Seven anonymized recruiting-style case studies across LBO, simple-form LBO, and investment-memo formats. Each packet gives you the full business overview, end markets, financials, and every model assumption you need to build it from scratch — just like a real case. Two are free to download below; the full set of seven is in the PEPath app.
Get all 7 in the PEPath app →Build a full three-statement LBO with a complex three-tranche debt structure: revolver, term loan with a tiered ECF sweep, and senior sub notes with PIK. Includes a 15% seller rollover and a management option waterfall.
A take-home investment memo on a multi-specialty staffing platform with government-backed demand. Practice structuring merits, risks, diligence questions, and a clear investment thesis under time pressure.
A timed, build-from-blank LBO on a founder-owned manufacturer. Tests a unit-level revenue build, working capital from days metrics, a 100% ECF sweep, a stepping SOFR curve, and a two-variable sensitivity table.
A corporate-development memo on a proprietary acquisition. Practice add-back scrutiny, TPA concentration risk, valuation under uncertainty, and recommending a transaction structure (earn-out, seller note, holdback).
A 90-minute simple-form LBO on a regional distributor. Tests a margin-based EBITDA bridge, drifting DSO/DPO working capital, OID treatment, a SOFR step-up curve, and three independent sensitivity tables.
A co-investment LBO plus memo on a dairy-ingredients manufacturer. Tests a toggleable base vs. management case, a split service- and returns-based option structure, commodity-input risk, and exit-timing sensitivity.
A timed LBO and discussion on a fast-growing value cosmetics brand. Tests high-growth valuation, growth-equity vs. LBO framing, China-sourcing risk, and making a clear yes/no investment call with a price.
These are anonymized versions of the kinds of case studies that private equity firms give associate candidates during recruiting. Each one is a self-contained packet: a business overview, end markets and customers, historical financials, and the complete set of transaction, operating, and working-capital assumptions you need to build the model yourself in Excel. The first two cases are free to download here; the remaining five are available inside the PEPath app.
There are no answer keys on purpose. Real cases don't come with solutions, and the skill that gets you the offer is building a clean, flexible model and forming a defensible investment view — not matching a number. In the PEPath app, each case also includes "what a strong answer looks like," common mistakes, key diligence angles, and discussion questions so you can self-assess.
The PEPath app bundles all seven cases alongside 185+ interview questions, 140+ flashcards, 10 paper LBO prompts, a 300+ PE firm directory, and a built-in recruiting CRM. Each case includes the full packet plus frameworks and discussion questions to help you prepare for the live debrief.