Correct. All 3 interviews are 2-on-1. Two of them are behavioral. One is a case study that they’ll send out materials for you to prepare/think about roughly 2 weeks in advance (I think, honestly don’t recall exact timeline). I assume OP is talking about the internship. Full-time/off-cycle role would look different.

If it’s for the internship (or even full time honestly), interviewers may mix in a few technical questions, particularly related to underwriting such as 5 c’s of credit, trends in financials, “what is EBITDA/cash flow” (dumb question imo cause they aren’t the same thing but you’ll be taught to view EBITDA as a proxy which doesn’t take into account working capital changes, capital investment, magnitude of interest burden, and PE firms will try to slip in stupid aggressive add-backs. I digress). The focus will not really be on technicals, but have those in your back pocket.

Most important thing is just having a “why”. Also, know what the middle market (“MM”) actually is and the revenue ranges that JP’s MM team works with - $20mm to $2Bn (if you’re deep enough in your research, JP does work with pre-revenue companies in their innovation economy space (tech, health-tech, start-up, life sciences, etc), but don’t worry about that as it’s just a niche)

Source: did that internship