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 81–90 of 100
  1. 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
  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. 083The seller agrees to take Rs 150 crore of a Rs 900 crore price as a subordinated note paying 6% PIK. What does that do to the sponsor's cheque and IRR if exit equity is Rs 1,000 crore in year 5?Deal structuring and pricingCoreMid-market buyout fund
  4. 084Exit a portfolio company by IPO at 20x earnings, selling 25% now with a 12-month lock-up and a 10% discount, or by trade sale now at 11x EBITDA? Compare value and timing to the fund.Portfolio operations and exitsHardLarge-cap buyout fundMid-market buyout fund
  5. 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
  6. 086Group case: a 200 MW wind farm with a 32% plant load factor sells at Rs 3.2 a unit under a 25-year power purchase agreement, costs Rs 1,300 crore and runs on Rs 40 crore of opex. Work revenue, the project IRR, and the risks to discuss.Real estate and infrastructureHardInfrastructure fund
  7. 087Procurement takes 2% off a Rs 600 crore COGS base. What is the EBITDA gain and the value at a 10x exit, and how does it compare with a 2% price rise on Rs 1,000 crore of revenue?Portfolio operations and exitsWarm upPortfolio operations teamIndian mid-market PE
  8. 088A co-living asset has 800 beds at 85% occupancy and Rs 15,000 a bed a month, with opex at 40% of revenue. Value it at a 9% cap rate and test what occupancy the Rs 100 crore asking price needs.Real estate and infrastructureWarm upReal estate PE
  9. 089Revenue rose from Rs 400 crore to Rs 700 crore in four years, Rs 180 crore of it from acquisitions bought at 1.0x revenue. What was organic, what was the organic CAGR, and did the acquisitions earn their cost at 8% margins?Returns attribution and value creationCoreMid-market buyout fundIndian mid-market PE
  10. 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

Company names and figures are illustrative.