Exit EBITDA $130M, exit multiple 9x, exit net debt $350M, entry equity $250M, 5-year hold. MOIC and IRR?

How to answer

Exit EV = 9x x $130M = $1,170M. Exit equity = $1,170M - $350M = $820M. MOIC = $820M / $250M = 3.28x. Over 5 years 3x is ~25% and 3.3x is just above, so IRR ~27% (exact 3.28^(1/5) - 1 = ~26.8%).

Key idea: Reusing the entry multiple at exit when the prompt changed it, or subtracting entry debt instead of EXIT (post-paydown) net debt.