Publications

02 Dec 2019
News

Championing the HBS Fund

Scholar) that same year. An Investment in R&D While they’ve lived in California since graduation, their ties to Harvard remain strong. In addition to making gifts to Harvard College and Harvard Medical School, they have been annual donors... View Details

Keywords: Colleges, Universities, and Professional Schools; Educational Services

June 2006 (Revised January 2007)
Case

Dana Hall: Funding a Mission (A)

By: F. Warren McFarlan, Herman B. Leonard and Melissa Tritter

Dana Hall is a private all-girls school in New England facing a crisis in its mission. As social norms shift away from single-sex education, the school's enrollment is falling and deficits are becoming the norm. At the same time, the modern vision for girls' education... View Details

Keywords: Crisis Management; Financing and Loans; Nonprofit Organizations; Mission and Purpose; Strategic Planning; Education Industry; England

22 Apr 2024
Research & Ideas

When Does Impact Investing Make the Biggest Impact?

The idea of supporting social change has propelled impact investing assets to more than $1 trillion. But what if those funds aren’t as impactful as investors expect? Recent Harvard Business School research... View Details

Keywords: by Rachel Layne

Web

Donor-Advised Fund - Alumni

income and principal. You can add to your donor-advised fund at any time. Expert Financial Management Harvard Management Company (HMC) manages the investment of Harvard donor-advised funds. HMC has... View Details

16 Jun 2015
News

Huge growth in China’s money funds poses risk

February 1997 (Revised March 1998)
Case

Smith Breeden Associates: The Equity Plus Fund (A)

By: Robert C. Merton and Alberto Moel

In early 1997, Smith Breeden Associates, a money management and consulting firm, was pondering the future of the Equity Plus Fund. The Equity Plus Fund was an S&P enhanced-index fund that tried to outperform the S&P Index by replicating the index using low-cost... View Details

Keywords: Assets; Cash; Financial Markets; Financial Strategy; Mortgages; Investment Funds; Investment Portfolio; Marketing; Performance; Consulting Industry

July 2003 (Revised December 2003)
Case

Investment Policy at New England Healthcare

By: Jay O. Light, Luis M. Viceira and Akiko M. Mitsui

The Investment Committee of New England Healthcare must decide how to invest three long-term investment pools: a long-term, endowment-type fund and two pension plans. In particular, the committee is evaluating whether the two pension funds--one is a "final salary"... View Details

Keywords: Decisions; Asset Management; Investment; Investment Portfolio; Policy; Taxation; Health Industry; England

05 Jun 2020
Research & Ideas

How Anchor Investors Help Impact Funds Succeed

so-called impact funds, or funds that hope to create positive social or environmental impact. In Anchors Aweigh: Analysis of Anchor Limited Partner Investors in Impact Investment Funds, the authors describe... View Details

Keywords: by Sean Silverthorne; Financial Services

January 1982
Case

Fairhaven Corp. Pension Fund

By: Jay O. Light

Keywords: Compensation and Benefits; Investment Funds

Find at Harvard

August 2008 (Revised May 2009)
Case

Kmart and ESL Investments (A)

By: Stuart C. Gilson and Sarah Abbott

A major bankrupt retailer is poised to emerge from Chapter 11. Two activist hedge funds ("vulture investors") will own over 50% of reorganized Kmart's common stock, based on prior investments in Kmart's debt claims, and an infusion of new equity financing. The Chapter... View Details

Keywords: Restructuring; Capital Structure; Insolvency and Bankruptcy; Investment; Investment Activism; Valuation; Financial Services Industry; Retail Industry; United States

February 2024
Case

Nuwa Capital: Investing During Uncertainty

By: Paul A. Gompers and Fares Khrais

Nuwa Capital (Nuwa) was a venture capital firm based in Dubai in the United Arab Emirates and Riyadh in Saudi Arabia. The business was founded in 2020 by Khaled Talhouni and his partners Sarah Abu Risheh, and Stephanie Nour Prince (they were later joined by Nitin Reen... View Details

Keywords: Corporate Entrepreneurship; Business Startups; Disruption; Entrepreneurship; Venture Capital; Investment; Growth and Development Strategy; Business Strategy; Decisions; Middle East; Saudi Arabia; United Arab Emirates; Dubai; Bahrain

November 2010 (Revised August 2016)
Case

The Changing Face of Angel Investing

By: William A. Sahlman and Evan Richardson

Angel investors Ram Shriram, Mike Maples, Eric Paley, James Geshweiler, and Jim Southern discuss their investment philosophies and the changing landscape of angel investing. Questions include: • How has angel investing changed in the last few years? • How do you... View Details

Keywords: Investment; Venture Capital; Investment Funds

June 2011 (Revised September 2011)
Case

Two Key Decisions for China's Sovereign Fund

By: Robert C. Pozen and Xiaoyu Gu

The China Investment Corporation (CIC) was China's sovereign wealth fund (SWF), established with $200 billion of registered capital in September 2007 to diversify China's foreign exchange holdings and increase risk-adjusted returns on those assets. CIC was unusual in... View Details

Keywords: Business Subsidiaries; Business Growth and Maturation; Decisions; Capital; Investment Banking; Investment Funds; Corporate Social Responsibility and Impact; Ownership; Business and Shareholder Relations; Risk and Uncertainty; Wealth; Expansion; Financial Services Industry; China; United States

July 2008 (Revised August 2008)
Supplement

Fidelity Investments' Charitable Gift Fund (B)

By: Robert C. Pozen

The (B) case informs students of Fidelity's decision about pursuing a business process patent for its charitable gift fund and describes subsequent litigation and lawsuits filed by other companies over business process patent issues. View Details

Keywords: Investment Funds; Patents; Lawsuits and Litigation; Business Processes

Find at Harvard

June 1983 (Revised July 1986)
Case

Hamilton Closed-End Income Fund

By: Jay O. Light

Keywords: Investment Funds; Capital Markets

Find at Harvard

15 Apr 2015
News

New Enterprise Raises Record-Breaking $2.8 Billion Venture Fund

21 Nov 2014
News

Pension Funds Lambaste Private-Equity Fees

2024
Working Paper

Private Equity Fund Valuation Management during Fundraising

By: Brian K. Baik

I investigate whether and how private equity fund managers (GPs) inflate their interim fund valuations (net asset values or NAVs) during fundraising periods. Specifically, I study the extent to which the GPs inflate NAVs by managing valuation assumptions (e.g.,... View Details

Keywords: Private Equity; Institutional Investors; Valuation Multiples; Earnings Management; Private Firms; Valuation; Investment Funds