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 100
  1. 011Five-minute paper LBO: a logistics company bought at 10x EBITDA of Rs 50 crore with half debt, EBITDA reaches Rs 80 crore, Rs 120 crore of debt is repaid, exit at 10x. What are the MOIC and IRR, and where did the return come from?Paper LBOsWarm upTPGSan Francisco · 2015
  2. 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
  3. 013Simple DCF for an invented coatings business: free cash flow of Rs 50 crore growing 8% for five years, 4% terminal growth, 12% discount rate. What is the enterprise value, and how much of it is terminal value?Screening and ranking businessesWarm upHPS Investment PartnersNew York · 2025
  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. 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
  6. 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
  7. 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
  8. 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
  9. 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
  10. 020Evaluate a fund's portfolio and present its metrics: six deals with cost and current value, two below cost and one at 5x. Compute gross multiple, loss ratio and concentration, and say what an LP would ask.Fund, LP and portfolio analyticsWarm upTPGSan Francisco · 2026

Company names and figures are illustrative.