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Publications

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    • All HBS Web  (224)
      • Faculty Publications  (86)

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      • 2022
      • Working Paper

      Private Equity Fund Valuation Management during Fundraising

      By: Brian K. Baik
      I investigate whether and how private equity fund managers (GPs) inflate their interim fund valuations (net asset values, or NAVs) during fundraising periods. Specifically, I study the extent to which the GPs inflate NAVs by managing valuation assumptions (e.g.,...  View Details
      Keywords: Private Equity; Institutional Investors; Valuation Multiples; Earnings Management; Private Firms; Valuation; Investment Funds
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      Baik, Brian K. "Private Equity Fund Valuation Management during Fundraising." Harvard Business School Working Paper, No. 23-013, August 2022.
      • August 2021
      • Case

      Apax Digital

      By: Jo Tango and Alys Ferragamo
      The Apax Digital team faced important decisions as they contemplated raising a second fund. Apax Digital Fund I was a $1.1 billion vehicle focused on mid-market growth equity and growth buyouts in the technology sector. The fund had performed well, and the Managing...  View Details
      Keywords: Growth and Development Strategy; Acquisition; Investment Banking; Investment Portfolio; Decision Choices and Conditions; Technology Industry; Financial Services Industry; United States
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      Tango, Jo, and Alys Ferragamo. "Apax Digital." Harvard Business School Case 822-016, August 2021.
      • July 2021
      • Case

      Bessemer Venture Partners: Century Fund

      By: Jo Tango and Alys Ferragamo
      In July of 2021, Bessemer Venture Partners (BVP) contemplated the future of its growth investing practice, known as “Century.” While still relatively new as a focused initiative, BVP’s growth investing already had significant momentum. The fund’s investment pace had...  View Details
      Keywords: Leveraged Buyouts; Financial Institutions; Growth and Development Strategy; Investment Banking; Competitive Strategy; Public Sector; Venture Capital; Private Equity; Acquisition
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      Tango, Jo, and Alys Ferragamo. "Bessemer Venture Partners: Century Fund." Harvard Business School Case 822-009, July 2021.
      • February 2021 (Revised June 2021)
      • Case

      Barbarians at the Gate or Turnaround Gurus? Private Equity and the Rise of the LBO

      By: Tom Nicholas and John Masko
      During the 1980s, leveraged buyouts (LBOs) and the private equity (PE) firms responsible for carrying them out revolutionized both investment and management in the U.S. Between 1980 and 1989, buyout activity in the U.S. surged from $1 billion per year to $60 billion....  View Details
      Keywords: Leveraged Buyouts; Mergers and Acquisitions; Business Conglomerates; Restructuring; Borrowing and Debt; Private Equity; Bonds; Investment Return; Institutional Investing; Profit Sharing; Business History; Management Style; Private Ownership; Performance Effectiveness; Value Creation; Financial Services Industry; United States
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      Nicholas, Tom, and John Masko. "Barbarians at the Gate or Turnaround Gurus? Private Equity and the Rise of the LBO." Harvard Business School Case 821-016, February 2021. (Revised June 2021.)
      • September 2020
      • Case

      True North: Pioneering Analytics, Algorithms and Artificial Intelligence

      By: Karim R. Lakhani, Kairavi Dey and Hannah Mayer
      True North was a private equity fund that specialized in the growth and buyout of mid-market, India-centric companies. The leadership team initially believed that technology was not core to traditional businesses and steered clear of new age technology-oriented...  View Details
      Keywords: Artificial Intelligence; Information Technology; Management; Operations; Organizations; Leadership; Innovation and Invention; Business Model; AI and Machine Learning; Computer Industry; Technology Industry
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      Lakhani, Karim R., Kairavi Dey, and Hannah Mayer. "True North: Pioneering Analytics, Algorithms and Artificial Intelligence." Harvard Business School Case 621-042, September 2020.
      • March 2020
      • Case

