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 21–30 of 50 · filtered from 100Clear filters
  1. 041Buy an office park on Rs 60 crore of net operating income at an 8% cap rate with 60% debt at 9%. NOI grows 4% and you sell at an 8% cap after five years. Work the unlevered and levered returns, with no waterfall.Real estate and infrastructureCoreCarlyle GroupWashington · 2015
  2. 046A direct-to-consumer cosmetics brand has 20 lakh monthly visitors, 2.5% conversion, an average order of Rs 900 and 35% of buyers coming back within a year. Build annual revenue and say which lever the sponsor should push first.Commercial and market casesCoreBain CapitalBoston · 2023
  3. 047In a case pack, the plan takes a uniform maker's EBITDA margin from 10% to 15% on Rs 500 crore of revenue growing 8%. Entry and exit at 9x with 4x debt. What share of the IRR depends on the margin plan, and what evidence would you ask for?Returns attribution and value creationCoreMid-market buyout fund
  4. 050In an hour, rank four businesses from best to worst investment using quick maths: growth, EBITDA margin, capex share, cyclicality and cash conversion are given, and one company's growth is 60% organic and 40% acquired.Screening and ranking businessesCoreViking Global InvestorsNew York · 2025
  5. 053Pitch me a company: an intercity bus ticketing platform. Size its revenue from the buses on it, say why now, and defend a valuation against a sceptical interviewer.Growth equity and softwareCoreSilver LakeSan Francisco · 2022
  6. 054A fund builds a logistics park on land it buys. What is the yield on cost once it is leased, and what is the development profit if it sells at a 7.5% cap rate?Real estate and infrastructureCoreCarlyle GroupWashington DC · 2021
  7. 055On-the-spot special situations case: a parts maker with collapsed EBITDA is bought at 5x. If EBITDA recovers by year 3 and the exit is at 6x, what are the MOIC and IRR, and what must the recovery thesis get right?Paper LBOsCoreHPS Investment PartnersLondon · 2021
  8. 058Paper LBO under time pressure: EBITDA Rs 80 crore at 7.5x, 4x debt, flat earnings, Rs 30 crore a year of paydown, exit at 7.5x. Then the interviewer tweaks it live: one more turn at exit, then two more years. MOIC and IRR each time.Paper LBOsCoreCarlyle GroupWashington · 2015
  9. 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
  10. 060Standard one-hour LBO test: revenue Rs 600 crore growing 12% at a 15% margin, bought at 10x with 5x debt, exit at 10x in year 5. Give the returns and a two-way sensitivity of entry and exit multiple.LBO modelling testsCoreWarburg PincusNew York · 2020

Company names and figures are illustrative.