Publications

27 Jan 2010
Working Paper Summaries

Labor Regulations and European Private Equity

Keywords: by Ant Bozkaya & William R. Kerr

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

2001
Manual

Venture Capital and Private Equity: An Instructor's Manual

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

Keywords: Venture Capital; Private Equity; Information

April 2024
Article

Fee Variation in Private Equity

By: Juliane Begenau and Emil N. Siriwardane

We study how investment fees vary within private-capital funds. Net-of-fee return clustering suggests that most funds have two tiers of fees, and we decompose differences across tiers into both management and performance-based fees. Managers of venture capital funds... View Details

Keywords: Pension Funds; Fee Dispersion; Search And Negotiation Frictions; Private Equity; Investment Funds

14 Mar 2007
Op-Ed

Government’s Misguided Probe of Private Equity

jointly underwriting public corporate offerings. Nor is this unique to the United States. Britain's Financial Services Authority has announced that it is increasing its scrutiny of private-equity firms. Among the problems or risks attributed to View Details

Keywords: by Josh Lerner; Financial Services

October 2019 (Revised January 2020)
Case

NewView Capital and Venture Capital Secondaries

By: Shai Bernstein, Ramana Nanda and Allison Ciechanover

While still a general partner at Silicon Valley–based New Enterprise Associates (NEA), Ravi Viswanathan considered the challenges presented by evolving market dynamics in the venture capital space. Startups were staying private longer, which led to limited partners... View Details

Keywords: Venture Capital; Capital Markets; Private Equity; Strategy

11 Oct 2021
Blog Post

Crafting a Nontraditional Path to Venture Capital and Private Equity with Morgan Sheil (MBA 2021)

As a teenager, Morgan Sheil (MBA 2021) developed a keen interest in the environment and climate change. That sustained interest, along with her drive to make a positive impact on the world, led Sheil across various geographies, industries, and functions. Each step,... View Details

September 2021
Teaching Note

CPE and SUS Environmental: You've Got to Know When to Hold 'Em (A) and (B)

By: Josh Lerner

Keywords: Venture Capital; Private Equity

February 2024 (Revised June 2024)
Case

Can Families Conquer Private Equity? Pritzker Private Capital

By: Lauren Cohen and Sophia Pan

Anthony (Tony) Pritkzer, Paul Carbone, and the Pritzker Private Capital (PPC) team wondered how to approach the firm’s next phase of growth. PPC was a private equity firm that offered a differentiated approach to the family capital market. Back in 2016, the partners... View Details

01 Mar 2007
News

Private Equity under Investigation

the taking of calculated risks based on limited information. Washington must understand that the many benefits private equity provides by facilitating economic growth are unlikely to be sustained if the... View Details

Keywords: Josh Lerner; syndication; antitrust enforcement; Funds, Trusts, and Other Financial Vehicles; Finance

18 Jul 2016
Research & Ideas

Is Greed Ruining Private Equity Firms?

In a first-ever look at the internal economics driving private equity partnerships, Harvard Business School researchers have found that many of these funds can be torn apart by greed among founding partners... View Details

Keywords: by Dina Gerdeman; Banking; Financial Services

Web

Private Capital Project

participants are exposed to cutting-edge ideas that will shape their career paths in the Venture Capital and Private Equity Industries Research... View Details

August 2021
Teaching Note

DigiPlex: Ante-Up or Cash Out

By: Josh Lerner

Teaching Note for HBS Case No. 821-080. View Details

Keywords: Venture Capital; Private Equity

04 Aug 2017
Working Paper Summaries

Private Equity and Financial Fragility During the Crisis

Keywords: by Shai Bernstein, Josh Lerner, and Filippo Mezzanotti; Financial Services

2012
Book

Venture Capital, Private Equity, and the Financing of Entrepreneurship

By: Josh Lerner, Ann Leamon and Felda Hardymon

Venture Capital, Private Equity, and the Financing of Entrepreneurship stems from a realization that private equity overall—defined in this volume as venture capital and buyouts but excluding hedge funds—has become a vastly more sizable and influential part of the... View Details

Keywords: Venture Capital; Private Equity; Financing and Loans; Entrepreneurship

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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

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Fast Answer

HBS Course: Private Equity Finance

focus on specific fundraising or investments. VCPE Research Guide A great starting place for research on the venture capital and private equity... View Details

Winter 2002
Article

Private Equity in Latin America: The Mexican Case

By: Roberto Charvel and Juan Carlos de Yeregui

This article describes the private equity industry in Mexico from the late 1990's to the begining of the 2000's as well as gives a potential perspective for its coming years. View Details

Keywords: Emerging Economies; Latin America; Mexico; Developing Countries and Economies; Private Sector; Asset Management; Capital Markets; Venture Capital; Private Equity; Financial Services Industry; Latin America