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 11–19 of 19 · filtered from 100Clear filters
  1. 059A hotel loan trades at 72 on a par of 100 with three years and an 8% coupon left. If it either defaults and recovers 40 in year 1 or pays off at par, what is the IRR in each case, and what default probability still gives a 15% expected return?Distressed and special situationsCorePrivate creditSpecial situations
  2. 061A 120-store eyewear chain wants to add 30 stores a year. Each store costs Rs 1.2 crore and earns Rs 0.4 crore once mature. Should the fund pay 14x EBITDA of Rs 50 crore?Screening and ranking businessesCoreMid-market buyout fundIndian mid-market PE
  3. 072An adhesives maker can raise prices 3% a year but expects to lose 2% of volume a year as a result. On Rs 400 crore of revenue at a 20% margin, what does that do to EBITDA in year 5 and to the sponsor's return?Returns attribution and value creationCoreMid-market buyout fund
  4. 074A 400-bed hospital at 70% occupancy earns Rs 30,000 per occupied bed day at a 20% EBITDA margin. A lender proposes a Rs 150 crore loan with a 3.0x leverage covenant. At what occupancy does the covenant break?Private credit and direct lendingCorePrivate credit
  5. 081Enterprise value is agreed at Rs 1,000 crore. With unfunded gratuity, customer advances, capex creditors and trapped cash on the balance sheet, what equity price follows?Deal structuring and pricingCoreMid-market buyout fundIndian mid-market PE
  6. 083The seller agrees to take Rs 150 crore of a Rs 900 crore price as a subordinated note paying 6% PIK. What does that do to the sponsor's cheque and IRR if exit equity is Rs 1,000 crore in year 5?Deal structuring and pricingCoreMid-market buyout fund
  7. 089Revenue rose from Rs 400 crore to Rs 700 crore in four years, Rs 180 crore of it from acquisitions bought at 1.0x revenue. What was organic, what was the organic CAGR, and did the acquisitions earn their cost at 8% margins?Returns attribution and value creationCoreMid-market buyout fundIndian mid-market PE
  8. 097A growth fund puts Rs 150 crore in for 15% of an edtech company with Rs 200 crore of revenue growing 40%. What exit value gives 3x in five years, and what revenue and multiple does that need?Growth equity and softwareCoreGrowth equity
  9. 099Stress test the model: base EBITDA Rs 100 crore, debt Rs 550 crore, leverage covenant 6.0x. In the downside, revenue is flat at Rs 700 crore and margin falls 300 basis points. Does the company breach, and what does IRR fall to?LBO modelling testsCoreMid-market buyout fundPrivate credit

Company names and figures are illustrative.