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5–6 September
InternationalStudent competitionFully online
Global Private
Equity Challenge2026
Analyze a company, make the investment decision, and defend your recommendation before an Investment Committee.
Registration closedTeams of 2–4Round 1 is underway
Main partnerKazakhstan Stock Exchange
Supporting financial education through KASE Academy.
↗Competition update
Open participant guide Registration is closed.
Registered participants should check their email and spam folder for Round 1 instructions.
20MCQ questions
5′Phase A time limit
15finalist teams
₸1M+target prize pool
01Competition mandate
Make the call. Own the numbers.
This is not a business-plan contest. Teams receive financial evidence and must reach one clear conclusion: INVEST or DO NOT INVEST.
The challenge is designed for students who want to experience how investors screen opportunities, interpret financial statements, test assumptions, and make decisions under pressure. Every company is fictional and every team works from the same controlled case materials.
The standardEvidence before confidence
A persuasive answer without defensible analysis is not enough.
02Competition format
Full rules and timetable 6–17 September
Excel Investment Tear Sheet
75%Three years of financial data. One Excel analysis. One evidence-based investment recommendation.26 September
Investment Committee
15The highest-scoring eligible teams present and defend their decision online.03Qualification scoring
Excel carries the score. Fundamentals open the door.
A strong spreadsheet cannot compensate for an extremely weak fundamentals result. The 14/20 team average is a hard eligibility rule.
PE Fundamentals MCQ
Excel Investment Tear Sheet
Top 15 eligible teams advance
04Online final
Defend the investment case.
Finalists present an Investment Analysis Presentation covering the thesis, company, financials, calculations, assumptions, downside, risks, and the reason their recommendation offers the best risk-adjusted return.
Read final requirementsExplain the decision and walk judges through the evidence.
Defend assumptions, calculations, risks, and alternative scenarios.
052026 timetable
One month. Five milestones.
Registration closed
Phase A · 24-hour test window
Phase B · Excel investment analysis
Finalists announced
Online Investment Committee Final
Exact opening and submission times are communicated to registered teams. Unless stated otherwise, deadlines use Almaty time (UTC+5).
06Organizers
Built to identify real analytical talent.
Blackforge and BlackSwan created the challenge to give ambitious students a practical route into private equity thinking.
Blackforge
Competition design and investment-case standards.
Visit Instagram
BlackSwan
Participant access and competition operations.
Visit Instagram07Essential information
Questions before you enter.
The public website and participant materials do not require an account or sign-in. Registration is now closed.
Who can participate?
High school and university students from any country may compete. Teams consist of two to four students.
Is the competition online?
Yes. Qualification and the Investment Committee Final are fully online, so every team competes under the same format.
Do I need a website account?
No. This website is public. Registration is now closed, and existing participants can use the competition materials without creating an account or signing in.
What is submitted in qualification?
Every member completes the five-minute PE fundamentals test. The team then submits one native Excel investment analysis with an INVEST / DO NOT INVEST recommendation.
How are finalists selected?
Teams must first achieve an average of at least 14/20 in Phase A. Among eligible teams, the final qualification score is 25% MCQ and 75% Excel. The top 15 advance.
Registration is closed
Round 1 is underway.
Registered participants can review the rules, formulas, and preparation resources.
Open participant guide