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  • January 2009 (Revised May 2010)
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Altoona State Investment Board: December 2008

By: Josh Lerner
  • Format:Print
  • | Pages:9
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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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About The Author

Josh Lerner

Entrepreneurial Management
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Related Work

    • December 2011
    • Faculty Research

    Altoona State Investment Board: December 2008: Spreadsheet Supplement

    By: Josh Lerner
    • November 2011
    • Faculty Research

    Altoona State Investment Board: December 2008 (TN)

    By: Josh Lerner and Ann Leamon
Related Work
  • Altoona State Investment Board: December 2008: Spreadsheet Supplement By: Josh Lerner
  • Altoona State Investment Board: December 2008 (TN) By: Josh Lerner and Ann Leamon
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