Investment Banking, Private Equity, Growth Equity, Venture Capital & Hedge Fund Case Studies
Work through 100+ full case studies in the format banks and buyside firms actually use. Every one includes the prompt, the supporting materials and an audio walkthrough; most also ship a complete answer deck and a tied-out Excel model, and each case says on its own card exactly what it ships.
Browse by Track
Case studies organized by the seat you are recruiting for.
Investment Banking
Live case studies and modeling tests drawn from real sell-side, buy-side, financing and restructuring mandates.
Browse Case StudiesPrivate Equity
On-cycle and off-cycle modeling tests, paper LBOs and investment committee memos in the format buyside firms actually use.
Browse Case StudiesVenture & Growth
Open-ended investment exercises and growth equity underwrites in the format venture and growth funds actually send: form a view, price the round or the structure, and defend a recommendation.
Browse Case StudiesHedge Fund
Fundamental equity research the way multi-manager and long-only funds actually test it: pitch a name, defend the variant view, and survive the questions that follow.
Browse Case StudiesInvestment Banking
Live case studies and modeling tests drawn from real sell-side, buy-side, financing and restructuring mandates.
Modeled after 20 firms
19 case groups
Project Meridian — Special Committee Take-Private
Sell-Side M&A / Special Committee
Project Ashgrove — Accretion/Dilution Test
Accretion/Dilution Modeling Test
Project Alderpoint — Sell-Side Process Launch
Sell-Side M&A / Process Launch
Project Dunmore — Fairness Opinion
Fairness Opinion / Board Materials
Project Harrowgate — Merger of Equals
Merger of Equals
Project Quillon — Full Merger Model & Competing Bid
Full Merger Model
Project Calderwood — Buy-Side Target Screen
Buy-Side M&A / Target Review
Project Ravenwood — Founder Sale, Buyer Selection
M&A Qualitative / Sell-Side
Project Brightmoor — Final Bid Evaluation
Sell-Side M&A / Final Bid Evaluation
Project Elmscroft — Strategic Alternatives Review
Strategic Alternatives Review
Project Foxglove — Controlling-Shareholder Squeeze-Out
Controlling-Shareholder Squeeze-Out
Project Umberline — Segment Carve-Out
Carve-Out / Divestiture
Project Ironvale — Run-Off Valuation & Management Buyout
Fairness Opinion / Management Buyout
Project Wexbury — Sponsor Ability-to-Pay
Ability-to-Pay Analysis
Project Marlowe — Dual-Track: IPO vs. Sale
Dual-Track Exit Analysis
Project Orrington — Public-to-Private Feasibility
Take-Private Feasibility / Sponsor Client
Project Nettlebed — Sponsor-to-Sponsor Secondary Buyout
Secondary Buyout / Ability-to-Pay
Project Saltmarsh — IPO Readiness & Pricing
Equity Capital Markets / IPO
Project Rushmere — Consideration Structuring & Collars
Equity Capital Markets / Deal Structuring
Project Pemberly — Investment Grade Bond Issuance
Debt Capital Markets / IG Issuance
Project Quarrystone — Refinancing & Capital Structure Review
Debt Capital Markets / Refinancing
Project Doverline — Debt vs. Equity for a Capex Program
Financing Decision / Capital Structure
Project Tarnbrook — LBO Financing Feasibility
Leveraged Finance / Financing Feasibility
Project Uplands — Dividend Recapitalization
Leveraged Finance / Dividend Recap
Project Eastgate — Liability Management Exercise
Liability Management / Restructuring
Project Fernwood — Distressed Exchange Counterproposal
Distressed Exchange
Project Glenmoor — 13-Week Cash Flow & Financeability
Liquidity Forecast / Financeability Review
Project Hollowbrook — Recovery Analysis & Liquidation Waterfall
Recovery Analysis / Chapter 7 Comparison
Project Inglemoor — Chapter 11 Cleansing Materials
Chapter 11 Cleansing Materials
Project Jarrowfield — Section 363 Asset Sale
Distressed M&A / 363 Sale
Project Kirkstall — Emergence Capital Structure
Chapter 11 Emergence / Exit Financing
Project Larchmont — Covenant Compliance & Equity Cure
Covenant Analysis / Dual-Track Restructuring
Project Brackenhill — GP-Led Continuation Vehicle
Private Capital Advisory / GP-Led Secondary
Project Thornbury — Activist Campaign Response
Shareholder Advisory / Activist Defense
Project Stonebrook — Unsolicited Approach & Defense
Takeover Defense / Board Materials
Kelvingate — Sponsor Portfolio & Position Review
Sponsor Client Portfolio Review
Project Sandalwood — Sponsor Capacity & Sources of Funding
Financial Sponsors / Buyer Capacity Screen
Project Wickfield — Whole-Business Securitization
