Vikram Gandhi - Faculty & Research - Harvard Business School
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Vikram Gandhi

Senior Lecturer of Business Administration

Entrepreneurial Management

Vikram S. Gandhi is a Senior Lecturer in the Entrepreneurial Management Unit. He has developed and teaches a new course, Investing - Risk, Return, and Impact, in the Elective Curriculum of the MBA Program. He also teaches The Entrepreneurial Manager, and FIELD Global Immersion in the Required Curriculum of the MBA Program, as well as various Executive Education Programs. In addition, Vikram is a visiting faculty member of Schwarzman College and Tsinghua University, Beijing. He is a member of the Impact Co-Laboratory focusing on research in the area of Impact Investing.

Vikram is the Founder of Asha Impact, an impact investing platform and is a Senior Advisor to The Canada Pension Plan Investment Board. He is also a member of the Business Administration Advisroy Board at University of the People. He is a member of the Young Presidents Organization (YPO) since 1997 and has been a  part of the New York, Hong Kong and Mumbai chapters. He has spent 23 years in investment banking at Morgan Stanley and Credit Suisse. He holds an MBA from the Harvard Business School (Class of 1989) where he was designated a Baker Scholar, and a B.Com with high distinction from the University of Mumbai. He is also a qualified Chartered Accountant. 

Vikram was Vice Chairman of Investment Banking and Global Head of the Financial Institutions Business for Credit Suisse, in New York and Hong Kong. He was a member of Credit Suisse's Global Investment Banking Management Committee and the Fixed Income Operating Committee. Prior to his tenure at Credit Suisse, Vikram worked at Morgan Stanley, where he was Co-Head of Global FIG in New York; his prior work at Morgan Stanley included heading the Firm's institutional strategy area, its Global E-commerce Committee, and as Country Head and President of Morgan Stanley India.  During his 23 year career in investment banking, Vikram has focused on advising Board of Directors and CEO’s around the globe on strategic direction and the implementation of major mergers, acquisitions, and capital raising initiatives.

Asha Impact, a platform set up by socially-conscious individuals led by Vikram leverages their combined capital, networks and expertise to address the critical development challenges facing India and other emerging economies through impact investing, venture philanthropy and policy advocacy. Asha Impact is focused on providing equity and grant capital to social enterprises as well as engaging with government, business and civil society on key policy issues.

Vikram has been involved with various developmental activities in India and globally. He is a Board Member and Chairman of the Asian Regional Committee of Grameen Foundation, a Board Member of Jana Small Finance Bank, and a member of the Investment Committee at Gawa Capital. Vikram is a Founding Member of Harvard University’s South Asia Initiative,  a Founder of Ashoka University, the first liberal arts college established in India, and a Founding Board Member of Social Finance India. He is a member of The Global Leaders Circle at Harvard Business School. Additionally, he had worked with the National Innovation Council over the last few years to set up The India Inclusive Innovation Fund.

Cases and Teaching Materials
  1. Generation Investment Management

    Vikram S. Gandhi and Sarah Mehta

    This teaching note provides guidance for teaching the case “Generation Investment Management” (820-033), which looks at the challenges facing a sustainable investment firm.

    Keywords: sustainable investing; socially responsible investing; long-term investing; ESG; Climate Change; Environmental Sustainability; Finance; Equity; Governance; Private Equity; Public Equity; Financial Markets; Investment; Investment Return; Investment Activism; Investment Funds; Investment Portfolio; Institutional Investing; Corporate Social Responsibility and Impact; Financial Services Industry; United Kingdom; England; London;

    Citation:

    Gandhi, Vikram S., and Sarah Mehta. "Generation Investment Management." Harvard Business School Teaching Note 820-112, June 2020.  View Details
  2. Generation Investment Management

    Vikram S. Gandhi and Sarah Mehta

    By January 2020, sustainable investment firm Generation Investment Management (Generation), founded in London in 2004, had grown from a shared vision among seven founders to a 90-person firm managing $27 billion in public and private equity. Throughout its history, Generation had worked towards its mission of seeking to generate superior financial returns by investing in sustainable companies that created long-term value. The case examines Generation’s investment process in general, and in particular with respect to a global manufacturer of agricultural equipment. It also examines some of the strategic decisions and challenges facing the firm.

