G. Felda Hardymon

MBA Class of 1975 Professor of Management Practice

Unit: Entrepreneurial Management

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(617) 495-6419

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Felda Hardymon is MBA Class of 1975 Professor of Management Practice at Harvard Business School, where he has taught Venture Capital and Private Equity as well as The Entreprenurial Manager, and is a Partner at Bessemer Venture Partners, a global first-tier venture firm.

Felda graduated from Rose Polytechnic Institute with a degree in mathematics. He attended Duke University, where he earned a Ph.D. in mathematics and remained at Duke to teach, eventually serving as Duke's Director of Systems and Research. He left Duke, and an academic career, to attend HBS (MBA '79, Baker Scholar), and in 1979 joined Business Development Services, Inc. (BDSI), the venture capital subsidiary of General Electric.

At BDSI Felda became a Vice President and was an investor in the start-up of Stratus Computer (the second fault-tolerant computer company, later sold to Ascend), the turnaround of Western Digital (a communications chip company, later to become a disk drive company), and the growth financing of Ungermann-Bass (the first local-area network company, later sold to Newbridge Networks).

Felda joined Bessemer Venture Partners (BVP) as a general partner in 1981. BVP is among the oldest venture firms (founded 1911) with offices in Cambridge (MA), Larchmont (NY), Silicon Valley, Herzliya (Israel), Bangalore and Mumbai (India). BVP invests approximately $300 million annually worldwide and has over $3 billion under management.

Felda has led BVP's investment in a number of young companies in the software, communications and retail sectors, including American Superconductor, Cascade Communications (acquired by Ascend), Celcore Communications Corp (acquired by DSC), Sahara Networks (acquired by Cascade), Parametric Technology Corp, Metapath Software International (acquired by Marconi), Sirocco Networks (acquired by Sycamore), LBMS (acquired by Platinum Technology), Wavesmith (acquired by Ciena), Celtel International (acquired by MTC), VideoServer (now called Ezenia), Vertica, Streambase and Endeca. His investments in the start-ups of The Sports Authority and Staples were the initial investments for BVP's retail practice.

He served on the Board of Directors of the National Venture Capital Association for a number of years in the 90's where he was Chairman of the Tax Committee. In May 2010 he was awarded the NVCA's rarely given Liftime Achievement Award.

Felda joined the HBS faculty in 1998, and with Josh Lerner developed the second-year MBA elective Venture Capital and Private Equity. He teaches in--and has been course head for--the Private Equity and Venture Capital Executive Education program held each fall.  Beginning December 2010 Felda will be on leave from HBS.  In winter 2011 he will be in residence at London School of Economics and Political Science where he has been appointed Visiting Professor of Finance.

In addition to his teaching duties, Felda continues to serve as a partner of BVP and is currently active with five investments. He serves on four private company boards as well as on the board of directors of Silicon Valley Bancshares (NASDAQ:SIVB). He advises several Venture Capital and Private Equity firms by sitting on investment committees and LP advisory boards.

With Josh Lerner he wrote Venture Capital and Private Equity: A Casebook, Volume II (John Wiley & Sons, 2002). With Josh Lerner and Ann Leamon, he wrote Venture Capital and Private Equity: A Casebook, Third Edition (John Wiley & Sons, 2005) and Venture Capital and Private Equity: A Casebook, Fourth Edition (John Wiley & Sons, 2008). With Ann Leamon, Denis Saulnier and the HBS IT department, he co-authored the VC Game, a massive, multi-player simulation of a venture capital market used to teach portfolio practices in private equity.  Currently Felda is writing a VCPE text book with Josh Lerner and Ann Leamon to be published in the 2011 by John Wiley & Sons.

    Publications

    Books

    1. Venture Capital, Private Equity, and the Financing of Entrepreneurship

      Venture Capital, Private Equity, and the Financing of Entrepreneurship stems from a realization that private equity overall—defined in this volume as venture capital and buyouts but excluding hedge funds—has become a vastly more sizable and influential part of the global economic landscape over the past two decades. The text explores the world of active investing and showcases ways of doing business in a clear and concise manner. With more than 60 years of combined experience as practitioners in and/or academic investigators of private equity, Lerner, Leamon, and Hardymon explain how the fascinating world of private equity works, from start to finish, how it creates value, and where it may destroy value.

      Keywords: Venture Capital; Private Equity; Financing and Loans; Entrepreneurship;

      Citation:

      Lerner, Josh, Ann Leamon, and Felda Hardymon. Venture Capital, Private Equity, and the Financing of Entrepreneurship. New York: John Wiley & Sons, 2012.
    2. Venture Capital & Private Equity: A Casebook (5th Edition)

      Venture Capital & Private Equity: A Casebook, 5th edition provides an understanding of the ways in which private equity groups work. The casebook builds an understanding of the key distinctions in the industry and reviews and applies key ideas of corporate finance. The 5th edition continues to explore a wide variety of valuation approaches, from techniques widely used in practice to methods less frequently seen in practice today but likely to be increasingly important in the future years.

      Keywords: Venture Capital; Private Equity; Books;

      Citation:

      Lerner, Josh, Felda Hardymon, and Ann Leamon. Venture Capital & Private Equity: A Casebook (5th Edition). New York: John Wiley & Sons, 2012. (New York: John Wiley & Sons, 2001 (second edition) (with Felda Hardymon). Beijing: Economic Science Press, 2002 (Chinese translation of the second edition). Tokyo: Toyo Keizai Shinposha, 2003 (Japanese translation of the second edition). New York: John Wiley and Sons, 2004 (third edition) (with Felda Hardymon and Ann Leamon). New York: John Wiley & Sons, 2008 (fourth edition) (with Felda Hardymon and Ann Leamon). Beijing: CITIC Press, 2013 (Chinese translation of the fifth edition).)

    Cases and Teaching Materials

    1. Vignette: Alternative Liquidity Options

      The growth of companies that facilitate the sales of unregistered stock, such as that granted to employees of successful but long-private companies, has raised a number of questions among regulators, investors, and company founders. This brief vignette sketches out some of the benefits and drawbacks of alternative methods of liquidity.

      Keywords: Financial Liquidity; Private Equity; Stocks; Business Growth and Maturation; Sales;

      Citation:

      Hardymon, Felda, Josh Lerner, and Ann Leamon. "Vignette: Alternative Liquidity Options." Harvard Business School Case 812-070, October 2011. (Revised December 2011.)
    2. The Canada Pension Plan Investment Board (TN)

      Keywords: Retirement; Investment Funds; Canada;

      Citation:

      Lerner, Josh, Felda Hardymon, and Ann Leamon. "The Canada Pension Plan Investment Board (TN)." Harvard Business School Teaching Note 812-069, November 2011.
    3. VCPE Strategy Vignettes: 2012

      This compilation of five vignettes depicts common challenges confronting venture capital and leveraged buyout groups. They range from when to deviate from a strategy and how to manage an inept but well-connected executive to equity splits among founders and whether to invest more money in a promising but struggling company. The final vignette summarizes the Simmons Bedding bankruptcy saga.

      Keywords: Strategy;

      Citation:

      Lerner, Josh, Felda Hardymon, Matthew Rhodes-Kropf, Ann Leamon, and Lisa Strope. "VCPE Strategy Vignettes: 2012." Harvard Business School Compilation 812-073, November 2011.
    4. Venture Capital and Private Equity: Module II

      Provides an overview of a module that focuses on the interaction between private equity investors and the firms they finance.

      Keywords: Business Ventures; Venture Capital; Private Equity; Financing and Loans; Investment; Business and Stakeholder Relations;

      Citation:

      Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "Venture Capital and Private Equity: Module II." Harvard Business School Module Note 297-041, October 1996. (Revised May 2011.)
    5. Note on the Private Equity Fundraising

      Provides an overview of raising venture capital and private equity funds.

      Keywords: Venture Capital; Private Equity; Investment Funds;

      Citation:

      Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "Note on the Private Equity Fundraising." Harvard Business School Background Note 201-042, September 2000. (Revised April 2011.)
    6. Venture Capital and Private Equity: Module I

      Provides an overview of a module that focuses on how private equity funds are raised and structured.

      Keywords: Venture Capital; Private Equity; Investment Funds;

      Citation:

      Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "Venture Capital and Private Equity: Module I." Harvard Business School Module Note 297-040, October 1996. (Revised April 2011.)
    7. Venture Capital and Private Equity: Module III

      Provides an overview of a module that focuses on existing venture capital and other private equity investments.

      Keywords: Venture Capital; Private Equity; Investment;

      Citation:

      Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "Venture Capital and Private Equity: Module III." Harvard Business School Module Note 297-042, October 1996. (Revised April 2011.)
    8. Venture Capital and Private Equity: Module IV

      Provides an overview of a module that focuses on the adaptation of the private equity model to corporate and nonprofit settings.

      Keywords: Venture Capital; Private Equity; Investment; Nonprofit Organizations; Adaptation;

      Citation:

      Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "Venture Capital and Private Equity: Module IV." Harvard Business School Module Note 297-043, October 1996. (Revised April 2011.)
    9. Sandhar Technologies Group, Ltd.

      Jayant Davar, CEO and founder of Sandhar Technologies Group, a privately held auto components maker in India, is trying to decide how best to grow the company. He recently took a $22 million investment from Actis Capital, a major emerging markets private equity firm, to consummate an acquisition with a South Indian competitor. Options that Davar considers include acquisitions in developed markets, efforts to increase export sales, and greater investment R&D facilities. But these mean changing the customer-centric strategy that has been key to Sandhar's success. Perhaps he should simply continue what has worked for so long, riding India's 20% domestic growth.

      Keywords: Private Equity; Business Growth and Maturation; Competitive Advantage; Entrepreneurship; Mergers and Acquisitions; Emerging Markets; Growth and Development Strategy; Manufacturing Industry; Auto Industry; India;

      Citation:

      Hardymon, G. Felda, and Ann Leamon. "Sandhar Technologies Group, Ltd." Harvard Business School Case 808-011, February 2008. (Revised March 2011.)
    10. Milliway Capital: Battening Down the Hatches

      Facing the downturn in late 2008, the partners in a West-Coast venture capital firm are trying to decide how to manage their portfolio companies and whether to make new investments. Not only must they consider the particulars of each company individually, but they must also think about how to manage the entire firm's portfolio.

