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LBO Modeling & Private Equity

Learn the PE industry insights and the LBO modeling skills to drive your private equity or investment banking career.

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Taught by Instructors with Experience At

Overview

What you’ll learn

This Leverage Buyout (LBO) Modeling & Private Equity Course will teach you all the necessary skills to perform real LBO models from scratch. We'll start with the theory, from the deal structure to the returns analysis through IRR and CoC returns. Then, we'll work through a Paper LBO, which is widely used as an interview test for investment banking and private equity. Following the Paper LBO, we'll work through an extensive LBO case study covering all the key aspects of a deal. We'll also analyze the intricacies of a real LBO deal and its complexities. Finally, we'll provide further LBO modeling exercises to help you stand out in any PE or investment banking role.

75+ Video Tutorials and Exercises

Downloadable Excel-Based Exercises and PDFs

Lifetime Access on Any Device

Prerequisites: Introductory Knowledge of Financial Accounting and Excel

Student Profiles

Who are these courses for?

University Students

If you're a college student looking to secure an internship or full-time job in a top tier business, finance, or investment firm, these courses are for you.

Working Professionals

If you're a working professional looking to level up your technical career skills, these courses are for you.

Career Switchers

If you're looking to boost your technical skills to better your chances of switching into a business or finance role, this course is for you.

Build Comprehensive LBO Models From Scratch

Our hands-on teaching combines both theory and practical exercises for you to test yourself and apply the concepts you've learned. From building a Paper LBO from scratch to creating an industry-standard LBO model, you'll have plenty of Excel-based exercises to master private equity modeling.

Understand the Private Equity Deal Process

Learn all the phases in the PE deal process as we analyze real-world LBO deals step-by-step. From identifying a target company to understanding takeover defense strategies, get an insider's look at what negotiations actually look like.

Drive Your Finance Career in the Buy or Sell Side

This course is specifically tailored to current or aspiring professionals in private equity, investment banking, corporate development, and leverage finance. Stand out in both the buy and sell-side with industry best practices taught by top tier finance professionals.

Course Curriculum

Module 1: Introduction to Leverage Buyouts (LBOs)
  • Course Overview
  • Download Materials
  • What is an LBO?
  • LBO House Purchase Analogy
  • LBO Measures of Returns
Module 2: Paper LBO Interview Test
  • Case Introduction
  • Excel Page Setup
  • Entry Assumptions
  • Growth Assumptions
  • Cash Buildup
  • Exit Assumptions
  • Returns Analysis
  • Return Drivers

Module 3: The "Ideal" LBO Candidate
  • Key Company Metrics
  • Relevant Industries
  • Debt Market Conditions
  • Leverage as an Amplifier
  • Overview of Recent Market Activity

Module 4: The Private Equity Industry Structure
  • What is Private Equity?
  • Fund Lifecycle and Capital Raising Process
  • Overview of Value Creation
  • 1980s - How it all Began
  • 1990s - When PE Grew Up
  • Technology Takes Over
  • Valuations Become Too High
  • The Current Situation: Dry Powder
  • The Biggest Private Equity Firms
  • How to Work in the Private Equity Industry
Module 5: LBO Case Study Entry Assumptions
  • Case Study Introduction
  • How Assumptions are Presented
  • Setting up Assumptions in Excel
  • Pricing off EBITDA multiple
  • Using a share price
  • Making the Model Dynamic
  • Uses of Funds
  • Sources of funds
  • Fees
Module 6: LBO Case Study IS & CFS
  • Module Introduction
  • Revenue Forecast and Build
  • Cost build to EBITDA
  • Long Lived Assets Forecast
  • Complete Income Statement
  • Cash Flows From Operating Activities
  • Cash Flows From Investing Activities
  • Cash Flows From Investing Activities
Module 7: LBO Case Study Cash & Debt
  • Module Introduction
  • Setting Up a Cash Roll-Forward Schedule and Interest Income
  • Revolver Needs Analysis and Revolver Balance
  • Modelling the Term Loan and Cash Sweep
  • Senior and Subordinated Notes
  • Leverage Statistics
  • Closing the Cash flow Statement

