such as if the company would be able to handle the interest rates, would its credit ratios breach the covenants based on this type of financing? Lots of courses for LBOs and credit analysis online but one of the best ways to practice is just through taking a public company and just creating an LBO based off of that. Lots of free resources too (WSP, street of walls)
For commercial knowledge, learn how PC funds look at investments (downside more than the upside unless you do mezz), you can improve this by taking random public companies and thinking whether this would be a good investment from a PC perspective
Learn more about the current state of the industry, what industries the fund you are going spends the most time in (you will then learn everything you can about these industries), how to think about industry cyclicality etc.
Credit agreements are important, but no one will expect an intern to know them at all. Just have a basic overview and spend more time on the above.
If this fund does SS/Distressed investing as well, then I would suggest reading Moyer, Distressed Investing (Whitman) and ceasars palace coup (fun read)
If you have any specific questions let me know. It may seem daunting at first but you have a lot of time to practice! GL
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