Use cases / Private equity

Private equity

Build the LBO, underwrite the case, monitor the portfolio quarter by quarter and take a live model into IC. Every figure traced to its cell and its source.

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Defensible: Every return to the assumption behind it.
Cased: Base, management, downside, side by side.
Monitored: The quarter lands, the models refresh.
Traceable: Every figure in the IC deck to its cell.

01workstream

First-look LBO

Entry, debt, exit and returns in your template, connected to the target's financials. Cases as named assumptions; sensitivities as a table, not a copied tab.

Your template, your formulas
Sources and uses, the debt schedule, the returns bridge
Checks that the model closes

Private equity

Returns, base case

	Entry	Exit · year 5
EBITDA · €m	42	68
Multiple	11.0x	11.0x
Net debt · €m	(250)	(96)
Equity · €m	212	652

3.1x: money multiple
25%: IRR
5.9x: leverage at entry

Sources and uses balanceBase, management and downside side by side

02workstream

Underwriting model

The full model from bottom-up schedules, in the firm's standard, with the management plan as one case among others. What outruns the market is visible.

Bottom-up schedules connected to the data
The plan held against the market
Review notes as named assumptions

Model · Excel-compatible

The market, country by country

Market = Seats × Price per seat

	Seats	Price / seat	Market
Germany · 250+	15.6M	$107	$1.67B
Germany · 50–249	4.3M	$168	$0.72B
France · 250+	8.5M	$104	$0.89B

Firms of 10–49 people buy a flat plan, so their rows use Customers × Plan price instead.

Total matches the finest grainRefreshes when its inputs do

03workstream

Portfolio monitoring

Each company's model in the workspace, refreshed when the quarter's actuals land. One page for the portfolio, and the conclusions that the new numbers put in question are flagged.

Actuals appended; models refreshed
One page per portfolio question
Conclusions re-checked as numbers move

Portfolio · third quarter

Against plan, this quarter

	Revenue	EBITDA	Leverage
Alpha	+4%	+2%	3.1x
Beta	−6%	−11%	4.8x
Gamma	+1%	+3%	2.2x
Delta	+9%	+6%	3.6x

Refreshed on the quarter's actualsTwo conclusions to re-check

Every assumption, audited

Where did that number come from?

Every assumption in a model has an origin: the table it was derived from, the method that derived it, the document the table cites. All of it is on the record, so the question in the room has an answer, and so does the same question a year later.

The method that derived a figure is stored with the figure
A confidence on every input, stated where it is a proxy or an estimate
Change a source and see everything it touches before you do

Every assumption · audited

What $1.67B rests on

Assumption	Value	How it was derived	Source
Adoption	89.1%	Average of the 2023 and 2025 surveys	Eurostat
Price per seat	$107	Vendor band price × price level	Vendr, Eurostat
Employed	17.5M	As published	Eurostat

Three of three traced to a documentConfidence stated where it is a proxy

The deliverable

Hand over the workspace, not a file.

The deck and the report still come out, in your house style. But the client can also join the workspace as a guest: read the pages, open the models, see every source, and ask the next question through their own assistant, with the data and the reasoning already there. Out as files, too: the IC deck, with cases, the returns bridge and sensitivities.

Guests read the pages, the models and the sources
Their assistant answers the next question from the same data
The deck and the report link back to the workspace

Shared with the client deal team

How big is the market, and where is it?

$7.5B¹: HR-software market, 2024
55%²: in firms of 250+ people
+5.7%³: a year since 2021

By region, 2024 · USD billions

DACH2.9

Western2.1

Southern1.8

CEE0.4

Nordics0.3

1Eurostat business statistics and ICT survey; vendor list prices and purchase benchmarks.
2Bottom-up by size band. Adoption is a proxy: read the split, not the level.
3Prices held at today's list, so growth is all volume.

MRClient · Partner

What does that look like for mid-sized firms in Spain?

$0.24B in 2024: 23,000 firms of 50–249 people, 1.8 million seats at $134 a seat.

From the same model · Eurostat · Vendr

Where the work lives

A chat forgets. A workbook is alone. A workspace compounds.

	A chat	A spreadsheet agent	aqmen
The data	Pasted in, gone after	In the workbook, from wherever	Tables with their sources, versioned
An assumption's origin	In the transcript	In a cell comment	Method, table and document, on the record
When a number changes	Ask again	Fix the workbook	Everything downstream is flagged
Who works on it	One person	One person, one file	The team, and the client as a guest
The deliverable	A message	A workbook and a deck	A workspace to ask questions of, plus the deck
Next quarter	From zero	From the last file	From everything already there

Built on

MCP first

Any assistant that speaks MCP works here. Bring the one you already pay for; we do not sell you an agent.

Open skills

The step-by-step practice is an open repository you can read, fork and improve.

Your tools, not our cage

Excel-compatible models, decks in your style, SQL if you want it. The right tool for each job.

Confidential

Private to your organization, never used to train models.

Run it in the app, or hand it to your assistant with the aqmen skills: one for every step, scope to delivery.

The aqmen skills →

Also

Commercial due diligence →Financial due diligence →Valuations and modelling →Mergers and acquisitions →

Book a demo

Decisions deserve a backbone.

See it on a live question. Yours, if you like. Invitations follow the same day.