Chicago Booth Team Heads to Oxford for Private Equity Case Challenge Global Finals

Paul Bienaimé, John Neenan, Chetna Goyal, and Vedant Sood with the Water Street team.

A team of four students from the University of Chicago Booth School of Business won the 2025 Water Street Private Equity Case Challenge (PECC), earning the opportunity to represent Booth on the global stage at the University of Oxford’s prestigious private equity competition on May 30.

The winning team of MBA ’26 graduates Paul Bienaimé, John Neenan, Chetna Goyal, and Vedant Sood beat 20 other student teams who applied to Booth’s internal competition, which simulates the high-pressure environment of private equity dealmaking. Teams were tasked with building a full-scale investment proposal and presenting it before seasoned judges from the private equity field.

Each team selected a Fortune 500 company and created a 25-page investment pitch deck outlining a potential leveraged buyout. The submissions included detailed financial analysis, an investment thesis, operational improvement strategies, and potential exit scenarios. A strong emphasis was placed on risk identification, primary research, and value creation post-acquisition.

“This program is designed to give students hands-on experience in what it takes to evaluate a company, build a strong thesis, and defend it under pressure,” said Tim Kelly, MBA ’00, who leads the program along with Adjunct Professor Chris McGowan. “It’s not a class. It’s something students do on top of their already packed schedules — and they rise to the occasion every year.”

“What makes this so rewarding is that it mirrors the real-world investment process. Students don’t just build a model, they develop a full investment thesis, talk to industry experts, and are forced to think on their feet,” said McGowan. “It’s an outstanding way to prepare for a career in private equity or venture capital.”

The competition is open to students across Booth’s MBA formats, including full time, evening, weekend, executive MBA, and specialized programs like the Master in Finance and Master in Management. The internal challenge includes multiple rounds. After initial applications, six teams are selected for the semifinals, judged by private equity professionals. Three finalist teams then advance for a final pitch competition, with one team selected to compete in Oxford.

Reflecting on the road to Oxford, the team described the experience as both “enlightening and rigorous in the best way possible.”

“It allowed our team to learn about a new sector in North America,” the team shared. “A special highlight was the ability to connect with a Booth alumnus who currently serves on the board of our target company. His enthusiasm to engage with us was a testament to Booth’s pay-it-forward culture.”

The event, hosted by Oxford, brings together some of the most talented future investors from across the globe. This year, the Booth team will compete against students from four other top business schools — SDA Bocconi School of Management, Northwestern University Kellogg School of Management, University of Oxford Saïd Business School, and the Yale School of Management.

As they prepare to compete against global peers, the team is looking forward to the challenge.

“We are incredibly excited about the competition and the opportunity to compete on Booth’s behalf against some great teams from amazing business schools,” they said. “We’re also looking forward to meeting our peers and future colleagues from across the globe. We’re excited to see what their investment pitches look like and learn more about what they’ve uncovered as part of their diligence.”

The Water Street Private Equity Case Challenge is generously supported by Chicago-based Water Street Healthcare Partners, a strategic investment firm which manages more than $7 billion of equity capital to invest in and grow healthcare businesses. In addition to providing financial sponsorship, Water Street offers students detailed feedback and insight during the competition process.

“Supporting the growth of our team is a big part of Water Street’s culture,” said Tim Dugan, MBA ’90, managing partner at Water Street. “PECC provides us with an opportunity to contribute to developing future talent in our field. It requires students to engage all their abilities, including analyzing data, effectively presenting recommendations, and responding to questions in a highly competitive environment. Just as importantly, it requires teamwork to be successful.”

“Our team has been impressed with the students we have met through supporting PECC over the years. In fact, we were so impressed with one student and her abilities, that we offered her an opportunity to join our team,” Dugan continued. “Sponsoring PECC is also a meaningful way for us to give back to Booth, a place where many of us began our professional paths, including me. It’s also a fun way to keep our friendly rivalry going with the Kellogg graduates on our team!”

The Booth team credited Water Street’s involvement as pivotal in their development:

“We also had the opportunity to get expert feedback from some proud Booth alumni at Water Street. Their insights as part of our preparation for the finals helped us tighten up our story and proposed transaction terms even further.”

The PECC, now in its second decade, has evolved from a Booth-Oxford head-to-head into a global competition. Booth faculty continually adjust the internal challenge to mirror Oxford’s format, giving students a realistic preview of international private equity pitching standards.

For the Booth team, the competition has left a lasting impression both professionally and personally.

“This competition has sharpened our interest in private equity and been an amazing opportunity to deepen our experience in the space,” they said. “Some of us have already discussed our diligence work in internship interviews. On a personal note, what’s made this so special is coming out of it with friends for life. You’re in the weeds with your teammates and get to celebrate each other’s growth and how far we’ve come.”

Their advice to future participants?

“Really get deep into the diligence and treat the whole process as if it is a real transaction—it makes the experience so much more rewarding. Our team had complementary skill sets, and we really believe that’s helped us be successful. We challenged each other, learned from each other, and built something stronger together.”

With guidance from Booth’s faculty and support from Water Street, the Booth team is hoping to reclaim the title after Oxford won in 2024, ending Booth’s three-year winning streak from 2021 to 2023.

“We’re excited to give it our best shot to secure the win for Booth this year,” they said.