8 questions reported in Antares Capital interviews, organised by the group that asks them. Every question carries a model answer and graded feedback on your own attempt.
Questions
Easy · Medium
Hard
Model builds
Built in the spreadsheet grid
Leverage capacity, documentation, downside cases and portfolio construction. 5 questions
A direct-lending credit-agreement review where a lender must connect covenant arithmetic to the provisions that can erode it.
You are the underwriting associate reviewing a sponsor-backed unitranche amendment. Calculate headroom using lender-defined EBITDA, test the proposed add-on, identify the document leakage, and prepare…
A credit-agreement lab combining covenant arithmetic, document leakage and practical markups.
You are reviewing the first credit-agreement draft for a sponsor-backed borrower. Calculate covenant headroom, find the provisions that can move value away, and send the essential markup.
A direct-lending associate review of a liquidity model and draft credit approval memorandum.
You are reviewing a unitranche underwriting for a healthcare-services company one hour before credit committee. Find the material flaws in the liquidity case, decide what the team must repair, and…
A direct-lending scenario lab testing leverage capacity, interest coverage and underwriting discipline for a sponsor add-on.
A sponsor requests incremental unitranche debt to fund an add-on. Calculate the headroom, test the pro forma interest burden, and decide whether the lender should fund the request as proposed.
A direct-lending data-room exercise built around EBITDA quality, liquidity and documentation.
You have 45 minutes before the screening committee for a $275m unitranche. Review the extracts, choose the next diligence action, and draft a credit recommendation.
Blended return construction, PIK, warrants and intercreditor terms. 3 questions
A first-round private credit question to separate senior lenders from junior-capital thinkers.
Define mezzanine debt. Where does it sit in the capital structure and why would a sponsor use it?
A deal-team workflow question for analysts expected to turn an approved junior-capital commitment into a protected funded position.
Your investment committee approves a mezzanine commitment for a sponsor acquisition. Walk through the closing work you would complete between approval and funding.
Asked when a deal model assumes takeout debt without proving market access.
A mezzanine investment underwrites repayment through a refinancing in year five. What do you worry about?
Write your answer, get it graded on technical accuracy, completeness and communication, and see exactly which mechanic you missed.
Company tags reflect where a question type is commonly reported in interviews. They are not sourced from, endorsed by, or affiliated with Antares Capital.