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 31 · filtered from 100Clear filters
  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. 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
  3. 016Explain a dividend recap with numbers: in year 3 a tableware company relevers from 2x to 5x EBITDA and pays the new debt out as a dividend. Compare MOIC and IRR with and without the recap, and say what it adds and what it risks.Deal structuring and pricingCoreTPGSan Francisco · 2015
  4. 018A restaurant chain with 25 outlets wants to grow to 60. Work the outlet economics and the payback on a new outlet, and say whether the fund should back the expansion.Commercial and market casesCoreGeneral AtlanticBeijing · 2014
  5. 021A paper LBO where the interviewer keeps changing the terms: build the base case for a specialty chemicals buyout, then answer fast what happens to the IRR if the exit multiple falls, if leverage rises, and if the hold shortens.Paper LBOsCoreNeuberger BermanLondon · 2026
  6. 025Value a toll road concession with 18 years left: Rs 150 crore of toll revenue, traffic growing 5%, tariffs indexed at 3%, opex at 20% of revenue, discounted at 12%. What is it worth, what happens at 2% traffic growth, and why does the value fall over time?Real estate and infrastructureCoreBain CapitalSan Francisco · 2025
  7. 026Paper LBO on your own sector: a diagnostics chain of 40 labs bought at 12x, with a plan to open 15 more. Work the return and name the lab-level assumption that matters most.Paper LBOsCoreWarburg PincusNew York · 2014
  8. 031You have read the CIM and databook for a stable, capex-light engineering services business with Rs 75 crore of EBITDA. The sponsor wants Rs 300 crore of debt. What leverage, pricing and covenants do you propose, and how do you handle the two biggest risks?Private credit and direct lendingCoreGolub CapitalChicago · 2015
  9. 035LBO test on a capex-heavy business: EBITDA Rs 90 crore, capex half of EBITDA every year. How much debt can it carry at 2.0x cover of EBITDA less capex over interest at 10%, and what IRR does a sponsor earn at 8x in and out with 8% EBITDA growth?LBO modelling testsCoreWarburg PincusNew York · 2017
  10. 036An airport services business at a regional airport handles 1.2 crore passengers a year: aero revenue is regulated at Rs 400 a passenger, non-aero revenue is Rs 180 a passenger and growing 10%, and traffic grows 7%. Value the business and say where the upside and the regulatory risk sit.Commercial and market casesCoreBain CapitalBoston · 2023

Company names and figures are illustrative.