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 19 · filtered from 100Clear filters
  1. 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
  2. 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
  3. 012A pharma distributor's operating team proposes a working capital programme: receivables from 75 to 60 days, inventory 60 to 50, payables 45 to 50. How much cash is released, and what does it do to the IRR on Rs 300 crore of equity?Portfolio operations and exitsCorePortfolio operations team
  4. 014A buyer offers 2.2x for a three-year-old portfolio company today; the plan reaches 3.0x in year 6. The fund has four years of life left and can redeploy at 20%. Hold or sell, and what IRR does each path give?Returns attribution and value creationCoreLarge-cap buyout fundSecondaries and fund of funds
  5. 022A gym chain has 4% monthly churn, a Rs 2,000 monthly fee, Rs 3,000 acquisition cost and 70% contribution. What is a member worth, and at what churn does growth start to destroy value?Commercial and market casesCoreGrowth equityIndian mid-market PE
  6. 023A share purchase agreement sets a working capital peg at the twelve-month average of Rs 120 crore. Closing working capital comes in at Rs 95 crore after a seasonal low. What price adjustment applies, and why might each side argue for a different peg?Deal structuring and pricingCoreMid-market buyout fundIndian mid-market PE
  7. 027The seller wants Rs 800 crore and you value the business at Rs 600 crore. Design an earnout on year 2 EBITDA that bridges the gap, and show what the seller receives under three outcomes.Deal structuring and pricingCoreMid-market buyout fund
  8. 034A tower company owns 10,000 towers at a tenancy of 1.6. Each tenant pays Rs 40,000 a month and each tower costs Rs 2.5 lakh a year to run. What is EBITDA at 1.6 and at 2.0 tenancy, and why do tower buyers pay for tenancy growth?Real estate and infrastructureCoreInfrastructure fund
  9. 040A sponsor asks for 6x adjusted EBITDA. Reported EBITDA is Rs 80 crore and the adjusted figure of Rs 100 crore includes Rs 20 crore of add-backs. What leverage is that on reported EBITDA, and which add-backs would you accept?Private credit and direct lendingCorePrivate credit
  10. 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

Company names and figures are illustrative.