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APEX-Agents · Investment Banking

World219_Seed Task_09_FF

1/5Fail

APEX-Agents task World219_Seed Task_09_FF in AI Agents for M&A Legal Due Diligence. Compare dual-harness agent runs across models — rubric criteria, scores, and public traces.

AI Agents for M&A Legal Due DiligenceInvestment Banking World 219Dual harnessGrader: rubric
Task IDtask_9627f5be91db4334a3f3b5d9a2747460
WorldInvestment Banking World 219
Expected outputedit_existing_sheet
Published runs3 models · dual config

Task prompt

What the agent was asked to do

Your task is to evaluate the impact of financing constraints on Project Vanguard's take-private economics and develop a revised LBO case reflecting a capped leverage scenario using the LBO model. • Term Loan B (TLB): cap maximum proceeds at $1,250 MM • Adjust Sponsor Equity so that Total Sources = Total Uses, maintaining a constant enterprise value (EV) at entry (excluding fees and cash to balance sheet). • Exit Multiple: assume 2030E Exit Multiple of 18.5x In the existing LBO model, I want you to compute the Implied Adj. EBITDA Entry Multiple (2024A). Label this calculation as: “Implied Adj. EBITDA Entry Multiple (2024A)”. Also, create a 2x2 sensitivity tables for Sponsor IRR (%). Set rows as: Premium to Current (15.0%, 25.0%) and columns as: Exit Multiple (17.5x, 18.5x). Populate the tables with recalculated IRR values based on the revised capital structure reflecting the Term Loan B cap. Round the final results to one decimal place and keep the same formatting as the original sensitivity table.

Published trajectories

Agent runs on this task

Curated dual-harness runs (parsed + original sandbox). Best scored run per model.

ModelHarnessScoreResultLinks
GPT-5.5showcasedual1/5FailShare pagePublic trace
Gemini 3.1 Produal1/5FailShare pagePublic trace
GPT-5.4 minidual0/5FailShare pagePublic trace

Grading rubric

Criteria and grader verdict (showcase run)

  1. States the Sponsor IRR at 15.0% premium and 17.5x exit multiple is 15.6%

    Fail

    Evidence: TEXT_RESPONSE table states for 15.0% premium and 17.5x Exit Multiple: "15.9%". Assessment: Criterion requires it states the Sponsor IRR is 15.6%; the response states 15.9%, so fail.

  2. States the Sponsor IRR at 15.0% premium and 18.5x exit multiple is 16.7%

    Fail

    Evidence: TEXT_RESPONSE table states for 15.0% premium and 18.5x Exit Multiple: "17.3%". Assessment: Criterion requires it states the Sponsor IRR is 16.7%; the response states 17.3%, so fail.

  3. States the Sponsor IRR at 25.0% premium and 17.5x exit multiple is 13.1%

    Fail

    Evidence: TEXT_RESPONSE table states for 25.0% premium and 17.5x Exit Multiple: "12.9%". Assessment: Criterion requires it states the Sponsor IRR is 13.1%; the response states 12.9%, so fail.

  4. States the Sponsor IRR at 25.0% premium and 18.5x exit multiple is 14.2%

    Fail

    Evidence: TEXT_RESPONSE table states for 25.0% premium and 18.5x Exit Multiple: "14.3%". Assessment: Criterion requires it states the Sponsor IRR is 14.2%; the response states 14.3%, so fail.

  5. States the Implied Adj. EBITDA Entry Multiple (2024A) is 14.6x

    Pass

    Evidence: TEXT_RESPONSE states: "Added/labeled `Implied Adj. EBITDA Entry Multiple (2024A)` at 14.6x." Assessment: Criterion requires it states the Implied Adj. EBITDA Entry Multiple (2024A) is 14.6x; this is clearly stated, so pass.