Anyone have any insight into Carlyle’s modeling test? Heard it’s a RE LBO but given they do single asset, development heavy deal types I find it unlikely they would ask candidates to do a full 3 statement, cash sweep corporate LBO model in 90 mins. Any guidance would be extremely helpful!
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Based on the most helpful WSO content, Carlyle's modeling test could indeed be a Real Estate Leveraged Buyout (RE LBO). However, you're right that given their focus on single asset, development-heavy deals, it might not be a full 3-statement, cash sweep corporate LBO model.
Here's a bit of guidance:
Brush up on your understanding of RE LBOs. This includes understanding how to model out the purchase of a property, the holding period, and the eventual sale.
Understand how to model out development projects. This includes understanding the timeline of a development project, the costs involved, and how these are financed.
Practice under time pressure. Carlyle's test is likely to be under 90 minutes, so make sure you can complete your model in this time.
Review your work. Make sure there are no errors in your model, and that it makes sense given the information provided.
Remember, the goal of these tests is not just to see if you can build a model, but also to see if you understand the underlying concepts and can make reasonable assumptions when information is not provided. Good luck!
Sources: Can anyone review my modeling test answers? - Super Modelers Wanted
It’s just a Multifamily acquisition
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