HBS Cases & Notes

Private Equity

Notes

“Discount Cash Flows (DCF) Valuation Methods and Their Application in Private Equity”
Harvard Business School Background Note 221-012
https://www.hbs.edu/faculty/Pages/item.aspx?num=58648

“Valuation Techniques in Private Equity: LBO Model” (with A. Tuzikov and A. Tagade)
Harvard Business School Background Note 218-106
https://hbsp.harvard.edu/product/218106-PDF-ENG?itemFindingMethod=Other

“Primer on Multiples Valuation and Its Use in the Private Equity Industry” (with H. Boe)
Harvard Business School Background Note 218-017
https://hbsp.harvard.edu/product/218017-PDF-ENG?Ntt=Primer+on+Multiples+Valuation+&itemFindingMethod=Search

“Analytical Tools in Private Equity: Return Bridge” (with A. Tagade)
Harvard Business School Background Note 220-019
https://hbsp.harvard.edu/product/220019-PDF-ENG?Ntt=Analytical+Tools+in+Private+Equity&itemFindingMethod=Search

“Private Equity Valuation in Emerging Markets” (with P. Gompers and T. Dore)
Harvard Business School Background Note 213-043
https://hbsp.harvard.edu/product/213043-PDF-ENG?Ntt=Private+Equity+Valuation+in+Emerging+Markets&itemFindingMethod=Search

“Debt as a Source of Value in Private Equity”
Harvard Business School Module Note 214-061
https://hbsp.harvard.edu/product/214061-PDF-ENG?Ntt=214061&itemFindingMethod=Search

“Note on the Leveraged Loan Market”
Harvard Business School Background Note 214-047
https://hbsp.harvard.edu/product/214047-PDF-ENG?Ntt=214047&itemFindingMethod=Search

“Note on LBO Capital Structure” (with P. Gompers and J. Van Gool)
Harvard Business School Background Note 214-039
https://hbsp.harvard.edu/product/214039-PDF-ENG?Ntt=214039&itemFindingMethod=Search

“Upstream Oil and Gas Private Equity” (with G. Patton and T. Todd)
Harvard Business School Background Note 215-068
https://hbsp.harvard.edu/product/215068-PDF-ENG?Ntt=Upstream+Oil+and+Gas+Private+Equity&itemFindingMethod=Search

Cases

“PE Secondaries: Blackstone Strategic Partners” (with L.M. Viceira, J.D. Dionne, and A. Ferragamo)
Harvard Business School Case 222-027
Details: PE secondary market
https://hbsp.harvard.edu/product/222027-PDF-ENG

“Advent International and Walmart Brazil’s Deal” (with R. Costas and P. Levindo)
Harvard Business School Case 222-047
Details: Emerging markets—Brazil; buyout; turnaround strategy
https://hbsp.harvard.edu/product/222047-PDF-ENG?Ntt=advent

“Rockwood Equity: Choosing the Right Debt Package” (with T. Shu and A. Ferragamo)
Harvard Business School Case 222-039
Details: Small cap, private debt
https://hbsp.harvard.edu/product/222039-PDF-ENG?Ntt=rockwood%20equity

“Blackstone: Crocs Investment” (with J.D. Dionne and T. Shu)
Harvard Business School Case 221-023
Details: Turnaround; PIPE
https://hbsp.harvard.edu/product/221023-PDF-ENG?Ntt=crocs

“AfricInvest: A Pan-African Investment Platform” (with Y. Abdel Aal)
Harvard Business School Case 221-037
Details: Emerging markets—Africa; PE platforms; growing your firms; DFIs
https://hbsp.harvard.edu/product/221037-PDF-ENG

“Summit Partners: Independent Vetcare” (with T. Shu)
Harvard Business School Case 221-024
Details: Growth equity; growth through acquisitions strategy
https://hbsp.harvard.edu/product/221024-PDF-ENG?Ntt=summit

