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  • September 1998 (Revised May 2011)
  • Background Note

Note on Private Equity Information Sources

By: Josh Lerner and Ann Leamon
Provides an overview of key information sources about venture capital and private equity. View Details
Keywords: Venture Capital; Private Equity; Investment; Knowledge Acquisition
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Lerner, Josh, and Ann Leamon. "Note on Private Equity Information Sources." Harvard Business School Background Note 299-018, September 1998. (Revised May 2011.)
  • April 1993 (Revised February 1996)
  • Supplement

ALZA and Bio-Electro Systems (C): 1988-92

By: Josh Lerner and Peter Tufano
Supplements the (A) case. Describes the aftermarket performance of the units. View Details
Keywords: Performance
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Lerner, Josh, and Peter Tufano. "ALZA and Bio-Electro Systems (C): 1988-92." Harvard Business School Supplement 293-127, April 1993. (Revised February 1996.)
  • April 1993 (Revised February 1996)
  • Supplement

ALZA and Bio-Electro Systems (B2): The Rights Offering

By: Josh Lerner and Peter Tufano
Supplements the (A) case. Describes the implementation of the CEO's decision. View Details
Keywords: Intellectual Property
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Lerner, Josh, and Peter Tufano. "ALZA and Bio-Electro Systems (B2): The Rights Offering." Harvard Business School Supplement 293-126, April 1993. (Revised February 1996.)
  • 2020
  • Book

Innovation Policy and the Economy, Volume 20

By: Josh Lerner and Scott Stern
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Lerner, Josh, and Scott Stern, eds. Innovation Policy and the Economy, Volume 20. Chicago, IL: University of Chicago Press, 2020.
  • November 2017
  • Teaching Note

The Carlyle Group and Axalta

By: Josh Lerner and Alexey Tuzikov
Teaching Note for HBS No. 818-040. View Details
Keywords: Private Equity; Carlyle; Axalta; LBO; Leveraged Buyout
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Lerner, Josh, and Alexey Tuzikov. "The Carlyle Group and Axalta." Harvard Business School Teaching Note 818-074, November 2017.
  • September 2017 (Revised October 2017)
  • Case

The Carlyle Group and Axalta

By: Josh Lerner and Alexey Tuzikov
Keywords: Carlyle; Axalta; Private Equity; Carve-out; DuPont; Industrials
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Lerner, Josh, and Alexey Tuzikov. "The Carlyle Group and Axalta." Harvard Business School Case 818-040, September 2017. (Revised October 2017.)
  • December 2015
  • Case

KKR, Ringier Digital, and the Acquisition of Scout24 Switzerland

By: Josh Lerner and Nathaniel Burbank
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Lerner, Josh, and Nathaniel Burbank. "KKR, Ringier Digital, and the Acquisition of Scout24 Switzerland." Harvard Business School Case 816-059, December 2015.
  • March 2013 (Revised July 2014)
  • Supplement

Bay Partners (B)

By: Josh Lerner and Lauren Barley
In December 2012, Salil Deshpande has rejoined Bay Partners (Bay), which had been restructured following the 2010 departures of three of its general partners. Life was good for Deshpande: his firm had distributed roughly $1 billion to its limited partners (LPs) over... View Details
Keywords: Decision Choices and Conditions; Investment Funds; Growth and Development Strategy; Financial Services Industry
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Lerner, Josh, and Lauren Barley. "Bay Partners (B)." Harvard Business School Supplement 213-103, March 2013. (Revised July 2014.)
  • October 2001 (Revised March 2003)
  • Case

Exxel Group, The: March 2001

By: Josh Lerner and Alberto Ballve
The Exxel Group, a leading Latin American buyout fund, faces a challenge when deciding whether and how to exit its largest investment. The capital markets are very weak, precluding an initial public offering. Undertaking a trade sale of the firm, however, proves to be... View Details
Keywords: Venture Capital; Private Equity; Leveraged Buyouts; Capital Markets; Investment Funds; Financial Strategy; Financial Services Industry; Latin America
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Lerner, Josh, and Alberto Ballve. "Exxel Group, The: March 2001." Harvard Business School Case 202-053, October 2001. (Revised March 2003.)
  • January 1999
  • Article

An Analysis of Compensation in the U.S. Venture Capital Partnership

By: Paul Gompers and Josh Lerner
Keywords: Compensation and Benefits; Venture Capital; Partners and Partnerships; United States
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Gompers, Paul, and Josh Lerner. "An Analysis of Compensation in the U.S. Venture Capital Partnership." Journal of Financial Economics 51, no. 1 (January 1999): 3–44.
  • 16 Sep 2022
  • News

