Publications
Publications
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- All HBS Web
(2,117)
- Faculty Publications (525)
- December 2017 (Revised April 2018)
- Case
Area One Farms
By: Forest Reinhardt, Jose B. Alvarez and Annelena Lobb
In 2017, Joelle Faulkner, CEO of Area One Farms, a Canadian private-equity fund focused on investing in the best Canadian farms and helping them expand, considered the merits and disadvantages of expanding her business to the U.S. While the markets shared some... View Details
- November 2017 (Revised April 2019)
- Case
Summa Equity: Building Purpose-Driven Organizations
By: George Serafeim
In 2015, Reynir Indahl left top Nordic private equity firm Altor Equity Partners to found Summa Equity (Summa). After long contemplation following the financial crisis, Indahl was convinced the financial system was producing negative externalities and that the current... View Details
Keywords: Corporate Purpose; ESG; ESG (Environmental, Social, Governance) Performance; Social Impact; Investment Management; Management Practices; Innovation; Voice; Environmental Impact; Private Equity; Social Enterprise; Finance; Capital Markets; Management Practices and Processes; Innovation Leadership; Leadership; Innovation and Management; Entrepreneurship; Mission and Purpose; Value Creation; Financial Services Industry; Norway; Sweden; Scandinavia
- Fourth Quarter 2017
- Article
Optimal Tilts: Combining Persistent Characteristic Portfolios
By: Malcolm Baker, Ryan Taliaferro and Terry Burnham
We examine the optimal weighting of four tilts in U.S. equity markets from 1968 through 2014. We define a “tilt” as a characteristic-based portfolio strategy that requires relatively low annual turnover. This is a continuum, with small size (a very persistent... View Details
- October 2017 (Revised April 2019)
- Case
Eastern Bank: Innovating Through Eastern Labs
By: Karen Mills, Dennis Campbell and Aaron Mukerjee
Eastern Bank is a 200-year-old New England mutual bank with a community focus. Eastern specializes in small business lending, having made strategic investments to become the top SBA lender in New England in the midst of the Great Recession, when other banks were... View Details
- September 2017
- Case
Blackstone's Julia Kahr at the Summit
By: Paul A. Gompers, John D. Dionne and Amram Migdal
In 2009, Blackstone, the New York-based alternative asset and financial services firm, committed to invest up to $750 million into Summit Materials, a new company in the aggregates sector (i.e., construction materials, such as crushed stone, sand, gravel, cement,... View Details
Keywords: Roll Up; Private Equity Roll Up; Aggregates; Aggregates Materials; Construction Materials; Business Ventures; Acquisition; Leveraged Buyouts; Business Growth and Maturation; Engineering; Construction; Finance; Capital; Equity; Private Equity; Financial Instruments; Investment; Housing; Management; Goals and Objectives; Growth and Development Strategy; Growth Management; Personal Development and Career; Management Teams; Planning; Problems and Challenges; Value; Valuation; Value Creation; Construction Industry; Financial Services Industry; United States
- September 2017
- Supplement
Actera Group: Investing in Mars Cinema Group (A)
By: Victoria Ivashina and Eren Kuzucu
In summer of 2010, Murat Çavuşoğlu (HBS MBA 1994) led private equity firm Actera Group’s investment in Mars Cinema Group (Mars), the leading movie exhibitor in Turkey. Immediately after acquiring Mars and merging it with the second larger player in the market, AFM,... View Details
- September 2017
- Supplement
Actera Group: Investing in Mars Cinema Group (B)
By: Victoria Ivashina and Eren Kuzucu
In summer of 2010, Murat Çavuşoğlu (HBS MBA 1994) led private equity firm Actera Group’s investment in Mars Cinema Group (Mars), the leading movie exhibitor in Turkey. Immediately after acquiring Mars and merging it with the second larger player in the market, AFM,... View Details
- September 2017 (Revised February 2019)
- Case
Blackstone's GSO Capital: Crosstex Investment
By: Victoria Ivashina, John D. Dionne and Jeffrey Boyar
This case focuses on the Blackstone credit arm, GSO Capital as it evaluated a proposal for an equity investment into the distressed company, Crosstex Energy L.P., an integrated midstream energy company, that was hit hard by declining natural gas prices during the 2008... View Details
- September 2017 (Revised January 2025)
- Case
Dinesh Moorjani and Hatch Labs
By: Christopher Stanton, Shikhar Ghosh, Allison Ciechanover and Jeff Huizinga
This case is about Tinder. It discusses different business models and ways of structuring the initial team. With a $6 million investment from IAC/Interactive in 2010, Dinesh Moorjani founded Hatch Labs to build mobile apps. His mission was to attract entrepreneurial... View Details
- September 2017 (Revised July 2019)
- Case
Actera Group: Investing in Mars Cinema Group (A)