    Keywords: sustainable investing; Climate Change; Environmental Sustainability; Finance; Equity; Governance; Private Equity; Public Equity; Financial Markets; Investment; Investment Return; Investment Activism; Investment Funds; Investment Portfolio; Institutional Investing; Corporate Social Responsibility and Impact; Financial Services Industry; United Kingdom; England; London;

    Citation:

    Gandhi, Vikram S., and Sarah Mehta. "Generation Investment Management." Harvard Business School Case 820-033, March 2020. (Revised May 2020.)  View Details
  3. Omidyar Network's Investment Decisions: MicroEnsure and Lenddo

    Vikram S Gandhi

    A team of investors at Omidyar Network explore two different investment possibilities in the budding financial inclusion space using their investment framework to consider capital alternatives available for both investments, each of which carries highly divergent financial and impact potential.

    Keywords: impact investing; Micro Finance; Investment; Investment Return; Investment Activism; Investment Portfolio; Microfinance; Decision Choices and Conditions; India; Philippines;

    Citation:

    Gandhi, Vikram S. "Omidyar Network's Investment Decisions: MicroEnsure and Lenddo." Harvard Business School Multimedia/Video Supplement 320-702, July 2019.  View Details
  4. Omidyar Network's Impact Investment Framework

    Vikram S Gandhi

    A team of investors at Omidyar Network explore two different investment possibilities in the budding financial inclusion space using their investment framework to consider capital alternatives available for both investments, each of which carries highly divergent financial and impact potential.

    Keywords: impact investing; Micro Finance; Investment; Investment Return; Investment Activism; Investment Portfolio; Microfinance; Framework; India; Philippines;

    Citation:

    Gandhi, Vikram S. "Omidyar Network's Impact Investment Framework." Harvard Business School Multimedia/Video Supplement 320-701, July 2019.  View Details
  5. Piramal Foundation: The Business of Philanthropy

    Vikram Gandhi and Mahima Rao-Kachroo

    The Piramal Foundation was launched by diversfied Indian conglomerate, the Piramal Group, to improve the healthcare services and quality of education of India’s economically and socially disadvantaged. The foundation operates under three verticals—‘Piramal Foundation for Education Leadership’ (PFEL) for improvements in student learning outcomes; ‘Swasthya’ for healthcare; and ‘Sarvajal’ for safe drinking water.
    Over the years, the Foundation has directly and indirectly benefitted nearly 90 million lives, yet its management team find themselves in a quandary. With finite resources, mostly provided by the Piramal Group, they wonder if they ought to only grow existing programs that show the most promise. They also wonder how to attract more external funding and how to further embed their programs into government platforms in order to create impact at scale.

    Keywords: Social Enterprise; Philanthropy and Charitable Giving; Education; Health Care and Treatment; Performance Improvement; Growth and Development Strategy; Education Industry; Health Industry; India;

    Citation:

    Gandhi, Vikram, and Mahima Rao-Kachroo. "Piramal Foundation: The Business of Philanthropy." Harvard Business School Case 520-011, July 2019.  View Details
  6. The Rise Fund: TPG Bets Big on Impact

    Vikram S Gandhi, Caitlin Reimers Brumme and Sarah Mehta

    Teaching Note for HBS No. 318-041.

    Keywords: impact investing; impact measurement; Equity; Investment; Measurement and Metrics; Financial Services Industry; San Francisco;

    Citation:

    Gandhi, Vikram S., Caitlin Reimers Brumme, and Sarah Mehta. "The Rise Fund: TPG Bets Big on Impact." Harvard Business School Teaching Note 319-003, February 2019. (Revised October 2019.)  View Details
  7. CalSTRS Takes on Gun Violence

    Vikram S Gandhi and Caitlin Reimers

    In Spring of 2018, Chris Ailman, CIO of the $200 billion pension plan for California public school teachers (CalSTRS) was mandated by his board to “prioritize engagement with makers and retailers of firearms in California” following a series of gun-related tragedies in schools. While CalSTRS had a long history of engagement and even divestment, as a fiduciary for the retirement assets of current and future teachers, calls for values-motivated screening or divestment always posed an inherently complex challenge. Having spearheaded the development of Principles for a Responsible Civilian Firearm Industry released on November 14, 2018, Chris Ailman and his team had to decide what to do next.

