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  • October 1996 (Revised April 2011)
  • Module Note

Venture Capital and Private Equity: Module I

By: Josh Lerner, G. Felda Hardymon and Ann Leamon
Provides an overview of a module that focuses on how private equity funds are raised and structured. View Details
Keywords: Venture Capital; Private Equity; Investment Funds
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Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "Venture Capital and Private Equity: Module I." Harvard Business School Module Note 297-040, October 1996. (Revised April 2011.)

    Private Equity: A Casebook

    This book is a collection of cases and notes that have been used in Private Equity Finance, an advanced corporate finance course offered in the second year of the Harvard Business School’s MBA curriculum, over several years. The goal of the book is to provide a... 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
    Keywords: Equity Method; Leveraged Buyout; Management Buyout; Capital; Design; Entrepreneurship; Finance; Leveraged Buyouts; Management; Private Equity; Venture Capital; Banking Industry; Massachusetts
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    Lerner, Josh, and Ted Berk. "Altoona State Investment Board & Bain Capital Fund XI." Harvard Business School Case 218-022, August 2017. (Revised September 2023.)
    • 27 Oct 2014
    • News

    Supporting new art by bringing private funding to public museums and spaces

    Bridgitt Evans (MBA 1986) loves contemporary art for its ability to challenge existing norms. Now she is transforming the industry in much the same spirit with VIA Art Fund— Visionary Initiatives in Art—a new model of funding for... View Details
    • July 2017 (Revised January 2020)
    • Background Note

    Primer on Multiples Valuation and Its Use in the Private Equity Industry

    By: Victoria Ivashina and Henrik Boe
    This note explores the mechanics of multiples, different types of multiples, when and how to use them, and common pitfalls associated with multiples valuation. While a multiples approach is a very convenient valuation method, breaking down the underlying assumptions... View Details
    Keywords: Valuation Methods; Multiples; Private Equity; Valuation; Measurement and Metrics
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    Ivashina, Victoria, and Henrik Boe. "Primer on Multiples Valuation and Its Use in the Private Equity Industry." Harvard Business School Background Note 218-017, July 2017. (Revised January 2020.)
    • Fast Answer

    How can I find socially responsible private equity or venture capital funds?

    Search and choose, Investors & Buyers From Investors & Buyers menu choose, All funds Under Deal Criteria, look for Industries, Verticals & Keywords and click on search box to open menu From menu click on + sign... View Details
    • 16 Feb 2004
    • Research & Ideas

    European Private Equity—Still a Teenager?

    Conference, held February 7 at Harvard Business School. Panelists represented private equity groups that handle funds from $1.5 billion to 5.1 billion euros. Like its amazing... View Details
    Keywords: by Martha Lagace; Financial Services
    • October 2018 (Revised February 2018)
    • Case

    Masayoshi Son and the Vision Fund

    By: Tom Nicholas, Ramana Nanda and Benjamin N. Roth
    In October 2016, SoftBank Group Corp., the Japanese conglomerate giant caused a significant shock to the worldwide market for venture capital and private equity by announcing the Vision Fund, the largest tech investment fund in the world at close to $100 billion. The... View Details
    Keywords: Strategy; Venture Capital; Private Equity; Entrepreneurship; Competitive Strategy
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    Nicholas, Tom, Ramana Nanda, and Benjamin N. Roth. "Masayoshi Son and the Vision Fund." Harvard Business School Case 819-041, October 2018. (Revised February 2018.)
    • Fast Answer

    Field Course: Private Equity Projects and Ecosystems: Company, Industry, Market and Transaction Research

    Research Topics Suggested Resources PrivateEquity - Funds, Firms, Transactions, etc. Pitchbook
    ... View Details
    • 20 Mar 2024

    The Value of an MBA in Professional Services: Consulting, Financial Services, and Private Equity

    For professionals in the realms of consulting, finance, or private equity or for those aspiring to careers in these areas, we extend an invitation to join a compelling panel discussion featuring HBS students... View Details
    • September 2004
    • Teaching Note

    Between a Rock and a Hard Place: Valuation and Distribution in Private Equity (TN)

    By: G. Felda Hardymon, Josh Lerner and Ann Leamon
    Teaching Note to (9-803-161). View Details
    Keywords: Valuation; Distribution; Private Equity; Venture Capital; Investment Portfolio; Stocks
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    Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Between a Rock and a Hard Place: Valuation and Distribution in Private Equity (TN)." Harvard Business School Teaching Note 805-049, September 2004.
    • March 2014
    • Case

    Transforming Tommy Hilfiger (A)

