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 41 · filtered from 100Clear filters
  1. 059A hotel loan trades at 72 on a par of 100 with three years and an 8% coupon left. If it either defaults and recovers 40 in year 1 or pays off at par, what is the IRR in each case, and what default probability still gives a 15% expected return?Distressed and special situationsCorePrivate creditSpecial situations
  2. 061A 120-store eyewear chain wants to add 30 stores a year. Each store costs Rs 1.2 crore and earns Rs 0.4 crore once mature. Should the fund pay 14x EBITDA of Rs 50 crore?Screening and ranking businessesCoreMid-market buyout fundIndian mid-market PE
  3. 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
  4. 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
  5. 067A buyer agreed a locked box price of Rs 500 crore. Before completion the seller took a Rs 12 crore dividend and Rs 3 crore of management fees. What is the buyer owed, and how would completion accounts have changed the price?Deal structuring and pricingWarm upMid-market buyout fundIndian mid-market PE
  6. 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
  7. 072An adhesives maker can raise prices 3% a year but expects to lose 2% of volume a year as a result. On Rs 400 crore of revenue at a 20% margin, what does that do to EBITDA in year 5 and to the sponsor's return?Returns attribution and value creationCoreMid-market buyout fund
  8. 074A 400-bed hospital at 70% occupancy earns Rs 30,000 per occupied bed day at a 20% EBITDA margin. A lender proposes a Rs 150 crore loan with a 3.0x leverage covenant. At what occupancy does the covenant break?Private credit and direct lendingCorePrivate credit
  9. 075A pension trust puts Rs 100 crore into a deal through a fund charging 2% and 20%, and Rs 100 crore alongside as a no-fee co-investment. The deal returns 2.5x gross in five years. What net multiple does each earn?Fund, LP and portfolio analyticsWarm upSecondaries and fund of funds
  10. 081Enterprise value is agreed at Rs 1,000 crore. With unfunded gratuity, customer advances, capex creditors and trapped cash on the balance sheet, what equity price follows?Deal structuring and pricingCoreMid-market buyout fundIndian mid-market PE

Company names and figures are illustrative.