    Keywords: pension funds; pension plan; Asset allocation; Screening; ESG; gun violence; Business and Government Relations; Values and Beliefs; Education Industry; California; United States;

    Citation:

    Gandhi, Vikram S., and Caitlin Reimers. "CalSTRS Takes on Gun Violence." Harvard Business School Case 819-079, November 2018. (Revised December 2018.)  View Details
  8. Financial Inclusion at Omidyar Network

    Vikram S. Gandhi, Caitlin Lindsay Reimers Brumme and James Barnett

    A team of investors at Omidyar Network explore two different investment possibilities in the budding financial inclusion space using their investment framework to consider capital alternatives available for both investments, each of which carries highly divergent financial and impact potential.

    Keywords: impact investing; Micro Finance; Investment; Investment Return; Investment Activism; Investment Portfolio; Microfinance; Africa; Philippines;

    Citation:

    Gandhi, Vikram S., Caitlin Lindsay Reimers Brumme, and James Barnett. "Financial Inclusion at Omidyar Network." Harvard Business School Case 318-004, January 2018. (Revised February 2020.)  View Details
  9. The Rise Fund: TPG Bets Big on Impact

    Vikram S. Gandhi, Caitlin Reimers Brumme and Sarah Mehta

    It is March 2017, and TPG, a global alternative investment firm with $74 billion assets under management, has recently launched its inaugural impact-investing fund—the $2 billion Rise Fund. In an effort to “take the religion out of impact investing,” Maya Chorengel, co-managing partner of TPG Growth, an arm of TPG focused on growth equity investments and middle-market buyouts and co-founder and CEO of the Rise Fund, has partnered with The Bridgespan Group, a nonprofit consultancy, to develop an evidence-based methodology for quantifying the impact of prospective Rise investments. Together, they have come up with a framework that ultimately generates an impact multiple of money (IMM), a measure of the social value created by a company per equity dollar invested. If a company fails to meet the IMM threshold, Rise will not invest in it. The case finds Chorengel (HBS MBA ’97), Rise’s senior partner for impact, debating whether to make Rise’s first investment in EverFi, an educational technology company that offers a range of online educational programming to its K-12 school, university, and corporate clients.

    Keywords: impact investing; impact measurement; Equity; Investment; Measurement and Metrics; Financial Services Industry; California; San Francisco;

    Citation:

    Gandhi, Vikram S., Caitlin Reimers Brumme, and Sarah Mehta. "The Rise Fund: TPG Bets Big on Impact." Harvard Business School Case 318-041, February 2018. (Revised August 2019.)  View Details
  10. THE VELUX FOUNDATIONS: Selecting Impact Funds

    Vikram Gandhi, Caitlin Reimers Brumme and Nathaniel Schwalb

    After much internal debate, THE VELUX FOUNDATIONS of Denmark have decided to allocate a small percentage of their investment portfolio to impact investments. Cambridge Associates, one of the leading investment advisory firms in the world, has been engaged to assist them in developing and implementing an “impact strategy.” VELUX only invests in funds (as opposed to direct investments) and must now decide on fund selection criteria and on specific fund investment options that have been presented to them.

