Manufacturing case
UpLevered PE Modeling Practice Test
Build an LBO and investment recommendation in two or three hours. Compare with the completed model and worked solution.
Both 2-hour and 3-hour tracks included. Completed model and worked solution. For lower-middle-market and middle-market PE candidates who can already build a basic LBO.
An original practice case using fictional company details and financial data.
Built by Andrew Gallagher, former middle-market PE Senior Associate, drawing on 20+ distinct modeling tests.My recruiting experience and selected email excerpts.
$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.
A closer look inside.
What’s included.
Project Forge is the fictional transaction used in this practice test. 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.
- Timing
- Both 2-hour and 3-hour tracks included
- Starting format
- 2-hour structured template or 3-hour clean-sheet source data
- Before you start
- For lower-middle-market and middle-market PE candidates who can already build a basic LBO.
- Compatibility
- 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.
See all 8 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 wish I’d had a collection of realistic middle-market and lower-middle-market modeling tests when I was recruiting: more chances to practice under a deadline and walk into interviews with more confidence. That’s what I’m building with UpLevered, starting with this case.
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.
The modeling mechanics, time pressure and investment decisions I encountered across those processes shaped this exercise. The complete case and worked solution help you see where your model and judgment hold up, and where they need work.
30+ recruiting processes while working in banking.20+ distinct modeling tests across my career.
My recruiting experience: selected email excerpts
Transcribed email subjects from Gmail and Outlook, reformatted for readability. Black bars replace names; email addresses and private case materials are omitted.
Re: Private Equity Associate - Interview Availability
Process 01Interview process
[Name removed] Case Study
Process 03Interview process
[Name removed] Associate Case Study
Process 04Interview process
Yesterday’s Case Study Walkthrough | Thank You
Process 05Interview process
See the other 27 processes
RE: [Name removed] - [Name removed] First Round Interview
Process 02Interview process
Re: [Name removed] Case Study
Process 06Interview process
[Name removed] [Name removed] Interview — Thank You
Process 07Interview process
Your video interview is completed
Process 08Interview process
Re: [Name removed] - Next Steps
Process 09Interview 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
What the count includes
31 distinct firm processes in 2023–early 2024: 29 investment-team interview or case-study processes, one internal talent screen and one completed assessment. Each firm is counted once across interviews, replies and forwarded emails. The count includes PE and related private-capital and family-office investment roles.
These 31 processes are separate from the 20+ distinct modeling tests I completed across my career. They are not 31 completed tests, full interview cycles or offers.
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?
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. 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.
What support is included?
Have a question about the instructions or published case materials after your attempt? Email andrew@uplevered.com 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 PE Modeling Practice 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