Structured Finance / Whole-Business Securitization
Project Yarnton — Cross-Currency Hedging Program
Corporate Derivatives / FX Risk Management
Project Ashcombe — Rate Hedging & Accelerated Buyback
Corporate Derivatives / Rate & Equity Derivatives
Project Ottermere — E&P Net Asset Value
Energy / E&P Net Asset Value
Project Pennmoor — Midstream Buy-In & Yield Capitalization
Energy / Midstream MLP Buy-In
Project Quennell — Solar Take-Private & Sum-of-the-Parts
Renewables / Cross-Border Take-Private
Project Blackfern — Mining Net Asset Value
Natural Resources / Mining Valuation
Project Brentmoor — Aircraft Lessor Valuation
Transportation Finance / Strategic Alternatives
Project Havermore — Availability-Payment Concession
Infrastructure / Concession Financing
Project Drumlin — Lodging Asset-Level Valuation
Real Estate & Lodging / Strategic Alternatives
Project Eskmont — Casino Resort Take-Private
Gaming & Lodging / Special Committee Take-Private
Project Talara — Dissolution vs. Cash Tender
Healthcare / Biotech Strategic Alternatives
Project Uplandcare — Biopharma Strategic Alternatives
Healthcare / Biopharma Strategic Alternatives
Project Vantrell — Healthcare IT Valuation
Healthcare IT / Special Committee Valuation
Project Elmore — Technology Hardware Strategic Alternatives
Technology Hardware / Strategic Alternatives
Project Fernpath — Software Valuation & Growth Regression
Software / Sell-Side Valuation
Project Giantsford — Online Gaming Cross-Border Fairness
Internet / Cross-Border Going-Private Fairness
Project Hallowell — Consumer Subscription Valuation
Consumer Internet / Sell-Side Valuation
Project Wyndmere — Spectrum Valuation & Minority Squeeze-Out
Telecom / Spectrum Squeeze-Out
Project Aurendale — Premium Network Valuation
Media / Premium Networks Board Materials
Project Corranmore — Out-of-Home Advertising Fairness Opinion
Media / Cross-Border Going-Private Fairness
Project Quailridge — Insurer Dividend Discount Valuation
FIG / Insurance Take-Private
Project Rothwell — Up-C Structure & Tax Receivable Agreement
FIG / Wealth Management Fairness Opinion
Project Marchmont — Specialty Retail Take-Private
Consumer & Retail / Special Committee
Project Alderwood — Specialty Chemicals Take-Private
Industrials / Chemicals Special Committee
Private Equity
On-cycle and off-cycle modeling tests, paper LBOs and investment committee memos in the format buyside firms actually use.
Modeled after 6 firms
3 case groups
Project Tallowfield — 10-Minute Verbal Paper LBO
Paper LBO
Project Nettleford — 15-Minute Paper LBO
Paper LBO
Project Cardinal — Paper LBO with a Cash Sweep
Paper LBO
Project Priorsgate — Paper LBO on a Forward Multiple
Paper LBO
Project Verrick — Paper LBO with Rollover
Paper LBO
Project Ozric — Inverted Paper LBO: What Would You Pay?
Paper LBO / Ability-to-Pay
Project Iceford — 30-Minute Quick LBO
Quick LBO Modeling Test
Project Brentwold — 45-Minute Basic LBO
Basic LBO Modeling Test
Project Halverston — 2-Hour Full LBO
Full LBO Modeling Test
Project Caldbeck — 60-Minute Take-Private LBO
Basic LBO Modeling Test
Project Marridge — 2-Hour From-Blank: 3-Statement, DCF & LBO
Full Modeling Test (3-Statement + DCF + LBO)
Project Oakstead — 3-Hour Full LBO with an IPO Exit
Full LBO Modeling Test
Project Pellworth — Operating-Case LBO & Returns Attribution
Operating-Case LBO with Returns Attribution
Project Rennick — Software LBO with No Multiple Expansion
Operating-Case LBO with Returns Attribution
Project Southmoor — Healthcare LBO with a Reimbursement Downside
Operating-Case LBO with Returns Attribution
Project Thackerly — Industrial LBO with Volume/Price Decomposition
Operating-Case LBO with Returns Attribution
Project Hollington — Quick Look Memo
Investment Committee Memo (Quick Look)
Project Grayling — 105-Minute Case Study & One-Page Memo
Timed In-Office Case Study + IC Memo
Project Shorewell — Take-Home from a 10-K
Take-Home Case Study + IC Memo
Project Elverton — Investment Memo from a CIM
Investment Committee Memo
Project Farnworth — Corporate Carve-Out IC Memo
Investment Committee Memo (Carve-Out)
Project Glassmere — Secondary Buyout IC Memo
Investment Committee Memo (Secondary Buyout)
Project Ravensmoor — Distressed-for-Control IC Memo
Investment Committee Memo (Distressed-for-Control)
Venture & Growth
Open-ended investment exercises and growth equity underwrites in the format venture and growth funds actually send: form a view, price the round or the structure, and defend a recommendation.
