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January 1994 (Revised November 2001)
Background Note

Note on the Venture Leasing Industry, A

By: Josh Lerner

Provides an overview of venture leasing, an innovative financing mechanism that resembles both venture equity investments and bank lending. View Details

Keywords: Finance

March 1998 (Revised December 1998)
Case

BCI Growth III: May 1993

By: Josh Lerner

A Vermont solid-waste company seeks mezzanine financing to finance its strategy of acquiring and consolidating local competitors. The mezzanine private equity group must decide whether this investment offers an attractive risk-return tradeoff. View Details

Keywords: Private Equity; Business Growth and Maturation; Consolidation; Wastes and Waste Processing; Acquisition; Service Industry; Vermont

September 2005 (Revised April 2007)
Case

Spyder Active Sports - 2004

By: Belen Villalonga, Dwight B. Crane and James Quinn

David Jacobs founded a high-end ski apparel company in 1978. He successfully built and grew the company, establishing a major international brand that appealed to ski racers and other active skiers. In 1995, he sought external financing to support further growth of the... View Details

Keywords: Private Ownership; Private Equity; Financial Liquidity; Business Exit or Shutdown; Valuation; Brands and Branding; Wealth; Family Business; Financing and Loans; Globalization; Apparel and Accessories Industry; Sports Industry; Colorado

August 2018 (Revised June 2019)
Case

Oaktree: Pierre Foods Investment

By: Victoria Ivashina and Mike Harmon

This case is a setting to discuss “loan to own” investment strategy that is often pursued by distressed investors. The aftermath of the 2007 financial crisis left many companies with poor liquidity and limited ability to obtain credit. One of these companies was Pierre... View Details

Keywords: Distress Investing; Investment; Debt Securities; Strategy; Restructuring

February 1979
Case

Systems Engineering Laboratories, Inc.

By: William E. Fruhan Jr.

Choosing an equity offering or an offering of straight subordinated debt with a CCC credit rating and a 12.5% coupon. View Details

Keywords: Decision Choices and Conditions; Borrowing and Debt; Corporate Finance; Computer Industry

March 2014 (Revised May 2014)
Teaching Note

The TELUS Share Conversion Proposal

By: Lucy White and Benjamin C. Esty

On February 21, 2013, TELUS announced a proposal to convert the firm's non-voting shares into voting shares on a one-to-one basis, thereby eliminating the firm's dual class structure. Shareholders were scheduled to vote on the proposal at the firm's annual general... View Details

June 2010
Case

Legendary Pictures & ABRY Partners

This case focuses on the review by the private equity firm ABRY Partners of an opportunity to invest in a film financing vehicle, Legendary Pictures. Before 2004, private equity firms had avoided co-investing with film studios in film productions because of their... View Details

Keywords: Private Equity; Investment; Film Entertainment; Entertainment and Recreation Industry

29 May 2013
Research & Ideas

Faculty Symposium Showcases Breadth of Research

going on at the School. This year the presentation topics included the human tendency toward dishonesty, the use of crowdsourcing to solve major scientific problems, and the impact of private equity investments. Understanding Dishonesty... View Details

Keywords: by Carmen Nobel; Financial Services

Career Coach

Jonathan Lee

Jonathan is a former Aviation Officer in the United States Army who enjoys helping others with their military transition in addition to helping others with real-estate based recruiting. His professional experiences include 8 years in the United States Army as an Apache... View Details

20 Aug 2012
News

The Acquirers

December 2012 (Revised January 2015)
Technical Note

Early Career LBOs Using the Search Fund Model

By: Howard Stevenson, Michael Roberts and Jim Sharpe

The funded search model is one alternative for individuals who, at some point in their career, want to run their own companies. This note looks at the funded search, as a means to entrepreneurship through acquisition and describes the path to buy and run a business... View Details

Keywords: Search Funds; Search; Entrepreneurial Finance; Investor Behavior; Career Planning; Entrepreneurial Management; Fundraising; Negotiation; Entrepreneurship; Capital Structure; Borrowing and Debt; Personal Development and Career; Private Ownership; Acquisition; Finance; Leveraged Buyouts

October 2007
Case

Blue River Capital

By: Krishna G. Palepu, Tarun Khanna and Richard Bullock

Examines the strategy and experience of Indian private equity firm Blue River Capital. Blue River was established in 2005 to invest primarily in middle market, particularly family-run, businesses in India. Blue River caters to this niche as an active investor,... View Details

Keywords: Private Equity; Investment Portfolio; Corporate Governance; Emerging Markets; Family Ownership; Competitive Strategy; Financial Services Industry; India

08 Mar 2024
Blog Post

History of the HBS Women's Student Association

community of women at HBS. This initiative was born out of a necessity to support women navigating the challenges of a predominantly male-dominated business world, marking a significant step towards fostering gender inclusivity and equity... View Details

November 2007 (Revised August 2009)
Case

WL Ross & Co. and INVESCO

Wilbur Ross has built a successful private equity firm focused on distressed investing, WL Ross & Co. In 2006, INVESCO, an asset management company, approaches him about acquiring his firm. INVESCO has had weak performance in recent years and is looking to increase its... View Details

Keywords: Private Equity; Decision Choices and Conditions; Investment; Acquisition; Financial Services Industry

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March 1998 (Revised October 2001)
Case

Xedia and Silicon Valley Bank (A)

By: Paul A. Gompers and Jon Biotti

Xedia, a networking equipment manufacturer that helps provide high-speed Internet service for corporate clients through access routing, wants a bridge loan to fund daily operations until it raises its next round of equity financing. View Details

Keywords: Venture Capital; Equity; Financing and Loans; Negotiation; Production; Internet; Banking Industry

November 2000 (Revised March 2001)
Case

Yale University Investments Office: July 2000

By: Josh Lerner

David Swensen, chief investment officer at Yale University, reviews the $10 billion endowment strategy, that places an unusually heavy emphasis on private equity and other illiquid securities. Changing market conditions in July 2000 cause him to rethink historically... View Details

Keywords: Private Equity; Financial Liquidity; Investment; Strategy; Education Industry