A game, on purpose: you remember what you play far better than what you read. Run a PE-backed company through a 5-year hold. Keep the ship above the waterline — net debt is the water, enterprise value is the ship, your equity is the gap between them. Go under for three quarters and you leave with nothing.
• Each turn is a quarter. Choose one management action. 20 quarters to exit.
• Trade sale at £220m EV, IPO at £300m — but only if you're above water and the fund backs you.
• Watch for dividend recaps and refinances (they raise the waterline) and dilution events (they shrink your slice).
• Four faces track your stakeholders. A perfect score = best exit with everyone smiling.
A deliberately simplified simulation for learning — real deals have more variables, and none of this is advice. The dynamics are real though: debt is paid before equity, recaps raise the waterline, and dilution shrinks your slice.