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 17 · filtered from 100Clear filters
  1. 004In a telecom and media LBO, tax depreciation runs ahead of book depreciation. Build book tax against cash tax, the deferred tax liability over three years, and show what it does to free cash flow and returns.LBO modelling testsHardTPGBeijing · 2018
  2. 008Build an LBO on paper from scratch for a dairy company: five years of cash flow, debt paydown, exit equity, money multiple and IRR, with working capital and tax done properly.Paper LBOsHardBlackstoneNew York · 2016
  3. 009A real estate fund and a developer put Rs 300 crore of equity into a housing project, 90:10, with a 12% preferred return and a 20% promote. The project makes Rs 180 crore. Work the waterfall and each party's return.Real estate and infrastructureHardBlackstoneVancouver · 2025
  4. 015Cash flow build-up for a jeweller: EBITDA Rs 110 crore, Rs 900 crore of gold inventory, a Rs 400 crore gold metal loan, revenue growing 15%. Build cash from EBITDA and show why growth consumes it.Portfolio operations and exitsHardHPS Investment PartnersLondon · 2025HPS Investment PartnersLondon · 2025
  5. 019A software company is being bought at 8x ARR with a senior loan, a mezzanine tranche and equity. Compare risk and return in each layer of the capital structure and say where you would invest and why.Private credit and direct lendingHardHPS Investment PartnersNew York · 2021
  6. 024Timed modelling test: build a three-year debt schedule for a castings company with a term loan under a 75% cash sweep, a PIK note and a revolver, where year 1 capex spikes. Show when the revolver is drawn and when it is repaid.LBO modelling testsHardCarlyle GroupNew York · 2023
  7. 032Paper LBO on an oilfield services company whose EBITDA swings 30% either way with oil prices. Buy at 6x with 3.5x debt, exit at 6x in year 4. Work the return at trough, mid-cycle and peak, and say how much leverage a cyclical business can bear.Paper LBOsHardWarburg PincusNew York · 2017
  8. 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
  9. 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
  10. 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

Company names and figures are illustrative.