Wall Street Prep

Private Equity Boot Camp

Led by experienced PE practitioners, this virtual seminar teaches trainees how to construct a full-blown LBO model and demystifies the Private Equity deal process.

What You'll Learn

  • For PE associates, MBAs and bankers looking to break in
  • Learn how to build a comprehensive LBO model
  • Understand the real world nuances of the PE deal process
  • Taught by experienced PE professionals

The Private Equity Boot Camp teaches trainees how to construct comprehensive LBO models used to support real transactions and provides insight into the private equity deal process and the day-to-day responsibilities of a PE professional.

This boot camp is NOT AN ACADEMIC EXERCISE: It is taught by PE professionals who have been involved in some of the most high-profile private equity deals in the last 10 years. This is the same virtual training used to prepare new hires at some of the largest PE firms in the world.


Group Rates
Earlybird price(s) of $1,999 in effect until September 30, 2020 and will subsequently increase to $2,499.


Please Note: Times for this event are in Eastern Time (ET)

Day 1
LBO and PE Overview, LBO Modeling The boot camp begins with a discussion of the private equity deal process. Participants will learn about the PE roles and responsibilities at each phase of a deal, from the review of teasers and first round bids to the due diligence process and LOI phase through deal closing. The second half of the day focuses on LBO concepts, typical deal structures and current industry dynamics.
Day 2
LBO Modeling/PE Deal Process Trainees begin the LBO modeling process, paying special attention to the most common and challenging issues that emerge when modeling buyouts. We will focus the modeling on various equity and debt tranches, perform scenario and sensitivity analyses and finish with the modeling of advanced functionality and purchase price allocation.
Day 3
LBO Modeling/PE Deal Process Trainees continue the LBO modeling process. By the end of Day 3 trainees will have built a comprehensive LBO model.
Pre-Seminar Excel training

This boot camp assumes proficiency in Excel. Enrollment includes access to our popular Excel Crash Course for those who need an Excel refresher.

Post-Seminar Online Access

Enrollment includes lifetime access to the following online course(s): Financial Statement ModelingLBO Modeling

Wall Street Prep Virtual Training

WSP virtual training events are not your standard online class. We’ve all been there: You log in only to watch a presenter go back and forth from webcam to screen share.

A WSP Virtual Boot Camp is an engaging learning experience that preserves the opportunity for instructor-trainee interaction, experiential learning and networking with fellow learners. Learners move back and forth between instructor presentations, group breakout rooms and competitions at a lively pace.

Who is this boot camp for?

  • Private equity, asset management and hedge fund associates
  • Investment banking analysts and associates
  • Corporate finance and business development professionals
  • MBA students and business undergraduates
  • Anyone seeking to improve their LBO modeling skill set

Boot Camp Details

Led by former private equity professional with applied expertise in LBO modeling methodologies, this advanced 3-day virtual seminar begins with a deep dive into the Private Equity deal process and the day-to-day responsibilities of a PE professional. The boot camp then turns to modeling, where participants will learn how to build a real, complex LBO model the way it's done on the job.


Jessica-HoltonJessica Holton
Most recently, Jessica was an associate in the Carlyle Group's U.S. Buyout Consumer & Retail group where she focused on evaluating investments, building valuation models, conducting financial analysis and diligence and managing portfolio companies within the consumer and retail space. Before Carlyle, Jessica was an analyst in the Financial Sponsors Group at Morgan Stanley, where she advised private equity clients on buy-side, sell-side, public offerings and refinancing opportunities.

Michael-StackMichael Stack
Before joining Wall Street Prep, Michael was Director of Product Development at DICK’S Sporting Goods, Inc. Prior to attending business school, he was an Associate at Warburg Pincus, a global private equity firm with more than $44 billion in assets under management. He began his career at PJ Solomon, a boutique investment bank, as an analyst advising clients primarily on M&A transactions.


Each day begins at 8am and ends at 5pm with a 1-hour lunch break as well as a midmorning and midafternoon break.

What’s Included?

Comprehensive training materials (manuals and online exercises), Detailed reusable modifiable Excel model templates, Unlimited e-mail support for content-related questions for 12 months post-seminar.

What You'll Need

Laptop, Notepad, and Calculator.


This seminar presumes knowledge of financial accounting (at least 1 semester or equivalent). Participants without this background must enroll in and complete the Accounting Crash Course prior to attending the seminar. In addition, it is strongly recommended that attendees complete the Financial Statement Modeling online course that comes with enrollment ahead of the seminar.

CPE Credit

CPE logoWall Street Prep is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have the final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.

Cancellation Policy

Participants may cancel up to 3 weeks prior to the event for a full refund. A 20% cancellation fee will apply up to 1 week prior to the event. No refunds will be granted for cancellations made within 1 week of the event. Wall Street Prep reserves the right to cancel the seminar if enrollment is insufficient. Trainees will be refunded in full in the event of a cancellation.

Why attend a boot camp?

  • Comprehensive training

    Our live courses pulls no punches. Each boot camp is the same intensive training used to prepare incoming analysts at top financial institutions.