      Keywords: Financial Crisis; Venture Capital; Financial Management; Investment Portfolio; Financial Services Industry; Western United States;

      Citation:

      Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "Milliway Capital: Battening Down the Hatches." Harvard Business School Case 809-072, January 2009. (Revised March 2011.)
    11. Dave and Millie: A Tale of Two Entrepreneurs

      Two entrepreneurs have just been told by their venture capital backer to prepare a list of possible cuts to help them weather the 2008–2009 economic downturn. The impact on each firm is very different: one is a later-stage company with revenues in excess of $100 million; the other a pre-revenue company trying to raise its first institutional round. The entrepreneurs must consider their options and the impact on their companies' growth and, perhaps, survival.

      Keywords: Business Growth and Maturation; Business Startups; Decision Choices and Conditions; Financial Crisis; Entrepreneurship; Venture Capital; Cost Management; Growth and Development Strategy;

      Citation:

      Hardymon, G. Felda, and Ann Leamon. "Dave and Millie: A Tale of Two Entrepreneurs." Harvard Business School Case 809-109, April 2009. (Revised March 2011.)
    12. Between a Rock and a Hard Place: Valuation and Distribution in Private Equity

      Introduces the issues attendant to valuing privately held portfolios and distributing thinly traded stock. Although they have existed since the beginning of the formal venture capital industry, they have received increasing amounts of attention as the money invested in private equity has grown. Presents the perspectives of the many participants in the industry.

      Keywords: Venture Capital; Private Equity; Stocks; Investment Portfolio; Valuation; Financial Services Industry;

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Between a Rock and a Hard Place: Valuation and Distribution in Private Equity." Harvard Business School Background Note 803-161, February 2003. (Revised March 2011.)
    13. VCPE Strategy Vignettes I

      These three vignettes present various issues around the strategy and management of venture capital and private equity firms. In one, the general partners must decide whether to invest in an intriguing opportunity that lies outside the firm's carefully developed investment strategy; in the second, a new associate must decide whether or not to keep a promising but under-performing investment in the portfolio and in the third, a minority investor in a Chinese company considers removing a politically connected but ineffective controller.

      Keywords: Venture Capital; Private Equity; Financial Strategy; Projects; Decision Choices and Conditions; Partners and Partnerships; Opportunities; Investment Portfolio; Business or Company Management; China;

      Citation:

      Lerner, Josh, G. Felda Hardymon, Matthew Rhodes-Kropf, Ann Leamon, and Lisa Strope. "VCPE Strategy Vignettes I." Harvard Business School Compilation 811-043, December 2010.
    14. VCPE Strategy Vignettes II

      These three vignettes present various issues around the strategy and management of venture capital and private equity firms. In one, a senior partner must decide how to manage an over-extended colleague and how to reduce the risk of the firm's portfolio; the second examines the problem of dividing stock among founders and the last summarizes the experience of Simmons Bedding, a US company that declared bankruptcy after 25 years of rotating private equity ownership.

      Keywords: Venture Capital; Private Equity; Cost vs Benefits; Insolvency and Bankruptcy; Investment Portfolio; Ownership; Partners and Partnerships; Risk Management; Stocks; Problems and Challenges; United States;

      Citation:

      Lerner, Josh, G. Felda Hardymon, Matthew Rhodes-Kropf, Ann Leamon, and Lisa Strope. "VCPE Strategy Vignettes II." Harvard Business School Compilation 811-054, December 2010.
    15. Digital Media Group: The Shanghai Bid

      In December 2008, Thomas G. Tsao, acting CEO of Digital Media Group (DMG), a venture-backed provider of technology and media used primarily in subways, must decide how to structure the company's bid for the advertising concession in Shanghai's 13 existing and planned subway lines. This is complicated by the fact that he is also a general partner in Gobi Partners, one of DMG's largest investors. The company is bidding against its largest competitor, which also investigated acquiring DMG a few months before. DMG has very little cash, and the publicly traded competitor knows it. How does Tom structure the bid? How does he get the money for it? How does he manage the company, given its inability to attract a CEO and his firm's need to have an exit? Lastly, how does he manage his responsibilities—to his firm, his limited partners, his coinvestors, and the company?

      Keywords: Advertising; Entrepreneurship; Venture Capital; Corporate Accountability; Business or Company Management; Bids and Bidding; Business and Stakeholder Relations; Competitive Strategy; Advertising Industry; Technology Industry; Shanghai;

      Citation:

      Hardymon, G. Felda, and Ann Leamon. "Digital Media Group: The Shanghai Bid." Harvard Business School Case 810-099, February 2010. (Revised August 2010.)
    16. Creative Capital: Sustaining the Arts

      Creative Capital provides grants to individual artists using a venture capital model—the money comes with guidance and governance. Artists receive money as milestones are reached and also receive guidance on managing their lives and business to increase their sustainability. But as Ruby Lerner, CEO of Creative Capital, looks to the organization's next decade, how can she ensure the sustainability of this high-touch, uniquely individual model?

      Keywords: Arts; Business Model; Entrepreneurship; Venture Capital; Growth and Development Strategy; Nonprofit Organizations; Financial Services Industry;

      Citation:

      Hardymon, G. Felda, and Ann Leamon. "Creative Capital: Sustaining the Arts." Harvard Business School Case 810-098, March 2010. (Revised August 2010.)
    17. Gobi Partners and DMG

      Thomas G. Tsao, founding general partner of Gobi Partners, an early stage venture capital firm in China, must decide how to manage his firm's largest investment after the departure of the CEO. Tom has temporarily stepped in as CEO, but finding a replacement with the necessary technical and language skills is difficult. Moreover, the company is facing significant challenges in winning business and restructuring its own operations. Should Tom stay on as CEO? Revisit one of the candidates who had withdrawn? Try harder to sell the company? At what price? The case provides an opportunity to discuss the issue of active investment management in an emerging market from the perspectives of the many stakeholders involved.

      Keywords: Restructuring; Competency and Skills; Decision Choices and Conditions; Venture Capital; Investment; Business or Company Management; Management Succession; Emerging Markets; Problems and Challenges; Business and Stakeholder Relations; China;

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Gobi Partners and DMG." Harvard Business School Case 810-095, January 2010. (Revised April 2010.)
    18. Manchester Bidwell Corporation: the Replication Question

      Bill Strickland, CEO of Manchester Bidwell Corporation, must decide the best way to replicate his innovative, award-winning approach to curing poverty. Manchester Bidwell's approach, which provides both adult job-training tuned to fill the needs of local industries and after-school art instruction for at-risk youth, has proven highly effective over the 40 years Strickland has operated it. He wants to replicate this strategy across 100 or 200 cities, but progress has been slow. Is the current intensive approach correct, or should he change it? What would be at risk? How can he best provide his “cure for poverty” to the greatest number of communities?

      Keywords: Corporate Entrepreneurship; Nonprofit Organizations; Growth and Development; Social Enterprise; Poverty; Training; Competency and Skills; Jobs and Positions; Human Resources;

      Citation:

      Stuart, Toby E., G. Felda Hardymon, James L. Heskett, and Ann Leamon. "Manchester Bidwell Corporation: the Replication Question." Harvard Business School Case 810-097, April 2010.
    19. Firm Strategy Vignettes

      These three vignettes present various issues around the strategy and management of a private equity firm. In one, a senior partner must decide how to manage an over-extended colleague and how to reduce the risk of the firm's portfolio; in the second, a limited partner must decide how to respond to tensions between general partners in a fund, and in the third, the general partners must decide whether to invest in an intriguing opportunity that lies outside the firm's carefully developed investment strategy.

      Keywords: Outcome or Result; Business Strategy; Problems and Challenges; Private Equity; Venture Capital; Investment Portfolio; Partners and Partnerships;

      Citation:

      Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "Firm Strategy Vignettes." Harvard Business School Compilation 810-087, January 2010. (Revised March 2010.)
    20. Milliway Capital & Martin Smith: November 2008

      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, the partner also has an opportunity to invest in a long-desired company at a good price. Each company presents different potential risks and rewards, both financial and reputational, for Milliway, the partner, and Martin.

      Keywords: Investment Portfolio; Financial Management; Private Equity; Business Strategy; Partners and Partnerships; Venture Capital; Business or Company Management;

      Citation:

      Hardymon, G. Felda, Matthew Rhodes-Kropf, and Ann Leamon. "Milliway Capital & Martin Smith: November 2008." Harvard Business School Case 810-088, December 2009.
    21. Actis: January 2008

      Paul Feltcher, the CEO of Actis, a leading private equity investor in emerging markets, is preparing for an executive retreat at which the management team will consider how best to position the firm for the future. Actis could move in a number of different directions by expanding into new geographies, asset classes, or deal sizes. Choices made along these dimensions all have different implications for the degree of cohesion between the regions and the headquarters in London, the types of funds the firm will raise, and the skills required of employees. One of the final challenges is whether Actis, which has produced a very good track record, even needs to change its business model at this point.

      Keywords: Business Model; Private Equity; Investment; Growth and Development Strategy; Management Teams; Emerging Markets; Organizational Change and Adaptation;

      Citation:

      Hardymon, Felda, Josh Lerner, and Ann Leamon. "Actis: January 2008." Harvard Business School Case 808-130, March 2008. (Revised June 2009.)
    22. The Canada Pension Plan Investment Board

      The Canada Pension Plan Investment Board is one of the largest and fastest-growing pools of investment capital in the world and follows an unusually active program of investment management. In the market turmoil of late 2008, Mark Wiseman, Senior Vice President of the Private Investments Department, must decide if this approach is still the best way to fulfill his organization's goal of protecting and increasing the pension assets of 17 million Canadians.

      Keywords: Financial Crisis; Asset Management; Capital; Financial Management; Investment; Financial Services Industry; Canada;

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "The Canada Pension Plan Investment Board." Harvard Business School Case 809-073, January 2009. (Revised April 2009.)
    23. Adams Capital Management: Fund IV (TN)

      Keywords: Financial Management; Investment;

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Adams Capital Management: Fund IV (TN)." Harvard Business School Teaching Note 808-053, December 2007. (Revised April 2009.)
    24. Motilal Oswal Financial Services Ltd.: An IPO in India (TN)

      Teaching Note for [807095].

      Keywords: Private Equity; Initial Public Offering; Revenue; Valuation; Going Public; Emerging Markets; Investment; Financial Services Industry; India;

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Motilal Oswal Financial Services Ltd.: An IPO in India (TN)." Harvard Business School Teaching Note 809-018, March 2009.
    25. Tad O'Malley: The Investment Conundrum (TN)

      Teaching Note for [808125].

