2 questions reported in Crescent interviews, organised by the group that asks them. Every question carries a model answer and graded feedback on your own attempt.
Questions
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Hard
Model builds
Built in the spreadsheet grid
Blended return construction, PIK, warrants and intercreditor terms. 2 questions
Junior capital providers choose between these regularly, and the reasons are not obvious.
A sponsor needs $150m of junior capital. When would you provide it as mezzanine debt versus preferred equity?
Junior capital interviews test whether you can build a blended return across instruments.
Structure a $100m mezzanine investment targeting a 15% IRR over a five-year hold. The borrower can afford 8% cash interest. How do you get there?
Write your answer, get it graded on technical accuracy, completeness and communication, and see exactly which mechanic you missed.
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