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- October 2019
- Case
Harlem Capital: Changing the Face of Entrepreneurship (A)
By: George Serafeim
Jarrid Tingle and Henri Pierre-Jacques had spent the summer between their first and second years of their Harvard Business School MBA program fund raising for their start-up venture capital (VC) firm, Harlem Capital Partners. Harlem Capital was founded upon the... View Details
Keywords: Impact Investing; Gender Bias; Gender Inequality; Minority Representation; Entrepreneurial Finance; Investment Management; Investing; Inequality; Race And Ethnicity; Black Entrepreneurs; Black Inventors; Black Leadership; Venture Investing; Fund Raising; Venture Capital; Entrepreneurship; Diversity; Gender; Race; Equality and Inequality; Equity; Mission and Purpose; Investment Funds; Financial Services Industry; United States
- October 2019
- Supplement
Harlem Capital: Changing the Face of Entrepreneurship (B)
By: George Serafeim
The (B) case describes Tingle and Pierre-Jacques’ decision to commit fully to Harlem Capital as their post-graduation job. The case explores the results of their fundraising efforts, new strategic partnerships, and how they plan to “build the market” in order to... View Details
Keywords: Impact Investing; Gender Bias; Gender Inequality; Minority Representation; Entrepreneurial Finance; Investment Management; Investing; Inequality; Venture Capital; Entrepreneurship; Diversity; Gender; Equality and Inequality; Equity; Mission and Purpose; Investment Funds; Financial Services Industry
- October 2019 (Revised June 2020)
- Case
Pantheon Ventures in 2019
By: Victoria Ivashina and Tonia Labruyere
The case discusses the strategy of Pantheon, a UK-based fund of funds investing in private equity. Client demands and preferences had changed in the aftermath of the 2008 global financial crisis and Pantheon had to adapt its business model to accommodate requests for... View Details
- October 2019 (Revised June 2022)
- Case
Toys 'R' Us: Come Buy My Toys
By: Nori Gerardo Lietz, Erica Segall, Alejandro Botto and Terrence Shu
Keywords: Private Equity; Retail; Finance; Leveraged Buyout; Leverage; Leveraged Buyouts; Bankruptcy
- October 2019 (Revised December 2019)
- Case
BC Partners: Acuris
By: Victoria Ivashina and Terrence Shu
This case follows Nikos Stathopoulos, Managing Partner of BC Partners, as he and his team evaluate the potential sale of one of BC Partners’ portfolio companies, Acuris. Acuris was a global financial intelligence, news, and data company that had been acquired by BC... View Details
- October 2019
- Supplement
Hidrovias do Brasil: Navigating Unchartered Waters: Video Supplement
By: Boris Groysberg and Sarah L. Abbott
Since its founding eight years earlier, Hidrovias do Brasil (“Hidrovias”), an integrated logistics provider serving corporate customers exporting products from South America via the Atlantic Ocean, had grown to 900 employees and $253 million in annual revenues.... View Details
- October 2019 (Revised January 2020)
- Case
NewView Capital and Venture Capital Secondaries
By: Shai Bernstein, Ramana Nanda and Allison Ciechanover
While still a general partner at Silicon Valley–based New Enterprise Associates (NEA), Ravi Viswanathan considered the challenges presented by evolving market dynamics in the venture capital space. Startups were staying private longer, which led to limited partners... View Details
- October 2019
- Teaching Note
Granite Equity Partners
By: Victoria Ivashina and Terrence Shu
This teaching note accompanies HBS case 219-040, “Granite Equity Partners,” which follows the private equity firm as it evaluates the potential acquisition of Tyrell Corp., a Minnesota-based quality control biomaterials company. Granite Equity’s fund was different from... View Details
- October 2019
- Case
Kaspi.kz IPO
By: Victoria Ivashina and Esel Çekin
This case follows Kaspi.kz, a private equity (Baring Vostok) co-owned retail bank in Central Asia that evolved into a fintech, payments and e-commerce company. It provides insights into private equity financing, portfolio company management, and initial public offering... View Details
- October 2019
- Case
Hony Capital and Jushi Group
By: Josh Lerner, Shai Bernstein and Ann Leamon
Hony Capital, a multi-billion dollar private equity firm based in China, is investing in a subsidiary of Jushi Group, a Chinese company that is one of the world's largest fiberglass producers. The specific project will build a plant in the United States. In this case,... View Details
- October 2019 (Revised January 2020)
- Case
Dulcie Madden (A)—Growth or Exit?