“TowerBrook: ESG in Action” (with B. Trelstad and M. Conway)
Harvard Business School Case 221-045 (A), 221-046 (B)
Details: ESG in PE context
https://hbsp.harvard.edu/product/221045-PDF-ENG?Ntt=towerbrook
https://hbsp.harvard.edu/product/221046-PDF-ENG?Ntt=towerbrook

“Unison Capital Korea: Gong Cha” (with S. Lee)
Harvard Business School Case 221-040
Details: Emerging market—Korea; operational value-add; exit timing
https://hbsp.harvard.edu/product/221040-PDF-ENG?Ntt=gong%20cha

“CSL Capital Management: Patriot Proppants” (with Y. Kapko)
Harvard Business School Case 220-094 (A), 221-007 (B)
Details: Midstream oil & gas investments; financing and structuring greenfield projects
https://hbsp.harvard.edu/product/220094-PDF-ENG?Ntt=csl%20capitakl
https://hbsp.harvard.edu/product/221007-PDF-ENG?Ntt=csl%20capitakl

“Pantheon Ventures in 2019” (with Tonia Labruyere)
Harvard Business School Case 220-001
Details: Global fund-of-funds; changes in FoF value proposition
https://hbsp.harvard.edu/product/220001-PDF-ENG?Ntt=220001&itemFindingMethod=Search

“BC Partners: Acuris” (with T. Shu)
Harvard Business School Case 220-041
Details: Large-cap buyout PE value-add
https://hbsp.harvard.edu/product/220041-PDF-ENG?Ntt=220041&itemFindingMethod=Search

“Kaspi.kz IPO” (with E. Çekin)
Harvard Business School Case 220-007
Details: Emerging markets—Kazakhstan; Baring Vostok; FinTech; Global IPO
https://hbsp.harvard.edu/product/220007-PDF-ENG?Ntt=220007&itemFindingMethod=Search

“Subscription Lines Dilemma” (with T. Shu)
Harvard Business School Case 220-025
Details: Performance measurement; governance
https://hbsp.harvard.edu/product/220025-PDF-ENG?Ntt=220025&itemFindingMethod=Search

“Advent International: Kroton Investment” (with Ruth Kostas, and Priscilla Zogbi)
Harvard Business School Case 219-035
Spreadsheet Supplement 219-725
Details: Emerging markets—Brazil; global firm successfully operating in LatAm
https://hbsp.harvard.edu/product/219035-PDF-ENG?Ntt=219725&itemFindingMethod=Search

“Oaktree: Pierre Foods Investment” (with Mike Harmon)
Harvard Business School Case 219-018
Teaching Note 220-083
Spreadsheet Supplement 220-715
Details: Distress investing
https://hbsp.harvard.edu/product/219018-PDF-ENG?Ntt=219018&itemFindingMethod=Search

“Enfoca: Private Equity in Peru” (with J. Boyar and T. Shu)
Harvard Business School Case 219-030
Teaching Note 220-056
Details: Emerging markets—Peru; GP-led secondary transaction
https://hbsp.harvard.edu/product/219030-PDF-ENG?Ntt=219030&itemFindingMethod=Search

“Granite Equity Partners” (with J. Boyar and T. Shu)
Harvard Business School Case 219-040
Teaching Note 820-062
Spreadsheet Supplement 220-709
Details: U.S. regionally focused fund; mid-cap; perpetual fund structure
https://hbsp.harvard.edu/product/219040-PDF-ENG?Ntt=219040&itemFindingMethod=Search

“Blackstone’s GSO Capital: Crosstex Investment” (with J. Dionne and J. Boyar)
Harvard Business School Case 218-008
Teaching Note 220-039
Details: Private debt; rescue financing
https://hbsp.harvard.edu/product/218008-PDF-ENG?Ntt=218008&itemFindingMethod=Search

“Actera Group: Investing in Mars Cinema Group (A)” (with E. Kuzucu)
Harvard Business School Case 218-020
https://hbsp.harvard.edu/product/218020-PDF-ENG?Ntt=218020&itemFindingMethod=Search

