Module 2 · Coming soon
Private Equity
Fund economics, LBO mechanics and a paper model you build yourself.
9 episodes2h 45mEntry · Intermediate · Advanced
Course on The Alternatives
Private equity returns come from three places: leverage, multiple expansion and operations. Most investors cannot tell which one paid them.
You start with fund structures and fee drag, then build a paper LBO with debt tranches, cash sweeps and an exit IRR, so the source of return is no longer a mystery.
What you will learn
- Read GP and LP terms, hurdle rates and dry powder disclosures
- Separate multiple expansion from real operational growth
- Understand J curve drag and how it distorts early reporting
- Build a paper LBO with debt tranches, sweeps and exit IRRs
Episode curriculum
Entry
- GP and LP fund structures18m
- Management fees, carry and hurdle rates20m
- Dry powder and deployment pressure15m
Intermediate
- LBO mechanics in plain language26m
- Multiple expansion versus operational growth22m
- The J curve and reporting optics18m
Advanced
- Debt tranches and covenants24m
- Interest sweeps and cash flow build26m
- Paper LBO from scratch to exit IRR36m