Publications

January 28, 2016
Article

Making Sense of the Many Kinds of Impact Investing

By: Brian Trelstad

The article discusses the factors to consider when seeking to practice impact investing, which include the kind of impact preferred by the investor, the intensity and immediacy of impact, and the impact risk profile. View Details

Keywords: Ethical Investments; Investment Policy; Investment; Ethics

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September 2017 (Revised November 2017)
Case

John Rogers and Ariel Investments

By: Steven Rogers and Greg White

The strong, public advocacy of a highly successful African American CEO has the potential to negatively impact his company. The CEO is deciding if he should listen to the advice of others who are urging him to “tone it down”. View Details

Keywords: Advocacy; Diversity; Investment Management; Affirmative Action; Disruption; Cost vs Benefits; Corporate Entrepreneurship; Fairness; Moral Sensibility; Values and Beliefs; Corporate Accountability; Leading Change; Corporate Social Responsibility and Impact; Problems and Challenges; Financial Services Industry; Chicago

April 2018 (Revised May 2018)
Case

Goldman Sachs: Making an Imprint in Impact Investing

By: Shawn Cole, Vikram S. Gandhi, Caitlin Reimers Brumme and Lynn Schenk

Goldman Sachs acquired Imprint Capital Advisors, a small firm that specialized in advising clients on environmental/social/governance (ESG) and impact investments. The founders sold Imprint with the belief that joining a global financial firm would help to scale impact... View Details

Keywords: Impact Investing; ESG; Investment; Corporate Social Responsibility and Impact; Environmental Sustainability; Growth and Development Strategy; Acquisition; Integration

Article

ESG Integration in Investment Management: Myths and Realities

By: Sakis Kotsantonis, Christopher Pinney and George Serafeim

The authors’ aim in this article is to set the record straight on the financial performance of sustainable investing while also correcting a number of other widespread misconceptions about this rapidly growing set of principles and methods. Myth Number 1:... View Details

Keywords: ESG; Sustainability; Investment Management; Finance; Corporate Social Responsibility; Integrated Corporate Reporting; Corporate Social Responsibility and Impact; Investment; Environmental Sustainability; Corporate Governance

January 2019
Supplement

JPMorgan Chase: Invested in Detroit (C)

By: Joseph L. Bower and Michael Norris

[pre-abstract] Instructors should consider the timing of making videos available to students, as they may reveal key case details. [abstract] Beginning in 2014, JPMorgan Chase launched “Invested in Detroit,” a $100 million philanthropic investment in the city over... View Details

Keywords: Philanthropic Investment; Banking; Economic Development; Expansion; Local Economic Development; Workforce Development; Financial Institutions; Corporate Social Responsibility and Impact; Urban Development; Business and Community Relations; Banking Industry; United States; Michigan

May 2025
Case

'Net Zero in Action': Impact Investing at the McKnight Foundation

By: Lauren Cohen, Christina R. Wing and Sophia Pan

Elizabeth McGeveran, Vice President of Investments at the McKnight Foundation, reflected on how to effectively advance the organization’s net-zero strategy. The foundation had committed 10% of its endowment to building a portfolio of impact investments and was among... View Details

February 2000
Background Note

Angel Investing

By: Michael J. Roberts, Howard H. Stevenson and Kenneth B. Morse

Discusses the industry practices of angel investors, individuals who invest privately in new ventures. View Details

Keywords: Business Startups; Venture Capital; Practice

January 2019
Teaching Note

Yale University Investments Office: February 2015

By: Josh Lerner, Nori Gerardo Lietz and Terrence Shu

Teaching Note for HBS No. 815-124. View Details

Keywords: Asset Management; Venture Capital; Private Equity; Investment Fund; Investment Strategy

June 2021
Case

The Canada Pension Plan Investment Board (CPP Investments): April 2021

By: Josh Lerner, Reza Satchu and Alys Ferragamo

The Canada Pension Plan Investment Board (CPPIB) is one of the largest pools of investment capital in the world and follows a rigorous “Total Portfolio Framework” in its approach to investment management. In April of 2021, John Graham was just two months into his role... View Details

Keywords: Pension Funds; Investment Strategy; Capital Markets; Financial Strategy; Investment; Asset Management; Financial Institutions; Private Equity; Growth and Development Strategy; Investment Portfolio; Assets; Financial Markets; Financial Services Industry; Canada

