Paper LBO Trainer
The drill every PE and IB interview throws at you. A fresh deal each time: solve the MOIC and IRR in your head, then check against the worked method.
Want the structure as well as the answer? The Napkin LBO builds the same deal line by line: sources and uses, a quick debt build, exit and returns.
Assume no debt paydown, as in a classic paper LBO, so the same debt comes off at exit. Solve MOIC and IRR in your head, then check.
Check keeps the deal on screen and adds the worked method: your figure against the actual one, where the return came from, and the line an interviewer wants to hear. New deal draws a fresh set of numbers and clears your answers.
Keep going
All labsNext in Corporate Finance · 12 min
Napkin LBO
The buyout a partner sketches in a meeting. Price it, write sources against uses, run a quick debt build, exit, and read the return off the napkin, each line checked as you write it.
Deal Simulations · 15 min
Capital Stack Challenge
Finance a real buyout. Size the revolver, term loans, notes, PIK and equity against the lender caps of the day, hold the structure through a shock, then see how the sponsor actually did it, with every figure linked to the filing.
Work with the model
- Leveraged buyout model · online, free; starter workbook with an account