Module 8: LBO Case Study Interest Expense
  • Module Introduction
  • Interest Rates Charged (SONIA, SOFR)
  • Interest Expense
  • Managing Circular References (Circularity)
Module 9: LBO Case Study Analyzing Returns
  • Module Introduction
  • Sensitising Exit Valuation
  • Calculating returns - MoM and IRR
  • Data Tables
  • Charts and Visuals to Support Presentation

Module 10: Exploring a Recent Deal
  • Module Introduction
  • How to Source Deals
  • Deal Overview: Acquisition of Inmarsat by a Consortium Led by Apax Partners
  • The Deal Terms
  • Instructor Personal Deal Experiences
  • Public Disclosure (Rule 2.7 Announcement)
  • Hedge Fund Dispute
  • National Security Concerns
  • What Happened Next?
Module 11: Additional Private Equity Case Study Exercises
  • Additional Paper LBO Case Study and Walkthrough
  • Completed Paper LBO Model
  • Additional Full LBO Case Study Exercise and Walkthrough
  • Completed Full LBO Model
  • Next Steps
Get Certified!

Impress recruiters with your resume

Upon completion of all course lessons, you will receive a digital certificate with your credentials. Furthermore, you can add it to your LinkedIn to show your skills to recruiters!

career principle certificate
Testimonials

What our students say

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Our Students Now Work At

Instructors

Meet Your Instructors

Will Lundy

Senior Instructor
Hey there - I'm Will and my background is in investment banking. Over my six years in the sector, I worked at Citi, Credit Suisse, and a tech-focused boutique, advising on mergers and acquisitions and capital raising deals. Before this, I obtained a master of science in accounting and finance from the London School of Economics (LSE). I now use my experience to deliver practical and thorough courses to aspiring financiers, including for the intern and graduate training programs of top investment banks in London and New York.
Course Pricing

Learn the skills you need to advance your career

Select the course or bundle that works best for you

LBO Modeling & Private Equity
Single Course
Was:
$279.00
Includes:
  • {yes} Access to Full LBO Modeling & Private Equity Curriculum
  • {yes} Paper LBO Interview Exercise
  • {yes} Full LBO Case Study
  • {yes} Private Equity Industry Analysis
  • {yes} Downloadable Excel and PDFs
  • {yes} Course Completion Certificate
  • {no} Access to Full M&A Modeling Course
  • {no} Access to Full Finance & Valuation Course
  • {no} Access to Full Excel Course
  • {no} Access to Full Financial Accounting Course
  • {no} Access to 5 Courses for the Price of 2.5
Get started
Bundle
Was:
Includes:
Get started
The Investment Banking Program
Career Track
Was:
$499.00
Includes:
  • {yes} Access to Full LBO Modeling & Private Equity Curriculum
  • {yes} Paper LBO Interview Exercise
  • {yes} Full LBO Case Study
  • {yes} Private Equity Industry Analysis
  • {yes} Downloadable Excel and PDFs
  • {yes} Course Completion Certificate
  • {yes} Access to Full M&A Modeling Course
  • {yes} Access to Full Finance & Valuation Course
  • {yes} Access to Full Excel Course
  • {yes} Access to Full Financial Accounting Course
  • {yes} Access to 5 Courses for the Price of 2.5
Get started

FAQs

Frequently Asked Questions

What are the pre-requisites for this course?

The program assumes an introductory level of Microsoft Excel (basic formulas, formatting, navigation, etc.) as well as an introductory level of financial accounting (understanding the three financial statements, types of line items, depreciation, etc.) Learners with no Excel experience can enroll in our Excel for Business & Finance Course. Learners with no experience in financial accounting can enroll in our Financial Accounting Essentials Course.

How long will I have the course materials for?

You will have lifetime access to the lessons and materials. The course can be taken on both smartphone and computer.

Can I download the Excel files and templates?

Yes! All the Excel files, templates, and PDFs are available for download.

More questions?

For any other general inquiries, please contact us at info@careerprinciples.com