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 1–9 of 9 · filtered from 100Clear filters
  1. 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
  2. 024Timed modelling test: build a three-year debt schedule for a castings company with a term loan under a 75% cash sweep, a PIK note and a revolver, where year 1 capex spikes. Show when the revolver is drawn and when it is repaid.LBO modelling testsHardCarlyle GroupNew York · 2023
  3. 035LBO test on a capex-heavy business: EBITDA Rs 90 crore, capex half of EBITDA every year. How much debt can it carry at 2.0x cover of EBITDA less capex over interest at 10%, and what IRR does a sponsor earn at 8x in and out with 8% EBITDA growth?LBO modelling testsCoreWarburg PincusNew York · 2017
  4. 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
  5. 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
  6. 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
  7. 077Two-hour three-statement LBO: interest is charged on the average debt balance. Show how year 1 cash, debt and interest link, why that is circular, and prove the balance sheet balances.LBO modelling testsHardKKRLondon · 2025
  8. 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
  9. 099Stress test the model: base EBITDA Rs 100 crore, debt Rs 550 crore, leverage covenant 6.0x. In the downside, revenue is flat at Rs 700 crore and margin falls 300 basis points. Does the company breach, and what does IRR fall to?LBO modelling testsCoreMid-market buyout fundPrivate credit

Company names and figures are illustrative.