VBA Conditional Formatting based on cell value and Text

Hi uroy67640

You can try this...place the Code in Sheet1 Code Module

Edit: Delete your Conditional Formatting Rules...

Option Explicit

Private Sub Worksheet_Change(ByVal Target As Range)
   If Target.Cells.Count > 1 Then Exit Sub
   Select Case Target.Column
   Case 2
      If Target.Value = 2 And Target.Offset(0, 1) = "" _
         Or Target.Value = 2 And Target.Offset(0, 1) = "Private Equity" Then
         Target.Offset(0, -1).Interior.ColorIndex = 0
         Exit Sub
      Else
         Target.Offset(0, -1).Interior.ColorIndex = 40
         Exit Sub
      End If
   Case 3
      If Target.Offset(0, -1).Value = 2 And Target.Value = "Private Equity" Then
         Target.Offset(0, -2).Interior.ColorIndex = 0
         Exit Sub
      Else
         Target.Offset(0, -2).Interior.ColorIndex = 40
         Exit Sub
      End If
   Case Else
      Exit Sub
   End Select
End Sub