      Keywords: Investment; Opportunities; Leveraged Buyouts; Personal Development and Career; Resource Allocation;

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Tad O'Malley: The Investment Conundrum (TN)." Harvard Business School Teaching Note 809-044, August 2008.
    26. The Power to Persuade (Abridged)

      This note develops and explains a five-part framework for persuading others to support (or not oppose) a desired course of action.

      Keywords: Framework; Management Skills; Negotiation Tactics; Power and Influence; Cooperation;

      Citation:

      Watkins, Michael, G. Felda Hardymon, and Ann Leamon. "The Power to Persuade (Abridged)." Harvard Business School Background Note 809-037, August 2008. (Revised July 2012.)
    27. Pawson Foundation: August 2006 (TN)

      Teaching Note for [806042].

      Keywords: Venture Capital; Budgets and Budgeting; Investment Funds;

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Pawson Foundation: August 2006 (TN)." Harvard Business School Teaching Note 809-016, August 2008.
    28. The Blackstone Group's IPO (TN)

      Teaching Note for [808100].

      Keywords: Financial Liquidity; Public Ownership; Initial Public Offering; Business and Stakeholder Relations; Organizational Structure; Financial Services Industry; China;

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "The Blackstone Group's IPO (TN)." Harvard Business School Teaching Note 809-036, August 2008.
    29. Venture Capital Vignettes: Difficult Financings

      These three short vignettes depict investment professionals considering difficult financings for companies in their portfolios. For one reason or another, each company has under-performed expectations. Should the protagonist recommend that the firm participate or not, or should he try to revise it? Can the firm exercise any influence, and are the potential gains worth the time and effort that will be required?

      Keywords: Decision Choices and Conditions; Venture Capital; Financing and Loans; Investment Portfolio; Performance Expectations;

      Citation:

      Hardymon, G. Felda, and Ann Leamon. "Venture Capital Vignettes: Difficult Financings." Harvard Business School Case 809-003, July 2008.
    30. 3i Group plc: May 2006 (TN)

      Teaching Note for [807006].

      Keywords: Financial Services Industry;

      Citation:

      Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "3i Group plc: May 2006 (TN)." Harvard Business School Teaching Note 809-013, July 2008.
    31. Portfolio & Partnership (TN)

      Teaching Note for [806036].

      Citation:

      Hardymon, G. Felda, and Ann Leamon. "Portfolio & Partnership (TN)." Harvard Business School Teaching Note 809-017, July 2008.
    32. Vignettes on Governance of Private Equity Firms

      In a series of vignettes, Nigella Hardy-Smyth of an international development agency that invests in emerging markets private equity firms must decide how to handle various situations that arise. As a member of the Limited Partner Advisory Board of each of the five firms, she must contend with a fund manager with an indistinct mandate, a manager who wants to exceed the concentration limit in an investment, tension between a star investor and her other partners, a founding partner who wants to fire the rest of his senior team, and a limited partner seeking preferential treatment that might benefit his fund to the detriment of the other limited partners. The process of discussing these helps the class explore the nuanced role of a limited partner in a private equity firm.

      Keywords: Private Equity; Investment Funds; Corporate Governance; Governing and Advisory Boards; Managerial Roles; Emerging Markets; Partners and Partnerships;

      Citation:

      Hardymon, G. Felda, Ann Leamon, and Eugenia Adofo. "Vignettes on Governance of Private Equity Firms." Harvard Business School Case 808-168, June 2008. (Revised February 2013.)
    33. A Note on Limited Partner Advisory Boards

      This note explores the limited partner advisory boards. Based on interviews with seven experienced limited partners who serve on a number of different advisory boards, it presents the roles of the advisory board, the ways it can influence the general partner, and the reasons for limited partners to serve on them. It also contrasts the findings of this survey with a paper on the performance differential between university endowments and other institutional investors and hypothesizes the reasons behind it.

      Keywords: Corporate Governance; Governing and Advisory Boards; Partners and Partnerships; Power and Influence;

      Citation:

      Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "A Note on Limited Partner Advisory Boards." Harvard Business School Background Note 808-169, June 2008.
    34. Lion Capital and the Blackstone Group: The Orangina Deal

      The managing partners of two private equity firms are hoping to forestall a third bidding round for a target company, the European beverage division of Cadbury Schweppes. As they wait to meet with the CEO, they revisit their assumptions on the deal and review the insights that informed their valuation.

      Keywords: Mergers and Acquisitions; Private Equity; Negotiation Deal; Negotiation Process; Partners and Partnerships; Valuation; Europe;

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Lion Capital and the Blackstone Group: The Orangina Deal." Harvard Business School Case 807-005, December 2006. (Revised May 2008.)
    35. Pawson Foundation: August 2006

      A top-tier venture capital firm has encountered challenging conditions for its recent funds, which have raised "clawback" liabilities. In response, it is charging its investors the difference between the lower budget-based fee that it used and the maximum that the investors might have had to pay. A vice-president of a foundation invested with this firm must decide whether to reinvest in the firm's newest fund.

      Keywords: Venture Capital; Investment Funds; Price; Partners and Partnerships;

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Pawson Foundation: August 2006." Harvard Business School Case 806-042, August 2005. (Revised May 2008.)
    36. Tad O'Malley: The Investment Conundrum

      Tad O'Malley has just started as an associate with Empire Investment Group. He must evaluate three investment opportunities facing the big leveraged buyout firm. All are global, but each pertains to different offices and each deal has different strengths and weaknesses. Which should he recommend to the partners for additional resources and what does a recommendation mean for his career?

      Keywords: Leveraged Buyouts; Decision Choices and Conditions; Private Equity; Investment; Strength and Weakness; Negotiation Deal; Personal Development and Career;

      Citation:

      Hardymon, Felda, Josh Lerner, and Ann Leamon. "Tad O'Malley: The Investment Conundrum." Harvard Business School Case 808-125, February 2008. (Revised May 2008.)
    37. The Blackstone Group's IPO

      Steven Schwarzman, Chairman of the Blackstone Group, has just learned that an investment group associated with the government of China wants to buy the majority of Blackstone's leveraged IPO. As he considers how to respond to this offer, Schwarzman reviews the firm's proposed structure as a public entity and assesses how he might retain the delicate balance among stakeholders while still maintaining liquidity in the market.

      Keywords: Private Equity; Financial Liquidity; Initial Public Offering; Investment; Ownership Stake; Business and Stakeholder Relations;

      Citation:

      Hardymon, Felda, Josh Lerner, and Ann Leamon. "The Blackstone Group's IPO." Harvard Business School Case 808-100, March 2008. (Revised May 2008.)
    38. Warburg Pincus and emgs: The IPO Decision (TN) (A) and (B)

      Teaching Note for [807092] and [808046].

      Keywords: Initial Public Offering; Decision Making; Investment Banking; Financial Services Industry;

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Warburg Pincus and emgs: The IPO Decision (TN) (A) and (B)." Harvard Business School Teaching Note 808-057, May 2008.
    39. Lion Capital and the Blackstone Group: The Orangina Deal (TN)

      Teaching Note for [807005].

      Keywords: Private Equity; Bids and Bidding; Negotiation Deal; Valuation; Financial Services Industry; Food and Beverage Industry;

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Lion Capital and the Blackstone Group: The Orangina Deal (TN)." Harvard Business School Teaching Note 808-056, May 2008.
    40. Warburg Pincus and emgs: The IPO Decision (A)

      Two partners of Warburg Pincus, a global private equity firm, are trying to decide whether to take a portfolio company public, and on what exchange. The company, Norway-based ElectroMagnetic GeoServices (emgs), has developed a market-leading technology that determines whether an undersea rock formation contains oil -- prior to the oil company drilling a hole. With its high-growth characteristics, emgs is very different from the typical oilfield services company, and would be more suitable for floating on the NYSE or LSE, where liquidity and valuations would also be greater than on the Oslo Bors, the other possibility. Yet floating in the U.S. would involve greater compliance expense and might also require the management team to move to New York or Houston, something the team is reluctant to do. The partners need to decide what to do before the IPO window for energy-related companies closes.

      Keywords: Decision Choices and Conditions; Private Equity; Initial Public Offering; Investment; Globalized Firms and Management; Norway; England; United States;

      Citation:

      Hardymon, G. Felda, and Ann Leamon. "Warburg Pincus and emgs: The IPO Decision (A)." Harvard Business School Case 807-092, May 2007. (Revised August 2012.)
    41. Patel Food and Chemicals Private Limited (A)

      Alok Patel, the founder and chairman of a Gujarat-based, privately held edible oils processor, must decide whether to hire a CFO candidate. Previously, his company's book-keeping has been done by an uncle, who has mentioned that he may retire soon. Patel could hire his younger son, who is just finishing his MBA at UCLA; but accounting was not Aakash's strength, and Patel has read that a strong finance person can help position a company for success. The company has recently experienced significant growth due to a new program of branded oils, and Patel is worried that the financials are getting away from his uncle. The most qualified candidate, though, comes from a different region. Should Patel hire a non-family member for this sensitive position? If so, should he go so far as to hire someone who does not come from his home region?

      Keywords: Selection and Staffing; Family Business; Managerial Roles; Emerging Markets; Diversity Characteristics; Finance; Food and Beverage Industry; Gujarat;

      Citation:

      Hardymon, Felda, and Ann Leamon. "Patel Food and Chemicals Private Limited (A)." Harvard Business School Case 808-142, March 2008.
    42. Patel Food and Chemicals Private Limited (B)

      Alok Patel, the founder and chairman of a Gujarat-based, privately held edible oils processor, has hired a CFO and the company is doing extremely well. He wants to add a new plant to process oilive oil, but estimates he will need $20 million. He must decide among financing alternatives: a loan from his local bank, an investment from a private equity firm, or an investment from a hedge fund. Over lunch with his business mentor and friend, a retired ICICI bank director, he explores the pros and cons of each financing strategy.

      Keywords: Financial Management; Growth and Development Strategy; Financing and Loans; Investment; Financial Strategy; Food and Beverage Industry; Chemical Industry; Gujarat;

      Citation:

      Hardymon, Felda, and Ann Leamon. "Patel Food and Chemicals Private Limited (B)." Harvard Business School Supplement 808-143, March 2008.
    43. Patel Food and Chemicals Private Limited (C)

      Alok Patel, the founder and chairman of a Gujarat-based, privately held edible oils processor, is considering long-term liquidity opportunities for the company and its investors. He could list the company on one of the Indian exchanges, opt for a trade sale, or acquire a struggling French oils processor and after some consolidation, exit via a listing on the New York or London exchanges. Each options presents personal and professional benefits and disadvantages.

