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 1–8 of 8 · filtered from 100Clear filters
  1. 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
  2. 025Value a toll road concession with 18 years left: Rs 150 crore of toll revenue, traffic growing 5%, tariffs indexed at 3%, opex at 20% of revenue, discounted at 12%. What is it worth, what happens at 2% traffic growth, and why does the value fall over time?Real estate and infrastructureCoreBain CapitalSan Francisco · 2025
  3. 034A tower company owns 10,000 towers at a tenancy of 1.6. Each tenant pays Rs 40,000 a month and each tower costs Rs 2.5 lakh a year to run. What is EBITDA at 1.6 and at 2.0 tenancy, and why do tower buyers pay for tenancy growth?Real estate and infrastructureCoreInfrastructure fund
  4. 041Buy an office park on Rs 60 crore of net operating income at an 8% cap rate with 60% debt at 9%. NOI grows 4% and you sell at an 8% cap after five years. Work the unlevered and levered returns, with no waterfall.Real estate and infrastructureCoreCarlyle GroupWashington · 2015
  5. 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
  6. 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
  7. 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
  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

Company names and figures are illustrative.