Modeled after 2 firms
3 case groups
Harvestly — Long-Term Margins & Valuation
Venture Investment Exercise
Quarrow — B2B Marketplace Investment Exercise
Venture Investment Exercise
Sablewick — AI Inference Infrastructure Exercise
Venture Investment Exercise
Brindlemoor — Consumer Subscription Exercise
Venture Investment Exercise
Pellinore — Embedded Payments Exercise
Venture Investment Exercise
Oakmarrow — Developer Platform Exercise
Venture Investment Exercise
Kestrel AI — Series C at $5B
Venture Investment Memo
Wrenfield — Series A at $80M
Venture Investment Memo
Thornbeck — Series B at $450M
Venture Investment Memo
Calderfield — Series D Pre-IPO Crossover at $3.2B
Venture Investment Memo
Ashvale — Down Round or Structure?
Venture Investment Memo
Brackleigh — Pro Rata or Pass?
Venture Investment Memo
Project Norbury — 3-Statement Model with Growth Equity Returns
3-Statement Model + Growth Equity Returns
Project Lindenmere — Vertical SaaS Minority Investment
Growth Equity Minority Investment
Project Tarnwell — Consumer Subscription Growth Investment
Growth Equity Minority Investment
Hedge Fund
Fundamental equity research the way multi-manager and long-only funds actually test it: pitch a name, defend the variant view, and survive the questions that follow.
Modeled after 3 firms
3 case groups
Project Thornhill — Timed Long/Short Stock Pitch
Stock Pitch / Long-Only
Project Calloway — Four-Hour Take-Home & Two-Page Memo
Timed Take-Home / Investment Memo
Project Westmere — Multi-Manager Concepts Screen
Conceptual Screen / Multi-Manager
Modeled After Real Mandates
Each case follows the structure and exhibit set of a real engagement, so the work looks like the work. The companies, financials and terms are entirely our own.
Balyasny Asset Management
Balyasny Asset Management Hedge Fund Case Study
Modeled after Balyasny Asset Management. Companies and figures are our own; we are not affiliated with or endorsed by Balyasny Asset Management.
View Case StudiesBarclays
Barclays M&A Case Study
Modeled after Barclays. Companies and figures are our own; we are not affiliated with or endorsed by Barclays.
View Case StudiesBlackstone
Blackstone Private Equity Case Study
Modeled after Blackstone. Companies and figures are our own; we are not affiliated with or endorsed by Blackstone.
View Case StudiesBofA Securities
Bank of America M&A Case Study
Modeled after BofA Securities. Companies and figures are our own; we are not affiliated with or endorsed by BofA Securities.
View Case StudiesCenterview Partners
Centerview Restructuring Case Study
Modeled after Centerview Partners. Companies and figures are our own; we are not affiliated with or endorsed by Centerview Partners.
View Case StudiesCitadel
Citadel Hedge Fund Case Study
Modeled after Citadel. Companies and figures are our own; we are not affiliated with or endorsed by Citadel.
View Case StudiesCiti
Citi Energy & Power Case Study
Modeled after Citi. Companies and figures are our own; we are not affiliated with or endorsed by Citi.
View Case StudiesDeutsche Bank
Deutsche Bank Leveraged Finance Case Study
Modeled after Deutsche Bank. Companies and figures are our own; we are not affiliated with or endorsed by Deutsche Bank.
View Case StudiesDodge & Cox
Dodge & Cox Hedge Fund Case Study
Modeled after Dodge & Cox. Companies and figures are our own; we are not affiliated with or endorsed by Dodge & Cox.
View Case StudiesEvercore
Evercore M&A Case Study
Modeled after Evercore. Companies and figures are our own; we are not affiliated with or endorsed by Evercore.
View Case StudiesFortress Investment Group
Fortress Investment Group Private Equity Case Study
Modeled after Fortress Investment Group. Companies and figures are our own; we are not affiliated with or endorsed by Fortress Investment Group.
