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Show Results For
- All HBS Web
(3,236)
- People (18)
- News (705)
- Research (1,732)
- Events (1)
- Multimedia (17)
- Faculty Publications (1,126)
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- March 2012
- Class Lecture
The Future of Private Equity
By: Josh Lerner
Lerner, Josh. "The Future of Private Equity." Harvard Business School Class Lecture 212-709, March 2012.
- 2015
- Working Paper
Replicating Private Equity with Value Investing, Homemade Leverage, and Hold-to-Maturity Accounting
By: Erik Stafford
Private equity funds tend to select relatively small firms with low EBITDA multiples. Publicly traded equities with these characteristics have high risk-adjusted returns after controlling for common factors typically associated with value stocks. Hold-to-maturity... View Details
Keywords: Value Investing; Endowments; Investment Management; Asset Pricing; Private Equity; Investment; Management; United States
Stafford, Erik. "Replicating Private Equity with Value Investing, Homemade Leverage, and Hold-to-Maturity Accounting." Harvard Business School Working Paper, No. 16-081, January 2016.
- 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
Lerner, Josh. "Note on Private Equity Partnership Agreements." Harvard Business School Background Note 294-084, January 1994. (Revised April 2011.)
- July 2001
- Technical Note
Technical Note on LBO Valuation (B): The Equity Cash Flow Method of Valuation using CAPM
Explains the equity cash flow method of valuation as it applies to leveraged buyouts. Also explains how to implement the changing cost of equity method using the CAPM. View Details
Keywords: Leveraged Buyouts; Forecasting and Prediction; Cash Flow; Cost of Capital; Equity; Valuation
Baldwin, Carliss Y. "Technical Note on LBO Valuation (B): The Equity Cash Flow Method of Valuation using CAPM." Harvard Business School Technical Note 902-005, July 2001.
- July 2010
- Article
Board Interlocks and the Propensity to Be Targeted in Private Equity Transactions
By: Toby E. Stuart and Soojin Yim
In this paper, we examine the propensity for U.S. public companies to become targets for private equity-backed, take-private transactions. We consider the characteristics of 483 private equity-backed deals in the 2000-2007 period relative to public companies, and find... View Details
Keywords: Board Interlocks; Board Networks; Social Networks; Private Equity; Corporate Governance; Public Ownership; Market Transactions; Governing and Advisory Boards; United States
Stuart, Toby E., and Soojin Yim. "Board Interlocks and the Propensity to Be Targeted in Private Equity Transactions." Journal of Financial Economics 97, no. 1 (July 2010): 174–189.
- 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
Gompers, Paul A., Steven N. Kaplan, and Vladimir Mukharlyamov. "What Do Private Equity Firms Say They Do?" Journal of Financial Economics 121, no. 3 (September 2016): 449–476.
- May 2015 (Revised October 2015)
- Background Note
Upstream Oil and Gas Private Equity
By: Victoria Ivashina, Graham Patton and Tyler Todd
Ivashina, Victoria, Graham Patton, and Tyler Todd. "Upstream Oil and Gas Private Equity." Harvard Business School Background Note 215-068, May 2015. (Revised October 2015.)
- August 2012 (Revised July 2015)
- Background Note
A Note on Valuation in Private Equity
By: Paul A. Gompers
This note will provide an overview of valuation methodologies in private equity. View Details
Gompers, Paul A. "A Note on Valuation in Private Equity." Harvard Business School Background Note 213-034, August 2012. (Revised July 2015.)
- 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
Cole, Shawn, Martin Melecky, Florian Mölders, and Tristan Reed. "Long-Run Returns to Private Equity in Emerging Markets." Harvard Business School Working Paper, No. 21-138, June 2021. (Revised September 2024. NBER Working Paper Series, No. 27870, September 2024)
- August 2020
- Background Note
US Private Equity Firms: ESG and Impact (A)
By: Lynn S. Paine and Holly Fetter
This Note has two parts. The first part (A) explores how U.S. private equity firms are incorporating ESG (Environmental, Social, & Governance) factors and impact objectives into their investment strategies and firm practices. It is based on publicly available... View Details
Keywords: Private Equity; Corporate Social Responsibility and Impact; Social Issues; Financial Services Industry; United States
Paine, Lynn S., and Holly Fetter. "U.S. Private Equity Firms: ESG and Impact (A)." Harvard Business School Background Note 321-036, August 2020.
