Publications

March 2016 (Revised November 2020)
Case

Tableau

By: Boris Vallee

Matrix Capital Management, a long-short equity hedge fund based in Waltham, Massachusetts, is assessing its investment in Tableau, a data visualization company. Tableau, which conducted an IPO a few years ago, has been experiencing substantial growth as it aims at... View Details

Keywords: Hedge Fund; Long-short Equity; Growth Investing; Growth and Development Strategy; Investment; Valuation; Technology; Technology Industry; Waltham

October 2020 (Revised December 2020)
Case

AfricInvest: A Pan-African Investment Platform

By: Victoria Ivashina and Youssef Abdel Aal

The case is set in December 2018, when Ziad Oueslati, co-managing director and co-founder of AfricInvest, a leading pan-African private equity firm headquartered in Tunisia, was reflecting on the future direction of his firm. AfricInvest started as a traditional small... View Details

Keywords: Finance; Private Equity; Venture Capital; Strategy; Governance; Financial Services Industry; Tunisia; Africa; Middle East

2024
Working Paper

Private Equity Fund Valuation Management during Fundraising

By: Brian K. Baik

I investigate whether and how private equity fund managers (GPs) inflate their interim fund valuations (net asset values or NAVs) during fundraising periods. Specifically, I study the extent to which the GPs inflate NAVs by managing valuation assumptions (e.g.,... View Details

Keywords: Private Equity; Institutional Investors; Valuation Multiples; Earnings Management; Private Firms; Valuation; Investment Funds

Read Now

21 Nov 2014
News

Pension Funds Lambaste Private-Equity Fees

January 1982
Case

Fairhaven Corp. Pension Fund

By: Jay O. Light

Keywords: Compensation and Benefits; Investment Funds

Fast Answer

Pension and retirement funds

Where can I find information on pension plans and retirement funds? To find out more on individual pension funds or create a list: Pensions & Investments Research Center: Screen by... View Details

Web

HBS Fund Council - Alumni

Vice Chair for Investors Society HBS Fund Council Billy Strunk MBA 2016, Section H Chagrin Falls, OH Cramer Williams MBA 2015, Section B Washington, DC To learn more about Investors Society Class Agents, contact Talia Hirsh Make a Gift... View Details

14 Oct 2011
Working Paper Summaries

The Cost of Capital for Alternative Investments

Keywords: by Jakub W. Jurek & Erik Stafford

2008
Mimeo

Do Hedge Funds Profit from Mutual-Fund Distress?

By: Joseph Chen, Samuel G. Hanson, Harrison Hong and Jeremy C. Stein

This paper explores the question of whether hedge funds engage in frontrunning strategies that exploit the predictable trades of others. One potential opportunity for front-running arises when distressed mutual funds—those suffering large outflows of assets under... View Details

Keywords: Investment Funds; Profit; Strategy; Forecasting and Prediction; Investment Return; Opportunities; Asset Management; Sales

SSRN

21 Sep 2015
News

Funding Progress Back Home

estimates indicate that global diaspora remittances amount to $550 billion a year. Homestrings investors choose from among funds or projects in Africa selected because they meet economic, social, and good governance objectives. Typical... View Details

07 Dec 2017
News

Can Index Funds Be a Force for Sustainable Capitalism?

November 1992
Background Note

The Mutual Fund Industry 1992

By: Jay O. Light

Keywords: Investment Funds; Supply and Industry; Financial Services Industry

July 2002 (Revised August 2003)
Case

Unilever Superannuation Fund vs. Merrill Lynch, The

By: Andre F. Perold and Joshua Musher

In 2001, the Unilever Superannuation Fund sued Merrill Lynch for damages of 130 million British pounds. Over the period 1977 to 1998, the Unilever Fund had significantly underperformed the benchmark, and its trustees contended that the poor returns resulted from... View Details

Keywords: Investment; Lawsuits and Litigation; Performance Evaluation; Agreements and Arrangements; Customer Relationship Management; Risk and Uncertainty; Asset Management; Risk Management; Legal Liability; Financial Services Industry; United Kingdom

October 1995
Case

State Street Bank Retirement Fund

By: Richard F. Meyer

Keywords: Retirement; Investment Funds; Banking Industry

October 1981 (Revised January 1994)
Case

Golden Gate Bank Retirement Fund

By: David E. Bell

Keywords: Retirement; Investment Funds; Financial Services Industry; Banking Industry

06 Feb 2023
Blog Post

Meet the Black Investment Club

early-stage venture capital while at HBS, Coates is an active member of the Boston innovation ecosystem from the investor side as a Venture Fellow, now Managing Partner, at Rough Draft Ventures (student fund backed by General Catalyst)... View Details

Keywords: Investment Management / Hedge Fund; Investment Management / Hedge Fund; Investment Management / Hedge Fund

September 2003 (Revised January 2005)
Case

Emergence, Valhalla, and Orchid: Divergent Models for Venture Capital Funds

By: William A. Sahlman and Matthew Willis

Compares and contrasts three different venture capital funds from the perspective of a potential investor. The first fund has a technology-enabled services preference, the second a Mid-Atlantic region preference, and the third a seed round preference. Students are... View Details

Keywords: Borrowing and Debt; Entrepreneurship; Service Operations; Information Technology; Venture Capital

2024
Working Paper

Primary Capital Market Transactions and Index Funds

By: Marco Sammon and Chris Murray

We document the effects of mechanical buying by CRSP-index-tracking funds on post-IPO returns and IPO deal structure. Leveraging a difference-in-differences-style design built on a 2017 CRSP rule change, we find that expected index fund demand leads fast track IPOs to... View Details

Keywords: Investment Funds; Initial Public Offering; Investment Return; Price; Market Transactions; Financial Markets