Timed LBO practice · Case: Project Forge
LMM/MM PE Interview Modeling Test
Practice for lower-middle-market and middle-market private equity interviews. Review the CIM, build the LBO and write a one-page investment recommendation, then compare your work with the completed model, debrief and reference memo.
Two-hour template build or three-hour clean-sheet build. One case, both tracks included. For candidates who can already build a basic LBO.
Built by Andrew Gallagher, former middle-market PE Senior Associate, drawing on 20+ distinct modeling tests.
$59 USD · One-time purchase
30-day satisfaction refund · Personal-use license
By purchasing, you agree to the Terms of Use.
One finished case. Two ways to take it.
Underwrite a fictional precision-manufacturing acquisition under a deadline. Both tracks use the same company and data. Choose one for your first attempt; the other is a harder or easier repeat, not a second unseen case.
Structured-template build
Start with the provided workbook structure and complete the operating case, sources and uses, debt schedule, returns analysis, and sensitivities under a two-hour limit.
Clean-sheet build
Start from the clean-sheet source-data workbook and build the sponsor model yourself under a three-hour limit.
Make the investment call
Write a one-page recommendation covering the thesis, returns, risks and priority diligence questions. After the timer, compare your model and memo with the worked solution and rehearse the decisions you would defend to the deal team.
Make a recommendation you can defend.
Actual materials from the package. The public previews show the task and review criteria without revealing the solution.
The case, your starting files and the worked solution.
Start with the brief and 20-page CIM. Choose a workbook, set the timer and keep the answer materials closed until you finish. Then check your formulas, assumptions and investment call against the completed model, five-page debrief and reference memo. All eight files arrive together, organized into Start Here, Case Materials, Choose One Track and Open After Timer folders.
See all eight included files
- Candidate briefRead-first instructions, timing, deliverables, and test rules.
- One-page investment memo templateAn editable Word document for your recommendation.
- Project Forge CIMThe company, market, operating, customer, and financial information you must underwrite.
- Two-hour template workbookThe structured Excel starting point for Track A.
- Three-hour clean-sheet source dataThe Excel data pack for Track B.
- Answer key and debriefReference outputs, tie-outs, common mistakes, and the assumptions that change the conclusion.
- Completed solution modelThe finished Excel model for comparing structure, formulas, and outputs after your attempt.
- Reference investment memoA completed PDF example connecting the model to an invest-or-pass recommendation.
Practice shaped by real recruiting experience.
I went through 30+ recruiting processes while working in banking and completed 20+ distinct modeling tests across my career. I later worked as a middle-market PE Senior Associate. The recurring challenge was turning a data pack into a model and a defensible investment call, under a deadline.
This original practice case is shaped by the modeling mechanics, time pressure and investment decisions I encountered across those processes. The company details and financial figures are fictional. It is not a republished employer test or a set of confidential recruiting materials. You get a complete exercise and worked solution designed to help you see where your model and judgment hold up, and where they need work.
Before you buy
Who is this for?
Candidates who can already build a basic LBO and want to practice both Excel execution and an investment recommendation for lower-middle-market or middle-market PE interviews. That includes banking analysts and experienced consultants, corporate-development professionals or career switchers with the modeling foundation.
This is a self-directed test. It does not teach accounting, Excel or LBO mechanics from scratch, and it does not include video lessons, a community, coaching or personalized grading. For a free warm-up, start with the distribution LBO case study.
What software do I need?
You need Microsoft Excel for the modeling work and Microsoft Word or another compatible DOCX editor for the memo template. The package includes XLSX, PDF, and DOCX files and does not require macros.
Do I get both timed tracks?
Yes. Your purchase includes both the two-hour structured-template workbook and the three-hour clean-sheet source-data workbook. Choose the track that matches your target process. Both use the same case and data, so a second attempt is a repeat rather than an unseen test.
How do I receive the files?
After Stripe confirms payment, you return to a secure UpLevered access page with a short-lived download link. Buyer email delivery is the fallback; if it does not arrive, contact support from the checkout email so the paid order can be verified and access recovered. Product links are signed and revocable.
Is this based on confidential deal or recruiting material?
The exercise draws on the modeling mechanics and decision-making I encountered in PE recruiting, using fictional company details and financial figures. It is an original practice case, not a reproduction of an employer’s test. No confidential employer, client, company or candidate materials are included.
What support is included?
Have a question about the instructions or published case materials after your attempt? Email [email protected] from the address used at checkout and I’ll clarify them directly. Access and file support are included too. Coaching, personalized model or memo review, recruiting advice, and work on confidential live-process materials are not.
What is the refund policy?
The LBO modeling test comes with a 30-day satisfaction refund from the date of purchase. See the Terms of Use for the full license, support, and refund terms. A full approved refund revokes product access and the license to retain or use the files.
Build the model. Make the investment call.
Get the complete eight-file package, choose your timed track, and compare your model and investment memo with the finished solution after your attempt.
$59 USD · One-time purchase
Access after payment confirmation · Personal-use license · 30-day satisfaction refund