- 2023
- Working Paper
The Market for CEOs: Evidence from Private Equity
By: Paul A. Gompers, Steven N. Kaplan and Vladimir Mukharlyamov
Most research on the CEO labor market studies public company CEOs while largely ignoring CEOs in private equity (PE) funded companies. We fill this gap by studying the market for CEOs among U.S. companies purchased by PE firms in large leveraged buyout transactions.... View Details
Gompers, Paul A., Steven N. Kaplan, and Vladimir Mukharlyamov. "The Market for CEOs: Evidence from Private Equity." NBER Working Paper Series, No. 30899, April 2022. (Revised January 2023.)
- February 2018
- Teaching Note
Omar Simmons: Franchising and Private Equity
By: Steven Rogers and Alyssa Haywoode
Teaching Note for HBS No. 318-055. View Details
- March 2015
- Case
Pearson Affordable Learning Fund
By: Michael Chu, Vincent Dessain and Kristina Maslauskaite
An in-house venture capital fund for affordable private schools at the base of the pyramid established by Pearson, the world's largest education company, PALF sought to invest in business models providing superior educational outcomes in emerging markets on a... View Details
Keywords: Impact Investment; Low Cost Private Schools; Investment Fund; Business At The Base Of The Pyramid; Transition; Investment; Development Economics; Business Growth and Maturation; Social Entrepreneurship; Emerging Markets; Private Sector; Education; Education Industry; Asia; Africa
Chu, Michael, Vincent Dessain, and Kristina Maslauskaite. "Pearson Affordable Learning Fund." Harvard Business School Case 315-109, March 2015.
- 2024
- Working Paper
Does the Case for Private Equity Still Hold?
By: Nori Gerardo Lietz and Philipp Chvanov
Private Equity (“PE”) received a 10-fold increase in capital flows since the Great Financial Crisis (“GFC”) Investors sought higher nominal returns relative to those they could obtain in the public capital markets. This paper questions the fundamental assumptions... View Details
Lietz, Nori Gerardo, and Philipp Chvanov. "Does the Case for Private Equity Still Hold?" Harvard Business School Working Paper, No. 24-066, January 2024.
- June 2023 (Revised January 2024)
- Case
Siemens AG: A Private Equity Approach within an Industrial Corporation?
By: David J. Collis and Haisley Wert
In July 2022, Horst Kayser, Chairman of Siemens AG Portfolio Companies (POC), was reflecting on the advice he could offer Roland Busch, Chief Executive Officer of the parent company Siemens AG, about whether and how to operate a private equity-like approach inside the... View Details
Collis, David J., and Haisley Wert. "Siemens AG: A Private Equity Approach within an Industrial Corporation?" Harvard Business School Case 723-420, June 2023. (Revised January 2024.)
- 03 May 2016
- Working Paper Summaries
Pay Now or Pay Later? The Economics within the Private Equity Partnership
- August 2020
- Background Note
US Private Equity Firms: ESG and Impact (B)
By: Lynn S. Paine and Holly Fetter
This is the second part of a two-part note. The first part (A) explores how US private equity firms are incorporating ESG (Environmental, Social, & Governance) factors and impact objectives into their investment strategies and firm practices. It is based on publicly... View Details
Keywords: Private Equity; Corporate Social Responsibility and Impact; Social Issues; Financial Services Industry; United States
Paine, Lynn S., and Holly Fetter. "U.S. Private Equity Firms: ESG and Impact (B)." Harvard Business School Background Note 321-037, August 2020.
- 11 May 2015
- Working Paper Summaries
What Do Private Equity Firms Say They Do?
- 2004
- Class Lecture
Boom and Bust in Private Equity
By: Josh Lerner
Keywords: Private Equity
Lerner, Josh. "Boom and Bust in Private Equity." Boston: Harvard Business School Publishing Class Lecture, 2004. Electronic. (Faculty Lecture: HBSP Product Number 9-756-1C.)
- January 2022
- Article
Replicating Private Equity with Value Investing, Homemade Leverage, and Hold-to-Maturity Accounting
By: Erik Stafford
The contributions of asset selection and incremental leverage to buyout investment performance are more important than typically assumed or estimated to be. Buyout funds select small firms with distinct value characteristics. Public equities with these characteristics... View Details
Stafford, Erik. "Replicating Private Equity with Value Investing, Homemade Leverage, and Hold-to-Maturity Accounting." Review of Financial Studies 35, no. 1 (January 2022): 299–342.