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 41–50 of 50 · filtered from 100Clear filters
  1. 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
  2. 085Pitch a Rs 1,500 crore infrastructure fund to potential LPs: 14% gross target, 6% cash yield, 1.5% fee and 15% carry over an 8% hurdle. What net return and yield should an LP expect, and which LPs should you call first?Fund, LP and portfolio analyticsCoreTPGSan Francisco · 2026
  3. 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
  4. 090Enterprise value is somewhere between Rs 650 and Rs 850 crore; the stack is Rs 500 crore senior, Rs 300 crore second lien and Rs 200 crore unsecured. Where would you invest, and what is the fulcrum security's recovery range?Distressed and special situationsCoreHPS Investment PartnersNew York · 2021
  5. 091Commercial case: an industrial water treatment company with Rs 350 crore of revenue, 45% of it from five customers, in a market growing 11% where it holds 8% share. Assess market, position and concentration, and say what the sponsor must believe.Commercial and market casesCoreAdvent InternationalLondon · 2023
  6. 094Paper LBO with fees and a rollover: EBITDA Rs 60 crore at 9x, fees of 3% of EV, 4.5x debt, management rolls Rs 30 crore. EBITDA reaches Rs 90 crore in year 5, debt falls to Rs 150 crore, exit at 9x. What is the sponsor's MOIC and IRR, and what did the fees cost?Paper LBOsCoreWarburg PincusNew York · 2020
  7. 095Model debrief: your model shows about 31% IRR on Rs 300 crore of revenue, margin rising from 30% to 40%, entry at 20x EBITDA with 6x debt and exit at 18x in year 5. Which three assumptions drive the IRR, and what is it if the margin stays at 30%?LBO modelling testsCoreVista Equity PartnersAustin · 2024
  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. 098A shipping company can buy containers at Rs 2.5 lakh each with a 12-year life and Rs 30,000 residual, or lease them at Rs 40,000 a year. At a 10% cost of capital, which is cheaper, and what does the answer do to return on equity?Deal structuring and pricingCoreWarburg PincusNew York · 2012
  10. 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.