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 11–20 of 30 · filtered from 100Clear filters
  1. 037A growth fund buys a minority stake in a fintech at 10x revenue and expects to exit at 5x revenue in five years. What revenue growth does it need for a 25% IRR, and is that believable?Growth equity and softwareHardGrowth equitySoftware buyout
  2. 038A portfolio company's EBITDA has fallen from Rs 100 crore to Rs 70 crore against Rs 480 crore of debt and a 5.5x leverage covenant. How large an equity cure is needed, and should the sponsor put the money in given a plan to recover to Rs 90 crore?Portfolio operations and exitsHardPortfolio operations teamPrivate credit
  3. 042Rank four businesses in one auto supply chain as buyout investments: a steel supplier, a component maker, a vehicle maker and a dealer group. Margins, capex, customer concentration and bargaining power are given.Screening and ranking businessesHardTPGSan Francisco · 2018
  4. 043Buy-and-build: a vet clinic platform with Rs 40 crore of EBITDA is bought at 12x, six bolt-ons of Rs 5 crore EBITDA each are bought at 6x, integration costs Rs 15 crore, and the group exits at 12x in year 5 with 8% organic growth. Split exit value into organic growth, acquired EBITDA and multiple arbitrage.Returns attribution and value creationHardMid-market buyout fundIndian mid-market PE
  5. 045Take-home: four deals with dated cash flows. Compute each deal's MOIC and IRR, then the pooled IRR of the four together, and explain why the pooled IRR is not the average of the deal IRRs.Fund, LP and portfolio analyticsHardBain CapitalBoston · 2024
  6. 048Debt-for-equity restructuring: a shipyard owes Rs 1,200 crore on Rs 100 crore of EBITDA. Lenders cut debt to 4x and take 70% of the equity, with enterprise value at 7x. What do the lenders recover in debt and equity, and what do the old shareholders keep?Distressed and special situationsHardSpecial situations
  7. 052Build an LBO from scratch in two hours: revenue, margin, two debt tranches with different repayment, tax, capex and a 8.5x exit. What are the returns, and what is the thesis you defend afterwards?LBO modelling testsHardTPGSan Francisco · 2018
  8. 057How much would you pay for a school group? EBITDA Rs 90 crore growing 10%, 4.5x debt, a 11x exit in year 5, and a fund that needs 22%. Find the maximum entry multiple.Screening and ranking businessesHardKKRLondon · 2025
  9. 063Leverage choice: the same business at 10x, financed with 3x or 6x debt at 10%. Work the base case IRR for each, then a downside where EBITDA falls 25% in year 2. Which structure do you choose?Returns attribution and value creationHardAres ManagementLos Angeles · 2026
  10. 065Take-private of a listed agri company: share price Rs 200, 5 crore shares, a 30% premium, net debt Rs 300 crore, EBITDA Rs 180 crore. What multiple is that, how is it funded at 5x, and what acceptance and delisting conditions decide whether it can happen?Deal structuring and pricingHardLarge-cap buyout fund

Company names and figures are illustrative.