UpLevered · Middle-Market Private Equity

The private equity desk reference.

LBO mechanics, valuation, deal structuring, and middle-market workflows, explained with worked examples, traps, checklists, and downloadable models.

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Used as a technical reference by finance professionals and PE candidates

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01 · Technical Library

Technical deep-dives

The concepts that drive deal decisions, explained for practitioners rather than textbooks.

Ref T-03 · LBO Mechanics · 17 min

How to Build an LBO Model: Step-by-Step Guide (2026) →

Step-by-step middle-market build: sources & uses, FCF, debt schedule, XIRR/MOIC.

Ref T-06 · Valuation · 30 min

Enterprise Value vs Equity Value: Complete Guide to Business Valuation Metrics →

The EV bridge, diluted shares, IFRS 16 lease adjustments, and M&A applications.

Ref T-05 · Diligence · 25 min

Net Operating Working Capital (NOWC): The PE Operator's Guide with Definitions / Examples →

CCC, Days-to-Dollars math, AR/AP/inventory levers, and working-capital pegs.

Ref T-01 · Value Creation · 27 min

Private Equity Value-Creation Levers Explained →

EBITDA growth, multiple expansion, and deleveraging, with real deal math.

Ref T-04 · Fund Metrics · 22 min

Private Equity DPI: The Liquidity Metric That Matters in 2026 →

DPI vs. TVPI, pacing, GP-leds, NAV lines, and what LPs actually watch.

Ref T-02 · LBO Mechanics · 11 min

Beyond the Numbers: 5 Common LBO Modeling Traps (and How to Avoid Them) →

Rollover errors, hidden financing cash, PIK pitfalls, exit-multiple bias, WC drag.

02 · Featured Exhibit

Work a real deal

Exhibit A · Case Study + Model · 26 min

PE Case Study: $150M Distribution LBO (Step-by-Step)

A hands-on Excel lab with a downloadable model: build the mini-LBO, model ABL availability, stress working-capital timing, and present a value bridge.

Open the case study →

03 · Career Playbook

Landing the seat

The unwritten rules for breaking in, especially from non-traditional backgrounds.

C-01 How to Break Into Private Equity in 2026 - A No-Banking, Non-Target Roadmap Roadmap · 30 min C-07 Private Equity Salary 2026: Fund Size Data + Carry Calculator Comp Data · 32 min C-08 Private Equity Interview Questions: The Complete Guide for Middle-Market Professionals Interviews · 24 min C-02 Private Equity Resume Template (2026) Resume · 48 min C-06 Off-Cycle Private Equity Recruiting Timeline (2026) Recruiting · 18 min C-03 Private Equity Networking: A Step-by-Step Guide (2026) Networking · 21 min

04 · Practitioner Note

Built by a practitioner, not a publisher

UpLevered is written by Andrew Gallagher, a former PE Senior Associate who broke in without the mega-fund pipeline and closed $40M–$250M middle-market deals. Every guide on this site reflects real workflows, real deal structures, and the unwritten rules that don't show up in textbooks.

05 · Deal Flow Bullet

Deal Flow Bullet · Bi-Weekly

Stay sharp.

PE frameworks, deal analysis, and career intel for middle-market practitioners, every two weeks.

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