Loading…
About Pari Passu
Our mission is to give every analyst moving into private credit the feedback loop a credit team gives its own analysts: a real case, a real memo, a specific score, and the questions an investment committee would actually ask, so the first time you face a real committee isn't the first time anyone has challenged your work.
Feedback on your own work. It isn't a course or a question bank: you write the memo, and we grade it the way an investment committee reads it.
A company, its financials and a proposed term sheet, built from public filings or labelled as a teaching case.
Your recommendation, your numbers, your downside. Paste it or upload a PDF or Word file.
A 100-point score across six dimensions, each backed by a sentence quoted from your own memo, plus the three fixes that matter most.
Six follow-up questions aimed at your weakest points, each answer rated with what a stronger answer would add.
Analysts with one to five years in an adjacent seat who are moving into direct lending and private credit, and anyone preparing for a buy-side credit case study.
Practice the take-home memo before the one that counts, and see where an IC would push back.
Show yourself you can make a lender's call, not just build the model: recommendation, downside and structure.
Fix the top three issues, grade the next draft, and watch which dimensions move.
The hard part of an IC is the questions after the memo. Practice answering them out loud, in writing, under pressure.
Real investment committees don't judge formatting. They judge whether you made a clear call, whether your downside is grounded in the company's own history, and whether the structure actually protects the lender.
Most candidates never get that kind of honest, specific feedback before the real thing. Interview case studies end with a yes or a no. Pari Passu exists to close that gap.
Cases are built from public SEC filings, or clearly labelled as fictional teaching cases.
Each of the six scores quotes the sentence it's based on, and we check that quote against your memo text. If it isn't there, you see "Not found in memo".
Six dimensions, 100 points: investment thesis 15, business risk 15, financial analysis 20, downside case 20, structure and covenants 15, communication 15. Totals and verdicts are calculated in code.
Tested with the current rubric on strong and weak reference memos for 8 calibrated cases: strong memos scored 74–89, weak memos 19–31, and every strong memo beat its weak pair by 40 points or more.
This is a summary. The full rules are in our Terms of service and Privacy policy.
Your first grade is free.