How do I prepare for a private credit interview?

Think like a lender: downside first. Drill leverage and coverage math, covenant packages, and structure (unitranche vs senior-stretch, PIK, delayed draw). KomFi gives you 2,000 practice questions with lender-grade explanations.

What does a private credit analyst do?

Underwrite loans to sponsor-backed and middle-market companies: model the credit, negotiate terms and covenants, and monitor the book. Interviews test credit judgment plus structural fluency — both drilled here.

How is private credit different from private equity?

PE owns the equity and the upside; private credit lends against the same businesses for contractual return with downside protection. The analytical toolkit overlaps, but credit pays you to find what can go wrong.

Free sample questions

1. What is the fund's TVPI (Total Value to Paid-In) multiple?
2. If the current SOFR rate drops to 0.25%, what is the all-in interest rate the borrower must pay?
3. What is the Dividend Coverage ratio?
4. What is the blended interest rate paid by the borrower?
5. What is its current Debt-to-Equity (Leverage) ratio?
6. A borrower's credit agreement includes a 'Negative Pledge'.… — Is this allowed?
7. A BDC (Business Development Company) is required to distribu… — What is the primary benefit of this structure
8. An investor is reviewing a fund's performance and sees a DPI… — What does this suggest about the fund's lifecy
9. If the fund's net TVPI is only 1.15×, what is the most likely explanation?
10. What is the blended interest rate margin the borrower pays on the total facility?
11. What is the sponsor's Money Multiple (MOIC) on their initial equity investment?
12. What is the Enterprise Value?
13. A lender is determining the maximum debt capacity for an LBO… — What is the maximum supportable debt based on
14. If the investor hedges the currency risk using forward contracts, what is the approximate expected USD return?
15. If management achieves a 6.0x Money Multiple (MOIC) on their personal investment, while the PE Sponsor achieve
16. If the sponsor uses $360 million in total debt, what is the entry Net Debt / EBITDA leverage multiple?
17. Using the simplified rule IRR ≈ Multiple^1/n - 1, what is the required Money Multiple (MOIC) to achieve this?
18. What is the implied 'Equity Multiple' of the entry capital structure?
19. A private credit fund is evaluating a 'Unitranche' loan for… — What is the borrower's experience in this trans
20. A fund manager is valuing a senior loan to a private mid-mar… — Under ASC 820, how is this asset categorized?
21. Which structure should they prefer?
22. Which group is the fulcrum?
23. A loan is priced at SOFR + 600 bps with a 1.0% floor. If the current SOFR rate is 0.5%, what is the total inte
24. If Term SOFR is currently 0.75% and the loan was issued with a 2.0% Original Issue Discount (OID) over a 5-yea
25. What is the Sponsor's Money Multiple (MOIC)?
26. What is the company's 'covenant headroom' in EBITDA terms?
27. If US short-term rates are 5.0% and Euro short-term rates are 3.5%, what is the approximate hedged USD return
28. Is the company in default?
29. A credit agreement includes a 75% 'Excess Cash Flow Sweep'.… — How much of this cash must be used to prepay th
30. A loan agreement specifies that the borrower's Total Leverag… — How should this covenant be classified?