Publications

2020
Working Paper

Anchors Aweigh: Analysis of Anchor Limited Partner Investors in Impact Investment Funds

By: Shawn A. Cole, T. Robert Zochowski, Fanele Mashwama and Heather McPherson

This note describes results from a survey of “anchor investors” in impact funds. Anchor investors are described as “generally the first investor to make a substantial capital commitment to a fund,” (according to the Global Impact Investing Network, “GIIN”) and their... View Details

Keywords: Impact Investment Funds; Anchor Investors; Investment; Surveys; Analysis

January 2009 (Revised April 2009)
Case

The Canada Pension Plan Investment Board

By: G. Felda Hardymon, Josh Lerner and Ann Leamon

The Canada Pension Plan Investment Board is one of the largest and fastest-growing pools of investment capital in the world and follows an unusually active program of investment management. In the market turmoil of late 2008, Mark Wiseman, Senior Vice President of the... View Details

Keywords: Financial Crisis; Asset Management; Capital; Financial Management; Investment; Financial Services Industry; Canada

21 Nov 2014
News

Pension Funds Lambaste Private-Equity Fees

20 Aug 2019
News

Should a Pension Fund Try to Change the World?

September 2016 (Revised August 2018)
Case

Pi Investments

By: Vikram S. Gandhi and Tony L. He

Pi was a large family office pioneering the concept of 100% portfolio impact investing. Tasked with preserving capital, generating moderate returns and advancing the family’s social justice goals – Pi’s Managing Directors had to identify appropriate products across... View Details

Keywords: Investment Fund; Impact Investing; Investment Portfolio; Investment Funds

Educators

Article

Real Estate Opportunity Funds

By: Nori Gerardo Lietz, Thea C. Hahn and David Geltner

Real estate opportunity funds are one of the fastest-growing segments of the real estate investment industry, similar in some basic respects to other private equity and alternative investment asset classes that seek high returns by taking on more risk in highly... View Details

Keywords: Real Estate; Opportunity Funds; Investment Management; Property; Investment Funds; Management; Performance Consistency

August 1988 (Revised December 1989)
Case

Golden Gate Bank Pension Fund

By: David E. Bell

Keywords: Investment Funds; Financial Services Industry; Banking Industry

May 1983 (Revised November 1983)
Background Note

Financial Structure of Corporate Pension Plans and Pension Funds

By: Jay O. Light

Keywords: Capital Structure; Retirement; Finance

2008
Chapter

A New Generation of Pension Fund Management

By: Robert C. Merton

In talking about pension plans at this point in American economic and corporate history, we need to discuss three linked issues: the defined-benefit (DB) corporate plans that worked for our parents; the defined-contribution (DC) plans we're getting today because... View Details

Keywords: Asset Management; Investment Funds; Compensation and Benefits; Risk Management; Retirement; United States

20 Aug 2019
Cold Call Podcast

Should a Pension Fund Try to Change the World?

Keywords: Re: Rebecca M. Henderson & George Serafeim; Financial Services

April 1980 (Revised February 1982)
Case

National Instrument Company Pension Fund (B)

By: Jay O. Light

Keywords: Investment Funds

February 2006 (Revised April 2006)
Teaching Note

General Motors U.S. Pension Funds (TN)

By: Luis M. Viceira

Keywords: Retirement; Auto Industry

2022
Working Paper

Why Do Index Funds Have Market Power? Quantifying Frictions in the Index Fund Market

By: Zach Y. Brown, Mark Egan, Jihye Jeon, Chuqing Jin and Alex A. Wu

Index funds are one of the most common ways investors access financial markets and are perceived to be a transparent and low-cost alternative to active investment management. Despite these purported virtues of index fund investing and the introduction of new products... View Details

Keywords: Mutual Funds; Passive Investing; Asset Management; Financial Markets; Investment Funds; Financial Management; Financial Services Industry; United States

Read Now

November 2009 (Revised April 2010)
Case

Rose Smart Growth Investment Fund

By: Arthur I Segel and Justin Seth Ginsburgh

The Jonathan Rose Companies must decide how to design and launch an innovative new real estate fund focused on green and transit oriented properties. JRC seeks to show through the fund that smart growth and green buildings provide superior economic returns to sprawl... View Details

Keywords: Property; Buildings and Facilities; Transition; Financing and Loans; Investment Funds; Investment; Marketing; Energy Conservation; Business Strategy; Growth and Development Strategy; Environmental Sustainability; Finance; Real Estate Industry

Educators

2010
Chapter

Pension Fund Design in Developing Economies

By: Luis M. Viceira

Read Now

April 1980 (Revised August 1980)
Case

National Instrument Company Pension Fund (A)

By: Jay O. Light

Keywords: Finance

December 2017
Teaching Note

Vicki Fuller: Chief Investment Officer of New York State's $150+ Billion Employee Pension Fund

By: Steven Rogers and Valerie Mosley

Teaching Note for HBS No. 317-044. View Details