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  • 2022
  • Working Paper

Racial Diversity in Private Capital Fundraising
By: Johan Cassel, Josh Lerner and Emmanuel Yimfor
Black- and Hispanic-owned funds control a very modest share of assets in the private capital industry. We find that the sensitivity of follow-on fundraising to fund performance is greater for minority-owned groups, particularly for underperforming groups. We...  View Details
Keywords: Buyouts; Capital Formation; Minorities; Venture Capital; Minority-owned Businesses; Race; Diversity; Investment Funds; Financial Services Industry
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  • June 2022
  • Case

PFA Pensions: The Climate Plus Product
By: Daniel Green, Victoria Ivashina and Alys Ferragamo
The case explores whether alternative investments play a unique role in achieving low carbon dioxide emissions at the portfolio level. This case is set in April of 2020 and follows Kasper Ahrndt Lorenzen, Chief Investment Officer, and Peter Tind Larsen, Head of...  View Details
Keywords: Carbon Emissions; Carbon Footprint; Alternative Assets; Alternative Investment Vehicles; Pension Fund Investing; Private Equity; Renewable Energy; Investment Portfolio; Corporate Social Responsibility and Impact; Environmental Sustainability; Denmark
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  • October 2021 (Revised July 2022)
  • Case

Engine No. 1: An Impact Investing Firm Engages with ExxonMobil
By: Mark Kramer, Shawn Cole, Vikram S. Gandhi and T. Robert Zochowski
ExxonMobil, the world's fifth largest source of carbon emissions, remained committed to aggressively expanding its oil & gas business despite global warming. During the COVID pandemic this strategy resulted in massive losses as the price and demand for oil declined. ...  View Details
Keywords: Carbon Emissions; Global Warming; Impact Investment Funds; Hedge Fund Activism; Leadership Development; Business Model; Renewable Energy; Resource Allocation; Decision Choices and Conditions; Governing and Advisory Boards
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  • September 2021
  • Teaching Note

The Canada Pension Plan Investment Board (CPP Investments): April 2021
By: Josh Lerner
Teaching Note for HBS Case No. 821-125.  View Details
Keywords: Pension Funds; Investment Strategy; Capital Markets
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  • June 2021
  • Case

The Canada Pension Plan Investment Board (CPP Investments): April 2021
By: Josh Lerner, Reza Satchu and Alys Ferragamo
The Canada Pension Plan Investment Board (CPPIB) is one of the largest pools of investment capital in the world and follows a rigorous “Total Portfolio Framework” in its approach to investment management. In April of 2021, John Graham was just two months into his role...  View Details
Keywords: Pension Funds; Investment Strategy; Capital Markets; Financial Strategy; Investment; Asset Management; Financial Institutions; Private Equity; Growth and Development Strategy; Investment Portfolio; Assets; Financial Markets; Financial Services Industry; Canada
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  • 2020
  • Working Paper

An Empirical Guide to Investor-Level Private Equity Data from Preqin
By: Juliane Begenau, Claudia Robles-Garcia, Emil Siriwardane and Lulu Wang
This note provides guidance on the use of investor-level private equity data from Preqin for empirical research. Preqin primarily sources its cash flow data through Freedom of Information Act (FOIA) requests with U.S. public pensions. Our focus is on the components of...  View Details
Keywords: Private Equity Returns; Prequin Data; Private Equity; Analytics and Data Science; Investment Return
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  • 2020
  • Working Paper

Institutional Corporate Bond Pricing
By: Ishita Sen, Lorenzo Bretscher, Lukas Schmid and Varun Sharma
We compile a rich dataset that links institutional investors' position level holdings with corporate bond characteristics and estimate demand elasticities with respect to critical sources of risk. Persistence in institutions' holdings provide us with an instrument to...  View Details
Keywords: Corporate Bonds; Demand Systems; Insurance Companies; Mutual Funds; Liquidity; Bonds; Insurance; Investment Funds; Financial Liquidity
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  • April 2020
  • Supplement

Should a Pension Fund Try to Change the World? Inside GPIF's Embrace of ESG
By: Rebecca Henderson
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  • 2020
  • Working Paper