  • Learn by doing

    Attendees “learn by doing” by working through practical exercises and building financial models from scratch using real case studies.

  • Networking opportunity

    Boot camps provide an opportunity to network with MBAs and professionals from industries including investment banking, corp dev and FP&A.

  • Experienced instructors

    Our instructor-practitioners are experienced bankers who give real-world context by connecting training to their own experience on the desk.

  • Excel Mastery

    Our training reinforces speed, efficiency and consistency in Excel that investment banking analysts are expected to have on Day 1.

  • Continuing ed & webinars

    Enrollment includes lifetime access to our continuing education online training platform and our popular monthly webinar series.


The Private Equity Deal Process and Day to Day Responsibilities

The boot camp begins with a discussion of the private equity deal process. Participants will learn about the PE roles and responsibilities throughout each phase of a deal, from the review of teasers and first round bids, to the due diligence process, the LOI phase, and progressing all the way to deal closing.

Pre-deal process

  • Pre-deal roles and responsibilities: Who does what?
  • Deal sourcing
  • Teasers
  • NDA/CA

First-round bid/IOI phase

  • First round bids/IOI roles and responsibilities: Who does what?
  • Reviewing CIMs and OMs
  • Building the Mini-model
  • Deal review materials
  • Management presentations

Diligence/LOI phase

  • Diligence/ LOI phase roles and responsibilities: Who does what?
  • Quality of earnings
  • Deal financing
  • The data room process
  • Making the decision and drafting the letter of intent

Post-LOI phase

  • Post LOI deal phase roles and responsibilities: Who does what?
  • Deal updates and final model
  • Negotiating key terms in the purchase agreement
  • Negotiating key terms in the credit agreements
  • Transition services agreements

Deal closing

  • Deal closing roles and responsibilities: Who does what?
  • Getting regulatory approval
  • Working capital adjustments
  • Funds flow
LBO Mechanics

LBO Basics

  • Introduction to LBO’s
  • What makes a good LBO?
  • Current LBO Environment
  • LBO Capital Structure – Equity
  • LBO Capital Structure – Debt
  • Term Loans & the Revolver
  • Bonds
  • Covenant, Mezzanine Financing & Bridge Loans

Structure of PE firms & investor dynamics

  • Top PE Firms
  • Dry Powder
  • How PE Funds Work
  • GP vs. LP Dynamics
  • Whole-Fund vs. Deal-by-deal Distribution Model

LBO Modeling

  • Case Study Introduction: The Leveraged Buyout of BMC
  • General Inputs
  • Initial Valuation: Offer Price vs. Enterprise Value
  • Diluted Shares
  • Sources and Uses of Funds
  • Creating the Historical Income Statement
  • Forecasting the Income Statement
  • Forecasting Accounts Receivable
  • Forecasting Other Working Capital Items
  • Preparing the PP&E Schedule
  • Preparing the Software Development Costs, Intangibles and Goodwill Schedules
  • Forecasting PP&E
  • Forecasting Software Development Costs
  • Forecasting Intangibles, Goodwill, Other Assets & Other Liabilities
  • The Cash Flow Statement
  • Cash
  • Interest Income and Circularity
  • Modeling the Revolver
  • Modeling Required Debt Amortization
  • Modeling Cash Sweeps
  • Modeling the Revolver Borrowing Base Compliance
  • Modeling PIK Debt & Preferreds
  • Capitalized Financing Fees
  • Modeling Interest Expenses
  • Completing the IS and CFS

LBO exit & returns analysis

  • Model Review and Introduction to Exit Analysis
  • Enterprise Value at Various Exit Multiples
  • Exit Equity to Sponsors & Management, Equity Kickers to Mezz
  • Returns to Senior Debt
  • Returns to Sub Debt
  • Modeling IRRs and Cash-on-Cash Returns
  • Creating an LBO Summary Table
  • Modeling Hurdle Rate Sensitivity
  • IRR Sensitivity to Leverage and Valuation
  • IRR Sensitivity to Mezz Debt Terms

Pro forma balance sheet adjustments

  • Setting up the Historical Balance Sheet
  • Adjusting the Balance Sheet to Reflect the LBO
  • Modeling LBO Goodwill and a Recap Toggle
  • Pro Forma Balance Sheet (PFBS) Historicals
  • Forecasting PFBS Assets
  • Forecasting PFBS Liabilities & Equity

Advanced purchase price allocation modeling

  • Modeling Asset Write Ups
  • Impact on the IS and CFS
  • Impact on the Balance Sheet

Deal Process Review

  • Deal sourcing
  • Teasers
  • NDA/CA
  • CIM/OM
  • Mini-model
  • Deal review materials
  • Management presentations
  • Deal financing
  • Data rooms
  • Third party advisors
  • Credit agreements
  • Transition services agreements
  • Regulatory approval
  • Working capital adjustments
  • Funds flow

Questions? We're standing by.

To learn more about this boot camp, fill out the form below or call us at: 617-314-7685


The Wall Street Prep Quicklesson Series

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