Single-Asset Private Equity Waterfall Model (Excel XLSX)

BENEFITS OF THIS EXCEL DOCUMENT

1. Institutional-quality analysis for your single-asset and SPV (Special Purpose Vehicle) deals with this powerful, flexible, and intuitive Excel model. Designed for private equity professionals

PRIVATE EQUITY EXCEL DESCRIPTION

This product (Single-Asset Private Equity Waterfall Model) is an Excel template (XLSX), which you can download immediately upon purchase.

Overview

Unlock institutional-quality analysis for your single-asset and SPV (Special Purpose Vehicle) deals with this powerful, flexible, and intuitive Excel model. Designed for private equity professionals, this template provides a complete framework for analyzing an investment from acquisition to exit.
Whether you're a GP presenting a deal to investors or an LP conducting due diligence, this model gives you the clarity and sophistication needed to make informed decisions. The entire model is driven from a single, clean Inputs tab, making complex scenario analysis fast and simple.

Key Features
•  This model is packed with features that are essential for professional private equity deal analysis:
•  Dynamic Scenario Analysis:
-Instantly toggle between three user-defined scenarios: Bull Case, Base Case, and Bear Case.
-Each scenario drives its own unique assumptions for investment performance and exit valuation, allowing for a full range of potential outcomes.
-Flexible Timing & Exit Analysis:
-Use a simple dropdown to select the Exit Year, allowing you to instantly stress-test the impact of hold period on IRR and other metrics.
•  The model is built to handle a Single Closing date for all partners, which is the standard for single-asset SPVs.
— Institutional 4-Tier Distribution Waterfall:
•  A complete, automated waterfall that allocates all distributable cash according to the four standard tiers:
•  Return of Capital (ROC)
•  Preferred Return (Hurdle)
•  GP Catch-Up
•  Carried Interest Split
•  Configurable Deal Terms:
•  Preferred Return: Set any hurdle rate (e.g., 8%, 10%).
•  GP Catch-up: Use a dropdown to select between 100% (Full) or Partial catch-up structures.
•  Carried Interest: Set any carry percentage (e.g., 20%).
•  Sophisticated Capital Structure Modeling:
•  Acquisition Debt: Easily toggle debt "on" or "off" to model a full leveraged buyout (LBO) structure. Input leverage amounts, interest rates, and repayment schedules.
•  GP Co-Invest: The model properly accounts for a GP capital contribution, treating the GP as both a manager (earning carry) and an investor (earning a return on their capital).

Advanced Fund Mechanics:

•  Detailed Partner & Commitment Tracking:
•  Configure up to 10 Limited Partners and a General Partner with varying commitment amounts.
•  The model provides a full capital account summary for each partner, tracking every dollar from beginning to end.

Comprehensive Returns Dashboard:
•  The final output is a clean, professional dashboard that visually summarizes the entire investment.
•  It clearly separates the three layers of returns: Gross (asset-level), Net of Fees (fund-level), and Net to LPs (the final take-home return).
•  All key metrics are calculated and displayed: Net IRR, Gross IRR, MOIC, DPI, and RVPI.
•  Includes visuals for Capital Deployed vs. Distributions (J-Curve), a Waterfall Breakdown, and a Partner-level cash flow summary.

How It Works

The model is designed for ease of use. All of the interconnected calculations are automated. The user only needs to provide assumptions on the 01_Inputs sheet in the designated cells formatted with a <font color="blue">blue font and yellow background</font>. The rest of the model populates automatically.

Who Is It For?
•  General Partners & Independent Sponsors: To structure deals and present a clear, professional case to potential investors.
•  Limited Partners & Family Offices: To conduct thorough due diligence and analyze potential investment opportunities.
•  Investment Bankers & M&A Advisors: To model the equity returns for financial sponsors.
•  Finance Students & Professionals: To learn and master the mechanics of private equity deal modeling.

What's Included?
A fully unlocked Excel (.xlsx) file with the following clearly structured tabs:

01_Inputs
02_S&U (Sources & Uses)
03_CF_Forecast
04_Waterfall
05_Partner_Accounts
06_Dashboard

Source: Best Practices in Private Equity Excel: Single-Asset Private Equity Waterfall Model Excel (XLSX) Spreadsheet, Jair Almeida