The PE Deal Sheet: Template, Examples, and How to Talk About Your Deals
Your deal sheet is the second document a PE headhunter reads after your resume. Sometimes it is the first. A clean, well-structured deal sheet signals deal exposure, judgment, and seniority on the deal team. A messy or generic one signals the opposite. This guide covers what to include, the formatting standards firms expect, and two full example deals you can model your own off of.
What a Deal Sheet Is (and Is Not)
A deal sheet is a one to two page document, usually attached to your resume, that lists the live and closed transactions you have worked on as an analyst. It complements your resume by showing depth on the deals themselves — transaction structure, your role, sector context, and outcomes — rather than just listing names of deals in a bullet on your resume.
It is not a place for marketing fluff, generic descriptions copied from press releases, or deals you barely touched. Headhunters and PE associates read dozens of deal sheets a week. They can spot padding immediately, and it costs you credibility.
When You Need One
- On-cycle PE recruiting — headhunter calls usually request your deal sheet upfront, sometimes before they will even take a meeting.
- Off-cycle processes — nearly always required, especially at middle market and growth equity firms that want to see specific industry exposure.
- Networking outreach — sending it proactively when reaching out to PE associates or VPs at target firms can prompt better responses.
- Lateral IB recruiting — some boutiques and growth-focused groups request a deal sheet alongside your resume.
Standard Format and Structure
There is no single "correct" template, but the deal sheets that perform well across recruiting conversations share a consistent structure. Each deal entry should include:
Target name (or "Confidential" if the deal has not been publicly announced), buyer/sponsor, transaction type (sale, financing, refi, etc.), and announcement date. Include deal size if public.
Specific sub-sector, not just "industrials" or "tech." For example: "Specialty chemicals (industrial coatings)" or "Vertical SaaS (field services)."
2-3 sentences covering deal structure (LBO, recap, growth equity), purchase price (if public), valuation multiple, and any notable financing structure (e.g., asset-light spinout, dividend recap).
Specific workstreams you owned. Use action-oriented language. Examples: built and stress-tested LBO model under 6 sensitivity scenarios; led valuation and prepared materials for management presentations; managed Q&A workstream with sponsor diligence team across operations, financial, and tax.
One sentence on why the buyer pursued the deal. This shows you understood the deal beyond your modeling work. Examples: "Acquisition expanded buyer's recurring revenue mix from 40% to 60%." Or: "Sponsor saw consolidation play in fragmented HVAC market with 3-5 add-on opportunities identified."
Example Deal 1: Buy-Side LBO (Industrials)
Project Atlas (Confidential) — Sale of mid-market industrial parts manufacturer
Sector: Industrials — specialty engineered components
Transaction: $850M LBO; sold to large-cap PE sponsor
Multiple: 9.5x LTM EBITDA
Role: Sell-side advisor
Transaction Overview. Advised founder-owned industrial parts manufacturer ($90M LTM EBITDA, 18% margins) on sale to large-cap sponsor. Structured as standard LBO with 5.5x leverage and $475M equity check. Process ran ~6 months from CIM launch to close.
My Role.
- Built operating model and three-statement projection used in CIM and management presentations
- Performed valuation analysis (DCF, precedent transactions, public comps) supporting $800-900M valuation range
- Led financial due diligence response across QofE, customer concentration, and working capital adjustments
- Prepared seven management presentation rehearsals; co-managed sponsor Q&A across 14 firms
Outcome. Closed at top end of valuation range. Founder retained 15% rollover equity.
Example Deal 2: Sell-Side Software
Project Vertex (Confidential) — Growth equity raise for vertical SaaS platform
Sector: Software — vertical SaaS (specialty trades)
Transaction: $250M minority growth investment
Multiple: 12.0x ARR
Role: Sell-side advisor
Transaction Overview. Advised founder-led SaaS platform ($85M ARR, 35% growth, 110% NRR) on $250M minority growth round. Investor receives 25% stake; founder retains majority. Capital used for sales/marketing acceleration and two strategic acquisitions.
My Role.
- Built ARR-driver model with cohort retention analysis and customer LTV/CAC build
- Led market sizing and competitive landscape diligence; produced 30-page positioning section in CIM
- Owned Q&A across 22 investor meetings; coordinated VDR access and tracking
- Modeled three financing scenarios (preferred equity, common, convertible) for management negotiation
Outcome. Closed at 12.0x ARR, ahead of comparable transactions in the 8-10x range. Used in joint case study with sponsor for industry conference.
Common Deal Sheet Mistakes
If you spent two days on a deal that died, leave it off. Quality over quantity. 4-6 strong deals beats 12 thin entries every time.
"Strategic combination creating compelling industry leader" is filler. PE associates know what these phrases mean (nothing). Describe what actually happened in plain English.
"Worked on financial model" is junior. "Built and stress-tested LBO model with six sensitivity scenarios used in IC memo" is senior. Specificity signals seniority.
If your interviewer asks "tell me more about Project X" and you can't speak to the unit economics, you are done. Only include deals you can defend in a 20-minute conversation.
Live deals must be coded "Confidential" and stripped of identifying details. Putting a non-public client name on a deal sheet is a fireable offense at most banks. Verify with your staffer if unsure.
Saying you "led" something you did not is a fast way to get caught. PE associates went through the same process and know what an analyst actually does. Honest specificity always wins.
How to Talk About Your Deals in Interviews
The deal sheet is the prompt for the interview question every PE candidate gets: "walk me through one of your deals." A strong walkthrough takes 3-5 minutes and follows a consistent structure.
Who the company is, what they do, basic financial profile (revenue, EBITDA, margins, growth), and the transaction context. Example: "We advised a $90M EBITDA specialty industrial business owned by a founder who was looking to retire. They had 18% margins, growing 5-7% organically, with a strong recurring aftermarket parts business that was about 40% of revenue."
Why a buyer would want this asset. Mention the 2-3 strongest aspects: market position, growth runway, margin expansion potential, M&A opportunities, or recurring revenue. Show you thought about the deal as an investor, not just a banker.
What you would diligence harder. Customer concentration, end-market cyclicality, dependence on one product, key-person risk, working capital seasonality. The best candidates can articulate the bear case as clearly as the bull case.
How you think the buyer makes money. Multiple expansion vs. EBITDA growth vs. debt paydown. If it was an LBO, give a rough sense of return drivers. If you have specific numbers (entry multiple, leverage, expected exit), use them.
What happened, why, and what you learned. Even on a process that died, a thoughtful "here's why it didn't close" answer can be more impressive than a clean win.
Practice this walkthrough out loud for each deal on your sheet. Time yourself. The bar for the deal walkthrough is much higher than for the technical questions — you have weeks to prepare, the deal is on your sheet, and there is no excuse for not having a sharp answer.
Picking Which Deals to Highlight
Most analysts have worked on 8-15 deals by the time they recruit, but only 4-6 should make the deal sheet. Use these criteria to choose:
- Substantive role. You owned a meaningful workstream from start to finish.
- Defensible. You can speak intelligently about the company, the thesis, and the risks.
- Variety. Mix of buy-side and sell-side, mix of sectors if your group is generalist, mix of deal sizes.
- Closed deals where possible. Closed deals carry more weight than dead processes, though one well-articulated dead deal can show judgment.
- Strategic relevance. If you are recruiting for healthcare PE, lead with healthcare deals. If you are targeting growth equity, prioritize growth deals.
Related Guides
Your deal sheet is the second-most important document in your PE recruiting toolkit, after your resume. Spend the time to make it sharp. A good deal sheet earns you interviews. A great deal sheet earns you offers.
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