Softbank’s Executive Exodus Leaves Masayoshi Son in a Bind

  • 2015
  • Working Paper

The Impact of Funds: An Evaluation of CDC 2004-12

By: Josh Lerner, Ann Leamon, Steve Dew and Dong Ik Lee
CDC was founded in 1948 as part of the U.K. government's efforts to develop the economic resources of Britain's remaining colonies. Since then, CDC has pursued a series of strategies to "do good without losing money," as its original mission was phrased. Its approach... View Details
Keywords: Investment Funds; Great Britain
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Lerner, Josh, Ann Leamon, Steve Dew, and Dong Ik Lee. "The Impact of Funds: An Evaluation of CDC 2004-12." Working Paper, October 2015.
  • 01 Sep 2014
  • News

Alumni and Faculty Books for September 2014

Economy 2013. Vol. 14 (National Bureau of Economic Research) edited by Josh Lerner and Scott Stern University of Chicago Press Appreciation of the importance of innovation to... View Details
Keywords: faculty research; Alumni Research
  • 2000
  • Chapter

The Determinants of Corporate Venture Capital Success: Organizational Structure, Incentives, and Complementarities

By: Paul Gompers and Josh Lerner
Keywords: Venture Capital; Success; Organizational Structure; Motivation and Incentives; Business Ventures
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Gompers, Paul, and Josh Lerner. "The Determinants of Corporate Venture Capital Success: Organizational Structure, Incentives, and Complementarities." Chap. 1 in Concentrated Corporate Ownership, edited by Randall Morck, 17–50. National Bureau of Economic Research Conference Report. University of Chicago Press, 2000.
  • April 1993 (Revised October 1995)
  • Case

ALZA and Bio-Electro Systems (A): Technological and Financial Innovation

By: Josh Lerner and Peter Tufano
To develop the next generation of risky products, ALZA, a mature and profitable biotechnology firm specializing in drug delivery systems, must raise $40 million. Organizational constraints and competitive concerns demand that the work be done inside the firm. However,... View Details
Keywords: Risk and Uncertainty; Technological Innovation; Business Subsidiaries; Decision Choices and Conditions; Corporate Finance; Biotechnology Industry; Medical Devices and Supplies Industry
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Lerner, Josh, and Peter Tufano. "ALZA and Bio-Electro Systems (A): Technological and Financial Innovation." Harvard Business School Case 293-124, April 1993. (Revised October 1995.)
  • Article

Making Private Data Accessible in an Opaque Industry: The Experience of the Private Capital Research Institute

By: Josh Lerner and Leslie Jeng
Private markets are becoming an increasingly important way of financing rapidly growing and mature firms, and private investors are reputed to have far-reaching economic impacts. These important markets, however, are uniquely difficult to study. This paper explores... View Details
Keywords: Analytics and Data Science; Research; Entrepreneurship; Private Sector
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Lerner, Josh, and Leslie Jeng. "Making Private Data Accessible in an Opaque Industry: The Experience of the Private Capital Research Institute." American Economic Review: Papers and Proceedings 106, no. 5 (May 2016): 157–160.
  • March 2014
  • Supplement

The Canada Pension Plan Investment Board: October 2012 (CW)

By: Matthew Rhodes-Kropf and Josh Lerner
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Rhodes-Kropf, Matthew, and Josh Lerner. "The Canada Pension Plan Investment Board: October 2012 (CW)." Harvard Business School Spreadsheet Supplement 814-704, March 2014.
  • March 2014 (Revised September 2015)
  • Case

ACA and the Union Bank Acquisition

By: Josh Lerner and Nathaniel Burbank
Okey Enelamah is the CEO of the African Capital Alliance (ACA), a private equity firm based in Nigeria. ACA has spent more than a year arranging a $500 million consortium bid to acquire and recapitalize Union Bank, Nigeria's sixth largest bank. Several weeks before the... View Details
Keywords: Nigeria; African Capital Alliance; Africa; Bank Capital; ACA; Union Bank; Development Finance Institutions; Capital Alliance Private Equity; Private Equity; Central Banking; Banking Industry; Financial Services Industry; Nigeria; Africa
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Lerner, Josh, and Nathaniel Burbank. "ACA and the Union Bank Acquisition." Harvard Business School Case 814-080, March 2014. (Revised September 2015.)
  • 2013
  • Book

Innovation Policy and the Economy, Volume 13

By: Josh Lerner and Scott Stern
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Lerner, Josh and Scott Stern, eds. Innovation Policy and the Economy, Volume 13. Chicago: National Bureau of Economic Research, 2013.
  • March 2013 (Revised July 2014)
  • Case

Bay Partners (A)

By: Josh Lerner and Lauren Barley
In April 2010, Salil Deshpande has recently resigned from Palo Alto, California-based Bay Partners (Bay) where he had been a general partner. Although Deshpande had built a successful track record at the venture firm, he resigned with two other Bay general partners as... View Details
Keywords: Risk and Uncertainty; Risk Management; Venture Capital; Conflict Management; Partners and Partnerships; Resignation and Termination; Policy; Management Teams; Financial Services Industry; California
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Lerner, Josh, and Lauren Barley. "Bay Partners (A)." Harvard Business School Case 213-102, March 2013. (Revised July 2014.)
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