View Case StudiesGoldman Sachs
Goldman Sachs M&A Case Study
Modeled after Goldman Sachs. Companies and figures are our own; we are not affiliated with or endorsed by Goldman Sachs.
View Case StudiesGreenoaks
Greenoaks Growth Equity Case Study
Modeled after Greenoaks. Companies and figures are our own; we are not affiliated with or endorsed by Greenoaks.
View Case StudiesHoulihan Lokey
Houlihan Lokey Restructuring Case Study
Modeled after Houlihan Lokey. Companies and figures are our own; we are not affiliated with or endorsed by Houlihan Lokey.
View Case StudiesJ.P. Morgan
JP Morgan M&A Case Study
Modeled after J.P. Morgan. Companies and figures are our own; we are not affiliated with or endorsed by J.P. Morgan.
View Case StudiesJefferies
Jefferies LBO Case Study
Modeled after Jefferies. Companies and figures are our own; we are not affiliated with or endorsed by Jefferies.
View Case StudiesKKR
KKR Private Equity Case Study
Modeled after KKR. Companies and figures are our own; we are not affiliated with or endorsed by KKR.
View Case StudiesKroll
Kroll Financial Sponsors Case Study
Modeled after Kroll. Companies and figures are our own; we are not affiliated with or endorsed by Kroll.
View Case StudiesLazard
Lazard M&A Case Study
Modeled after Lazard. Companies and figures are our own; we are not affiliated with or endorsed by Lazard.
View Case StudiesLeerink Partners
Leerink Partners Healthcare Case Study
Modeled after Leerink Partners. Companies and figures are our own; we are not affiliated with or endorsed by Leerink Partners.
View Case StudiesLionTree
LionTree M&A Case Study
Modeled after LionTree. Companies and figures are our own; we are not affiliated with or endorsed by LionTree.
View Case StudiesMoelis & Company
Moelis M&A Case Study
Modeled after Moelis & Company. Companies and figures are our own; we are not affiliated with or endorsed by Moelis & Company.
View Case StudiesMorgan Stanley
Morgan Stanley M&A Case Study
Modeled after Morgan Stanley. Companies and figures are our own; we are not affiliated with or endorsed by Morgan Stanley.
View Case StudiesPerella Weinberg Partners
Perella Weinberg M&A Case Study
Modeled after Perella Weinberg Partners. Companies and figures are our own; we are not affiliated with or endorsed by Perella Weinberg Partners.
View Case StudiesPJT Partners
PJT Restructuring Case Study
Modeled after PJT Partners. Companies and figures are our own; we are not affiliated with or endorsed by PJT Partners.
View Case StudiesQatalyst Partners
Qatalyst M&A Case Study
Modeled after Qatalyst Partners. Companies and figures are our own; we are not affiliated with or endorsed by Qatalyst Partners.
View Case StudiesSpark Capital
Spark Capital Venture Capital Case Study
Modeled after Spark Capital. Companies and figures are our own; we are not affiliated with or endorsed by Spark Capital.
View Case StudiesTPG
TPG Private Equity Case Study
Modeled after TPG. Companies and figures are our own; we are not affiliated with or endorsed by TPG.
View Case StudiesUBS
UBS LBO Case Study
Modeled after UBS. Companies and figures are our own; we are not affiliated with or endorsed by UBS.
View Case StudiesWarburg Pincus
Warburg Pincus Private Equity Case Study
Modeled after Warburg Pincus. Companies and figures are our own; we are not affiliated with or endorsed by Warburg Pincus.
View Case StudiesInvestment Banking, Private Equity, Growth Equity, Venture Capital & Hedge Fund Case Studies
Case Practice That Looks Like the Job
Most case prep stops at a prompt and a paragraph of guidance. Each case here gives you the same materials a real process would hand you, a hard time limit, and then a complete model answer to grade yourself against — the deck, the memo and the Excel model, built the way a banker would actually build them.
Real Time Limits
Every case carries the time limit a real assessment would give you, from a 30-minute paper LBO to a 90-minute special committee deck.
Complete Model Answers
Read the full answer deck and memo in-page, page by page, so you can see exactly how the analysis is laid out and how the recommendation is defended.
Tied-Out Excel Models
Every model is linked and tied out end to end. Diamond members can download the .xlsx and .pptx and rebuild the model from scratch.
Audio Walkthroughs
Each case comes with a conversational walkthrough of how to approach it under time pressure — where to start, what to cut, and what the interviewer is really testing.
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Case Study Preparation
Explore All Case Studies
100+ case studies, each with the full prompt, supporting materials and an audio walkthrough; most also ship a model answer deck and a tied-out Excel model.
Every case has a public page like this one. The member library is the signed-in index members work through.