By: Shikhar Ghosh, Christopher Payton and Shweta Bagai
This is part of a three-case series that follows Dulcie Madden's journey as a founder over five years. Case (A) is about managing growth and cash flow; Case (B) is about the exit decision and conditions on a sale; Case (C) shows Madden dealing with adversity and the... View Details
Keywords: Entrepreneurial Management; Family; Family Conflicts; Founders' Agreements; Growth And Development; Hardware; VC; Scaling; Start-up; Female Ceo; Risk Assessment; Entrepreneurship; Growth Management; Equity; Cash Flow; Success; Failure; Acquisition; Business Model; Information Technology; Valuation; Family and Family Relationships; Information Infrastructure; Apparel and Accessories Industry; Technology Industry; United States
- October 2019 (Revised January 2020)
- Supplement
Dulcie Madden (B)—A Difficult Choice
By: Shikhar Ghosh and Shweta Bagai
This is part of a three-case series that follows Dulcie Madden's journey as a founder over five years. Case (A) is about managing growth and cash flow; Case (B) is about the exit decision and conditions on a sale; Case (C) shows Madden dealing with adversity and the... View Details
Keywords: Entrepreneurial Management; Family; Family Conflicts; Founders' Agreements; Growth And Development; Hardware; VC; Scaling; Start-up; Female Ceo; Risk Assessment; Entrepreneurship; Growth Management; Cash Flow; Equity; Success; Failure; Acquisition; Business Model; Information Technology; Valuation; Family and Family Relationships; Information Infrastructure
- September 2019
- Supplement
Hidrovias do Brasil – Environmental, Social and Governance Initiatives
By: Boris Groysberg
- September 2019 (Revised September 2020)
- Case
SOFWERX: Innovation at U.S. Special Operations Command (Abridged)
By: Herman Leonard, Mitch Weiss, Jin Hyun Paik and Kerry Herman
James "Hondo" Geurts, the Acquisition Executive for U.S. Special Operations Command was in the middle of his Senate confirmation hearing in 2017 to become Assistant Secretary of the Navy for Research, Development and Acquisition. Overseeing acquisitions in one of the... View Details
- August 2019 (Revised September 2021)
- Background Note
Analytical Tools in Private Equity: Return Bridge
By: Victoria Ivashina and Abhijit Tagade
This note explains the rationale and derivation behind “return bridge,” a key analytical tool used in the private equity industry to understand sources of value-add. The note elaborates on the advantages and the shortcomings of the return bridge. View Details
- August 2019
- Case
Subscription Lines Dilemma
By: Victoria Ivashina and Terrence Shu
This case follows a fictional managing partner of a private equity firm, as she contemplates whether to utilize subscription lines of credit in her firm’s funds. Subscription lines are revolving lines of credit secured by commitments from a fund’s investors. Private... View Details
- 2021
- Working Paper
The Value of Intermediation in the Stock Market
By: Marco Di Maggio, Mark Egan and Francesco Franzoni
We estimate a structural model of broker choice to quantitatively decompose the value that institutional investors attach to broker services. Studying over 300 million institutional equity trades, we find that investors are sensitive to both explicit and implicit... View Details
- June 2019
- Case
ClearLife: From Prospect to Platform
By: Alexander Braun, Lauren Cohen, Mauro Elvedi and Jiahua Xu
ClearLife’s first product was a trading and analytics platform for participants in the U.S. life settlement market, the secondary market for life insurance. ClearLife played a key role in facilitating transactions and devising a common language for expressing value and... View Details
- June 2019
- Technical Note
Valuing Employee Equity at Early Stage Ventures
By: Shikhar Ghosh, Christopher Stanton and Sanchali Pal
The note introduces a framework to consider factors that influence the value of employee equity at early stage ventures. Valuing equity is complex, and it important to account for expected dilution, assess exit potential, and acknowledge the high rate of failure in... View Details
- May 2019
- Background Note
Founders' Agreements
By: Shikhar Ghosh, Shweta Bagai and Sanchali Pal
Crafting a Founders’ Agreement is an important component of startup infrastructure as it documents a complex set of decisions that build a company’s roots. Its four key elements are: roles and responsibilities, rights (decision rights, rewards, position on board),... View Details