Guided walkthrough · Untimed
Work through eight lessons at your own pace. Build each section in Excel, trace the calculations in the annotated exhibits, and compare your work with the three checkpoint workbooks.
Manufacturing acquisition case
PE Modeling Practice Test
Build an LBO and make the investment call. Follow the guided walkthrough, or test yourself with a two-hour template or three-hour clean-sheet build.
8 guided lessons · 3 checkpoint workbooks · Worked model and investment memo
For candidates who already know basic LBO modeling.
$59 · One-time purchaseBuy for $59
Created by Andrew Gallagher
Former middle-market PE Senior Associate
- 25+ modeling tests I passed
- 30+ recruiting processes
See my recruiting experience
While working in banking in 2023–early 2024, I went through 31 distinct firm processes across PE, related private-capital, and family-office investment roles. There were 29 investment-team interview or case-study processes, one internal talent screen, and one completed assessment. I counted each firm once across interviews, replies, and forwarded emails.
These excerpts document the recruiting processes. My modeling-test count covers my finance career and excludes college tests and live paper LBOs.
I transcribed these Gmail and Outlook subject lines and standardized the punctuation. Black bars cover names. I left out email addresses and private case materials.
Re: Private Equity Associate - Interview Availability
Process 1Interview process
[Name removed] Case Study
Process 3Interview process
[Name removed] Associate Case Study
Process 4Interview process
Yesterday’s Case Study Walkthrough | Thank You
Process 5Interview process
See the other 27 processes
RE: [Name removed] - [Name removed] First Round Interview
Process 2Interview process
Re: [Name removed] Case Study
Process 6Interview process
[Name removed] [Name removed] Interview - Thank You
Process 7Interview process
Your video interview is completed
Process 8Interview process
Re: [Name removed] - Next Steps
Process 9Interview process
Yesterday's Call - Thank You
Process 10Interview process
[Name removed] Superday - Thank You
Process 11Interview process
Yesterday’s Meeting - Thank You
Process 12Interview process
[Name removed] Superday - Thank You
Process 13Interview process
Re: Friday’s Interview - Thank You
Process 14Interview process
Re: Yesterday's Interview - Thank You
Process 15Interview process
Re: [Name removed] - First Round Interview
Process 16Interview process
RE: [Name removed] Interview | Thank You
Process 17Interview process
[Name removed] Interview | Thank You
Process 18Interview process
[Name removed] Interview | Thank You
Process 19Interview process
Friday’s Meeting | Thank You
Process 20Interview process
Re: [Name removed]: First Round Interview
Process 21Interview process
[Name removed] Interview | Thank You
Process 22Interview process
[Name removed] Interview | Thank You
Process 23Interview process
[Name removed] Interview | Thank You
Process 24Interview process
[Name removed] Interview | Thank You
Process 25Interview process
Assessment for [Name removed] Successfully Completed
Process 26Assessment
[Name removed] Superday - Thank You
Process 27Interview process
[Name removed] Superday - Thank You
Process 28Interview process
Friday’s Interview | Thank You
Process 29Interview process
[Name removed] Interview | Thank You
Process 30Interview process
Re: [Name removed] | Associate Opportunity
Process 31Talent screen
Choose how you practice
Timed practice
Choose the two-hour structured template or the three-hour clean-sheet track. Build the model, write your recommendation, then compare them with the worked model and reference memo.
Both timed tracks use the same case. For a fresh assessment, take a timed track before opening the walkthrough.
What’s included
Project Forge assessment ZIP. Eight files cover the candidate brief, CIM, both Excel starters, memo template, and worked answers.
Online reader. Eight guided lessons, three downloadable checkpoint workbooks, and three annotated Excel exhibits.
Software Microsoft Excel for the modeling work and Microsoft Word or another compatible DOCX editor for the memo template. Includes XLSX, PDF, and DOCX files; no macros required.
An original practice case using fictional company details and financial data.
See the 8 assessment 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.
- Reference investment memoA completed PDF example connecting the model to an invest-or-pass recommendation.
Before you buy
Who is this for?
If you know basic LBO modeling and want practice for a middle-market or lower-middle-market PE interview, Forge gives you a full case to work through. You build the model and explain what you’d pay for the business. The case is self-paced, with written lessons and checkpoints. For timed practice, try the free 60-minute Port Alder test. To review the mechanics, read the worked distribution LBO example.
What software do I need?
Microsoft Excel for the modeling work and Microsoft Word or another compatible DOCX editor for the memo template. Includes XLSX, PDF, and DOCX files; no macros required.
Do I get both timed tracks?
Yes. The two-hour track includes a structured workbook. The three-hour track gives you the source data to build your own model.
Is this the same Forge that is in the full library?
It is the same case in two editions. The full library has the rebuilt three-hour edition: the test, my corrected model, the memo and model I sent, and a two-page debrief. Buying Forge here gives you that edition too, in My Practice, along with the two timed tracks and the guided walkthrough on this page. The library does not include the two-hour track or the guided lessons.
How do I access the test and walkthrough?
Once your payment clears, you can download the assessment ZIP and open the walkthrough from your order page. Save your purchase email so you can get back in. If you need help, contact support from the address you used at checkout.
What support is included?
I can help with access and file issues and clarify the published case instructions or materials after your attempt. Email andrew@uplevered.com from the address you used at checkout. The purchase excludes coaching, personalized grading or model and memo review, recruiting advice, and work on confidential live-process materials.
What is the refund policy?
You have 30 days from purchase to request a satisfaction refund. A full approved refund ends product access and the license to retain or use the files. See the Terms of Use for details.
$59 covers both timed tracks, the guided walkthrough, the worked model, and the reference memo.