Publications

February 2018 (Revised August 2018)
Case

Blue Haven Initiative: The PEGAfrica Investment

By: Vikram S. Gandhi, Caitlin Reimers Brumme and Amram Migdal

This case examines Blue Haven Initiative (BHI), an impact investing fund and family office, and one of its investments, PEGAfrica (PEG). BHI founder Liesel Pritzker Simmons’ motivations for using her family wealth to start a family office focused on impact investing,... View Details

Keywords: Impact Investing; Family Office; Development; International Development; International Development Investing; Development Fund; Sustainability; Solar Energy; Solar; Pay As You Go; PAYG; MFI; Social Venture; Business Ventures; Acquisition; Business Growth and Maturation; Business Startups; Economics; Development Economics; Energy; Energy Conservation; Energy Sources; Renewable Energy; Social Entrepreneurship; Finance; Assets; Asset Pricing; Capital; Capital Budgeting; Capital Structure; Venture Capital; Cash; Cash Flow; Currency; Currency Exchange Rate; Equity; Private Equity; Financial Instruments; Debt Securities; Stock Shares; Financing and Loans; Microfinance; International Finance; Investment; Investment Return; Investment Activism; Investment Funds; Investment Portfolio; Price; Geography; Geographic Location; Emerging Markets; Ownership; Ownership Stake; Private Ownership; Social Enterprise; Value; Valuation; Value Creation; Energy Industry; Financial Services Industry; Green Technology Industry; Africa; United States

25 Apr 2014
Research & Ideas

To Pay or Not to Pay: Argentina and the International Debt Market

Costa Rica, recommends a course of action sure to anger banks and fund managers: absolute sovereign immunity, which is the way things were done before 1976. Argentina's escalating financial crisis is taking... View Details

Keywords: by Laura Alfaro

February 2010 (Revised July 2010)
Case

Barclays Wealth: Reignite WAR or Launch AlphaStream?

By: Lena G. Goldberg and Elisa Farri

In late January 2009, Thomas Fekete, managing director at Barclays Wealth in London, redeemed the most illiquid positions in the so-called Wealth Absolute Return Fund (WAR), one of Barclays Wealth's most promising offshore funds of hedge funds, and halted the Fund's... View Details

Keywords: Financial Crisis; Financial Liquidity; International Finance; Investment Funds; Governing Rules, Regulations, and Reforms; Strategy; Financial Services Industry; London

30 Jul 2008
Op-Ed

Why the U.S. Should Encourage FDI

recent experience suggests that direct foreign investors on average do not possess that advantage when entering the United States. For sovereign wealth funds eager to deploy... View Details

Keywords: by Mihir A. Desai

November 2008
Case

Malaysia Airlines (A)

In the first six weeks on the job, the new CEO of Malaysia Airlines (MAS) has developed an ambitious turnaround plan, including aggressive job cuts and route eliminations, but MAS's largest shareholder, Khazanah Nacional, the sovereign wealth fund, is tasked with... View Details

Keywords: Restructuring; Economic Growth; Investment Funds; Sovereign Finance; Organizational Change and Adaptation; Business and Government Relations; Business and Shareholder Relations; Air Transportation Industry; Malaysia

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2019
Book

Patient Capital: The Challenges and Promises of Long-Term Investing

By: Victoria Ivashina and Josh Lerner

There has never been a greater need for long-term investments. And it is increasingly unlikely that the public sector will be willing or able to fill the gap. Those best positioned to address the long-run needs are likely to be the pools of capital in the hands of... View Details

Keywords: Long-term Investing; Large Investors; Capital; Investment; Strategic Planning; Problems and Challenges; Opportunities; Society

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November 2024 (Revised December 2024)
Case

Moonfare and the Democratization of Private Equity

By: Victoria Ivashina and Srimayi Mylavarapu

Founded in 2016, Moonfare headquartered in Europe, was a pioneer in the “democratization” of private equity investments. Historically, private equity was accessible only to institutional investors like pension funds, endowments, sovereign wealth funds, and large family... View Details

June 2009 (Revised February 2010)
Case

Cirque du Soleil -- The High-Wire Act of Building Sustainable Partnerships

By: Ramon Casadesus-Masanell and Maxime Aucoin

The case describes the history and business model of Cirque du Soleil (CdS). The case allows for a rich discussion and analysis of Cirque du Soleil's business model with an emphasis on how it interacts with that of MGM Mirage. Le Cirque and MGM's business models... View Details

Keywords: Business Model; Investment; Profit; Globalized Markets and Industries; Growth and Development Strategy; Market Entry and Exit; Partners and Partnerships; Trust; Entertainment and Recreation Industry

03 Jul 2008
Working Paper Summaries

The Future of Social Enterprise

Keywords: by V. Kasturi Rangan, Herman B. Leonard & Susan McDonald

April 2017 (Revised February 2020)
Case

Restructuring Ukraine

By: Kristin Mugford, Seema Amble and Tian Feng

In June 2015, Ukraine found itself struggling with a volatile and devalued currency, dramatically diminished foreign reserves, and a projected financing shortfall of $40 billion. Ukraine’s new government sought to return the nation to stability following political... View Details

