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 51–60 of 100
  1. 051A half-empty mall is let up from 60% to 90% occupancy over three years. What is it worth at stabilisation, and how much value did the leasing create?Real estate and infrastructureWarm upReal estate PE
  2. 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
  3. 053Pitch me a company: an intercity bus ticketing platform. Size its revenue from the buses on it, say why now, and defend a valuation against a sceptical interviewer.Growth equity and softwareCoreSilver LakeSan Francisco · 2022
  4. 054A fund builds a logistics park on land it buys. What is the yield on cost once it is leased, and what is the development profit if it sells at a 7.5% cap rate?Real estate and infrastructureCoreCarlyle GroupWashington DC · 2021
  5. 055On-the-spot special situations case: a parts maker with collapsed EBITDA is bought at 5x. If EBITDA recovers by year 3 and the exit is at 6x, what are the MOIC and IRR, and what must the recovery thesis get right?Paper LBOsCoreHPS Investment PartnersLondon · 2021
  6. 056Explain a company we should invest in: a modular kitchen maker growing 25% with a 45% gross margin and four months of orders. Give the thesis and the two diligence questions that would decide it.Growth equity and softwareWarm upGeneral Atlanticnew york · 2022
  7. 057How much would you pay for a school group? EBITDA Rs 90 crore growing 10%, 4.5x debt, a 11x exit in year 5, and a fund that needs 22%. Find the maximum entry multiple.Screening and ranking businessesHardKKRLondon · 2025
  8. 058Paper LBO under time pressure: EBITDA Rs 80 crore at 7.5x, 4x debt, flat earnings, Rs 30 crore a year of paydown, exit at 7.5x. Then the interviewer tweaks it live: one more turn at exit, then two more years. MOIC and IRR each time.Paper LBOsCoreCarlyle GroupWashington · 2015
  9. 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
  10. 060Standard one-hour LBO test: revenue Rs 600 crore growing 12% at a 15% margin, bought at 10x with 5x debt, exit at 10x in year 5. Give the returns and a two-way sensitivity of entry and exit multiple.LBO modelling testsCoreWarburg PincusNew York · 2020

Company names and figures are illustrative.