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

Josh   Lerner

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Case | HBS Case Collection | January 2020

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

by Josh Lerner

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

Language: English

Format: Print

4 pages

Educators Purchase

Citation:

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

About the Author

Josh Lerner

Jacob H. Schiff Professor of Investment Banking

Entrepreneurial Management

Finance

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Working Paper | HBS Working Paper Series | 2020

Two Case Studies on the Financing of Forest Conservation

Andrew Baxter, Connor Cash, Josh Lerner and Ratnika Prasad

A variety of factors is leading to fresh approaches to the ownership and management of forestland, with an emphasis on the combination of conservation goals and private investments. But the barriers to successfully achieving attractive financial returns and desirable social outcomes can be daunting. This working paper, which features two short case studies that examine the challenges and opportunities associated with forest conservation finance, explores these important issues.

Keywords: financing; forestry;

Citation:
Baxter, Andrew, Connor Cash, Josh Lerner, and Ratnika Prasad. "Two Case Studies on the Financing of Forest Conservation." Harvard Business School Working Paper, No. 20-137, June 2020. View Details

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Working Paper | HBS Working Paper Series | 2020

Venture Capital’s Role in Financing Innovation: What We Know and How Much We Still Need to Learn

Josh Lerner and Ramana Nanda

Venture capital is associated with some of the most high-growth and influential firms in the world. Academics and practitioners have effectively articulated the strengths of the venture model. At the same time, venture capital financing also has real limitations in its ability to advance substantial technological change. Three issues are particularly concerning to us: 1) the very narrow band of technological innovations that fit the requirements of institutional venture capital investors; 2) the relatively small number of venture capital investors who hold, and shape the direction of, a substantial fraction of capital that is deployed into financing radical technological change; and 3) the relaxation in recent years of the intense emphasis on corporate governance by venture capital firms. While our ability to assess the social welfare impact of venture capital remains nascent, we hope that this article will stimulate discussion of and research into these questions.

Keywords: venture capital; financing; innovation;

Citation:
Lerner, Josh, and Ramana Nanda. "Venture Capital’s Role in Financing Innovation: What We Know and How Much We Still Need to Learn." Harvard Business School Working Paper, No. 20-031, June 2020. View Details

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Working Paper | HBS Working Paper Series | 2020

The Project on Impact Investments' Impact Investment Database

M. Diane Burton, Shawn Cole, Abhishek Dev, Christina Jarymowycz, Leslie Jeng, Josh Lerner, Fanele Mashwama, Yue (Cynthia) Xu and T. Robert Zochowski

Impact investing has grown significantly over the past 15 years. From a niche investing segment with only $25 billion AUM in 2013 (WEF 2013), it experienced double-digit growth and developed into a market with an estimated $502 billion AUM (Mudaliapar and Dithrich 2019). Despite the growth and maturation of impact investing, gathering complete and accurate data on the characteristics of this industry continues to be a challenge. This paper describes the creation of a new dataset on both impact investors and the portfolio companies they fund, comprising 409 impact investors and 13,212 portfolio companies. We code impact investors according to established categories such as legal form, types of investments and return objectives. We then develop measures of the relative importance of social impact for each investor in an effort to add a new analytic categorization. We conclude by describing the distribution of investors and firms across these various categories.

Keywords: impact investing; Investment; Data and Data Sets; Analysis;

Citation:
Burton, M. Diane, Shawn Cole, Abhishek Dev, Christina Jarymowycz, Leslie Jeng, Josh Lerner, Fanele Mashwama, Yue (Cynthia) Xu, and T. Robert Zochowski. "The Project on Impact Investments' Impact Investment Database." Harvard Business School Working Paper, No. 20-117, May 2020. View Details

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

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