    By: Raffaella Sadun, Hanoch Feit, Vaibhav Gujral and Gerard Zouein
    At the end of 2005, Tommy Hilfiger is taken private by Apax Partners after years of disappointing performance and strategic impasse. Students are asked to evaluate alternative strategic options for the company, and to propose a concrete turnaround plan for the first... View Details
    Keywords: Turnaround; Private Equity; Private Ownership; Diversification; Acquisition; Retail Industry; Apparel and Accessories Industry; United States; Europe
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    Sadun, Raffaella, Hanoch Feit, Vaibhav Gujral, and Gerard Zouein. "Transforming Tommy Hilfiger (A)." Harvard Business School Case 714-451, March 2014.
    • 20 Oct 2021
    • Blog Post

    Mobilizing Private Sector Action For Racial Equity in Milwaukee: SE Summer Fellow Zach Komes (MBA 2022)

    future involvement in social enterprise? The scale of our racial wealth gap means the private sector must act boldly to advance equity; we need all hands on-deck to make significant, urgent progress towards inclusive prosperity. Luckily,... View Details
    • December 2014
    • Article

    Private Equity, Jobs, and Productivity

    By: Steven J. Davis, John Haltiwanger, Kyle Handley, Ron Jarmin, Josh Lerner and Javier Miranda
    Private equity critics claim that leveraged buyouts bring huge job losses. To investigate this claim, we construct and analyze a new dataset that covers U.S. private equity transactions from 1980 to 2005. We track 3,200 target firms and their 150,000 establishments... View Details
    Keywords: Private Equity; Leveraged Buyouts; Performance Productivity; Jobs and Positions; United States
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    Davis, Steven J., John Haltiwanger, Kyle Handley, Ron Jarmin, Josh Lerner, and Javier Miranda. "Private Equity, Jobs, and Productivity." American Economic Review 104, no. 12 (December 2014): 3956–3990. (Earlier versions distributed as National Bureau of Economic Research Working Paper No. 17399 and Harvard Business School Working Paper No. 12-033.) (Originally called "Private Equity and Employment.")
    • October 1996 (Revised March 1998)
    • Case

    Schroder Ventures: Launch of the Euro Fund

    By: Josh Lerner, Kate Bringham and Nick Ferguson
    Schroder Ventures is considering launching a pan-European fund in response to investor demand. This will lead to changes in the interactions between the parent organization and the national affiliates. A related question is the extent to which the private equity model... View Details
    Keywords: Change; Private Equity; Investment Funds; Multinational Firms and Management; Product Launch; Europe
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    Lerner, Josh, Kate Bringham, and Nick Ferguson. "Schroder Ventures: Launch of the Euro Fund." Harvard Business School Case 297-026, October 1996. (Revised March 1998.)
    • April 2009 (Revised December 2010)
    • Case

    Equity International: The Second Act

    By: Nicolas P. Retsinas, Ben Creo and Ricardo Reisen de Pinho
    Thomas McDonald, senior vice president of Equity International (EI), is weighing an investment in the Brazilian homebuilder Gafisa. Was this the right country? The right company? The right co-investor? The right time? McDonald would be investing alongside a Brazilian... View Details
    Keywords: Private Equity; Investment; Emerging Markets; Partners and Partnerships; Interests; Brazil
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    Retsinas, Nicolas P., Ben Creo, and Ricardo Reisen de Pinho. "Equity International: The Second Act." Harvard Business School Case 209-110, April 2009. (Revised December 2010.)
    • March 2022
    • Teaching Note

    Hollie Haynes: An Unanticipated Crossroads

    By: Josh Lerner
    Keywords: Private Equity
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    Lerner, Josh. "Hollie Haynes: An Unanticipated Crossroads." Harvard Business School Teaching Note 822-085, March 2022.
    • 2025
    • Working Paper

    Sale of Private-Equity Owned Physician Practices and Physician Turnover

    By: Leemore S. Dafny, Victoria Berquist and Lev Klarnet
    Keywords: Private Equity; Private Equity Exit; Physicians
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    Dafny, Leemore S., Victoria Berquist, and Lev Klarnet. "Sale of Private-Equity Owned Physician Practices and Physician Turnover." Working Paper, January 2025.
    • 15 Sep 2020

    Life at HBS Chat Series: MBA Students in Venture Capital & Private Equity Club

    Hear straight from current HBS students regarding their MBA experience. Students will share their backgrounds and how they have cultivated their personal and professional interests while at HBS. View Details
    • Fast Answer

    Search Funds

    Stanford Search Fund Primer and Studies - the Stanford Center for Entrepreneurial Studies has conducted a series of studies going back to 1996. The search fund primer is often cited by those interested... View Details
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