      Keywords: Financial Liquidity; Financial Management; Mergers and Acquisitions; Going Public; Opportunities; Chemical Industry; Food and Beverage Industry; Gujarat;

      Citation:

      Hardymon, Felda, and Ann Leamon. "Patel Food and Chemicals Private Limited (C)." Harvard Business School Supplement 808-144, March 2008.
    44. Gobi Partners: Raising Fund II (TN)

      Teaching Note for [808052].

      Keywords: Valuation; Venture Capital; Financing and Loans; Partners and Partnerships; Financial Services Industry; China;

      Citation:

      Lerner, Josh, Felda Hardymon, and Ann Leamon. "Gobi Partners: Raising Fund II (TN)." Harvard Business School Teaching Note 808-052, January 2008.
    45. Brazos Partners and Cheddar's Inc. (TN)

      Teaching Note for [806069].

      Citation:

      Hardymon, Felda, Josh Lerner, and Ann Leamon. "Brazos Partners and Cheddar's Inc. (TN)." Harvard Business School Teaching Note 808-055, January 2008.
    46. Metapath Software: September 1997 TN

      Teaching Note for (9-899-160).

      Keywords: Technology Industry;

      Citation:

      Hardymon, G. Felda, and Josh Lerner. "Metapath Software: September 1997 TN." Harvard Business School Teaching Note 802-051, September 2001. (Revised January 2008.)
    47. Gobi Partners: October 2004 (TN)

      Teaching Note to (9-805-090).

      Keywords: Shanghai;

      Citation:

      Hardymon, G. Felda, and Ann Leamon. "Gobi Partners: October 2004 (TN)." Harvard Business School Teaching Note 806-021, July 2005. (Revised December 2007.)
    48. Tad O'Malley: December 2004 (TN)

      Citation:

      Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "Tad O'Malley: December 2004 (TN)." Harvard Business School Teaching Note 808-049, December 2007.
    49. Village Ventures (TN)

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Village Ventures (TN)." Harvard Business School Teaching Note 808-010, December 2007.
    50. Tad O'Malley: December 2004

      Tad O'Malley, a second-year student at Harvard Business School, must choose among three offers from private equity firms. Each firm presents a unique combination of history, culture, and compensation. Traces Tad's strategy in obtaining these offers and lets students decide which he should accept.

      Keywords: Private Equity; Compensation and Benefits; Job Offer; Negotiation Tactics; Organizational Culture; Personal Development and Career;

      Citation:

      Hardymon, G. Felda, Josh Lerner, Ann Leamon, and Sean Klimczak. "Tad O'Malley: December 2004." Harvard Business School Case 806-024, November 2005. (Revised November 2007.)
    51. Best Practices: Decision Making Among Venture Capital Firms

      Describes investment decision-making processes, based on interviews with 56% of the top 38 venture capital firms in the country. Discusses some implications for the future growth of the industry.

      Keywords: Decision Making; Venture Capital; Investment; Industry Growth;

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Best Practices: Decision Making Among Venture Capital Firms." Harvard Business School Background Note 804-176, May 2004. (Revised October 2007.)
    52. Warburg Pincus and emgs: The IPO Decision (B)

      Keywords: Initial Public Offering; Decision Making;

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Warburg Pincus and emgs: The IPO Decision (B)." Harvard Business School Supplement 808-046, August 2007. (Revised August 2012.)
    53. 3i Group plc: May 2006

      Since 2004, Philip Yea, the first outsider ever to lead 3i Group, one of Europe's largest publicly listed private equity firms, has been trying to help the far flung organization become more of a streamlined partnership even as it functions around the globe. As he considers 3i's performance through the first quarter of 2006 (3i's fiscal year 2006), he must balance his satisfaction at the firm's results and progress in the recent buoyant market with the question of whether the firm's people, strategy, and goals are sufficiently aligned that it can survive and prosper in the coming market correction.

      Keywords: Private Equity; Globalized Firms and Management; Alignment; Partners and Partnerships; Public Ownership; Employees; Goals and Objectives; Financial Services Industry;

      Citation:

      Hardymon, G. Felda, and Ann Leamon. "3i Group plc: May 2006." Harvard Business School Case 807-006, September 2006. (Revised June 2007.)
    54. EZAmuse Negotiation (B): Georg von HaufenGeld Background

      Keywords: Negotiation;

      Citation:

      Hardymon, G. Felda, and Ann Leamon. "EZAmuse Negotiation (B): Georg von HaufenGeld Background." Harvard Business School Supplement 807-169, June 2007.
    55. EZAmuse Negotiation (C): Woody Ronaldson Background

      Keywords: Negotiation;

      Citation:

      Hardymon, G. Felda, and Ann Leamon. "EZAmuse Negotiation (C): Woody Ronaldson Background." Harvard Business School Supplement 807-170, June 2007.
    56. EZAmuse Negotiation (D): Rob Bonham Background

      Keywords: Negotiation;

      Citation:

      Hardymon, G. Felda, and Ann Leamon. "EZAmuse Negotiation (D): Rob Bonham Background." Harvard Business School Supplement 807-171, June 2007.
    57. EZAmuse Negotiation Background (A)

      This is the background to an exercise in negotiation. A promising venture-capital-backed company, EZAmuse Communications, is raising a B round. Its existing backer, Reality Venture Partners, would like it to raise enough for six or nine months, when it will have results on its current products and be able to raise a C round at a higher valuation. The new and talented CEO, who has succeeded with Reality in the past, would like to raise a larger amount now to avoid raising a C round (and preserve his own position). The keenest interest has come from a German firm that tends to do larger later-stage deals and would happily fund the company's entire needs. In the negotiations, explores the tradeoffs and dynamics of the situation.

      Keywords: Borrowing and Debt; Negotiation Deal; Valuation; Leadership Style; Venture Capital; Partners and Partnerships; Product; Germany;

      Citation:

      Hardymon, G. Felda, and Ann Leamon. "EZAmuse Negotiation Background (A)." Harvard Business School Exercise 807-007, June 2007.
    58. Brazos Partners and Cheddar's Inc.

      Randall Fojtasek, a partner at Brazos Private Equity Partners, must decide whether to invest more money in Cheddar's restaurant chain, which the firm invested in 10 months earlier. The incremental investment would fund a real estate subsidiary that would own the property on which Cheddar's built its stores, rather than its traditional approach of sale and leaseback. As he considers the issue, Fojtasek must decide how to price the new stock, how to structure the deal to limit his firm's dilution, and how to manage the personality issues involved.

      Keywords: Negotiation Deal; Price; Partners and Partnerships; Management; Investment; Leadership; Business Subsidiaries; Stocks;

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Brazos Partners and Cheddar's Inc." Harvard Business School Case 806-069, February 2006. (Revised June 2007.)
    59. EZAmuse Negotiation Scoresheet

      Keywords: Negotiation;

      Citation:

      Hardymon, G. Felda, and Ann Leamon. "EZAmuse Negotiation Scoresheet." Harvard Business School Spreadsheet Supplement 807-716, June 2007.
    60. Village Ventures

      Matt Harris, general partner and founder of Village Ventures, a nationwide umbrella organization for VC firms in secondary cities, is about to negotiate with the general partner of one of the organization's most successful funds. Describes the costs and benefits of the relationship from the perspectives of both parties and examines how it might evolve in the future.

      Keywords: Venture Capital; Relationships; United States;

      Citation:

      Wasserman, Noam T., G. Felda Hardymon, Christopher Rogers, and Ann Leamon. "Village Ventures." Harvard Business School Case 806-080, March 2006. (Revised March 2007.)
    61. Rico Auto Industries: Raising Private Equity in India

      The CEO of a publicly traded Indian auto components manufacturer must decide whether to accept an investment from a consortium of private equity firms. Describes the decision process for both the private equity investors and the entrepreneur and profiles the opportunities and risks in investing in India.

      Keywords: Private Equity; Auto Industry; India;

      Citation:

      Hardymon, G. Felda, and Ann Leamon. "Rico Auto Industries: Raising Private Equity in India." Harvard Business School Case 806-079, February 2006. (Revised February 2007.)
    62. Gobi Partners: Raising Fund II

      The three founding partners of Gobi Partners, a venture capital fund investing in early start IT and digital media companies in China, are planning to raise a second fund. The first $51.75 million fund is close to being entirely invested and the portfolio companies are doing well, with two having raised subsequent financings at significantly increased valuations. The firm itself has increased its headcount and opened a second office, but it has not, however, exited any of its companies. How much money should the partners hope to raise, and from whom? The stakes are high, as none of them has taken a paycheck in three years.

      Keywords: Venture Capital; Private Equity; Investment Funds; Financial Strategy; Business or Company Management; China;

      Citation:

      Hardymon, G. Felda, and Ann Leamon. "Gobi Partners: Raising Fund II." Harvard Business School Case 807-093, January 2007.
    63. Apax Partners and Xerium S.A.

      In 2002, Apax Partners had to decide whether to accept a less-than-perfect offer for one of its portfolio companies or to refinance it. This company, a maker of paper industry consumables with a global presence, had been purchased in 1999 and performed extremely well since then. Despite being a solid, cash-generative operation, it didn't excite a lot of interest in the market. An early exit at a good multiple would be helpful for Apax's current fund and future fund-raising efforts, whereas refinancing would allow Apax to take some money off the table and share in future upsides. Which is the better choice?

      Keywords: Leveraged Buyouts; Globalized Markets and Industries; Business Exit or Shutdown; Borrowing and Debt; Investment; Cash Flow; Pulp and Paper Industry;

      Citation:

      Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "Apax Partners and Xerium S.A." Harvard Business School Case 804-084, February 2004. (Revised September 2006.)
    64. Tad O'Malley: June 2005

      Tad O'Malley, a new associate at Empire Investment Group, a top-tier leveraged buyout firm, must evaluate three different deals and recommend which should receive additional resources for further investigation. He must consider the specifics of each company and each deal as well as the resources or restrictions of the firm's offices that would handle the project.

