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 51–59 of 59 · filtered from 100Clear filters
  1. 080Should the credit fund lend Rs 200 crore to a construction company with a Rs 2,400 crore order book, 150 receivable days and Rs 150 crore of mobilisation advances? Value it and test repayment.Private credit and direct lendingHardBain CapitalNew York · 2024
  2. 082Your thesis says cell costs fall 20% in two years and lift margin from 12% to 18%. The interviewer asks: what if costs do not fall, and how are you so sure they will? Defend it with numbers.Screening and ranking businessesHardApollo Global ManagementAnonymous interview candidate in · 2021Apollo Global ManagementAnonymous interview candidate in · 2021
  3. 085Pitch a Rs 1,500 crore infrastructure fund to potential LPs: 14% gross target, 6% cash yield, 1.5% fee and 15% carry over an 8% hurdle. What net return and yield should an LP expect, and which LPs should you call first?Fund, LP and portfolio analyticsCoreTPGSan Francisco · 2026
  4. 090Enterprise value is somewhere between Rs 650 and Rs 850 crore; the stack is Rs 500 crore senior, Rs 300 crore second lien and Rs 200 crore unsecured. Where would you invest, and what is the fulcrum security's recovery range?Distressed and special situationsCoreHPS Investment PartnersNew York · 2021
  5. 091Commercial case: an industrial water treatment company with Rs 350 crore of revenue, 45% of it from five customers, in a market growing 11% where it holds 8% share. Assess market, position and concentration, and say what the sponsor must believe.Commercial and market casesCoreAdvent InternationalLondon · 2023
  6. 094Paper LBO with fees and a rollover: EBITDA Rs 60 crore at 9x, fees of 3% of EV, 4.5x debt, management rolls Rs 30 crore. EBITDA reaches Rs 90 crore in year 5, debt falls to Rs 150 crore, exit at 9x. What is the sponsor's MOIC and IRR, and what did the fees cost?Paper LBOsCoreWarburg PincusNew York · 2020
  7. 095Model debrief: your model shows about 31% IRR on Rs 300 crore of revenue, margin rising from 30% to 40%, entry at 20x EBITDA with 6x debt and exit at 18x in year 5. Which three assumptions drive the IRR, and what is it if the margin stays at 30%?LBO modelling testsCoreVista Equity PartnersAustin · 2024
  8. 098A shipping company can buy containers at Rs 2.5 lakh each with a 12-year life and Rs 30,000 residual, or lease them at Rs 40,000 a year. At a 10% cost of capital, which is cheaper, and what does the answer do to return on equity?Deal structuring and pricingCoreWarburg PincusNew York · 2012
  9. 100A tile maker was bought at 9x EBITDA of Rs 80 crore with Rs 400 crore of debt and sold at 10x EBITDA of Rs 130 crore with Rs 200 crore of debt. Split the equity gain among EBITDA growth, multiple expansion and debt paydown.Returns attribution and value creationWarm upTPGNew York · 2024

Company names and figures are illustrative.