LBO - Calculating Impl. Entry given Target IRR

Edit- figured it out. should not have been including cash / min cash, or exit fees in the calc. Leaving this up in case it's helpful to someone at some point

Hey all,

I have a pretty specific question here, so please let me know if more detail is needed.

I am trying to reconcile calculating impl. entry multiple given a target IRR. I am taking the exit sponsor equity (can provided specifics on calc if helpful) and discounting it back using the IRR. I am then adding: Target Cash (50), New Debt (face value), and Mgmt. Roll (dynamic calc); and subtracting: Adv. Fees (entry 25 + exit 20), Fin. Fees (45), Min. Cash (25), and OID (45).

I used goal seek to determine what impl. entry multiple gets me exactly 25% IRR and used it to figure out how much I am off by in my above calc - I am off by 45. Given similar numbers above, this may be due to netting of a couple items but not sure.

Alternative to looking at my #s would be if someone could explain how to treat target BS cash, min cash and OID when calculating exit equity / backing into entry multiple. Any help is appreciated. thank you!