By: Victoria Ivashina and Eren Kuzucu
In summer of 2010, Murat Çavuşoğlu (HBS MBA 1994) led private equity firm Actera Group’s investment in Mars Cinema Group (Mars), the leading movie exhibitor in Turkey. Immediately after acquiring Mars and merging it with the second largest player in the market, AFM,... View Details
- September 2017 (Revised July 2019)
- Supplement
Actera Group: Investing in Mars Cinema Group (B)
By: Victoria Ivashina and Eren Kuzucu
Supplements the (A) case. View Details
- Fall 2017
- Article
An Empirical Analysis of Investment Return Dispersion in Emerging Markets Private Equity
By: Josh Lerner and Mark Baker
The authors use transaction-level data to compare the dispersion of private equity (PE) returns in emerging markets (EMs) to the same in developed markets (DMs). They regress within-market absolute deviation from the mean on an EM indicator and controls. They find... View Details
- September 2017
- Article
The Real Effects of Capital Controls: Firm-Level Evidence from a Policy Experiment
By: Laura Alfaro, Anusha Chari and Fabio Kanczuk
Emerging-market governments adopted capital control taxes to manage the massive surge in foreign capital inflows in the aftermath of the global financial crisis. Theory suggests that the imposition of capital controls can drive up the cost of capital and curb... View Details
- August 2017 (Revised April 2024)
- Case
Ardian: Portfolio Company Governance
By: Lynn S. Paine, Emer Moloney and Tonia Labruyere
Leaders of the mid-cap buyout group at Ardian, the Paris-based private equity firm led by Dominique Senequier, have been asked to review and assess the governance model the firm uses for majority-owned companies in its portfolio. The case describes the governance model... View Details
- August 2017 (Revised January 2020)
- Case
Berkshire Partners: Party City
By: Victoria Ivashina and Jeffrey Boyar
In 2005, Berkshire Partners, a Boston-based private equity firm specializing in growth equity, was one year into their ownership of Amscan, the market leader of designed, manufactured, and distributed decorated party goods and accessories. However, Amscan's primary... View Details
- August 2017 (Revised January 2020)
- Case
PFA Pension: Expansion of Alternatives Portfolio
By: Victoria Ivashina, Federica Gabrieli and Jérôme Lenhardt
PFA Pension was the biggest commercial pension provider in Denmark. At the end of 2015, the company had decided to boost its investments into the alternative asset class, an area where it was lagging behind its competitors. The aim was to privilege direct investments... View Details
- August 2017 (Revised September 2023)
- Case
Altoona State Investment Board & Bain Capital Fund XI
By: Josh Lerner and Ted Berk
Considers the decision faced by state pension fund manager Rod Calhoun as he decides whether to invest $200 million in Bain Capital's eleventh global buyout fund: Bain Capital Fund XI. For the fund, Bain was offering its limited partners a choice among three different... View Details
- July 2017
- Case
Centerbridge Partners and Great Wolf Resorts: Buying from a Highly Regarded Competitor
By: Josh Lerner, John D. Dionne and Amram Migdal
The case examines the March 2015 Centerbridge Partners investment decision regarding whether to acquire Great Wolf Resorts, a North American family-oriented indoor water parks and hotel operator, from a private equity (PE) competitor, Apollo Global Management. The case... View Details
Keywords: Private Equity Financing; Commercial Mortgage Backed Securities; CMBS; Secondary Buyouts; Business Ventures; Acquisition; Finance; Borrowing and Debt; Cost; Cost of Capital; Equity; Private Equity; Financial Instruments; Debt Securities; Accommodations Industry; Entertainment and Recreation Industry; Financial Services Industry; North and Central America; United States
- June 2017
- Teaching Note
The U-Turns of National Truck Stops
By: Nori Gerardo Lietz and Alexander W. Schultz
Raj Makam had spent months trying to restructure a 2006 investment he had made in National Truck Stops, Inc. (“NTS”) as a senior member of Oaktree Capital Management’s (“Oaktree”) Mezzanine finance business within their Corporate Debt platform. It was the first time... View Details
- June 2017
- Teaching Note
Project Sun Devil and Project Paris
By: Nori Gerardo Lietz and Alexander W. Schultz
Tony Lee is preparing to present a project to the investment committee of Howard Street Capital. He will be recommending an investment in Project Sun Devil, a high-quality 225-unit student housing rental property near Tempe, Arizona. Tony Lee will compete for capital... View Details
Keywords: General Management; Financial Analysis; Return On Assets; Accounting; Performance Measurement; Financial Ratios; Return On Equity; Financial Statements; Profitability Analysis; Portfolio Investment; Portfolio Management; Real Estate; Property; Investment Portfolio; Investment Return; Analysis; Real Estate Industry; United States