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Private Markets Interview Cheat Sheet

Forty questions with model answers, and the arithmetic worked out. A free PDF for readers of every Julian R. Sterling guide.

The questions that interviewers for private equity, private credit, real estate, infrastructure and fund roles come back to again and again: the definitions you must have cold, the numbers you must do without a spreadsheet, and the judgment questions that separate a prepared candidate from a memorised one.

What is inside

Fund mechanics: IRR and MOIC, DPI and TVPI, a whole-fund waterfall worked to the last dollar, fees and the J-curve.
Private equity and valuation: the LBO, the value creation bridge, the three statements, EV to equity, terminal value.
Private credit: unitranche, all-in yield, covenants, leverage, recovery.
Real estate and infrastructure: cap rates, DSCR and debt yield, WALT, the regulated asset base, debt sculpting.
Secondaries, continuation funds, subscription lines and NAV facilities.
The case study and fit questions, with a structure for each answer.

11 pages, US Letter, print-friendly. Every figure in the worked examples has been recomputed.

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Download the PDFPDF, 112 KB

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Going further: the REPE Interview Prep Pack

For real estate private equity interviews: 18 full-length case studies solved step by step and 3 Excel models with live formulas (acquisition, equity waterfall with promote, debt sizing). Instant download, €99.

See the pack

Before buying anything: ten REPE interview questions and a debt sizing case, worked for free.

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