The private equity desk reference.
LBO mechanics, valuation, deal structuring, and middle-market workflows, explained with worked examples, traps, checklists, and downloadable models.
Analysts & AssociatesInterview CandidatesDeal Teams
Used as a technical reference by finance professionals and PE candidates
Technical deep-dives
The concepts that drive deal decisions, explained for practitioners rather than textbooks.
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 minEnterprise 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 minNet 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 minPrivate Equity Value-Creation Levers Explained →
EBITDA growth, multiple expansion, and deleveraging, with real deal math.
Ref T-04 · Fund Metrics · 22 minPrivate 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 minBeyond the Numbers: 5 Common LBO Modeling Traps (and How to Avoid Them) →
Rollover errors, hidden financing cash, PIK pitfalls, exit-multiple bias, WC drag.
Work a real deal
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 →Landing the seat
The unwritten rules for breaking in, especially from non-traditional backgrounds.
AI in private equity, with controls
Practitioner workflows for faster research, document work, and model review without outsourcing the underwrite. AI proposes. Sources anchor. Checks verify. Humans decide.
From CIM to IC Memo With AI: The Evidence-Ledger Workflow →
A source-tracked workflow that keeps reported facts, management claims, analyst judgment, and model outputs separate.
Ref AI-02 · Confidentiality · 18 minCan You Upload a CIM to ChatGPT? A Private Equity Decision Tree →
The approval, NDA, product, retention, data-classification, and review gates to clear before a deal document enters an AI workflow.
Ref AI-03 · Model Control · 22 minAI for LBO Modeling: What to Automate, Audit, and Never Delegate →
A practitioner control standard for AI-touched LBOs, from source traceability and model invariants to the final variance bridge.
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.
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PE frameworks, deal analysis, and career intel for middle-market practitioners, every two weeks.
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