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Show Results For
- All HBS Web
(751)
- People (14)
- News (129)
- Research (387)
- Events (1)
- Multimedia (2)
- Faculty Publications (269)
- February 2017 (Revised February 2018)
- Case
Frank Baker: Siris Capital Group and Titan Systems
By: Steven Rogers and Derrick Collins
Private equity firm, Siris Capital Group, must decide if they should raise their offer to take Titan Telecom private by acquiring its publicly traded stock. Siris’ decision to pay a premium for Titan must be made in the context of their unique (and somewhat complex)... View Details
Keywords: Acquisition; Leveraged Buyouts; Mergers and Acquisitions; Private Equity; Mobile Technology; Financial Services Industry; Communications Industry; Telecommunications Industry; United States
Rogers, Steven, and Derrick Collins. "Frank Baker: Siris Capital Group and Titan Systems." Harvard Business School Case 317-036, February 2017. (Revised February 2018.)
- January 2006 (Revised August 2008)
- Case
Vivaldi Food Concepts--The Start-up of an Asian Venture (A)
Joel Silverstein needs to raise an additional $1.5 million from private investors to round out the equity financing for his new Quick Service Restaurant venture in China, Korea, and Japan. How should he pitch the opportunity? What should be the terms? View Details
Keywords: Venture Capital; Private Equity; Business Startups; Retail Industry; Food and Beverage Industry; Japan; China; South Korea
Isenberg, Daniel J. "Vivaldi Food Concepts--The Start-up of an Asian Venture (A)." Harvard Business School Case 806-118, January 2006. (Revised August 2008.)
- March 2003 (Revised January 2004)
- Case
CDC Capital Partners: December 2002
By: G. Felda Hardymon, Josh Lerner and Ann Leamon
Paul Fletcher, CEO of CDC Capital Partners, a private equity group investing in the world's poorest countries, is wrestling with questions raised by the imminent reorganization of the firm. Previously an arm of the United Kingdom's international aid agency, CDC is... View Details
Keywords: Private Equity; Investment Portfolio; Privatization; Venture Capital; Business and Government Relations; Emerging Markets; Infrastructure; Financial Services Industry; Banking Industry; United Kingdom
Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "CDC Capital Partners: December 2002." Harvard Business School Case 803-167, March 2003. (Revised January 2004.)
- February 2025
- Case
RedBird Capital Partners
By: Anita Elberse and David Moreno Vicente
In July 2024, Gerry Cardinale, the founder and managing partner of RedBird Capital Partners (‘RedBird’) has helped orchestrate a high-profile deal in the world of entertainment: one in which Skydance Media (‘Skydance’), a content production studio led by David Ellison... View Details
Keywords: Film; Television; Superstars; General Management; Investing; Mergers and Acquisitions; Private Equity; Asset Management; Entertainment; Media; Sports; Business or Company Management; Investment; Marketing; Strategy; Financial Services Industry; Sports Industry; Entertainment and Recreation Industry
Elberse, Anita, and David Moreno Vicente. "RedBird Capital Partners." Harvard Business School Case 525-049, February 2025.
- January 2020
- Article
How Do Venture Capitalists Make Decisions?
By: Paul A. Gompers, William Gornall, Steven N. Kaplan and Ilya A. Strebulaev
We survey 885 institutional venture capitalists (VCs) at 681 firms to learn how they make decisions across eight areas: deal sourcing, investment selection, valuation, deal structure, post-investment value-added, exits, internal firm organization, and relationships... View Details
Gompers, Paul A., William Gornall, Steven N. Kaplan, and Ilya A. Strebulaev. "How Do Venture Capitalists Make Decisions?" Journal of Financial Economics 135, no. 1 (January 2020): 169–190.
- October 2019
- Case
Hony Capital and Jushi Group
By: Josh Lerner, Shai Bernstein and Ann Leamon
Hony Capital, a multi-billion dollar private equity firm based in China, is investing in a subsidiary of Jushi Group, a Chinese company that is one of the world's largest fiberglass producers. The specific project will build a plant in the United States. In this case,... View Details
Keywords: Real Estate; Investing; Fundraising; Manufacturing; Private Equity; Asset Management; Finance; Investment; Venture Capital; China; United States
Lerner, Josh, Shai Bernstein, and Ann Leamon. "Hony Capital and Jushi Group." Harvard Business School Case 820-040, October 2019.
