The private equity desk reference.
LBO mechanics, valuation, deal structuring, and middle-market workflows, explained with worked examples, traps, checklists, and downloadable models.
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.
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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Weekly PE frameworks, deal analysis, and career intel for middle-market practitioners.
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