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(Revised from original 2004 version)
Montagu Private Equity (A)
Describes the dilemma facing Chris Masterson, the head of HSBC's private equity division, in negotiating this team's buyout of its organization from HSBC, its corporate parent since 1992. Discusses the pros and cons of being a captive fund and the delicate balance among many interests--limited partners, team members, the parent, and the investee companies--that must be maintained.
Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Montagu Private Equity (A)." Harvard Business School Case 804-051, May 2004. (Revised from original January 2004 version.)