2026 internship interview playbook · Private markets
Eurazeo Internship
Interview Questions
& Answers
Prepare for investment internships across buyouts, venture, growth, private debt, secondaries and real assets—with practical answer frameworks and fully worked investment cases.
Book Mock Interview →70Interview questions
6Worked financial cases
7Preparation categories
14 daysStructured study plan
How to prepare for a Eurazeo internship interview
Eurazeo is a diversified private markets investor. The right preparation depends on whether you are interviewing with its buyout, growth, venture, private debt, secondaries or real assets teams.
Research the exact vacancy, understand the relevant investment strategy, and prepare to explain how a company creates value and where the downside sits. Eurazeo describes a platform spanning private equity, private debt and real assets, with sector- and stage-specific investment teams.
Important: These are independently developed practice questions and hypothetical cases, not official Eurazeo hiring questions. Internship interview formats vary by team and location.
Book Mock Interview →Know the team you are interviewing with
Your answers should change with the mandate: underwriting a leveraged business is different from evaluating a venture-backed software startup or a secured loan.
Buyout & growthValuation, operating improvement, commercial diligence, returns
Venture & technologyMarket sizing, cohorts, dilution, product economics
Private debt & real assetsCoverage, covenants, asset valuation and downside
Photography: Steven Lek, Skyline La Defense Paris, CC BY-SA 4.0; Michael D. Hill Jr., La-Défense-Skyline, CC BY-SA 3.0. Images cropped to fit their panels. Photographs depict Paris, not Eurazeo premises.
70 Eurazeo internship interview questions
Search by skill or filter by topic. Expand any question for a concise answer framework, then practise delivering it aloud with an example.
Showing 70 questions
Eurazeo & internship fitWhy Eurazeo rather than a single-strategy buyout fund?
Answer framework: Explain how Eurazeo combines private equity, private debt and real assets. Choose the specific team you applied to and articulate why its underwriting discipline fits your interests; do not claim interns rotate automatically.
Eurazeo & internship fitWhat distinguishes Eurazeo’s buyout approach?
Answer framework: Discuss European mid-market value creation through international expansion, operational transformation and acquisitions. Illustrate how each lever could change EBITDA or exit risk.
Eurazeo & internship fitWhat does a private markets investment intern actually do?
Answer framework: Describe company research, financial statement spreading, comparable companies, model sensitivity checks, investment memos and meeting preparation. State that duties depend on team and vacancy.
Eurazeo & internship fitWalk me through your CV in 90 seconds.
Answer framework: Structure as education, one analytical experience, one investment insight, then the reason for this particular Eurazeo internship.
Eurazeo & internship fitWhich Eurazeo investment strategy interests you most?
Answer framework: Select buyout, venture, growth, secondaries, private debt or real assets; connect stage, return drivers and risk profile to a specific thesis.
Eurazeo & internship fitPitch a European company Eurazeo could evaluate.
Answer framework: Give a one-sentence thesis, addressable market, unit economics, defensibility, indicative valuation and three diligence questions. Avoid asserting that the company fits a live mandate.
Eurazeo & internship fitWhat have you learned from a failed investment thesis?
Answer framework: Explain the initial assumption, evidence that changed it, what you did and how you now test downside scenarios earlier.
Eurazeo & internship fitHow would you research a sector in one afternoon?
Answer framework: Map value chain, market size, competitors, growth drivers, regulation and exit multiples; identify what is fact versus assumption.
Eurazeo & internship fitHow do you handle an ambiguous internship assignment?
Answer framework: Clarify the decision being supported, output format and deadline; make reasonable assumptions, document them and communicate blockers early.
Eurazeo & internship fitWhat questions would you ask the investment team?
Answer framework: Ask how interns support live diligence, what a strong investment memo looks like, which operating KPIs matter and how feedback is delivered.
Accounting, valuation & modellingWalk through the three financial statements.
Answer framework: Net income feeds retained earnings and operating cash flow; capex reduces cash and increases fixed assets; debt flows through financing cash flow and the balance sheet.
Accounting, valuation & modellingWhat happens if depreciation increases by €10m?
Answer framework: Assuming 25% tax, EBIT falls €10m, tax falls €2.5m, net income falls €7.5m; operating cash flow rises €2.5m due to the noncash addback and tax shield.
Accounting, valuation & modellingEnterprise value versus equity value?
Answer framework: EV equals equity value plus debt and debt-like claims minus cash and non-operating assets; equity value is residual value attributable to shareholders.
