Private Equity case study

Based on the most helpful WSO content, here’s what you can expect for Private Equity case studies at firms like CVC, Apax, and Advent in the US:

1. CVC Capital Partners:

   • Case studies often involve a mix of modeling and commercial analysis. For example, candidates might be tasked with building an LBO model to assess a potential acquisition and then presenting the results along with a strategic assessment of the case study.
   • The process may vary depending on your background (consultant vs. banker). Consultants might face more consulting-style case studies, while bankers could encounter more technical modeling tests.
   • Time constraints can range from 2-3 hours for integrated modeling and case analysis to separate tasks for modeling and commercial evaluation.

2. Advent International:

   • The format can vary significantly by group and year. Some candidates have reported behavioral and deal-focused interviews combined with a challenging modeling test (e.g., in the Healthcare group).
   • Other groups might include verbal consulting-style cases or paper LBOs, depending on the focus area (e.g., Tech group).
   • Be prepared for intense technical interviews and conceptual questions about what makes a good business.

3. Apax Partners:

   • While specific details for Apax are not explicitly mentioned in the dataset, it’s common for large PE firms to include case studies that test both qualitative and quantitative skills.
   • Expect to analyze a target company, build a projection model, complete a DCF, and perform comps. You’ll likely need to articulate your assumptions clearly and provide a recommendation on whether to acquire the company, supported by strategic rationale and risk considerations.

General Tips: - Study the firm’s past acquisitions, strategic rationale, and industry focus to tailor your analysis. - Be ready to present your findings clearly, focusing on key assumptions, growth opportunities, and risks. - Practice LBO models and ensure you can handle both technical and strategic questions.

If you’re preparing for these case studies, reviewing WSO’s Private Equity Interview Bootcamp or Master Package could be highly beneficial.

Sources: Q&A: 1st year VC analyst (~750M AUM), CVC Capital Partners case study - Investment team, Bain Capital Credit case study interview?, Private Credit Case Study, Q&A: Corporate Banking to FAANG CD