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• Case | HBS Case Collection | January 2019 (Revised February 2020)

  Should a Pension Fund Try to Change the World? Inside GPIF's Embrace of ESG

  Rebecca Henderson, George Serafeim, Josh Lerner and Naoko Jinjo

  In the fall of 2018, Hiro Mizuno, the Chief Investment Officer (CIO) of GPIF, the Japanese Government Pension Fund, was reflecting on his efforts to integrate Environmental, Social and Governance (ESG) issues into every aspect of GPIF’s portfolio. His efforts ranged from constructing new stock market indices based on ESG data, changing the compensation and incentives of active investment managers and passive funds, pushing for more corporate sustainability reporting and integrated reporting, and establishing collaborations with other asset owners to drive systems level change. He was convinced that the only way to meet his responsibilities to his beneficiaries was to improve the performance of the entire economy through a focus on improving corporate governance, increasing inclusion in the workplace and gender diversity and reducing environmental damage and progress towards tackling climate change. The early results from his efforts were promising, but was there more he could do?

  Keywords: pension funds; ESG (environmental, social, governance) performance; Investment Funds; Environmental Sustainability; Social Issues; Governance; Leading Change; Economy; Performance Improvement; Japan;

  Citation:

  Henderson, Rebecca, George Serafeim, Josh Lerner, and Naoko Jinjo. "Should a Pension Fund Try to Change the World? Inside GPIF's Embrace of ESG." Harvard Business School Case 319-067, January 2019. (Revised February 2020.)  View Details

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• Case | HBS Case Collection | December 2018 (Revised January 2020)

  Husk Power: Scaling the Venture

  Benjamin N. Roth, Joseph B. Lassiter III and Natalia Rigol

  In January 2018, Husk Power had just raised $20 million to scale operations for a second time. From 2007 through 2013, Husk built 80 biomass waste (primarily rice husk from rice mills) plants that provided electricity to 250,000 villagers and shop owners spread across 350 villages in India and Africa.
  By 2015, Husk underwent a major pivot. Rather than a rural electrification vision aimed at providing power to rural households through biomass gasification alone, Sinha envisioned plants organized around village commercial customers that used biomass gasification, solar energy, and battery power in tandem, allowing for power generation nearly 24-7. To bring this vision to reality, Sinha ceased operations of nearly all of the existing plant locations and began the conversion to new locations built around the “new” hybrid plant. Thus in 2015, Husk was operating a mere 10 power plants and serving roughly 2,000 customers, down from the 80 plants and roughly 250,000 customers they had prior to this shift.
  After downsizing and reorganizing operations, was Husk Power once again ready to scale?

  Keywords: scaling; Energy; Entrepreneurship; Emerging Markets; Growth and Development; Energy Industry; India;

  Citation:

  Roth, Benjamin N., Joseph B. Lassiter III, and Natalia Rigol. "Husk Power: Scaling the Venture." Harvard Business School Case 819-069, December 2018. (Revised January 2020.)  View Details

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• Case | HBS Case Collection | January 2020

  Blackstone at 35: Performance, Innovation, and the Next Generation

  Josh Lerner

  Keywords: finance; private equity; Investing; succession planning; leadership; fund management; fund raising;

  Citation:

  Lerner, Josh. "Blackstone at 35: Performance, Innovation, and the Next Generation." Harvard Business School Case 220-051, January 2020.  View Details

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