Accounting, valuation & modellingWhy use EV/EBITDA for buyout screening?
Answer framework: It facilitates comparisons before financing effects, but ignores capex, working capital, taxes and differences in accounting policies.
Accounting, valuation & modellingHow do you build a simple DCF?
Answer framework: Forecast unlevered free cash flow, discount at WACC, estimate terminal value using growth or exit multiple, then bridge EV to equity value.
Accounting, valuation & modellingHow does an increase in working capital affect cash flow?
Answer framework: An increase in operating net working capital consumes cash; analyse receivables, inventory and payables separately.
Accounting, valuation & modellingHow do you calculate free cash flow conversion?
Answer framework: Define the metric consistently, for example (EBITDA less cash taxes, capex and working capital investment) divided by EBITDA; distinguish pre- and post-interest versions.
Accounting, valuation & modellingHow do you select comparable companies?
Answer framework: Prioritise business model, end markets, geography, growth, margin, scale and cash conversion over superficial sector labels.
Accounting, valuation & modellingWhat does a high EV/EBITDA multiple imply?
Answer framework: It may reflect growth, margins, quality, lower risk or expectations; compare with forecast cash flows and avoid treating a high multiple as proof of overvaluation.
Accounting, valuation & modellingHow do you sanity-check a financial model?
Answer framework: Reconcile balance sheet, check cash flow signs, verify units, trace circularities, test base/downside scenarios and compare outputs with market benchmarks.
Accounting, valuation & modellingExplain revenue growth versus EBITDA growth.
Answer framework: EBITDA may grow faster through operating leverage and margin expansion, or slower if incremental revenue has weak unit economics.
Accounting, valuation & modellingWhat is the impact of a €20m debt repayment on EV and equity value?
Answer framework: If funded entirely with existing cash, net debt is unchanged and EV and equity value are broadly unchanged before transaction costs; debt and cash each fall €20m.
Buyouts & investment diligenceWalk through an LBO in five steps.
Answer framework: Entry valuation and sources/uses; operating forecast; debt schedule; exit EV and equity bridge; investor MOIC and IRR.
Buyouts & investment diligenceWhat makes a strong LBO candidate?
Answer framework: Predictable cash flows, defensible market position, manageable capex, deleveraging potential, capable management and multiple credible exit routes.
Buyouts & investment diligenceWhat are the three major LBO return drivers?
Answer framework: EBITDA growth, debt paydown and entry-to-exit multiple movement; separate operating performance from financial engineering.
Buyouts & investment diligenceHow does a 1x exit multiple decline affect returns?
Answer framework: Multiply the EBITDA at exit by the one-turn decline to calculate lost exit EV, then translate that directly into lower equity proceeds, holding debt constant.
Buyouts & investment diligenceWhat diligence would you conduct on a B2B services company?
Answer framework: Check contract renewal, customer concentration, pricing, employee churn, wage inflation, margin by customer and working capital seasonality.
Buyouts & investment diligenceWhat is a quality-of-earnings adjustment?
Answer framework: Normalise reported EBITDA for one-off or non-operating items, validate cash conversion and distinguish defensible adjustments from optimistic addbacks.
Buyouts & investment diligenceHow do you assess management quality?
Answer framework: Compare forecasts with historic delivery, assess capital allocation, organisational depth, incentives and references.
Buyouts & investment diligenceExplain a buy-and-build thesis.
Answer framework: Identify a platform with integration capabilities and a fragmented market; model acquisition multiples, synergies, integration costs and financing constraints.
Buyouts & investment diligenceWhat is a management rollover?
Answer framework: Management reinvests part of sale proceeds into the new equity, aligning incentives while changing sources and uses and the ownership table.
Buyouts & investment diligenceHow would you build an investment committee memo?
Answer framework: Lead with recommendation, business model, market, valuation, returns, risks, diligence gaps, mitigants and clear conditions to proceed.
Buyouts & investment diligenceWhat makes an investment a no-go despite attractive IRR?
Answer framework: Weak governance, poor cash conversion, customer concentration, regulatory risk or return sensitivity to unrealistic assumptions.
Buyouts & investment diligenceHow do you compare a strategic buyer with a sponsor exit?
Answer framework: A strategic buyer may price synergies; a sponsor depends on stand-alone cash flows and financing. Consider execution certainty and regulatory approvals.
Growth, venture & technologyPre-money versus post-money valuation?
