Private Equity case studies, worked step by step

Cases
100
Traced to a firm
59
Topics
12
Hard
30
Topic
All topicsGrowth equity and software8Returns attribution and value creation8LBO modelling tests9Screening and ranking businesses9Distressed and special situations7Private credit and direct lending9Paper LBOs10Real estate and infrastructure8Portfolio operations and exits6Deal structuring and pricing9Fund, LP and portfolio analytics7Commercial and market cases10
Level
AnyWarm upCoreHard
Source
AnyReported at a firmStandard
Showing 1–10 of 100
  1. 001A software sponsor wants to grow a platform-as-a-service business by hiring sales reps. What is the payback on a rep, and how many can the plan afford?Growth equity and softwareCoreVista Equity PartnersAustin · 2021
  2. 002Two portfolio exits both returned 2.5x. One was re-rated with flat earnings; the other doubled its earnings at a constant multiple. Show each value bridge and judge which return is repeatable.Returns attribution and value creationCoreLarge-cap buyout fund
  3. 003Pitch an early-stage agritech marketplace you like: why this company and this industry, and what would the fund need to believe to invest at a Rs 600 crore valuation?Growth equity and softwareCoreInsight PartnersNew York · 2023
  4. 004In a telecom and media LBO, tax depreciation runs ahead of book depreciation. Build book tax against cash tax, the deferred tax liability over three years, and show what it does to free cash flow and returns.LBO modelling testsHardTPGBeijing · 2018
  5. 005Consulting-style case: should the fund invest in a pest control business? Structure your answer across market, company, returns and risks.Screening and ranking businessesWarm upAdvent InternationalNew York · 2021
  6. 006A distressed spinning mill needs Rs 150 crore of rescue money that would rank ahead of the existing Rs 600 crore senior loan. What do the existing lenders recover with and without the rescue, and should they agree?Distressed and special situationsHardSpecial situationsPrivate credit
  7. 007A credit fund is asked to lend Rs 180 crore against hangars and tooling appraised at Rs 260 crore. What is the loan-to-value on an appraisal basis and on a forced-sale basis, and is the loan covered?Private credit and direct lendingWarm upPrivate credit
  8. 008Build an LBO on paper from scratch for a dairy company: five years of cash flow, debt paydown, exit equity, money multiple and IRR, with working capital and tax done properly.Paper LBOsHardBlackstoneNew York · 2016
  9. 009A real estate fund and a developer put Rs 300 crore of equity into a housing project, 90:10, with a 12% preferred return and a 20% promote. The project makes Rs 180 crore. Work the waterfall and each party's return.Real estate and infrastructureHardBlackstoneVancouver · 2025
  10. 010A cement promoter needs Rs 300 crore and will not accept the fund's valuation. The fund proposes a structured instrument: a 16% IRR floor through a redemption premium plus 20% of any upside above Rs 2,000 crore. Work the fund's return across outcomes.Distressed and special situationsCoreSpecial situationsIndian mid-market PE

Company names and figures are illustrative.