      Keywords: Negotiation Deal; Resource Allocation; Private Equity; Projects; Management Analysis, Tools, and Techniques; Performance Evaluation; Leveraged Buyouts;

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Tad O'Malley: June 2005." Harvard Business School Case 806-078, February 2006. (Revised September 2006.)
    65. The Perfect CEO

      A venture capitalist must decide among three highly qualified candidates to be CEO of a start-up software company. Each has unique strengths and weaknesses and will take the company in very different directions. Whom should he recommend to the board?

      Keywords: Selection and Staffing; Competency and Skills; Leadership Style;

      Citation:

      Hardymon, G. Felda, and Ann Leamon. "The Perfect CEO." Harvard Business School Case 805-156, June 2005. (Revised August 2006.)
    66. Christo and Jeanne-Claude: The Art of the Entrepreneur

      Christo and Jeanne-Claude, the artists who created The Gates in New York City in 2005, are trying to decide how best to finance their next project. Over the River, a project to drape sections of the Arkansas River with translucent fabric is a very different enterprise from The Gates. Bank Leu, the Swiss back that had provided a line of credit for The Gates, has declined the opportunity to participate in Over the River. As Christo and Jeanne-Claude review the Bank Leu vehicle, they must consider whether it is replicable to other projects and institutions or whether they should consider a different approach.

      Keywords: Private Equity; Arts; Fine Arts Industry; Arkansas;

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Christo and Jeanne-Claude: The Art of the Entrepreneur." Harvard Business School Case 806-014, February 2006. (Revised August 2006.)
    67. Celtel InternationalB.V.: June 2004 (B)

      Supplements the (A) case. A rewritten version of an earlier case.

      Keywords: Telecommunications Industry;

      Citation:

      Hardymon, G. Felda, and Ann Leamon. "Celtel InternationalB.V.: June 2004 (B)." Harvard Business School Supplement 805-121, March 2005. (Revised July 2006.)
    68. Celtel International B.V.

      Mo Ibrahim, chairman of Celtel International, the largest provider of cellular services in sub-Saharan Africa, must decide on his company's future. After an amazing six years that took it from minority positions in three countries to nearly $1 billion in revenues and 14 operations in 13 countries, the company has three options: to attempt an IPO, to find a merger partner, or to continue as an independent entity. Ibrahim must consider the company's track record, its current situation, and the implications of each option.

      Keywords: Decisions; Initial Public Offering; Business Growth and Maturation; Mergers and Acquisitions; Entrepreneurship; Wireless Technology; Telecommunications Industry; Africa;

      Citation:

      Hardymon, G. Felda, and Ann Leamon. "Celtel International B.V." Harvard Business School Case 805-061, December 2004. (Revised July 2006.)
    69. Celtel International B.V.: June 2004 (A)

      Depicts the options facing Mohammed Ibrahim, founder and chairman of Celtel International, the largest pan African wireless telecommunications provider, as he tries to position his company for further growth. Should the firm, which has reached $1 billion in revenues in six years, strive for an IPO, trade a sale, or continue as an independent for a few more years? Outlines the company's success and challenges thus far, the benefits and disadvantages of each option, and future funding possibilities.

      Keywords: Business Growth and Maturation; Wireless Technology; Growth and Development Strategy; Telecommunications Industry; Africa;

      Citation:

      Hardymon, G. Felda, and Ann Leamon. "Celtel International B.V.: June 2004 (A)." Harvard Business School Case 805-120, March 2005. (Revised July 2006.)
    70. Vignette: Bombay Tyre Manufacturing Ltd.

      Presents a U.S.-based investor who had taken a minority position in a publicly owned manufacturer in India. The company's controller is not performing and the stock price is suffering because of delayed and disappointing results. Removing the controller, however, is proving difficult because he is related to the company's founder. What approaches can the investor take to deal with the situation?

      Keywords: Investment; Equity; Foreign Direct Investment; Financial Management; Investment Activism; Business Strategy; Growth and Development Strategy;

      Citation:

      Hardymon, G. Felda, and Ann Leamon. "Vignette: Bombay Tyre Manufacturing Ltd." Harvard Business School Case 806-207, June 2006.
    71. Tad O'Malley: June 2005 (TN)

      Citation:

      Hardymon, G. Felda, and Ann Leamon. "Tad O'Malley: June 2005 (TN)." Harvard Business School Teaching Note 806-206, June 2006.
    72. Adams Capital Management: Fund IV

      The partners of Adams Capital Management must decide whether to start their fourth fund in early 2006 or to hold off until they have realized more exits from the earlier funds and have proved the viability of a recent change in strategy.

      Keywords: Investment Funds; Business Strategy; Decision Choices and Conditions; Financial Services Industry;

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Adams Capital Management: Fund IV." Harvard Business School Case 806-077, February 2006.
    73. AIT Group Plc

      A U.S. venture capital firm has just learned that the deal structure for purchasing an illiquid U.K. software firm is unacceptable to institutional investors. The group must decide if it still wants to go through with the deal. This decision hinges on whether the investors are confident that their due diligence has uncovered all the issues that affect both the price the investors will pay for the company and the additional amount they need to provide to help it recover.

      Keywords: Price; Business and Stakeholder Relations; Mergers and Acquisitions; Venture Capital; Financial Condition; Risk and Uncertainty; Decision Making; Financial Services Industry; United States; United Kingdom;

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "AIT Group Plc." Harvard Business School Case 803-104, February 2003. (Revised January 2006.)
    74. Celtel International B.V. and Celtel International B.V. (TN) (A) & (B)

      Teaching Note to 9-805-061, 9-805-120, and 9-805-121.

      Keywords: Telecommunications Industry; Africa;

      Citation:

      Hardymon, G. Felda, and Ann Leamon. "Celtel International B.V. and Celtel International B.V. (TN) (A) & (B)." Harvard Business School Teaching Note 806-095, December 2005.
    75. Actis & CDC: A New Partnership

      The senior managing partner of Actis, a leading private equity investor in emerging markets, must decide whether to go into the market to raise money. Actis was spun out of CDC, a 50-year-old division of the U.K.'s Department for International Development, and is guaranteed a substantial flow of capital under the terms of the demerger agreement. Actis management has to decide whether to focus on developing relationships with its chief limited partner and honing its internal processes or to go out into the market to raise funds.

      Keywords: Private Equity; Partners and Partnerships; Emerging Markets; Financial Services Industry; United Kingdom;

      Citation:

      Hardymon, G. Felda, and Ann Leamon. "Actis & CDC: A New Partnership." Harvard Business School Case 805-122, March 2005. (Revised December 2005.)
    76. Gobi Partners: October 2004

      The general partners of Gobi Partners, a venture fund located in Shanghai, are trying to decide the best way to raise money for their first fund. Their strategy of investing in early-stage digital media companies in China was well-received by strategic investors--IBM and NTT DoCoMo are cornerstone investors in the fund--but classic institutional investors are wary of such a targeted approach, despite the team's successful track record with different private equity groups. Over a year after their first closing at $30 million, the limited partners are urging Gobi to raise the balance of its $100 million fund. But how, without either abandoning the strategy that has won them a measure of success in such a short time or bringing on more strategic investors with goals that might conflict with those currently in the fund?

      Keywords: Decision Choices and Conditions; Venture Capital; Private Equity; Investment; Goals and Objectives; Emerging Markets; Problems and Challenges; Conflict Management; Shanghai;

      Citation:

      Hardymon, G. Felda, and Ann Leamon. "Gobi Partners: October 2004." Harvard Business School Case 805-090, January 2005. (Revised November 2005.)
    77. SAIF: May 2004 (TN)

      Teaching Note to (9-805-091).

      Keywords: China; United States;

      Citation:

      Hardymon, G. Felda, and Ann Leamon. "SAIF: May 2004 (TN)." Harvard Business School Teaching Note 806-020, July 2005. (Revised November 2005.)
    78. SAIF: May 2004

      The Softbank Asia Infrastructure Fund (SAIF) team has just learned that the price at which its portfolio company, the Chinese gaming firm Shanda, was planning to go public must be reduced. As a result, the partners think through the entire genesis of the deal and the differences between doing venture capital in China and in the United States. Illustrates the intricacies of strategic venture investing.

      Keywords: Venture Capital; Investment; Cross-Cultural and Cross-Border Issues; Initial Public Offering; Price; China; United States;

      Citation:

      Hardymon, G. Felda, and Ann Leamon. "SAIF: May 2004." Harvard Business School Case 805-091, February 2005. (Revised November 2005.)
    79. Venture Capital Game

      Keywords: Venture Capital;

      Citation:

      Hardymon, G. Felda, and Ann Leamon. Venture Capital Game. Harvard Business School Game 805-701, October 2005.
    80. Actis & CDC: Toward a New Partnership

      Teaching Note to (9-805-122).

      Citation:

      Hardymon, G. Felda, and Ann Leamon. "Actis & CDC: Toward a New Partnership." Harvard Business School Teaching Note 806-019, October 2005.
    81. Venture Capital Game (TN)

      Keywords: Venture Capital;

      Citation:

      Hardymon, G. Felda, and Ann Leamon. "Venture Capital Game (TN)." Harvard Business School Teaching Note 806-022, October 2005.
    82. Portfolio & Partnership

      Explores issues around the portfolio management and partnership behavior in a venture capital setting.

      Keywords: Investment Portfolio; Private Equity; Venture Capital; Partners and Partnerships; Financial Strategy;

      Citation:

      Hardymon, G. Felda, and Ann Leamon. "Portfolio & Partnership." Harvard Business School Case 806-036, October 2005.
    83. In-Q-Tel

      The Central Intelligence Agency establishes a venture-enabled fund, In-Q-Tel, to allow it to access cutting-edge technologies. Fund managers face a variety of difficulties, some similar to those facing other institutionally affiliated venture funds and some unique.

      Keywords: Technological Innovation; Venture Capital; Investment Funds; Problems and Challenges; Government Administration; Public Administration Industry; United States;

      Citation:

      Lerner, Josh, G. Felda Hardymon, Kevin Book, and Ann Leamon. "In-Q-Tel." Harvard Business School Case 804-146, February 2004. (Revised May 2005.)
    84. Gold Hill Venture Lending

      David Fischer is trying to raise $200 million for a first-time venture debt fund that will be affiliated with Silicon Valley Bank, a major technology lender. Despite his lengthy experience in venture lending, the process is proving difficult. He and his partners are considering whether to continue trying to raise the full amount or to close a smaller sum that is readily available and prove the model before trying to raise a larger fund. In making their decision, the partners must consider the structure of the fund and the value added by their links to the bank as well as how to counter conflict of interest concerns raised by the potential limited partners.