January 2022
Article

Investing Outside the Box: Evidence from Alternative Vehicles in Private Equity

By: Josh Lerner, Jason Mao, Antoinette Schoar and Nan R. Zhang

This paper uses previously unexplored custodial data to examine the use of alternative investment vehicles in private equity (PE) over four decades. We document a steep increase in the capital directed to alternative vehicles, with these vehicles approaching a 40%... View Details

Keywords: Alternative Investment Vehicles; Investment Funds; Private Equity; Venture Capital; Performance

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Article

The Disintermediation of Financial Markets: Direct Investing in Private Equity

By: Lily Fang, Victoria Ivashina and Josh Lerner

We examine twenty years of direct private equity investments by seven large institutions. These direct investments perform better than public market indices, especially buyout investments and those made in the 1990s. Outperformance by the direct investments, however,... View Details

Keywords: Financial Intermediation; Direct Investment; Co-investment; Private Equity; Entrepreneurship; Financial Markets

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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

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2007
Report

Aggregating Impact: A Funder's Guide to Mission Investment Intermediaries

By: Mark R. Kramer and Sarah E. Cooch

Despite the wide range of impact investment intermediaries that are available and the advantages they can offer, many funders remain unaware of this growing trend to deliver both social impact and financial returns. This study from 2007 provides an overview of these... View Details

Keywords: Financial Intermediaries; Foundations; Impact Investment; Development Economics; Mission and Purpose; Investment; Strategy

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February 2020 (Revised September 2021)
Supplement

Mission Related Investments at the Ford Foundation (B)

By: Shawn Cole, Michael Norris and T. Robert Zochowski

Supplements the (A) case. View Details

Keywords: Mission-Related Investing; Philanthropy; Foundation; Endowments; Socially Responsible Investing; Investment; Institutional Investing; Investment Activism; Governance; Corporate Social Responsibility and Impact; Mission and Purpose; Social Enterprise; Philanthropy and Charitable Giving; United States

Research Summary

Impact Investing

In the last decade, inspired by the success of commercial microfinance, the concept of applying the practice of equity investing to the delivery of high social impact interventions has drawn increasing attention in development circles, business academia and... View Details

October 2023
Case

Shredder Setups or Straightlining into Risk?: Investing in What You Love

By: Lauren Cohen and Grace Headinger

Bob Hall, President of Green Gables Partners, evaluated whether to angel invest into an up-and-coming ski brand. As the son-in-law of the founder of Vera Bradley and having retired from a lengthy career on Wall Street, Hall was well-versed in both direct investing and... View Details

Keywords: Family Office; Angel Investors; Direct Investment; Family Business; Business Growth and Maturation; Small Business; Financial Strategy; Personal Finance; Investment Portfolio; Private Equity; Decision Choices and Conditions; Risk and Uncertainty; Consumer Products Industry; Montana; United States

November 1995 (Revised October 2000)
Case

Acme Investment Trust

By: Josh Lerner

Acme Investment Trust is considering investing in a private equity partnership that is seeking only 15% of the profits, instead of the standard 20%. The management fee requested, however, is higher than in its earlier fund. The pension managers must consider the... View Details

Keywords: Compensation and Benefits; Private Equity; Organizations; Investment Funds; Motivation and Incentives; Financial Services Industry

April 2005
Case

The University of Chicago Investment Office: Investing in Timber

In 2005, the University of Chicago Investment office was deciding how much capital to allocate toward timber investing. Explores the challenges associated with optimal portfolio construction when one of the invested assets is illiquid with limited historical price... View Details

Keywords: Investment Portfolio; Decision Choices and Conditions; Financial Services Industry; Education Industry

July 2003 (Revised January 2004)
Case

Carol Brewer's Investments

By: Richard S. Ruback and Julia Stevens

Following her husband's death in 1994, Carol Brewer took over the management of her family's investments. This case describes the decisions Brewer made during this process, including her choice to seek active account management, her selection of an investment firm, and... View Details

Keywords: Investment Funds; Investment Portfolio; Retirement; Decision Choices and Conditions; Financial Management; Personal Finance; Investment Banking; Investment Return