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 41–50 of 100
  1. 041Buy an office park on Rs 60 crore of net operating income at an 8% cap rate with 60% debt at 9%. NOI grows 4% and you sell at an 8% cap after five years. Work the unlevered and levered returns, with no waterfall.Real estate and infrastructureCoreCarlyle GroupWashington · 2015
  2. 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
  3. 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
  4. 044A growth fund invests Rs 200 crore for 25% of a cloud kitchen company with a 1x non-participating liquidation preference. What does the fund receive at exit equity values of Rs 500, 800 and 1,500 crore, and at what value does converting beat the preference?Deal structuring and pricingWarm upGrowth equity
  5. 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
  6. 046A direct-to-consumer cosmetics brand has 20 lakh monthly visitors, 2.5% conversion, an average order of Rs 900 and 35% of buyers coming back within a year. Build annual revenue and say which lever the sponsor should push first.Commercial and market casesCoreBain CapitalBoston · 2023
  7. 047In a case pack, the plan takes a uniform maker's EBITDA margin from 10% to 15% on Rs 500 crore of revenue growing 8%. Entry and exit at 9x with 4x debt. What share of the IRR depends on the margin plan, and what evidence would you ask for?Returns attribution and value creationCoreMid-market buyout fund
  8. 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
  9. 049Fill the blank lines of a sources and uses template: enterprise value Rs 900 crore including Rs 200 crore of existing debt to refinance, fees of Rs 25 crore and Rs 20 crore of minimum cash funded at close. Sources are a Rs 450 crore term loan, Rs 150 crore of notes and sponsor equity. What is the equity cheque?LBO modelling testsWarm upCarlyle GroupNew York · 2023
  10. 050In an hour, rank four businesses from best to worst investment using quick maths: growth, EBITDA margin, capex share, cyclicality and cash conversion are given, and one company's growth is 60% organic and 40% acquired.Screening and ranking businessesCoreViking Global InvestorsNew York · 2025

Company names and figures are illustrative.