      Cafe Kenya

      By: Lynda M. Applegate and James T. Kindley
      This case describes Café Kenya (CK), a Kenyan-based chain of casual quick-food restaurants. The chain was started in 2011 in Nairobi by Nekesa Kuria. Kuria started Café Kenya and grew it by reinvesting profits into company stores and through franchising. She also...  View Details
      Keywords: Restaurants; Entrepreneurship; Business Startups; Growth and Development Strategy; Kenya
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      Applegate, Lynda M., and James T. Kindley. "Cafe Kenya." Harvard Business School Brief Case 920-551, March 2020.
      • December 2019 (Revised January 2021)
      • Supplement

      The Leveraged Buyout of TXU: (B) Energy Future Holdings

      By: Trevor Fetter, Erik Snowberg and Rebecca M. Henderson
      This case is designed to support a lively discussion about the relative merits of shareholder vs. stakeholder perspectives in the context of a company that provides a vital public service that has important environmental implications. The 2007 purchase of TXU, the...  View Details
      Keywords: Leveraged Buyouts; Transformation; Insolvency and Bankruptcy; Environmental Sustainability; Business and Shareholder Relations; Business and Stakeholder Relations; Energy Generation; Utilities Industry; Energy Industry; Texas
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      Fetter, Trevor, Erik Snowberg, and Rebecca M. Henderson. "The Leveraged Buyout of TXU: (B) Energy Future Holdings." Harvard Business School Supplement 320-065, December 2019. (Revised January 2021.)
      • December 2019 (Revised December 2022)
      • Case

      TXU (A): Powering the Largest Leveraged Buyout in History

      By: Trevor Fetter, Erik Snowberg and Rebecca M. Henderson
      This case is designed to support a lively discussion about the relative merits of shareholder vs. stakeholder perspectives in the context of a company that provides a vital public service that has important environmental implications. The 2007 purchase of TXU, the...  View Details
      Keywords: Leveraged Buyouts; Transformation; Insolvency and Bankruptcy; Environmental Sustainability; Business and Shareholder Relations; Business and Stakeholder Relations; Energy Generation; Non-Renewable Energy; Governing Rules, Regulations, and Reforms; Utilities Industry; Energy Industry; Texas
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      Fetter, Trevor, Erik Snowberg, and Rebecca M. Henderson. "TXU (A): Powering the Largest Leveraged Buyout in History." Harvard Business School Case 320-064, December 2019. (Revised December 2022.)
      • October 2019 (Revised December 2019)
      • Case

      BC Partners: Acuris

      By: Victoria Ivashina and Terrence Shu
      This case follows Nikos Stathopoulos, Managing Partner of BC Partners, as he and his team evaluate the potential sale of one of BC Partners’ portfolio companies, Acuris. Acuris was a global financial intelligence, news, and data company that had been acquired by BC...  View Details
      Keywords: Fund Management; Fund Raising; Leveraged Buyout; Buyout; Portfolio Management; Operations Improvement; Exit; Exit Strategy; Valuation Ratios; Finance; Private Equity; Leveraged Buyouts; Operations; Performance Improvement; Acquisition; Valuation
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      Ivashina, Victoria, and Terrence Shu. "BC Partners: Acuris." Harvard Business School Case 220-041, October 2019. (Revised December 2019.)
      • October 2019
      • Teaching Note

      Granite Equity Partners

      By: Victoria Ivashina and Terrence Shu
      This teaching note accompanies HBS case 219-040, “Granite Equity Partners,” which follows the private equity firm as it evaluates the potential acquisition of Tyrell Corp., a Minnesota-based quality control biomaterials company. Granite Equity’s fund was different from...  View Details
      Keywords: Private Equity Exit; Investing; Fund Exit; Fund Management; Wealth Management; Liquidity; Buyout; Exit Strategy; Preferred Shares; Convertible Notes; Finance; Private Equity; Investment; Asset Management; Wealth; Management; Financial Liquidity; Minnesota; United States
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      Ivashina, Victoria, and Terrence Shu. "Granite Equity Partners." Harvard Business School Teaching Note 820-062, October 2019.
      • September 2018
      • Case

