Publications

Educators

October 1996 (Revised November 1997)
Background Note

Venture Capital and Private Equity: Course Overview

By: Josh Lerner

Provides an overview of the Venture Capital and Private Equity modules. View Details

Keywords: Venture Capital; Private Equity

Educators

March 2014
Module Note

The Venture Capital and Private Equity Investing Simulation: The Concepts

By: Matthew Rhodes-Kropf and Nathaniel Burbank

January 1994 (Revised April 2011)
Background Note

Note on Private Equity Partnership Agreements

By: Josh Lerner

Venture capital by necessity is a long-run investment. Consequently, since the mid-1960s virtually all venture financing has been raised through private partnerships with a ten-year or longer life span. To govern these investments, complex contracts have sprung up... View Details

Keywords: Venture Capital; Financing and Loans; Investment; Governance; Contracts; Partners and Partnerships

Educators

2015
Working Paper

What Do Private Equity Firms Say They Do?

By: Paul A. Gompers, Steven N. Kaplan and Vladimir Mukharlyamov

We survey 79 private equity investors with combined assets under management (AUM) of over $750 billion about their practices in firm valuation, capital structure, governance, and value creation. Investors rely primarily on internal rate of return (IRR) and multiples to... View Details

Keywords: Governance; Value Creation; Private Equity; Capital Structure; Valuation; Management Practices and Processes

SSRN

Read Now

2007
Other Paper

Venture Capital and Private Equity Distributions: Pricing Policies and Price Reactions

By: P. Gompers, Andrew Metrick and Timothy Dore

2024
Working Paper

Long-run Returns to Impact Investing in Emerging Markets and Developing Economies

By: Shawn Cole, Martin Melecky, Florian Mölders and Tristan Reed

We provide the first evidence on the long-run returns to private equity in emerging and frontier markets using the cash flows from every equity investment made by the International Finance Corporation across 130 countries over 58 years. Risk-adjusted returns are... View Details

Keywords: Impact Investing; Investment; Emerging Markets; Developing Countries and Economies; Investment Return

Register to Read

Article

What Do Private Equity Firms Say They Do?

By: Paul A. Gompers, Steven N. Kaplan and Vladimir Mukharlyamov

We survey 79 private equity investors with combined assets under management (AUM) of over $750 billion about their practices in firm valuation, capital structure, governance, and value creation. Investors rely primarily on internal rate of return (IRR) and multiples to... View Details

Keywords: Private Equity; Valuation; Capital Structure; Value Creation

31 Jul 2014
News

Making Private Equity Public Knowledge

needed to know," says Sheyner, who went on to work in private equity at Fidelity Equity Partners and Bain Capital Partners before coming to HBS.... View Details

Keywords: Dan Morrell

November 2007
Article

If Private Equity Sized Up Your Business

By: Robert C. Pozen

This article includes a one-page preview that quickly summarizes the key ideas and provides an overview of how the concepts work in practice along with suggestions for further reading. As the dust settles on the recent frenzy of private equity deals (including... View Details

Keywords: Mergers and Acquisitions; Capital Structure; Private Equity; Investment Return; Governing and Advisory Boards; Executive Compensation; Business and Shareholder Relations; Value Creation; Financial Services Industry

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

October 1996 (Revised May 2011)
Module Note

Venture Capital and Private Equity: Module II

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

Provides an overview of a module that focuses on the interaction between private equity investors and the firms they finance. View Details

Keywords: Business Ventures; Venture Capital; Private Equity; Financing and Loans; Investment; Business and Stakeholder Relations

2024
Chapter

The Private Economy Under Party-State Capitalism

By: Margaret M. Pearson, Meg Rithmire and Kellee S. Tsai

This chapter addresses the evolution of China’s approach to the private sector from the early reform era until the beginning of Xi Jinping’s third term. It argues that China has evolved from a familiar form of state capitalism, in which economic growth is the primary... View Details

Keywords: Government Administration; International Relations; Economic Growth; Economic Sectors; Economic Systems; China

2003
Article

Venture Capital and Private Equity: A Course Overview

By: Josh Lerner

This paper describes a course exploring the private equity industry, "Venture Capital and Private Equity". The goals of this article are two-fold: to make the structure and content of the class available to a broader audience beyond the audience of MBAs and executives... View Details

Keywords: Venture Capital; Private Equity