      Keywords: Technology; Value Creation; Venture Capital; Partners and Partnerships; Decision Choices and Conditions; Investment Funds; Banking Industry; Financial Services Industry;

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Gold Hill Venture Lending." Harvard Business School Case 804-083, January 2004. (Revised May 2005.)
    85. Martin Smith: May 2002 (TN)

      Teaching Note to (9-802-160).

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Martin Smith: May 2002 (TN)." Harvard Business School Teaching Note 804-067, November 2003. (Revised March 2005.)
    86. Vignette: Waiting for a CEO

      A venture capitalist must decide how to respond to an e-mail from his long-time troubleshooter now installed as interim CEO at a struggling contract manufacturing exchange for the custom car business. The investors have been seeking a full-time CEO but have made little progress. Does the investor switch search firms, push for the company to be acquired, or continue as they've been doing? Each strategy imposes its own set of costs, whether in time, reduced return on investment, or increased compensation to the interim CEO and continued floundering at the company, in addition to possible strains in investor relations.

      Keywords: Venture Capital; Business or Company Management; Investment; Business Ventures; Corporate Governance; Business and Stakeholder Relations; Financial Strategy;

      Citation:

      Hardymon, G. Felda, and Ann Leamon. "Vignette: Waiting for a CEO." Harvard Business School Case 805-135, March 2005.
    87. Venture Capital Vignettes

      Presents three fictionalized but realistic situations in which a venture capitalist may find himself. One situation requires crisis intervention to quell a dispute between a vice president of sales and a CEO; another poses the problem of working out the composition of a board of directors; and the third examines the problem of dividing stock among founders.

      Keywords: Venture Capital; Crisis Management; Governing and Advisory Boards; Management Teams; Executive Compensation; Situation or Environment; Employee Relationship Management; Problems and Challenges; Financial Services Industry;

      Citation:

      Hardymon, G. Felda. "Venture Capital Vignettes." Harvard Business School Case 801-408, March 2001. (Revised February 2005.)
    88. Adams Capital Management: March 2002 (TN)

      Teaching Note to (9-803-143).

      Keywords: Capital;

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Adams Capital Management: March 2002 (TN)." Harvard Business School Teaching Note 805-040, August 2004. (Revised February 2005.)
    89. Between a Rock and a Hard Place: Valuation and Distribution in Private Equity (TN)

      Teaching Note to (9-803-161).

      Keywords: Valuation; Distribution; Private Equity; Venture Capital; Investment Portfolio; Stocks;

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Between a Rock and a Hard Place: Valuation and Distribution in Private Equity (TN)." Harvard Business School Teaching Note 805-049, September 2004.
    90. Endeca Technologies (A) and (B) TN

      Teaching Note to (9-802-141) and (9-802-142).

      Keywords: Information Technology Industry;

      Citation:

      Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "Endeca Technologies (A) and (B) TN." Harvard Business School Teaching Note 805-044, September 2004.
    91. In-Q-Tel (TN)

      Teaching Note to (9-804-146).

      Keywords: Financial Services Industry;

      Citation:

      Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "In-Q-Tel (TN)." Harvard Business School Teaching Note 805-047, September 2004.
    92. Exxel Group, The: March 2001 (TN)

      Teaching Note to (9-202-053).

      Keywords: Latin America;

      Citation:

      Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "Exxel Group, The: March 2001 (TN)." Harvard Business School Teaching Note 205-022, September 2004.
    93. Apax Partners and Xerium S.A. (TN)

      Teaching Note to (9-804-084).

      Keywords: Pulp and Paper Industry;

      Citation:

      Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "Apax Partners and Xerium S.A. (TN)." Harvard Business School Teaching Note 805-046, September 2004.
    94. Chengwei Ventures and the hdt* Investment (TN)

      Teaching Note to (9-802-089).

      Keywords: Financial Services Industry; China;

      Citation:

      Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "Chengwei Ventures and the hdt* Investment (TN)." Harvard Business School Teaching Note 805-045, September 2004.
    95. 3i Group plc (TN)

      Teaching Note to (9-803-020).

      Keywords: Financial Services Industry;

      Citation:

      Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "3i Group plc (TN)." Harvard Business School Teaching Note 805-048, September 2004.
    96. Montagu Private Equity (A) and (B) TN

      Teaching Note to (9-804-051) and (9-804-151).

      Citation:

      Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "Montagu Private Equity (A) and (B) TN." Harvard Business School Teaching Note 805-039, September 2004.
    97. Accel Partners' European Launch (TN)

      Teaching Note to (9-803-021).

      Keywords: Financial Services Industry; London; United States;

      Citation:

      Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "Accel Partners' European Launch (TN)." Harvard Business School Teaching Note 805-038, August 2004.
    98. AIT Group plc (TN)

      Teaching Note to (9-803-104).

      Keywords: Financial Services Industry; United States; United Kingdom;

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "AIT Group plc (TN)." Harvard Business School Teaching Note 805-037, August 2004.
    99. Grove Street Advisors (TN)

      Teaching Note to (9-804-050).

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Grove Street Advisors (TN)." Harvard Business School Teaching Note 805-035, August 2004.
    100. Battery Ventures (TN)

      Teaching Note to (9-802-159).

      Keywords: Financial Services Industry;

      Citation:

      Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "Battery Ventures (TN)." Harvard Business School Teaching Note 805-036, August 2004.
    101. Gold Hill Venture Lending (TN)

      Teaching Note to (9-804-083).

      Keywords: Financial Services Industry;

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Gold Hill Venture Lending (TN)." Harvard Business School Teaching Note 805-034, August 2004.
    102. Brazos Partners: the CoMark LBO (TN)

      Teaching Note to (9-202-090).

      Citation:

      Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "Brazos Partners: the CoMark LBO (TN)." Harvard Business School Teaching Note 205-020, August 2004.
    103. Yale University Investments Office: June 2003 (TN)

      Teaching Note to (9-204-055).

      Keywords: Education Industry;

      Citation:

      Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "Yale University Investments Office: June 2003 (TN)." Harvard Business School Teaching Note 204-173, June 2004.
    104. Acme Investment Trust: January 2001 (TN)

      Teaching Note to (9-202-055).

      Keywords: Financial Services Industry;

      Citation:

      Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "Acme Investment Trust: January 2001 (TN)." Harvard Business School Teaching Note 204-172, June 2004.
    105. Grove Street Advisors

      Grove Street Advisors, a manager of customized private equity investment products, has been very successful in its first five years. To grow, the group must decide whether to target smaller organizations, revive its coinvestment efforts, or enter the highly competitive fund-of-funds market.

      Keywords: Business Organization; Decision Choices and Conditions; Private Equity; Investment; Market Entry and Exit; Competitive Strategy;

      Citation:

      Hardymon, G. Felda, Josh Lerner, Ann Leamon, and Frank Angella. "Grove Street Advisors." Harvard Business School Case 804-050, December 2003. (Revised May 2004.)
    106. 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.

      Keywords: Private Equity; Balance and Stability; Asset Pricing;

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Montagu Private Equity (A)." Harvard Business School Case 804-051, January 2004. (Revised May 2004.)
    107. Case Vignette: The Salesman Saga

      A venture capitalist faces a situation in which a struggling portfolio company has found a promising vice president of sales through a recruitment agency. The candidate would be an excellent fit for another one of the investor's companies--one that is doing much better. Yet, that firm has not embarked on a formal search.

      Keywords: Salesforce Management; Corporate Governance; Venture Capital; Ethics; Recruitment;

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Case Vignette: The Salesman Saga." Harvard Business School Case 804-175, April 2004.
    108. Montagu Private Equity (B)

      Supplements the (A) case.

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Montagu Private Equity (B)." Harvard Business School Case 804-151, April 2004. (Revised April 2004.)
    109. Brazos Partners: the CoMark LBO

      The partners of a new midmarket buyout fund are working on a buyout of a closely held modular building company. Although originally structured as a stock deal, they have realized that an asset deal would be preferable from their point of view and are trying to determine what benefits it might hold for the sellers, whose continuing involvement in the company is essential for success. This case describes the process of the deal's due diligence and the state of the LBO industry in the early 21st century.

      Keywords: Leveraged Buyouts; Negotiation Deal; Valuation;

      Citation:

      Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "Brazos Partners: the CoMark LBO." Harvard Business School Case 202-090, February 2002. (Revised February 2004.)
    110. CDC Capital Partners: December 2002

      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 becoming a public-private partnership, which requires that it refocus its efforts and rearrange its widespread portfolio into a form that outside investors will recognize. The proposed organization, separating government money from fund management, appears to solve a number of the problems from a strategic perspective, yet a host remain. Given the generally poor risk/return ratio of emerging market investing over the past decade, Fletcher and his executives must decide how they can position their organization to compete with other investment vehicles and still remain true to the mission of mobilizing capital to invest in poor countries.

      Keywords: Private Equity; Investment Portfolio; Privatization; Venture Capital; Business and Government Relations; Emerging Markets; Infrastructure; Financial Services Industry; Banking Industry; United Kingdom;

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "CDC Capital Partners: December 2002." Harvard Business School Case 803-167, March 2003. (Revised January 2004.)
    111. 3i Group plc

      Brian Larcombe, CEO of 3i Group, one of the world's largest private equity firms and one of the few publicly listed ones, is deciding how best to use his firm's international network to deliver superior returns to shareholders. This case presents 3i's history and international strategy.

      Keywords: History; Networks; Private Equity; Growth Management; Global Strategy; Public Ownership; Business and Shareholder Relations; Growth and Development Strategy; Financial Services Industry;

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "3i Group plc." Harvard Business School Case 803-020, March 2003. (Revised November 2003.)
    112. Tympani Board, The

      Mike Tarkington, a partner at Reality Venture Partners, must recommend a course of action to his colleague, Steve Bonhomme. Bonhomme is trying to decide whom he should put on the board of a company that is acquiring one of Reality's portfolio companies. Reality will own a very small portion of the merged entity, which will be headquartered in Finland, and Bonhomme is considering a host of options.

      Keywords: Mergers and Acquisitions; Decision Making; Equity; Venture Capital; Governing and Advisory Boards; Finland; United States;

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Tympani Board, The." Harvard Business School Case 803-105, December 2002. (Revised November 2003.)
    113. Martin Smith: January 2002 (TN)

      Teaching Note to (9-298-076).