Answer framework: Post-money equals pre-money plus new primary capital; investor ownership equals new capital divided by post-money, before option pool nuances.
Growth, venture & technologyHow do you calculate net revenue retention?
Answer framework: Starting cohort ARR plus expansion less contraction and churn, divided by starting cohort ARR; exclude new-customer ARR.
Growth, venture & technologyWhy do gross retention and NRR both matter?
Answer framework: NRR can mask churn through upselling; gross retention reveals the durability of the underlying customer base.
Growth, venture & technologyHow do you calculate CAC payback?
Answer framework: CAC divided by monthly gross-profit contribution from a newly acquired customer or cohort; specify whether sales and marketing costs are fully loaded.
Growth, venture & technologyHow would you assess a European vertical SaaS company?
Answer framework: Study workflow criticality, switching costs, product penetration, churn, channel efficiency, TAM and ability to expand across geographies.
Growth, venture & technologyWhat does the rule of 40 measure?
Answer framework: Revenue growth percentage plus profitability margin percentage, using clearly defined profitability such as FCF margin; it is a heuristic, not a valuation method.
Growth, venture & technologyHow do you model dilution across funding rounds?
Answer framework: Track fully diluted shares, primary issuance, option pool top-ups and any secondary transactions separately at each round.
Growth, venture & technologyWhat are the main risks in a growth equity investment?
Answer framework: Valuation compression, weak cohort retention, cash burn, competition, governance, dilution and uncertain exit timing.
Growth, venture & technologyHow does AI change software diligence?
Answer framework: Test whether AI improves customer outcomes and pricing power while assessing inference costs, gross margin, data rights, model dependence and churn.
Growth, venture & technologyWhat is the difference between venture and buyout underwriting?
Answer framework: Venture emphasises power-law outcomes, market size and financing runway; buyouts emphasise current cash flow, leverage and downside protection.
Private debt & secondariesWhat is first-lien direct lending?
Answer framework: A secured loan with priority collateral claim; analyse lien position, covenant package, leverage, cash generation and collateral quality.
Private debt & secondariesHow do you calculate net leverage?
Answer framework: (Gross financial debt less eligible unrestricted cash) divided by EBITDA, using documented adjustments.
Private debt & secondariesWhat is interest coverage?
Answer framework: Commonly EBITDA divided by cash interest expense; also assess EBIT and free-cash-flow coverage.
Private debt & secondariesWhat is a maintenance covenant?
Answer framework: A recurring financial test, such as maximum leverage, that can give lenders earlier intervention rights; contrast with incurrence covenants.
Private debt & secondariesHow do higher rates affect a floating-rate borrower?
Answer framework: Interest expense rises unless hedged; calculate impact on coverage, free cash flow and covenant headroom.
Private debt & secondariesHow do you analyse downside recovery?
Answer framework: Stress enterprise value, subtract priority claims and expenses, then allocate remaining value through the debt waterfall.
Private debt & secondariesWhat is an LP secondary?
Answer framework: Purchase of an existing limited-partner fund interest, typically priced relative to reported NAV with remaining unfunded commitments.
Private debt & secondariesWhy can a NAV discount be misleading?
Answer framework: NAV may be stale, unrealised assets can be overvalued, distributions may be delayed and unfunded commitments change total cash invested.
Private debt & secondariesWhat are DPI, RVPI and TVPI?
Answer framework: DPI is distributions/paid-in capital; RVPI is residual value/paid-in; TVPI is their sum. Compare with cash-flow-timed IRR.
Private debt & secondariesWhat is a GP-led continuation vehicle?
Answer framework: A transaction moving assets into a new fund with options for existing investors; assess conflicts, valuation, fees and process fairness.
Real assets, sustainability & portfolioHow do you value an income-producing property?
Answer framework: Use NOI divided by cap rate, then adjust for vacancy, capex, debt and lease quality; cross-check against discounted cash flow.
Real assets, sustainability & portfolioWhat is DSCR?
Answer framework: Cash flow available for debt service divided by principal plus interest due; define CFADS consistently.
Real assets, sustainability & portfolioHow would you underwrite energy-transition infrastructure?
Answer framework: Separate contracted from merchant revenue, assess counterparty quality, regulation, capex, operating availability and refinancing.
Real assets, sustainability & portfolioWhat is the difference between project IRR and equity IRR?
Answer framework: Project IRR measures unlevered asset cash flows; equity IRR incorporates financing and equity contributions/distributions.
Real assets, sustainability & portfolioHow do you assess portfolio concentration?
