Victoria Ivashina
Lovett-Learned Professor of Business Administration
Victoria Ivashina is the Lovett-Learned Professor of Finance and Head of the Finance Unit at Harvard Business School. Professor Ivashina is also the faculty chair of the Global Initiative for the Middle East and North Africa (MENA) region. She is a Research Associate at the National Bureau of Economic Research (NBER), a Research Fellow at the Center for Economic Policy Research (CEPR), a Visiting Scholar at the Federal Reserve Bank of Boston, and a member of the Model Validation Council at the Board of Governors of the Federal Reserve System. Professor Ivashina co-heads Harvard Business School’s Private Capital Initiative and Private Equity and Venture Capital (PEVC) executive education program. She is a co-author of Patient Capital: The Challenges and Promises of Long-Term Investing and Private Equity: A Casebook. Her research spans multiple areas of financial intermediation, including corporate credit markets, global banking operations, asset allocation by pension funds and insurance companies, and value creation by private equity. Professor Ivashina serves as a Department Editor at the Management Science, and as a board member of the American Finance Association, Academic Female Finance Committee (AFFECT) and Financial Intermediation Research Society. She holds a Ph.D. in Finance from the NYU Stern School of Business and a B.A. in Economics from Pontificia Universidad Católica del Perú.
Featured Work
When the Tailwind Stops: The Private Equity Industry in the New Interest Rate Environment
Long-Term Investors@UniTo, Inaugural report
Research
Professor Ivashina’s research spans multiple areas of financial intermediation including corporate credit markets, leveraged loan market, global banking operations, asset allocation by pension funds and insurance companies, and value creation by private equity. Her research has been published in the top journals in Finance and Economics and is regularly cited in media outlets. Professor Ivashina is the author of Patient Capital: The Challenges and Promises of Long-Term Investing and Private Equity: A Case Book . Since 2010, she has been teaching Private Equity Finance (PEF), an elective course in the Harvard Business School MBA program.
Courses
HBS Online Alternative Investments
Private Equity Finance (MBA curriculum)
Executive Education (2 Courses)
Book Reviews
Patient Capital
“The antidote for short-term horizons in public markets is long-term investment in private markets. In Patient Capital, Ivashina and Lerner survey the private equity world, employing an engaging combination of captivating anecdotes and solid academic research. A must-read for all who care about the future of capitalism.”–David F. Swensen, Chief Investment Officer, Yale University
“You may not think your life depends on long-term investors, but it does–the health of your company’s pension plan, your state or country’s social security fund, indeed the very comfort of your retirement, depends on the success of long-term investing. In this very readable book, Ivashina and Lerner, two of the foremost experts on the subject, tell you what is going wrong, and how to set it right. It is a must-read for every anxious investor and every concerned taxpayer.”–Raghuram Rajan, University of Chicago
“This book provides a thorough and thoughtful analysis of the role that patient, long-term capital plays in the economy. Ivashina and Lerner do a wonderful job of combining clear and intuitive explanations with entertaining anecdotes that keep the reader’s attention and make it easier to understand the underlying ideas. At every point their in-depth knowledge shines through and makes for a very enjoyable read.”–Antoinette Schoar, MIT Sloan School of Management
” ‘The trees that are slowest to grow bear the best fruit, ‘ Molière says. And that is why this lucid and refreshing account of how to overcome the barriers to long-term investment deserves the attention of pension funds, insurers, sovereign wealth funds, and endowments. After all, the potential fruits are not just quality returns, but significant benefits to society.”–Dominique Senequier, President, Ardian
“Patient Capital is a compelling and thought-provoking book about an important but poorly understood aspect of finance–the role of long‐term investors in our capital markets. It will appeal to finance scholars; those who work for pension funds, endowments, insurance companies, sovereign wealth funds, and the venture capital and private equity industries; and entrepreneurs who rely on them for financing.”–Jeffrey R. Brown, Dean of the University of Illinois’s Gies College of Business and Investment Committee Chair for TIAA
“Few scholarly, well-researched books have been written on long-term private investing. Victoria Ivashina and Josh Lerner have undertaken a real public service in writing what will undoubtedly become the definitive book on the subject. My only regret in reading this book is that I did not write it.”–David Rubenstein, Co-Founder and Co-Executive Chairman, The Carlyle Group
In The News
14 Jun 2020
Financial Times
Private equity barons grow rich on $230bn of performance fees >>
15 Mar 2020
Reuters
27 Jun 2019
Harvard Magazine
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