If an LBO target does not repay any debt during the investment horizon, how can the sponsor still realize a return?

lfan LEO target does not repay any debt during the investment horizon, how can the sponsor still realize a return? If) If the target reinvests its cash into the business, the sponsor can realize a return by selling the target at a higher enterprise value C:- The sponsor cannot realize a return, as the enterprise value did not increase (:2- The sponsor cannot realize a return, as the value of the sponsor's equity could not increase Q It depends on the sponsor's internal rate of return