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 21–30 of 100
  1. 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
  2. 022A gym chain has 4% monthly churn, a Rs 2,000 monthly fee, Rs 3,000 acquisition cost and 70% contribution. What is a member worth, and at what churn does growth start to destroy value?Commercial and market casesCoreGrowth equityIndian mid-market PE
  3. 023A share purchase agreement sets a working capital peg at the twelve-month average of Rs 120 crore. Closing working capital comes in at Rs 95 crore after a seasonal low. What price adjustment applies, and why might each side argue for a different peg?Deal structuring and pricingCoreMid-market buyout fundIndian mid-market PE
  4. 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
  5. 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
  6. 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
  7. 027The seller wants Rs 800 crore and you value the business at Rs 600 crore. Design an earnout on year 2 EBITDA that bridges the gap, and show what the seller receives under three outcomes.Deal structuring and pricingCoreMid-market buyout fund
  8. 028A warehousing borrower has Rs 60 crore of cash available for debt service and pays Rs 45 crore a year. The lender's floor is 1.25x DSCR. How much more can it borrow on a 7 year amortising loan at 10%?Private credit and direct lendingWarm upOaktree Capital ManagementLos Angeles · 2025
  9. 029Pitch a company in two minutes: a 300 store pharmacy chain with 9% same store growth and an 11% EBITDA margin. Structure it as thesis, returns, risks and what would make you wrong.Growth equity and softwareWarm upTPGBeijing · 2014
  10. 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

Company names and figures are illustrative.