- 20 Mar 2000
- Research & Ideas
Incubators: The New Venture Capitalists?
They're attracting the attention of venture capital firms, who are starting their own "venture catalyst" experiments. They're catching the eye of potential startups, looking for ways to get to... View Details
Keywords: by Kenneth Liss
- October 2009
- Article
Influence and Inefficiency in the Internal Capital Market
By: Julie Wulf
I model inefficient resource allocations in M-form organizations due to influence activities by division managers that skew capital budgets in their favor. Corporate headquarters receives two types of signals about investment opportunities: private signals that can be... View Details
Keywords: Capital Markets; Resource Allocation; Business Processes; Capital Budgeting; Business Headquarters; Investment; Opportunities; Cost; Value; Motivation and Incentives; Equity
Wulf, Julie. "Influence and Inefficiency in the Internal Capital Market." Journal of Economic Behavior & Organization 72, no. 1 (October 2009): 305–321.
- July 2017
- Case
Centerbridge Partners and Great Wolf Resorts: Buying from a Highly Regarded Competitor
By: Josh Lerner, John D. Dionne and Amram Migdal
The case examines the March 2015 Centerbridge Partners investment decision regarding whether to acquire Great Wolf Resorts, a North American family-oriented indoor water parks and hotel operator, from a private equity (PE) competitor, Apollo Global Management. The case... View Details
Keywords: Private Equity Financing; Commercial Mortgage Backed Securities; CMBS; Secondary Buyouts; Business Ventures; Acquisition; Finance; Borrowing and Debt; Cost; Cost of Capital; Equity; Private Equity; Financial Instruments; Debt Securities; Accommodations Industry; Entertainment and Recreation Industry; Financial Services Industry; North and Central America; United States
Lerner, Josh, John D. Dionne, and Amram Migdal. "Centerbridge Partners and Great Wolf Resorts: Buying from a Highly Regarded Competitor." Harvard Business School Case 818-023, July 2017.
- July 2017
- Supplement
Centerbridge Partners and Great Wolf Resorts (B)
By: Josh Lerner, John D. Dionne and Amram Migdal
The case examines the aftermath of the March 2015 Centerbridge Partners acquisition of Great Wolf Resorts, a North American family-oriented indoor water parks and hotel operator, from a private equity (PE) competitor, Apollo Global Management. View Details
Keywords: Private Equity Financing; Commercial Mortgage Backed Securities; CMBS; Secondary Buyouts; Business Ventures; Acquisition; Leveraged Buyouts; Business Exit or Shutdown; Finance; Borrowing and Debt; Cost; Cost of Capital; Equity; Private Equity; Financial Instruments; Debt Securities; Accommodations Industry; Entertainment and Recreation Industry; Financial Services Industry; North and Central America; United States
Lerner, Josh, John D. Dionne, and Amram Migdal. "Centerbridge Partners and Great Wolf Resorts (B)." Harvard Business School Supplement 818-024, July 2017.
- May 2021
- Article
Mutual Funds as Venture Capitalists? Evidence from Unicorns
By: Josh Lerner, Sergey Chernenko and Yao Zeng
The past decade saw the rise of both “founder-friendly” venture financings and non-traditional investors, frequently with liquidity constraints. Using detailed contract data, we study open-end mutual funds investing in private venture-backed firms. We posit an... View Details
Keywords: Investment Funds; Investment; Business Startups; Venture Capital; Private Equity; Governance
Lerner, Josh, Sergey Chernenko, and Yao Zeng. "Mutual Funds as Venture Capitalists? Evidence from Unicorns." Review of Financial Studies 34, no. 5 (May 2021): 2362–2410.
- July 2008
- Case
Aurora Capital Group - Douglas Dynamics
Aurora Capital, a U.S. Private Equity firm, contemplates whether to acquire Douglas Dynamics, the leading U.S. maker of snow plows. Does a business that is highly dependent on the weather, and is seasonal, make a good LBO candidate? This case provides a good... View Details
El-Hage, Nabil N., Birche Fishback, Blake Gottesman, and Michael Marino. "Aurora Capital Group - Douglas Dynamics." Harvard Business School Case 209-010, July 2008.