    Keywords: impact investing; Mission-Related Investing; foundations; Investment; Venture Capital; Corporate Social Responsibility and Impact; Strategy; Investment Funds; Decision Making; Consulting Industry; Financial Services Industry; Denmark; Europe;

    Citation:

    Gandhi, Vikram, Caitlin Reimers Brumme, and Nathaniel Schwalb. "THE VELUX FOUNDATIONS: Selecting Impact Funds." Harvard Business School Case 819-021, September 2018. (Revised June 2019.)  View Details
  11. Goldman Sachs: Making an Imprint in Impact Investing

    Shawn Cole, Vikram S. Gandhi, Caitlin Reimers Brumme and Lynn Schenk

    Goldman Sachs acquired Imprint Capital Advisors, a small firm that specialized in advising clients on environmental/social/governance (ESG) and impact investments. The founders sold Imprint with the belief that joining a global financial firm would help to scale impact investing, if not bring it into the mainstream. The case is set two years after the acquisition. It describes impact investing, the founding of Imprint, its evolution from serving foundations and home offices to financial institutions, and its sale to and integration within Goldman Sachs. The founders consider the past two years and whether the acquisition has, in fact, helped to scale ESG/impact investing.

    Keywords: impact investing; ESG; Investment; Corporate Social Responsibility and Impact; Environmental Sustainability; Growth and Development Strategy; Acquisition; Integration;

    Citation:

    Cole, Shawn, Vikram S. Gandhi, Caitlin Reimers Brumme, and Lynn Schenk. "Goldman Sachs: Making an Imprint in Impact Investing." Harvard Business School Case 218-069, April 2018. (Revised May 2018.)  View Details
  12. Morgan Stanley: Building Long-Term Sustainability

    Vikram S. Gandhi and Lynn Schenk

    This case focuses on the 10-year journey of one of the world's largest global financial institutions developing a sustainability strategy and integrating it across all of its business units. The case provides a deep dive into the challenges and successes of trying to integrate impact, sustainability, and ESG across the firm and how that strategy translates within each unit. The case delves into the topics of building out a wealth management platform that integrates products and advice focusing on impact, embedding ESG in research, and building a green bonds business.

    Keywords: finance; sustainability; green bonds; ESG; Environmental Sustainability; Strategy; Business Units; Integration; Financial Institutions;

    Citation:

    Gandhi, Vikram S., and Lynn Schenk. "Morgan Stanley: Building Long-Term Sustainability." Harvard Business School Case 318-103, March 2018. (Revised April 2018.)  View Details
  13. Environmental Technology Fund Partners and E-Leather

    Vikram S Gandhi and Aldo Sesia

    This courseware was created to allow students to model E-Leather's enterprise value (EV) in early 2014. Yellow cells in the Enterprise Value (EV) worksheets indicate where students provide inputs. The other worksheets provide information to help students make decisions about their inputs.

    Keywords: Valuation;

    Citation:

    Gandhi, Vikram S., and Aldo Sesia. "Environmental Technology Fund Partners and E-Leather." Harvard Business School Spreadsheet Supplement 318-702, March 2018.  View Details
  14. Microfinance in India 2010-2016: Crisis and Recovery

    Shawn Cole, Vikram Gandhi, Caitlin Reimers and Yannick Saleman

    SKS, India's leading microfinance firm, is challenged when politicians declaim microfinance as exploitation of the poor and severely restrict business practices.

    Keywords: Microfinance; Government Administration; Policy; Capital Markets; Crisis Management; Poverty; Financial Services Industry; India;

    Citation:

    Cole, Shawn, Vikram Gandhi, Caitlin Reimers, and Yannick Saleman. "Microfinance in India 2010-2016: Crisis and Recovery." Harvard Business School Supplement 217-070, March 2017.  View Details
  15. Blue Haven Initiative: The PEGAfrica Investment

    Vikram S. Gandhi, Caitlin Reimers Brumme and Amram Migdal

    This case examines Blue Haven Initiative (BHI), an impact investing fund and family office, and one of its investments, PEGAfrica (PEG). BHI founder Liesel Pritzker Simmons’ motivations for using her family wealth to start a family office focused on impact investing, as well as BHI’s approach and strategy, including direct and indirect investments, fund manager selection, total returns, sourcing and due diligence of direct investments, and other aspects. The case explores a specific investment decision in depth. In May 2017, Pritzker Simmons and BHI Director of Private Investments Lauren Cochran were considering whether to invest an additional $1 million in PEG’s upcoming $5 million Series B round, at a $20 million pre-money valuation. PEG offered pay-as-you-go (PAYG) financing plans that allowed customers to make small payments via mobile money to pay off financing for the solar equipment over time. The case details PEG’s business model, growth strategy, financial structure, and the landscape of investment capital in West Africa during the time of the case.

