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 1–10 of 59 · filtered from 100Clear filters
  1. 001A software sponsor wants to grow a platform-as-a-service business by hiring sales reps. What is the payback on a rep, and how many can the plan afford?Growth equity and softwareCoreVista Equity PartnersAustin · 2021
  2. 003Pitch an early-stage agritech marketplace you like: why this company and this industry, and what would the fund need to believe to invest at a Rs 600 crore valuation?Growth equity and softwareCoreInsight PartnersNew York · 2023
  3. 004In a telecom and media LBO, tax depreciation runs ahead of book depreciation. Build book tax against cash tax, the deferred tax liability over three years, and show what it does to free cash flow and returns.LBO modelling testsHardTPGBeijing · 2018
  4. 005Consulting-style case: should the fund invest in a pest control business? Structure your answer across market, company, returns and risks.Screening and ranking businessesWarm upAdvent InternationalNew York · 2021
  5. 008Build an LBO on paper from scratch for a dairy company: five years of cash flow, debt paydown, exit equity, money multiple and IRR, with working capital and tax done properly.Paper LBOsHardBlackstoneNew York · 2016
  6. 009A real estate fund and a developer put Rs 300 crore of equity into a housing project, 90:10, with a 12% preferred return and a 20% promote. The project makes Rs 180 crore. Work the waterfall and each party's return.Real estate and infrastructureHardBlackstoneVancouver · 2025
  7. 011Five-minute paper LBO: a logistics company bought at 10x EBITDA of Rs 50 crore with half debt, EBITDA reaches Rs 80 crore, Rs 120 crore of debt is repaid, exit at 10x. What are the MOIC and IRR, and where did the return come from?Paper LBOsWarm upTPGSan Francisco · 2015
  8. 013Simple DCF for an invented coatings business: free cash flow of Rs 50 crore growing 8% for five years, 4% terminal growth, 12% discount rate. What is the enterprise value, and how much of it is terminal value?Screening and ranking businessesWarm upHPS Investment PartnersNew York · 2025
  9. 015Cash flow build-up for a jeweller: EBITDA Rs 110 crore, Rs 900 crore of gold inventory, a Rs 400 crore gold metal loan, revenue growing 15%. Build cash from EBITDA and show why growth consumes it.Portfolio operations and exitsHardHPS Investment PartnersLondon · 2025HPS Investment PartnersLondon · 2025
  10. 016Explain a dividend recap with numbers: in year 3 a tableware company relevers from 2x to 5x EBITDA and pays the new debt out as a dividend. Compare MOIC and IRR with and without the recap, and say what it adds and what it risks.Deal structuring and pricingCoreTPGSan Francisco · 2015

Company names and figures are illustrative.