Private Equity Case Study Interview
Prepare an investment thesis, valuation, returns analysis, risks, and recommendation.
On this page
A private-equity case study asks you to turn company and deal information into an investment decision. A defensible answer links valuation, cash flow, leverage, returns, risks, and judgment. The exact duration and model vary by fund.
TL;DR
- Start with the investment question.
- Build the thesis from evidence.
- Connect operating performance to cash flow and returns.
- State risks and the next diligence step.
What should the case-study deliverable contain?
| Section | Decision value |
|---|---|
| Thesis | Why the asset can create value |
| Valuation | Entry price and support |
| Returns | Cash flow, debt paydown, exit |
| Risks | What can break the thesis |
| Recommendation | Decision and conditions |
Use paper LBO practice, LBO walkthrough, and IRR versus MOIC for the technical base.
Practice inside this guide
Private equity case practice
Question 1 of 3
Build a first-pass investment thesis for a stable business with recurring revenue.
How do you build an investment thesis?
State the value-creation mechanism, evidence, key risk, and a test that could disprove the thesis.
How do you present the recommendation?
Give the decision first. Support it with returns, operating logic, risks, and conditions.
Frequently Asked Questions
Is there one standard case duration?
No. The process varies by fund and role.
Must every case use the same model?
No. Use the format and information provided.
Sources
- CFA Institute: Equity Valuation (checked September 2026)
- Wall Street Prep: Paper LBO (checked September 2026)
LBO practice
Practise LBO with a real grade
Take one LBO question, write the answer you would give out loud, and get a real score on it before an interviewer does.
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