      Granite Equity Partners

      By: Victoria Ivashina and Jeffrey Boyar
      This case follows Rick Bauerly, CEO of Minnesota-based Granite Equity Partners, a private equity firm that specialized in buying out retiring business owners in the Minnesota community. In 2007, Granite Equity was considering an investment in Tyrell Corp. (name...  View Details
      Keywords: Private Equity Exit; Investing; Fund Exit; Fund Management; Wealth Management; Liquidity; Buyout; Exit Strategy; Preferred Shares; Convertible Notes; Finance; Private Equity; Investment; Asset Management; Wealth; Management; Financial Liquidity
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      Ivashina, Victoria, and Jeffrey Boyar. "Granite Equity Partners." Harvard Business School Case 219-040, September 2018.
      • September 2018
      • Case

      Clayton, Dubilier & Rice at 40

      By: Josh Lerner, Abhijit Tagade and Terrence Shu
      In 2018, private equity firm Clayton, Dubilier & Rice celebrated its 40th anniversary and its 20th year under the leadership of CEO Don Gogel. In those decades, CD&R showed solid portfolio performance and generated strong returns for its investors - accomplishments...  View Details
      Keywords: Finance; Succession; Buyout; Leveraged Buyout; Turnaround; Operations; Private Equity; Management Succession; Business Model; Leveraged Buyouts; Trends; Organizational Change and Adaptation
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      Lerner, Josh, Abhijit Tagade, and Terrence Shu. "Clayton, Dubilier & Rice at 40." Harvard Business School Case 819-055, September 2018.
      • September 2017
      • Case

      Blackstone's Julia Kahr at the Summit

      By: Paul A. Gompers, John D. Dionne and Amram Migdal
      In 2009, Blackstone, the New York-based alternative asset and financial services firm, committed to invest up to $750 million into Summit Materials, a new company in the aggregates sector (i.e., construction materials, such as crushed stone, sand, gravel, cement,...  View Details
      Keywords: Roll Up; Private Equity Roll Up; Aggregates; Aggregates Materials; Construction Materials; Business Ventures; Acquisition; Leveraged Buyouts; Business Growth and Maturation; Engineering; Construction; Finance; Capital; Equity; Private Equity; Financial Instruments; Investment; Housing; Management; Goals and Objectives; Growth and Development Strategy; Growth Management; Personal Development and Career; Management Teams; Planning; Problems and Challenges; Value; Valuation; Value Creation; Construction Industry; Financial Services Industry; United States
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      Gompers, Paul A., John D. Dionne, and Amram Migdal. "Blackstone's Julia Kahr at the Summit." Harvard Business School Case 218-002, September 2017.
      • August 2017
      • Case

      Altoona State Investment Board & Bain Capital Fund XI

      By: Josh Lerner and Ted Berk
      Considers the decision faced by state pension fund manager Rod Calhoun as he decides whether to invest $200 million in Bain Capital's eleventh global buyout fund: Bain Capital Fund XI. For the fund, Bain was offering its limited partners a choice among three different...  View Details
      Keywords: Equity Method; Leveraged Buyout; Management Buyout; Capital; Design; Entrepreneurship; Finance; Leveraged Buyouts; Management; Private Equity; Venture Capital; Banking Industry; Massachusetts
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      Lerner, Josh, and Ted Berk. "Altoona State Investment Board & Bain Capital Fund XI." Harvard Business School Case 218-022, August 2017.
      • February 2017 (Revised January 2022)
      • Supplement

      Bankruptcy at Caesars Entertainment (B)

      By: Kristin Mugford
      Keywords: Gaming; Chapter 11; Fraudulent Conveyance; Apollo; TPG; Bankruptcy; Leveraged Buyouts; Restructuring; Capital Structure; Insolvency and Bankruptcy; Private Equity; Financial Management; Lawsuits and Litigation; Negotiation; Entertainment and Recreation Industry; Las Vegas
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      Mugford, Kristin. "Bankruptcy at Caesars Entertainment (B)." Harvard Business School Supplement 217-058, February 2017. (Revised January 2022.)
      • December 2016
      • Article

