The Academy
Twelve short skills. Each one is a handful of drills — a card that teaches the idea, then questions, matching and real arithmetic to prove it stuck. Finish one to unlock the next.
Unit 1 · The business of buying businesses
What a fund is, and the one number every company is measured by.
Unit 2 · What a company costs
Multiples, enterprise value, and the discipline of not overpaying.
Unit 3 · Leverage
The engine, and the thing that blows funds up.
Unit 4 · Making it worth more
The three levers, and which ones are real.
Unit 5 · Keeping score
MOIC, IRR, and what a good fund actually looks like.
Final exam
Run a real fund
Five buyouts from a real private equity portfolio. Negotiate your own price, structure your own debt, and see whether the theory survives contact with a recession.
Open the deal book