Keywords: Exchange Rates; Politics; Macroeconomics; Financial Crisis; Insolvency and Bankruptcy; Restructuring; Economy; Currency Exchange Rate; Banks and Banking; Economic Slowdown and Stagnation; Bonds; Sovereign Finance; Capital Markets; Credit; Debt Securities; Financial Liquidity; Financial Markets; Government and Politics; Ukraine

March 2020 (Revised February 2023)
Case

Political Legitimacy and Global Capital Markets: Malaysia's 1MDB (A)

By: Meg Rithmire and Courtney Han

In May 2018, Malaysia’s 14th General Election saw a change of power that many thought they would never witness in their lifetimes. The political party that had ruled Malaysia for 60 year was kicked out of office by a 92 year-old challenger, Mahathir Mohamed, who had... View Details

Keywords: Government Administration; Crime and Corruption; Financial Markets; Malaysia

March 2017 (Revised March 2019)
Case

Ant Financial (A)

By: Feng Zhu, Ying Zhang, Krishna G. Palepu, Anthony K. Woo and Nancy Hua Dai

Headquartered in Hangzhou (China), Ant Financial has grown into a fintech “Unicorn.” The fintech empire that the company established spanned verticals such as mobile and online payment (Alipay), money market fund (Yu’e Bao), wealth management (Ant Fortune),... View Details

Keywords: Growth and Development Strategy; Global Strategy; Finance; Opportunities; Financial Services Industry; Technology Industry

February 2018 (Revised December 2019)
Case

The Tax Man: Taxes in Private Equity Real Estate

By: Nori Gerardo Lietz, Timothy J. Becker, Ricardo Andrade and Sayiddah F. McCree

In January 2018, Caelan Langan, an associate at KSW Partners LLC (“KSW”), was asked by Katherine Scott, the partner for whom he worked, to recommend a proposed structure to acquire a prominent office building in San Francisco for their most recent fund. Caelan was... View Details

Keywords: Real Estate; Alternative Investment Structures; Property; Acquisition; Private Equity; Investment; Management; Taxation; Policy

2008
Working Paper

The Future of Social Enterprise

By: V. Kasturi Rangan, Herman B. Leonard and Susan McDonald

The Future of Social Enterprise considers the confluence of forces that is shaping the field of social enterprise, changing the way that funders, practitioners, scholars, and organizations measure performance. We trace a growing pool of potential funding sources to... View Details

Keywords: Social Entrepreneurship; Investment; Philanthropy and Charitable Giving; Performance Effectiveness; Social Enterprise; Consolidation; Value

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Teaching Interest

MBA Elective Curriculum: Investment Strategies

By: Malcolm P. Baker

This is a CORE course for students pursuing careers in finance. Thus, students interested in pursuing careers in mutual funds, hedge funds, pension funds, endowments, wealth management, financial consulting, marketing and client service, sales and trading,... View Details

September 2008 (Revised July 2012)
Case

Khosla Ventures: Biofuels Strategy

By: Joseph B. Lassiter III, William A. Sahlman and Alison Berkley Wagonfeld

By 2008, a number of the firm's early cleantech investments were showing promise, and the companies were starting to need significantly more money to create the massive scale required in the energy sector. As Khosla thought about the hundreds of millions of dollars... View Details

Keywords: Entrepreneurial Marketing; Entrepreneurial Finance; New Product Development; Partnerships; Entrepreneurial Management; Venture Capital; Strategy; Partners and Partnerships; Renewable Energy; Entrepreneurship; Investment Funds; Environmental Sustainability; Product Development; Biotechnology Industry; Financial Services Industry

25 Aug 2008
Research & Ideas

HBS Cases: Walking Away from a $3 Billion Deal

students consider topics such as deal sourcing, due diligence, deal structuring, governance issues, and the all-important question of how private equity firms create value. And in a mini-module on fundraising, "ABRY Fund V"... View Details

Keywords: by Julia Hanna; Financial Services

10 Jun 2014
First Look

First Look: June 10

such as talent and capital, away from wealth creation and toward wealth distribution. It distorts thinking. Restoring the balance of power is critical to the competitiveness and the health of the rest of the... View Details

Keywords: Sean Silverthorne

March 2011 (Revised June 2013)
Case

Next Street, LLC

By: Richard S. Ruback and Royce Yudkoff

Next Street Financial, LLC was a modern merchant bank that provided high quality advisory services and capital to small- and mid-sized inner city businesses. Next Street was a for-profit business that aimed to increase the growth, profitability and success of its... View Details

Keywords: Development Economics; Entrepreneurship; Capital; Commercial Banking; Investment Funds; Urban Development; Financial Services Industry