Answer framework: Review exposures by sector, geography, vintage, sponsor, leverage and correlated risk factors.
Real assets, sustainability & portfolioWhat ESG questions are financially material?
Answer framework: Focus on regulation, energy intensity, physical climate risk, governance and capex needed to maintain licence to operate.
Real assets, sustainability & portfolioHow would you compare a real estate deal with an LBO?
Answer framework: Both need cash flow and exit analysis, but property underwriting places greater emphasis on leases, cap rates, occupancy and asset-level financing.
Real assets, sustainability & portfolioWhat is a credible value-creation plan?
Answer framework: Quantify operational levers, cost and timing of implementation, management ownership, KPIs and downside scenarios.
Behavioural & internship executionTell me about a time you found an error.
Answer framework: Use situation, task, action and result; explain how you tested the issue, corrected it and improved the process.
Behavioural & internship executionWhat if a senior analyst disagrees with your model?
Answer framework: Ask which assumption drives the difference, reconcile evidence, run sensitivities and communicate the revised conclusion without defensiveness.
Behavioural & internship executionHow would you prioritise three urgent tasks?
Answer framework: Clarify deadlines and decision impact, estimate effort, confirm tradeoffs with stakeholders and give proactive progress updates.
Behavioural & internship executionDescribe a difficult team project.
Answer framework: Give specific contributions, the conflict, how you resolved it and a measurable outcome.
Behavioural & internship executionWhat would you do if you lacked data for a deadline?
Answer framework: Use transparent ranges, triangulate sources, label assumptions and identify the single missing input with the largest decision impact.
Behavioural & internship executionExplain a complex financial idea simply.
Answer framework: Define the concept in one sentence, use a small numerical example and end with the business decision it informs.
Behavioural & internship executionHow do you ensure confidentiality?
Answer framework: Follow access controls, avoid personal channels, minimise sensitive data exposure and confirm before sharing investment information.
Behavioural & internship executionWhat would success look like after six months?
Answer framework: Deliver reliable analyses, ask better diligence questions, improve speed without sacrificing accuracy and become trusted on recurring tasks.
Six worked Eurazeo-style investment cases
All numbers and transactions below are fictional teaching examples. Use them to practise the arithmetic and the investment judgement behind it.
Case 1: European mid-market buyout
Hypothetical brief
Entry EBITDA €30m at 10x EV/EBITDA; debt €180m and no cash. Five years later EBITDA €42m, exit multiple 9x and debt €95m. Calculate equity invested, proceeds, MOIC and IRR.
Worked solution
Entry EV = €300m; equity invested = €300m − €180m = €120m. Exit EV = €42m × 9 = €378m; equity proceeds = €378m − €95m = €283m. MOIC = €283m / €120m = 2.36x; five-year IRR = (283/120)^(1/5) − 1 ≈ 18.7%.
Investment committee follow-up
Stress EBITDA at €36m and exit multiple at 8x; determine how much of the original return relied on multiple assumptions.
Case 2: Growth equity & dilution
Hypothetical brief
A startup has €80m pre-money valuation and raises €20m of primary equity. An investor contributes all €20m. The company later exits for €300m with no further dilution. Calculate ownership and return.
Worked solution
Post-money = €80m + €20m = €100m; ownership = €20m / €100m = 20%. Exit proceeds = 20% × €300m = €60m. MOIC = €60m / €20m = 3.0x. Over four years IRR = 3^(1/4) − 1 ≈ 31.6%.
Investment committee follow-up
Introduce a 10% new option pool created before the round and discuss which holders bear dilution.
Case 3: SaaS retention and cash efficiency
Hypothetical brief
A SaaS cohort begins at €12m ARR, loses €0.8m to churn, contracts €0.4m and expands €2.4m. New customers add €5m ARR. Compute GRR, NRR and ending ARR.
Worked solution
GRR = (12 − 0.8 − 0.4) / 12 = 90%. NRR = (12 − 0.8 − 0.4 + 2.4) / 12 = 110%. Ending ARR = €12m − €0.8m − €0.4m + €2.4m + €5m = €18.2m.
Investment committee follow-up
Ask whether 110% NRR masks churn concentrated in smaller customers and whether acquisition costs support growth.
Case 4: Private debt underwriting
Hypothetical brief
A borrower generates €25m EBITDA, has €100m gross debt and €10m cash, and pays 8% annual cash interest on gross debt. EBITDA falls 20% and interest rises to 10%.
