I've got a modeling test coming up for a lower MM PE fund. I have one hour and fifteen minutes and it is onsite. Any ideas what I will be up against? Currently in middle market IB and have built many lbo models in the past. Can run through a paper LBO in 20 minutes. Just worried that it's something more complicated than we typically build.
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If it's only ~ an hour it will probably be very straightforward. All the 60-80m LBO tests my friends and I have come across were template based, 100% cash sweep LBOs
It's possible that you could have to do it from scratch in that time- always be prepared for that possibility. That being said, it won't be anything too crazy. I would plan for basic sources & uses, income statement, FCF calculation, debt schedule, interest expense and exit in year 5 with sensitized returns. Likelihood of a 3-statement model in that time will be unrealistic.
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