- 17 Sep 2018
- Blog Post
My Summer as a Venture Capitalist
This summer I had the opportunity to intern at a venture firm based in Boston called Underscore. Their approach during the interview process really stood out to me and set me up for a summer where I was able to make an impact. What do you... View Details
Keywords: Venture Capital / Private Equity
- 01 Oct 2000
- News
The Entrepreneurial Venture
being a nuisance. Owades: No offense but I think the best situation is not to need venture capital money! For Calyx & Corolla, the top VCs were courting me, but I realized I didn't need them. So I started... View Details
- July 2021
- Case
Bessemer Venture Partners: Century Fund
By: Jo Tango and Alys Ferragamo
In July of 2021, Bessemer Venture Partners (BVP) contemplated the future of its growth investing practice, known as “Century.” While still relatively new as a focused initiative, BVP’s growth investing already had significant momentum. The fund’s investment pace had... View Details
Keywords: Leveraged Buyouts; Financial Institutions; Growth and Development Strategy; Investment Banking; Competitive Strategy; Public Sector; Venture Capital; Private Equity; Acquisition
Tango, Jo, and Alys Ferragamo. "Bessemer Venture Partners: Century Fund." Harvard Business School Case 822-009, July 2021.
- September 1998 (Revised July 1999)
- Case
Spyder Active Sports, Inc. and CHB Capital Partners (A)
By: John A. Davis, Louis B. Barnes and Peter K. Botticelli
After establishing a small but profitable skiwear business, an entrepreneur decides to sell a minority stake in the firm to outside investors. His goal is to acquire the capital needed to grow the business, even though this will entail a substantial transformation of... View Details
Keywords: Organizational Change and Adaptation; Private Equity; Family Business; Business Growth and Maturation; Entrepreneurship; Apparel and Accessories Industry; Sports Industry
Davis, John A., Louis B. Barnes, and Peter K. Botticelli. "Spyder Active Sports, Inc. and CHB Capital Partners (A)." Harvard Business School Case 899-084, September 1998. (Revised July 1999.)
- January 2025
- Case
Arsenal Capital Partners' Refinancing of Pinnacle
By: Victoria Ivashina and Srimayi Mylavarapu
Arsenal Capital Partners’ portfolio company, Pinnacle, a leading producer of high-performance adhesive technologies, has experienced rapid growth under Arsenal’s ownership. Over just two years, Pinnacle's EBITDA increased from $13.5 million to $60 million. By mid-2021,... View Details
Keywords: Business Exit or Shutdown; Decision Choices and Conditions; Private Equity; Financing and Loans; Growth Management
Ivashina, Victoria, and Srimayi Mylavarapu. "Arsenal Capital Partners' Refinancing of Pinnacle." Harvard Business School Case 225-075, January 2025.
- 13 Dec 2022
- Research & Ideas
The Color of Private Equity: Quantifying the Bias Black Investors Face
Black venture capital and growth investors have a much harder time getting funding than white investors, because—despite efforts to bring more racial diversity to financial services—private equity’s... View Details
- December 2009
- Case
Milliway Capital & Martin Smith: November 2008
By: G. Felda Hardymon, Matthew Rhodes-Kropf and Ann Leamon
Martin Smith, a recent MBA graduate, has just joined a top-tier venture capital firm in the difficult environment of late 2008. One of his first assignments is to review three companies in a partner's portfolio and recommend strategies for managing them. In addition,... View Details
Keywords: Investment Portfolio; Financial Management; Private Equity; Business Strategy; Partners and Partnerships; Venture Capital; Business or Company Management
Hardymon, G. Felda, Matthew Rhodes-Kropf, and Ann Leamon. "Milliway Capital & Martin Smith: November 2008." Harvard Business School Case 810-088, December 2009.
- September 2009 (Revised September 2010)
- Case
Avid Radiopharmaceuticals and Lighthouse Capital Partners
By: Matthew Rhodes-Kropf and Ann Leamon
In fall 2008, a venture lender must decide whether to make a loan to Avid, a small but promising venture-backed life sciences firm. In reviewing her proposal, Cristy Barnes considers the company's characteristics and how they differ from a typical investment. At the... View Details
Keywords: Business Startups; Decision Choices and Conditions; Financial Crisis; Venture Capital; Private Equity; Financing and Loans; Investment; Financial Services Industry; Health Industry
Rhodes-Kropf, Matthew, and Ann Leamon. "Avid Radiopharmaceuticals and Lighthouse Capital Partners." Harvard Business School Case 810-054, September 2009. (Revised September 2010.)