Notes

PE practitioner notes

Teaching pieces on deal mechanics, modeling, and valuation. Each post grounded in a real case study with primary sources cited.

May 17, 2026·6 min read·LBO · Modeling · Sources & Uses

Sources & Uses for an LBO: A Real Example, and Three Errors That Get You Sent Back to Your Desk

Walk through a $500M sources & uses table with real tranches, plus three errors every junior PE associate makes — and the Toys R Us case study showing why one of them killed the deal.

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May 15, 2026·4 min read·LBO · Returns · PE Fundamentals

MOIC vs IRR: Which Return Metric Actually Matters in a PE Deal?

Both numbers show up on every LBO slide. Here's what each actually tells you, and when to trust which — with the Hilton/Blackstone deal as the case study.

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May 13, 2026·6 min read·PE Recruiting · Careers · Headhunters

The Gatekeepers: 12 PE & Hedge Fund Headhunting Firms Every Candidate Should Know

A handful of specialized recruiters control most of the on-cycle hiring at PE funds and hedge funds. Here are the 12 firms you should know, what each specializes in, and how to actually engage them.

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