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Apply what you've learned to case studies modeled on real finance interviews.
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As an associate at a private equity fund, you are evaluating a secondary buyout: acquiring a portfolio company from another sponsor that has already owned it for five years. Quantify what the first sponsor earned, determine what you can realistically earn as the second sponsor, and explain why a second sponsor can rationally pay a higher entry multiple than the first.
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AdvancedAs a private equity associate at a value-oriented turnaround investor such as Aurelius, you have just signed the carve-out of an underperforming industrial business, and the investment committee wants the operational improvement plan quantified. Walk me through how you would size the working capital release, the procurement savings, the headcount reduction and the pricing action, then translate that plan into an EBITDA bridge and an equity return.
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AdvancedAs a private equity associate on a portfolio company that has just breached its leverage covenant, walk me through a distressed LBO restructuring — how a pre-packaged restructuring works, how to run a recovery analysis across a broken capital structure, and quantify exactly who gets what once the fulcrum creditors exchange their debt for equity.
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