Private Equity Case Studies & Modeling Tests
Paper LBOs, modeling tests and investment committee memos with full solutions
In this track
Paper LBOs
Timed, no-Excel returns math — the standard first-round screen.
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
LBO Modeling Tests
Timed Excel builds from a blank template through returns and sensitivities.
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
Investment Committee Memos
Full diligence write-ups and IC memos with a recommendation you have to defend.
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)
Modeled After Real Mandates
Each case follows the structure and exhibit set that firm's work is known for — for some, the format of a transaction; for others, the exercise the firm is reported to set. Every case names its basis. The companies, financials and terms are entirely our own.
About Private Equity Case Studies
Work through private equity modeling tests and case studies in the format buyside firms use on-cycle. Every case ships with a complete model, and almost all add an investment committee memo and a walkthrough of the judgment behind the recommendation.
Full Model Answers
Banker-formatted decks and written recommendations
Tied-Out Excel
Linked models you can open and rebuild
Audio Walkthroughs
How to approach each case under time pressure
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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.