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Martin Smith: January 2002 (TN)." Harvard Business School Teaching Note 204-095, October 2003.
    114. Martin Smith: May 2000 TN

      Teaching Note for (9-200-046).

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Martin Smith: May 2000 TN." Harvard Business School Teaching Note 202-021, August 2001. (Revised August 2003.)
    115. Adams Capital Management: March 1999 TN

      Teaching Note for (9-899-256).

      Keywords: Financial Services Industry;

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Adams Capital Management: March 1999 TN." Harvard Business School Teaching Note 802-017, September 2001. (Revised July 2003.)
    116. Adams Capital Management: March 2002

      In March 2002, the five partners of Adams Capital Management (ACM), a venture capital firm investing in information technology telecommunications with $700 million under management, gathered to discuss whether they should change their strategy in view of the prolonged downturn in both the economy and their targeted investment sectors. Since its founding in 1993, ACM had followed a distinct strategy of targeting particular markets of interest, investing within these, and managing the portfolio companies through a defined process to liquidity. ACM's first fund had performed extremely well; its second was looking good; and the third, albeit only a year into its life, was not performing as well. ACM is considering three options: investing in companies producing more fundamental products, hiring more associates or investing in more markets, or taking bigger positions in companies in its traditional sectors. Each has its own possibilities and drawbacks. A rewritten version of an earlier case.

      Keywords: Decision Choices and Conditions; Economic Slowdown and Stagnation; Venture Capital; Investment Portfolio; Business or Company Management; Partners and Partnerships; Business Strategy; Financial Services Industry;

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Adams Capital Management: March 2002." Harvard Business School Case 803-143, January 2003. (Revised June 2003.)
    117. Vignette: The Rebar Dilemma

      Martin Smith, a new associate at an LBO firm, must respond to a problem posed by his boss, based on an historical deal that suddenly came undone. After months of negotiation, his firm's plan to buy a bankrupt competitor of one of its portfolio companies and close it down, thus reducing capacity, was ready for board approval. Recently, not only has the market for the product improved, but management of the target firm has presented a more attractive deal to recapitalize the company. This would have disastrous results for the entire industry by perpetuating an overcapacity problem. Discusses Smith suggestions.

      Keywords: Leveraged Buyouts; Insolvency and Bankruptcy; Competition; Growth and Development Strategy; Business or Company Management;

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Vignette: The Rebar Dilemma." Harvard Business School Case 803-091, December 2002. (Revised June 2003.)
    118. Accel Partners' European Launch

      In spring 2001, with the venture market crashing all around, the London office of Accel Partners, a major west coast venture capital firm, needs to make a decision about investing in an Irish software company. As the first investment of the new European operation, the decision will serve as a proof of concept for the process that the organization has set up. This case presents Accel's strategy in moving into Europe and staying there even as many other firms shuttered or reduced their overseas' operations. In addition, the protagonists must decide how to structure a term sheet and whether to include another venture firm in the deal.

      Keywords: Investment; Growth and Development Strategy; Venture Capital; Global Strategy; Decision Choices and Conditions; Expansion; Management Practices and Processes; Partners and Partnerships; Financial Services Industry; London; United States;

      Citation:

      Hardymon, G. Felda, and Josh Lerner. "Accel Partners' European Launch." Harvard Business School Case 803-021, February 2003. (Revised May 2003.)
    119. Endeca Technologies (A)

      Steve Papa, CEO of Endeca Technologies, must decide among two term sheets raising the same amount of badly needed money for his young software company. One deal is led by insiders and, is offered at a lower price. It continues a board that has worked very well and shares a common vision. It also is likely to involve a very important potential customer. The second offer comes from a group with which Papa does not have history. Although it carries a higher price, it will change the board structure and also requires that the closing be delayed a week, from September 7, 2001, to September 14. The company has cash only into October so, if anything goes wrong, Papa is unlikely to be able to arrange alternate financing. Discusses which option he should accept.

      Keywords: Venture Capital; Cost vs Benefits; Financial Condition; Financing and Loans; Management Skills; Financial Strategy; Corporate Finance; Information Technology Industry;

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Endeca Technologies (A)." Harvard Business School Case 802-141, February 2002. (Revised May 2003.)
    120. Endeca Negotiation, The: Steve Papa

      Students play the role of Steve Papa, the CEO and founder of a venture-backed enterprise software company. In the challenging financing climate of the fall of 2001, he knows that two different groups are about to submit term sheets for his company's C-round. He is trying to decide what he should aim for in the ensuing negotiation. Presents the background of the company and the lengthy battle Steve fought just to get a term sheet. He has two months of cash left and a number of issues to consider, including a founding investor's request to change the terms of a previous round.

      Keywords: Negotiation Process; Negotiation Offer; Management Teams; Venture Capital; Valuation; Software; Information Technology Industry; Web Services Industry;

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Endeca Negotiation, The: Steve Papa." Harvard Business School Exercise 802-212, May 2002. (Revised May 2003.)
    121. Endeca Negotiation, The: Hardy Smith

      Students play the role of Hardy Smith, one of the founding investors of a venture-backed enterprise software company. In the challenging financing climate of the fall of 2001, he is trying to decide what terms to offer the company as an insider-funded C-round. Presents the background of the company and the lengthy struggle that Hardy and the CEO endured just to get a term sheet.

      Keywords: Negotiation Process; Negotiation Offer; Management Teams; Venture Capital; Valuation; Software; Information Technology Industry; Web Services Industry;

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Endeca Negotiation, The: Hardy Smith." Harvard Business School Exercise 802-213, May 2002. (Revised May 2003.)
    122. Endeca Negotiation, The: Charlie Yie

      Students play the role of Charlie Yie, a venture capitalist considering an investment in a venture-backed enterprise software company. In the challenging financing climate of the Fall of 2001, he is trying to decide what terms to offer the company as an outside investor leading its C-round. Presents the background of the company and the lengthy struggle that existing investors and the CEO endured just to get a term sheet.

      Keywords: Negotiation Process; Negotiation Offer; Management Teams; Venture Capital; Valuation; Software; Information Technology Industry; Web Services Industry;

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Endeca Negotiation, The: Charlie Yie." Harvard Business School Exercise 802-214, May 2002. (Revised May 2003.)
    123. VC Game: A massive multi player simulation of a venture capital market used to teach portfolio management

      Keywords: Venture Capital;

      Citation:

      Hardymon, G. Felda. "VC Game: A massive multi player simulation of a venture capital market used to teach portfolio management." Simulation and Teaching Note. 2003. Multimedia.
    124. Endeca Technologies (B)

      Supplements the (A) case.

      Keywords: Information Technology Industry;

      Citation:

      Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "Endeca Technologies (B)." Harvard Business School Case 802-142, February 2002. (Revised May 2002.)
    125. Martin Smith: May 2002

      Martin Smith, a recent HBS graduate, has just begun working with a leveraged buyout firm. His first assignment is to evaluate three different deals and make recommendations to the partners. As he studies the deals, he realizes that each has different merits and drawbacks and that his recommendation must take into account not only the specifics of each target company but also the situation of his firm. Also, he must consider the stage of his career and that of the senior partner.

      Keywords: Leveraged Buyouts; Personal Development and Career; Financial Strategy; Partners and Partnerships;

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Martin Smith: May 2002." Harvard Business School Case 802-160, January 2002. (Revised April 2002.)
    126. Chengwei Ventures and the hdt* Investment

      Bo Feng, cofounder and principal in Chengwei Ventures, one of the first sovereign venture capital firms in China, is trying to decide on the proper business model for hdt, the product of a merger between two portfolio companies. This case discusses the best way for the new company, which designs Web sites and provides customer relationship management and ad-serving software, to prosper in China's changing market.

      Keywords: Venture Capital; Mergers and Acquisitions; Customer Relationship Management; Sovereign Finance; Management Analysis, Tools, and Techniques; Entrepreneurship; Web Sites; Software; Markets; Business Model; Financial Services Industry; China;

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Chengwei Ventures and the hdt* Investment." Harvard Business School Case 802-089, February 2002. (Revised April 2002.)
    127. Battery Ventures

      Todd Dagres, general partner of Battery Ventures, reflects on his firm's organization and it's effectiveness in one particular deal. One of the perennial challenges of venture capital is the scaling of the firm. Usually regarded as a craft industry, venture firms tend to have fewer than ten deal-makers. Battery has undertaken a particular approach to this problem, instituting a career path that begins at a very low level, progressing to general partner. Examining Battery making a deal demonstrates the advantages and disadvantages of this structure.

      Keywords: Venture Capital; Measurement and Metrics; Performance Effectiveness; Organizational Structure; Financial Services Industry;

      Citation:

      Lerner, Josh, G. Felda Hardymon, Ann Leamon, Nitin Gupta, and Sameer Bharadwaj. "Battery Ventures." Harvard Business School Case 802-159, February 2002. (Revised March 2002.)
    128. Note on Private Equity Securities, A

      Provides an overview of the primary securities used in private equity, their structures, and the economic motivation behind their designs.

      Keywords: Design; Private Equity; Debt Securities; Industry Structures; Motivation and Incentives;

      Citation:

      Hardymon, G. Felda, and Josh Lerner. "Note on Private Equity Securities, A." Harvard Business School Background Note 200-027, December 1999. (Revised November 2001.)
    129. CDC Capital Partners TN

      Teaching Note for (9-801-333).

      Keywords: Financial Services Industry; United Kingdom;

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "CDC Capital Partners TN." Harvard Business School Teaching Note 802-014, August 2001.
    130. Yale University Investments Office: July 2000 (TN)

      Teaching Note for (9-201-048). A rewritten version of an earlier teaching note.

      Keywords: Education Industry;

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Yale University Investments Office: July 2000 (TN)." Harvard Business School Teaching Note 202-022, August 2001.
    131. Francisco Partners TN

      Teaching Note for (9-200-063).

      Keywords: Financial Services Industry;

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Francisco Partners TN." Harvard Business School Teaching Note 202-023, August 2001.
    132. University Technology Ventures: October 2000 TN

      Teaching Note for (9-201-043).

      Keywords: Financial Services Industry;

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "University Technology Ventures: October 2000 TN." Harvard Business School Teaching Note 202-038, August 2001.
    133. Columbia Capital Corporation: Summer 1998 TN

      Teaching Note for (9-899-255).

