Publications
Publications
- July 2022 (Revised October 2024)
- HBS Case Collection
3G Capital
By: Jo Tango and Alys Ferragamo
Abstract
In June 2022, 3G Capital Co-Managing Partners Alex Behring and Daniel Schwartz were in a partners’ meeting. On the agenda were three potential investments. Code named “Alpha,” “Bravo,” and “Charlie” (real target companies that have been disguised), they were the finalists amongst hundreds that the team had screened. Unlike other private equity firms, 3G did not build a portfolio: each of its funds had only one investment. This model had worked extremely well for some investments, with successes like Restaurant Brands International, but it had also faced some challenges. Each investment decision was crucial to the future of the firm. What should their next investment be? The case features three valuation spreadsheets from 3G Capital itself. Students receive electronic copies of the spreadsheets to prepare for the case discussion.
Keywords
Investment Decisions; Investment Funds; Investment Portfolio; Decision Choices and Conditions; Private Equity; Leveraged Buyouts
Citation
Tango, Jo, and Alys Ferragamo. "3G Capital." Harvard Business School Case 823-010, July 2022. (Revised October 2024.)