Publications
Publications
- January 2009 (Revised May 2010)
- HBS Case Collection
Altoona State Investment Board: December 2008
By: Josh Lerner
Abstract
Rod Calhoun, the head of the Altoona State Investment Board's private equity investment program, considered the communication he had just received. It was from Permira, the leading European buyout fund, and concerned its fourth fund, to which Altoona had made a £ 100 million commitment. The memorandum offered investors a chance to reduce their commitment to Permira IV. This potential offer was an attractive one, as it would allow the state pension to address its "over-commitment problem," one that plagued many institutional investors. But the terms of the arrangement gave Calhoun pause.
Keywords
Private Equity; Financial Management; Financial Strategy; Investment Funds; Partners and Partnerships
Citation
Lerner, Josh. "Altoona State Investment Board: December 2008." Harvard Business School Case 809-095, January 2009. (Revised May 2010.)
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