    Keywords: impact investing; Family Office; Development; International Development; International Development Investing; Development Fund; sustainability; Solar Energy; solar; Pay as you go; PAYG; Microfinance; MFI; social venture; Business Ventures; Acquisition; Business Growth and Maturation; Business Startups; Economics; Development Economics; Energy; Energy Conservation; Energy Sources; Renewable Energy; Social Entrepreneurship; Finance; Assets; Asset Pricing; Capital; Capital Budgeting; Capital Structure; Venture Capital; Cash; Cash Flow; Currency; Currency Exchange Rate; Equity; Private Equity; Financial Instruments; Debt Securities; Stock Shares; Financing and Loans; Microfinance; International Finance; Investment; Investment Return; Investment Activism; Investment Funds; Investment Portfolio; Price; Geography; Geographic Location; Emerging Markets; Ownership; Ownership Stake; Private Ownership; Social Enterprise; Value; Valuation; Value Creation; Energy Industry; Financial Services Industry; Green Technology Industry; Africa; United States;

    Citation:

    Gandhi, Vikram S., Caitlin Reimers Brumme, and Amram Migdal. "Blue Haven Initiative: The PEGAfrica Investment." Harvard Business School Case 318-003, February 2018. (Revised August 2018.)  View Details
  16. Environmental Technology Fund Partners and E-Leather

    Vikram S. Gandhi and Aldo Sesia

    It is 2014 and Environmental Technologies Fund (ETF) Partners, a UK-based venture capital firm, has an opportunity to invest in a privately held UK company that manufactured engineered composition leather extracted from waste leather using an environmentally friendly process. The end product looked, smelled, and felt like natural leather. Scalable marketplace adoption of E-Leather’s products looked promising but was just that—promising. And the company’s success would largely depend on management’s ability to significantly improve the efficiency of its manufacturing operations. ETF needed to decide whether to invest in the company and, if so, at what valuation. In addition, ETF needed to decide the structure of the investment and how the firm would assess E-Leather’s environmental impact.

    Keywords: sustainability; venture capital; investment strategy; Investment; Strategy; Ownership; Valuation; Energy Conservation; Equity; Technological Innovation; Environmental Sustainability; Performance Efficiency; Manufacturing Industry; Financial Services Industry; United Kingdom;

    Citation:

    Gandhi, Vikram S., and Aldo Sesia. "Environmental Technology Fund Partners and E-Leather." Harvard Business School Case 318-001, January 2018.  View Details
  17. State Street—The Development and Growth of SHE

    Vikram Gandhi

    State Street Global Advisors was the investment arm of State Street Corporation, one of the largest custodians and asset managers in the world with over $2.3 trillion in assets under management. Inspired by demand from a large pension fund client for better gender diversity investment products, SSGA had created the first gender diversity ETF in 2015. However, despite an auspicious launch, the ETF had yet to attract the level of institutional capital SSGA had anticipated.

    Keywords: ETF; asset management; Asset Management; Financial Services Industry;

    Citation:

    Gandhi, Vikram. "State Street—The Development and Growth of SHE." Harvard Business School Case 317-040, September 2016. (Revised August 2018.)  View Details
  18. Pi Investments

    Vikram S. Gandhi and Tony L. He

    Pi was a large family office pioneering the concept of 100% portfolio impact investing. Tasked with preserving capital, generating moderate returns and advancing the family’s social justice goals – Pi’s Managing Directors had to identify appropriate products across asset classes. In this case, students will be required to assess an investment in HCAP Partners Fund III from the perspective of Pi and whether such an investment meets the family’s core criteria.

    Keywords: investment fund; impact investing; Investment Portfolio; Investment Funds;

    Citation:

    Gandhi, Vikram S., and Tony L. He. "Pi Investments." Harvard Business School Case 317-039, September 2016. (Revised August 2018.)  View Details
Other Publications and Materials