Worked solution
Base net leverage = (100 − 10)/25 = 3.6x; base EBITDA/interest = 25/8 = 3.13x. Downside EBITDA = €20m; downside net leverage = 90/20 = 4.5x; interest = €10m; downside coverage = 20/10 = 2.0x.
Investment committee follow-up
Investigate maintenance capex, amortisation, covenant thresholds and liquidity rather than relying only on EBITDA coverage.
Case 5: LP secondary pricing
Hypothetical brief
An LP interest has reported NAV €40m, unfunded commitments €8m and is offered at 85% of NAV. Assume distributions of €44m after three years and remaining NAV of €4m, with all commitments called at the end of year one.
Worked solution
Purchase price = €40m × 85% = €34m. Total capital contributed = €34m + €8m = €42m. Total value realised/remaining = €44m + €4m = €48m. Gross value multiple = 48/42 = 1.14x, but IRR needs precise cash-flow dates and treatment of residual NAV.
Investment committee follow-up
Test NAV write-downs, the timing of calls and whether €4m residual value is realisable.
Case 6: Real estate cap-rate stress
Hypothetical brief
An asset generates €9m stabilised NOI and is acquired at a 5% cap rate with €100m debt. At exit NOI is €10m but the cap rate widens to 6%. Calculate entry EV and exit equity value.
Worked solution
Entry EV = €9m / 5% = €180m; entry equity = €180m − €100m = €80m. Exit EV = €10m / 6% = €166.67m; if debt remains €100m, exit equity = €66.67m. Despite NOI growth, equity value falls by €13.33m before interim cash flows.
Investment committee follow-up
Discuss refinancing, capex and debt amortisation and why cap-rate expansion can overwhelm NOI growth.
Your 14-day internship preparation plan
Spend 45–90 minutes a day on the highest-value concepts, and give extra time to the strategy named in your internship application.
Day 1Research Eurazeo and the target team
Day 2Prepare CV story and motivation
Day 3Review financial statements
Day 4Master EV-to-equity bridge
Day 5Practise valuation multiples and DCF
Day 6Build a basic LBO
Day 7Run buyout sensitivity tests
Day 8Study SaaS and venture metrics
Day 9Practise dilution and growth equity
Day 10Review debt ratios and downside cases
Day 11Learn secondaries and fund metrics
Day 12Prepare a team-relevant investment pitch
Day 13Complete timed mock cases
Day 14Run a full mock interview and refine answers
Frequently asked questions
Are these verified Eurazeo interview questions?
No. These are independent practice questions based on relevant investing skills and Eurazeo’s published business lines, not an official or leaked interview bank.
Which internship teams does the guide cover?
Buyout, venture, growth, private debt, secondaries and real assets, with general accounting, valuation and behavioural preparation.
Do all Eurazeo interns complete an LBO test?
No uniform assessment can be confirmed. A buyout investment internship may require LBO analysis, whereas a venture or private debt role can emphasise different technical skills.
How technical is a Eurazeo internship interview?
Prepare financial statements, valuation, returns and team-specific investment metrics; the depth depends on the role and interviewer.
Should I prepare a stock pitch?
Prepare a private-company investment thesis relevant to the specific strategy, including industry, economics, risks and valuation.
How long should I prepare?
A structured 14-day plan provides coverage; adapt it to your starting level and interview timeline.
Is French required?
Language requirements vary by location and job posting. Check the actual vacancy rather than assuming.
What is the difference between growth and buyout?
Growth equity often involves minority capital for scaling businesses; buyouts typically focus on control, cash generation and leverage.
What is Eurazeo’s investment focus?
Its published platform includes private equity, private debt and real assets, with several specialist strategies.
Should I know current portfolio companies?
Yes. Choose two or three relevant examples from official investment pages and explain the investment logic without inventing transaction terms.
What should I ask at the end?
Ask about team workflow, investment committee processes, intern responsibilities and how diligence priorities are set.
What Excel skills matter?
Three-statement modelling, return calculations, debt schedules, sensitivity tables and rigorous model auditing.
What if I make a mistake in a case?
Explain your logic, correct the error transparently and assess whether it changes the recommendation.
Can I book a mock interview?
Yes. Use Senna’s Book Mock Interview link to prepare with role-specific practice.
Official Eurazeo research sources
Use the official materials below to verify current strategies and select portfolio examples relevant to your team.
Editorial update: . Figures and investment mandates may change; consult the latest official disclosures and the relevant job description.