Case | HBS Case Collection | April 2009 (Revised December 2010)

Equity International: The Second Act

by Nicolas P. Retsinas, Ben Creo and Ricardo Reisen de Pinho


Thomas McDonald, senior vice president of Equity International (EI), is weighing an investment in the Brazilian homebuilder Gafisa. Was this the right country? The right company? The right co-investor? The right time? McDonald would be investing alongside a Brazilian private equity firm, GP Investments, and must decide how to structure the investment. Especially, he must decide how to align his interests with those of GP. GP has recruited EI due to its prior experience with the Mexican homebuilder Gafisa. McDonald must also consider: Is that experience transferable to this investment?

Keywords: Private Equity; Investment; Emerging Markets; Partners and Partnerships; Interests; Brazil;


Retsinas, Nicolas P., Ben Creo, and Ricardo Reisen de Pinho. "Equity International: The Second Act." Harvard Business School Case 209-110, April 2009. (Revised December 2010.)