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 13 · filtered from 100Clear filters
  1. 006A distressed spinning mill needs Rs 150 crore of rescue money that would rank ahead of the existing Rs 600 crore senior loan. What do the existing lenders recover with and without the rescue, and should they agree?Distressed and special situationsHardSpecial situationsPrivate credit
  2. 017A family office with a Rs 1,000 crore portfolio wants 10% in private equity. Funds call 25% of commitments a year for four years and distribute from year 5. How much should it commit each year to reach and then hold the target?Fund, LP and portfolio analyticsHardSecondaries and fund of funds
  3. 030A steel maker is in insolvency. Liquidation would fetch Rs 400 crore; a bidder offers Rs 650 crore. Work the distribution across financial creditors, operational creditors and shareholders, and say why lenders vote for the bid.Distressed and special situationsHardSpecial situations
  4. 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
  5. 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
  6. 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
  7. 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
  8. 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
  9. 066A direct lender is offered a Rs 350 crore unitranche at 11% with 5% annual amortisation to a bearings maker earning Rs 90 crore of EBITDA. Can the loan be serviced and repaid if EBITDA falls 20%, and what cover does the lender have each year?Private credit and direct lendingHardPrivate credit
  10. 069A fund uses a subscription credit line at 8% to delay its capital call by 180 days on a deal that turns 100 into 200 over four years. What happens to the IRR and to the money multiple?Fund, LP and portfolio analyticsHardSecondaries and fund of funds

Company names and figures are illustrative.