      Deal Process Design in Management Buyouts

      By: Guhan Subramanian
      Management buyouts (MBOs) are an economically and legally significant class of transaction: not only do they account for more than $10 billion in deal volume per year, on average, but they also play an important role in defining the relationship between inside and...  View Details
      Keywords: Management Buyout; Deal Structuring; Acquisition; Design; Fairness
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      Subramanian, Guhan. "Deal Process Design in Management Buyouts." Harvard Law Review 130, no. 2 (December 2016): 590–658.
      • October 2016
      • Case

      The Management Buyout of Dell, Inc.

      By: Guhan Subramanian
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      Subramanian, Guhan. "The Management Buyout of Dell, Inc." Harvard Business School Case 917-003, October 2016.
      • February 2016 (Revised March 2019)
      • Case

      Bankruptcy at Caesars Entertainment

      By: Kristin Mugford and David Chan
      Caesars Entertainment was a large casino operator in the United States that had been purchased in a 2008 leveraged buyout by Apollo and TPG. In January 2015, Caesars Entertainment Operating Company (CEOC), its largest subsidiary, filed for Chapter 11. This set up a...  View Details
      Keywords: Gaming; Chapter 11; Fraudulent Conveyance; Apollo; TPG; Bankruptcy; Leveraged Buyouts; Restructuring; Capital Structure; Insolvency and Bankruptcy; Private Equity; Financial Management; Lawsuits and Litigation; Negotiation; Games, Gaming, and Gambling; Entertainment and Recreation Industry; Las Vegas
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      Mugford, Kristin, and David Chan. "Bankruptcy at Caesars Entertainment." Harvard Business School Case 216-052, February 2016. (Revised March 2019.)
      • May 2015
      • Case

      Venture Republic, 2011

      By: W. Carl Kester and Mayuka Yamazaki
      In December 2011, the founders of Venture Republic, a Japanese developer and operator of on-line search engines for shopping and travel, faced a decison about whether or not to take the company private in a management buyout transaction just three years after an...  View Details
      Keywords: Management Buyout; MBO; Valuation Methodologies; Financing Decisions; Conflicts Of Interest; Governance; Japan; Search Engines; Going Private; Conflict of Interests; Internet and the Web; Valuation; Privatization; Financing and Loans; Corporate Governance; Web Services Industry; Japan
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      Kester, W. Carl, and Mayuka Yamazaki. "Venture Republic, 2011." Harvard Business School Case 215-076, May 2015.
      • June 2014 (Revised May 2017)
      • Case

      Southeastern Asset Management Challenges Buyout at Dell

      By: Paul Healy, Suraj Srinivasan and Aldo Sesia
      In late 2012, Michael Dell wants to take Dell Inc., the company he founded, private. Mr. Dell believes that the successful company's transformation from a personal computer (PC) manufacturer to an enterprise solutions and services provider (ESS) is dependent on going...  View Details
      Keywords: Leveraged Buyout Transaction; Leveraged Recapitalization; Management Buyout; Dell, Inc.; Hedge Fund; Corporate Governance Theory; Valuation; Valuation Ratios; Valuation Methodologies; Board Of Directors; Boards Of Directors; Carl Icahn; Computer Services Industries; Proxy Contest; Proxy Battles; Proxy Fight; Proxy Advisor; Financial Accounting; Financial Analysis; Financial Ratios; Finance; Corporate Accountability; Corporate Governance; Corporate Finance; Leveraged Buyouts; Computer Industry; United States
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      Healy, Paul, Suraj Srinivasan, and Aldo Sesia. "Southeastern Asset Management Challenges Buyout at Dell." Harvard Business School Case 114-015, June 2014. (Revised May 2017.)
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