How Do Private Equity Fees Vary Across Public Pensions?
By: Juliane Begenau and Emil Siriwardane
We study how investment fees vary within private-capital funds. Net-of-fee return clustering suggests that most funds have two tiers of fees, and we decompose differences across tiers into both management and performance-based fees. Managers of venture capital funds...  View Details
Keywords: Pension Funds; Fee Dispersion; Search And Negotiation Frictions; Private Equity; Investment Funds
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  • 2020
  • Working Paper

Cutting the Gordian Knot of Employee Health Care Benefits and Costs: A Corporate Model Built on Employee Choice
By: Regina E. Herzlinger and Barak D. Richman
The U.S. employer-based health insurance tax exclusion created a system of employer-sponsored insurance (ESI) with limited insurance choices and transparency that may lock employed households into health plans that are costlier or different from those they prefer to...  View Details
Keywords: After-tax Income; Consumer-driven Health Care; Health Care Costs; Health Insurance; Income Inequality; Tax Policy; Health Care and Treatment; Cost; Insurance; Employees; Income; Taxation; Policy; United States
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  • February 2019 (Revised March 2019)
  • Case

Banorte and the Capital Call Facility: Infrastructure Finance in Mexico
By: John D. Macomber, Carla Larangeira and Fernanda Miguel
As a result of Mexico´s pension industry deregulation, pension funds were able to invest in energy and infrastructure projects through a variety of financial instruments, particularly through Capital Development Certificates (CKDs), an asset class that served as a...  View Details
Keywords: Financial Products; Fund Management; Capital Call Facility; Pension Funds; Infrastructure; Energy; Finance; Decision Making; Investment Funds; Financial Instruments; North America; Mexico
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  • 2019
  • Other Unpublished Work

Pensions and Alternative Investments
By: Josh Lerner and Victoria Ivashina
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  • January 2019 (Revised February 2020)
  • Case

Should a Pension Fund Try to Change the World? Inside GPIF's Embrace of ESG
By: 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...  View Details
Keywords: Pension Funds; ESG (Environmental, Social, Governance) Performance; Investment Funds; Environmental Sustainability; Social Issues; Governance; Leading Change; Economy; Performance Improvement; Japan
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  • December 2018
  • Supplement

Asset Allocation at the Cook County Pension Fund
By: Emil Nuwan Siriwardane
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  • December 2018 (Revised March 2020)
  • Teaching Note

Asset Allocation at the Cook County Pension Fund
By: Emil Nuwan Siriwardane
Teaching Note for HBS No. 218-030.  View Details
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  • November 2018 (Revised December 2018)
  • Case

CalSTRS Takes on Gun Violence
By: 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...  View Details
Keywords: Pension Funds; Pension Plan; Asset Allocation; Screening; ESG; Gun Violence; Business and Government Relations; Values and Beliefs; Education Industry; California; United States
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  • August 2018
  • Article

Pension Policy and the Financial System
By: David S. Scharfstein
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  • July 2018
  • Teaching Note

Prudential Financial—General Motors Pension Risk Transfer: Back to the Future?
By: Luis M. Viceira and Shawn O'Brien
Teaching Note for HBS No. 213-126.  View Details
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  • 2018
  • Working Paper

The Impact of Pensions and Insurance on Global Yield Curves
By: Robin Greenwood and Annette Vissing-Jorgensen
We document a strong effect of pension and insurance company (P&I) assets on the long end of the yield curve. Using data from 26 countries, the yield spread between 30-year and 10-year government bond yields is negatively related to the ratio of pension assets (in...  View Details
Keywords: Pension Funds; Investment Funds; Insurance; Assets; Interest Rates; Bonds
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  • February 2018
  • Case

Infrastructure in Nigeria: Unlocking Pension Fund Investments
By: John Macomber and Pippa Tubman Armerding
The so-called “infrastructure finance gap” was a problem in Nigeria as in many parts of the world. Infrastructure projects like power plants and dams were very large capital investments that could generate long-term consistent cash flows, but their financing and...  View Details
Keywords: Pension Fund Investing; Infrastucture; Power/Energy; Credit Enhancement; Infrastructure; Project Finance; Investment Funds; Emerging Markets; Nigeria; Africa
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