      Keywords: Financial Services Industry;

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Columbia Capital Corporation: Summer 1998 TN." Harvard Business School Teaching Note 802-016, August 2001.
    134. Securior Wireless Networks: February 1996 TN

      Teaching Note for (9-899-134).

      Keywords: Technology Industry; United Kingdom; United States;

      Citation:

      Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "Securior Wireless Networks: February 1996 TN." Harvard Business School Teaching Note 802-018, August 2001.
    135. Joe Casey: January 2000 TN

      Teaching Note for (9-801-155).

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Joe Casey: January 2000 TN." Harvard Business School Teaching Note 802-027, August 2001.
    136. Investitori Associati: Exiting the Savio LBO (A) and (B) TN

      Teaching Note for (9-299-048) and (9-299-106).

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Investitori Associati: Exiting the Savio LBO (A) and (B) TN." Harvard Business School Teaching Note 202-039, August 2001.
    137. New Business Investment Company: October 1997 TN

      Teaching Note for (9-299-025).

      Keywords: Japan;

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "New Business Investment Company: October 1997 TN." Harvard Business School Teaching Note 202-040, August 2001.
    138. Venture Capital Case Vignettes TN

      Teaching Note for (9-801-408).

      Keywords: Financial Services Industry;

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Venture Capital Case Vignettes TN." Harvard Business School Teaching Note 802-052, August 2001.
    139. Intel 64 Fund TN

      Teaching Note for (9-800-351).

      Keywords: Computer Industry;

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Intel 64 Fund TN." Harvard Business School Teaching Note 802-026, August 2001.
    140. Apax Partners and Dialog Semiconductor: March 1998 TN

      Teaching Note for (9-201-044).

      Keywords: Financial Services Industry; Semiconductor Industry;

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Apax Partners and Dialog Semiconductor: March 1998 TN." Harvard Business School Teaching Note 202-042, August 2001.
    141. CMGI: Organizational and Market Innovation TN

      Teaching Note for (9-200-064).

      Keywords: Web Services Industry;

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "CMGI: Organizational and Market Innovation TN." Harvard Business School Teaching Note 202-041, August 2001.
    142. Silicon Valley Bank

      Silicon Valley Bank, a $4 billion institution in California, has made its reputation by working with venture capitalists in backing start-up companies. In 1999, it is forced to compete with nonbank financial institutions that can give money on better terms and in a market that is driven by momentum rather than fundamental value. What strategy should it use? The larger question: What is the appropriate role of bank financing in private equity?

      Keywords: Banks and Banking; Business Startups; Competitive Strategy; Financial Institutions; Financing and Loans; Financial Markets; Venture Capital; Private Equity; Entrepreneurship; Banking Industry; Financial Services Industry; California;

      Citation:

      Hardymon, G. Felda, and Ann Leamon. "Silicon Valley Bank." Harvard Business School Case 800-332, March 2000. (Revised May 2001.)
    143. CDC Capital Partners

      In 2001, CDC Capital Partners is facing the greatest challenge in its 53-year history. Founded as part of the U.K. government's post-war colonial reconstruction, it had operated as a developmental finance institution, largely issuing debt to the world's poorest countries. Now, however, it must transform itself to become a public-private partnership (PPP) dealing in private equity projects, but still restricted to the world's poorest countries. Can CDC succeed?

      Keywords: Business or Company Management; Private Equity; Emerging Markets; Cost vs Benefits; Mergers and Acquisitions; Partners and Partnerships; Financial Institutions; Financial Services Industry; United Kingdom;

      Citation:

      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "CDC Capital Partners." Harvard Business School Case 801-333, February 2001. (Revised April 2001.)
    144. Joe Casey: January 2000

      Joe Casey (HBS class of 1992) reflects on the path that has led him into a venture career and contemplating his next moves.

      Keywords: Entrepreneurship; Personal Development and Career; Business Ventures;

      Citation:

      Hardymon, G. Felda. "Joe Casey: January 2000." Harvard Business School Case 801-155, September 2000. (Revised March 2001.)
    145. Apax Partners and Dialog Semiconductor: March 1998

      Apax Partners is considering a complex buyout of a semiconductor manufacturer. The firms must assess in a compressed timeframe the complex technological, financial, and operational risks that the proposed transaction poses.

      Keywords: Market Transactions; Leveraged Buyouts; Restructuring; Time Management; Production; Risk Management; Financial Services Industry; Semiconductor Industry;

      Citation:

      Hardymon, G. Felda, Josh Lerner, Antonio Alvarez-Cano, and Borja Martinez. "Apax Partners and Dialog Semiconductor: March 1998." Harvard Business School Case 201-044, February 2001. (Revised March 2001.)
    146. Framework Technologies Corp.

      Dan Slavin, CEO of Framework Technologies, is contemplating a complete restart for his company to erase the impact of its shift in product and business strategy since inception. This case describes the issues he must consider, which include the impact of such a change on the employees and the founder, and whether the costs in terms of his time and the company's morale are worth the benefits of a clean slate for future venture rounds. Also presents the rationale of the venture capital firm for its involvement in a later-stage company that still faces early-stage problems.

      Keywords: Restructuring; Innovation and Invention; Cost vs Benefits; Venture Capital; Technology Industry;

      Citation:

      Hardymon, G. Felda, Ann Leamon, Ashesh Shah, and David Waller. "Framework Technologies Corp." Harvard Business School Case 801-227, October 2000.
    147. Intel 64 Fund

      Laila Partridge of Intel's Corporate Business Development group has been charged to create a special investment fund to speed the adoption of a new chip architecture. The last architecture upgrade, from 16 to 32 bits, had needed almost a decade to become fully adopted. How can this fund speed the adoption process? How can Partridge structure it to avoid the common tension in corporate venture capital between financial return and strategic goal?

      Keywords: Venture Capital; Investment; Technology Adoption; Innovation and Management; Computer Industry;

      Citation:

      Hardymon, G. Felda, and Ann Leamon. "Intel 64 Fund." Harvard Business School Case 800-351, May 2000.
    148. Martin Smith: May 2000

      A new associate at a venture capital firm must choose which of three potential investments to recommend to the firm's partners. Each potential investment has strengths and drawbacks.

      Keywords: Venture Capital; Investment; Valuation;

      Citation:

      Hardymon, G. Felda, and Josh Lerner. "Martin Smith: May 2000." Harvard Business School Case 200-046, March 2000. (Revised April 2000.)
    149. Securicor Wireless Networks: February 1996

      Securicor Wireless (SWN) sold software products to wireless telephone carriers. The company was incorporated in January of 1995 as a 40%-owned subsidiary of Securicor Telesciences (STI), itself a wholly-owned subsidiary of British security giant Securicor PLC. Just over a year later, in February of 1996, SWN had the opportunity to merge with STI, creating a 70%-owned subsidiary of Securicor PLC and bringing it further under the umbrella of the British conglomerate. In presenting the events leading up to this decision, this case examines the dynamics of starting up a company with a large corporate investor, including the interplay between such a corporate partner and their traditional venture capitalist co-investors. Also touches on issues of corporate culture and differences in attitudes between U.S.-and U.K.-based companies/investors.

      Keywords: Venture Capital; Business Subsidiaries; Nationality Characteristics; Business Conglomerates; Software; Mergers and Acquisitions; Organizational Culture; Business Startups; Business and Shareholder Relations; Technology Industry; United Kingdom; United States;

      Citation:

      Hardymon, G. Felda, and Bill Wasik. "Securicor Wireless Networks: February 1996." Harvard Business School Case 899-134, February 1999. (Revised November 1999.)
    150. Metapath Software: September 1997

      In September 1997, John Hansen called together his board to debate an interesting choice that his company had to make. Hansen--the CEO of Metapath Software, a provider of software and services to wireless carriers--had two offers to describe. The first was an offer to be acquired by CellTech Communications, a wireless products company which had only recently gone public. Under the terms of the deal, Metapath's shareholders would at closing receive common stock in CellTech valued at $115 million. CellTech at that time had a market capitalization of approximately $260 million. The second offer was from a consortium of investors led by Robertson & Stephens Omega Fund and Technology Crossover Ventures to buy $11.75 million of stock at a $76 million pre-money valuation. The terms of the preferred stock the funds were proposing to buy were much stricter than the terms of the stock owned by existing shareholders.

      Keywords: Private Ownership; Mergers and Acquisitions; Private Equity; Decision Choices and Conditions; Governing and Advisory Boards; Management Teams; Stocks; Public Ownership; Negotiation Deal; Telecommunications Industry; Information Technology Industry;

      Citation:

      Hardymon, G. Felda, and Bill Wasik. "Metapath Software: September 1997." Harvard Business School Case 899-160, January 1999. (Revised November 1999.)
    151. Columbia Capital Corporation: Summer 1998

      In August 1998, the partners of Columbia Capital in Arlington, Va. made a decision about whether or not to raise an outside fund for venture capital investing. Columbia had begun in 1988 as a boutique investment bank focused on the telecommunications industry, but had over its history become progressively more involved in making direct private equity investments; from 1994-98, the firm made over $100 million in such investments. Unlike traditional venture capital firms, however, Columbia made these investments entirely with its partners' own personal money.

      Keywords: Decisions; Venture Capital; Private Equity; Partners and Partnerships; Investment Funds; Banks and Banking; Financial Services Industry; Telecommunications Industry; United States;

      Citation:

      Hardymon, G. Felda, and Justin D. Wasik. "Columbia Capital Corporation: Summer 1998." Harvard Business School Case 899-255, April 1999. (Revised November 1999.)
    152. Adams Capital Management: March 1999

      On February 24, 1999, the advisory board of Adams Capital Management convened for its quarterly meeting at the firm's headquarters. One point on the agenda: whether or not to proceed with due diligence on an investment in Three Points, a maker of Internet-based team management software for softball teams. Adams Capital had developed and raised their fund on the basis of a strict set of guidelines for conducting the business of early stage venture capital. But now, with Three Points, the firm was confronted by a seemingly attractive investment that fell far outside its stated focus.

      Keywords: Venture Capital; Governing and Advisory Boards; Management Systems; Investment; Goals and Objectives; Financial Services Industry;

      Citation:

      Hardymon, G. Felda, and Bill Wasik. "Adams Capital Management: March 1999." Harvard Business School Case 899-256, April 1999. (Revised November 1999.)

          Awards & Honors

        1. G. Felda Hardymon: Received the 2010 Lifetime Achievement in Venture Capital Award from the National Venture Capital Association (NVCA) in recognition of both his professional and academic work in the field.