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• Case | HBS Case Collection | September 2019

  Dementia Discovery Fund

  Richard G. Hamermesh, Kathy Giusti and Sarah Gulick

  The case is set in March 2019, and tells the story of the founding of the Dementia Discovery Fund (DDF). The idea for the fund began in 2015, when then-Prime Minister David Cameron spoke about the importance of making breakthroughs in dementia research, and pledged money from the UK government for research. This in turn led to the search for a venture capital (VC) firm that could lead manage a fund, and the selection of SV Health to do that, including having Kate Bingham as a managing partner. The case describes the social and scientific needs for more dementia research, as well as the fundraising and initial team building of the fund. After the fund grows beyond the expected size, the case describes the hiring of a CEO, and asks what the next investment for the fund should be: a start-up that might soon be able to launch clinical trials, or an early-stage company with promising new research?

  Keywords: Venture Capital; Investment Funds; Mission and Purpose; Recruitment; Health Care and Treatment; Pharmaceutical Industry; Financial Services Industry; Boston; Massachusetts; London; England;

  Citation:

  Hamermesh, Richard G., Kathy Giusti, and Sarah Gulick. "Dementia Discovery Fund." Harvard Business School Case 820-045, September 2019.  View Details

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• Teaching Note | HBS Case Collection | July 2019

  Intermountain Healthcare: Pursuing Precision Medicine

  Richard G. Hamermesh, Robert S. Huckman and Julia Kelley

  Citation:

  Hamermesh, Richard G., Robert S. Huckman, and Julia Kelley. "Intermountain Healthcare: Pursuing Precision Medicine." Harvard Business School Teaching Note 820-019, July 2019.  View Details

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• Case | HBS Case Collection | January 2017 (Revised April 2019)

  The Olmos Project: Value Creation and Value Capture

  John Macomber, Fernanda Miguel, Laura Urdapilleta and Valeria Moy

  Private investment in public infrastructure can be encouraged when there are multiple avenues to capture and to share the value created by such a project. Gains in the market value of land adjacent to projects are not customarily channeled back into defraying the original capital cost of the project—but they can be. This case uses irrigation, agriculture, land values, and an arrangement between the local government in northern Peru and the privatizer firm to accomplish the irrigation of vast areas of land, leading to jobs and GDP growth in the state, based on a combination of fees for water, auction price for raw land, investment in enabling infrastructure, and market value increases for irrigated land. The mechanics of this three-component deal (land company, water distribution company, construction company) are tracked on a pro forma multi-year cash flow basis with the ability to make and test a variety of different assumptions. The choice of an agricultural setting with one possible use case (farming at ground level) leads in to more complex value capture analyses. Real estate, for example, can have more dimensions (more floors allowed) and more use cases (retail, housing, office) than does agriculture. The local government can accomplish hundreds of millions of dollars of construction without advancing any funds to do so.

  Keywords: Value Capture; Infrastructure; Decision Making; Agribusiness; Value Creation; South America; Peru;

  Citation:

  Macomber, John, Fernanda Miguel, Laura Urdapilleta, and Valeria Moy. "The Olmos Project: Value Creation and Value Capture." Harvard Business School Case 217-052, January 2017. (Revised April 2019.)  View Details

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