ZMC Partners


Pollard Banknote is a case study given out by ZMC Partners.

This case study is broken into two sections: 1) an analysis of Pollard Banknote and 2) a returns waterfall calculation.

The first section has the candidate analyze Pollard Banknote, which manufactures and sells a range of gaming products and services for the lottery. Although this section does not specifically prompt the candidate to create a model, to properly answer the provided question a basic financial model will be needed.

The second section prompts the candidate to prepare a returns waterfall that includes senior debt, participating preferred equity and common equity. Note that this section is completely independent of the Pollard Banknote analysis, as new assumptions are provided.

Does not include solutions

  • ZMC Partners Price: $27 (Selected via Custom Plan)
  • All Case Studies Price: $97 (Grants access to all 77 cases)


Asset Class

Private Equity



Case Type

Model & Memo


2–5 hours

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