◆ Supervised Specialist
Constructs the LBO model … sources and uses, debt schedule, cash sweep, returns waterfall … and runs the sensitivity matrix on entry multiple, leverage and exit. The deal-committee agent sets the structure; this agent runs the build, with an oversight agent re-deriving the footings.
Memory
Working The model build, debt schedule and the returns sensitivity matrix.
Episodic Prior LBO models for the sponsor / sector and accepted structures.
Semantic LBO mechanics, leverage norms, covenant structures, return conventions.
Procedural Model-build playbooks per deal type refined from deal-team edits.
Store File-based memory tool + model version store
Orchestration
MCPA2A
Harness · Managed Agents … long-running modelling session; structured note-taking (an ASSUMPTIONS + debt-structure file) persisted outside context.
Tools
›_ Modelling sandbox Code exec ⌘ Target financials + market data MCP ⇄ Credit terms / comps A2A ⇄ Oversight-agent review channel A2A
Evals & guardrails
- Self-audit: debt schedule balances, cash sweep ties, no circular breaks.
- Returns cross-checked against the structure's stated assumptions.
- An oversight agent independently re-derives the model before it informs underwriting.
Offline reflection
Replays which structures cleared underwriting vs. were revised to refine default leverage and covenant assumptions per sector.
Frontier edge
- ▲World-model simulation: simulates the cash sweep and covenant headroom across downside macro paths before the structure reaches IC.
- ▲Causal reasoning: counterfactual analysis of how entry multiple, leverage and exit each independently move sponsor returns, not just a co-varying grid.
- ▲Continual learning: eval-gated tuning of default leverage and covenant assumptions from which structures actually cleared underwriting (SEAL-style).
A sample run
Trigger Sponsor mandate: LBO model needed for an acquisition ahead of the deal-committee agent's review.
- 1Build sources & uses from the proposed structure.
- 2Construct the debt schedule with cash sweep and covenants.
- 3Compute the returns waterfall to the sponsor.
- 4Run sensitivities on entry, leverage and exit multiple.
Output A footed LBO model with a returns sensitivity matrix, committed to the deal-committee agent and the credit agent; structure assumptions flagged for oversight-agent review.
In numbers
70
LBO models built / month
median ~6 h
Model build latency
Handoffs
Hands to → Credit Analysis Agent
Across ⇢ Markets → leveraged-loan trading for secondary market reads