“Actera Group: Investing in Mars Cinema Group (B)” (with E. Kuzucu)
Harvard Business School Spreadsheet Supplement 218-706
Teaching Note 220-045
Details: Emerging markets—Turkey; majority transaction; operational turnaround (vertical integration)

https://hbsp.harvard.edu/product/218021-PDF-ENG?Ntt=218020&itemFindingMethod=Search

“PFA Pension: Expansion of Alternatives Portfolio” (with F. Gabrieli and J. Lenhardt)
Harvard Business School Case 218-025
Details: Co-investing and direct investing strategies
https://hbsp.harvard.edu/product/218025-PDF-ENG?Ntt=218025&itemFindingMethod=Search

“Berkshire Partners: Party City” (with J. Boyar)
Harvard Business School Case 218-028, August 2017
Teaching Note 218-125
Details: Mid-cap buyout; fund governance; cross-fund investing
https://hbsp.harvard.edu/product/218028-PDF-ENG?Ntt=218125&itemFindingMethod=Search

“BC Partners: Gruppo Coin”
Harvard Business School Case 217-024
Teaching Note 217-078
Details: Large-cap buyout PE value-add
https://hbsp.harvard.edu/product/217024-PDF-ENG?Ntt=217024&itemFindingMethod=Search

“WestBridge: SKS Microfinance Investment” (with Chirag Fialoke)
Harvard Business School Case 219-041
Details: Emerging markets—India

“Qalaa Holdings and the Egyptian Refining Company” (with M. Homsy)
Harvard Business School Case 217-011
Teaching Note 217-087
Details: Emerging markets—Egypt; funding and managing an infrastructure project
https://hbsp.harvard.edu/product/217011-PDF-ENG?Ntt=217011&itemFindingMethod=Search

“TPG China: Daphne International”
Harvard Business School Case 813-055
Teaching Note 215-018
Details: Emerging markets—China; global PE firm; PIPE (private investment in public equity); operational turnaround
https://hbsp.harvard.edu/product/813055-PDF-ENG?Ntt=813055&itemFindingMethod=Search

“HCA, Inc. LBO Exit”
Harvard Business School Case 813-056
Teaching Note 214-059
Details: Large-cap buyout; exit through IPO
https://hbsp.harvard.edu/product/813056-PDF-ENG?Ntt=813056&itemFindingMethod=Search

“Blackstone and the Sale of Citigroup’s Loan Portfolio” (with D. Scharfstein)
Harvard Business School Case 214-037
Teaching Note 214-040
Details: Private debt; opportunistic strategy
https://hbsp.harvard.edu/product/214037-PDF-ENG?Ntt=214040&itemFindingMethod=Search

“Momentive Performance Materials, Inc.” (with D. Scharfstein)
Harvard Business School Case 210-081
Teaching Note 214-057
Details: Large-cap buyout; out-of-court debt restructuring
https://hbsp.harvard.edu/product/210081-PDF-ENG?Ntt=210081&itemFindingMethod=Search

“Oaktree and the Restructuring of CIT Group (A) “ (with D. Scharfstein)
Harvard Business School Case 214-035
https://hbsp.harvard.edu/product/214035-PDF-ENG?Ntt=oaktree&itemFindingMethod=Search

“Oaktree and the Restructuring of CIT Group (B) “ (with D. Scharfstein)
Harvard Business School Case 214-036
Teaching Note 214-058
Details: Distress investing
https://hbsp.harvard.edu/product/214036-PDF-ENG?Ntt=oaktree&itemFindingMethod=Search

Banking and Financial Intermediaries

Notes

“Note on the Leveraged Loan Market”
Harvard Business School Background Note 214-047
https://hbsp.harvard.edu/product/214047-PDF-ENG?Ntt=214047&itemFindingMethod=Search

Cases

“Kaspi.kz IPO” (with E. Çekin)
Harvard Business School Case 220-007
Details: Emerging markets—Kazakhstan; retail banking; FinTech
https://hbsp.harvard.edu/product/220007-PDF-ENG?Ntt=220007&itemFindingMethod=Search

“Attijariwafa Bank: Egypt Expansion” (with A. Thapar)
Harvard Business School Case 219-008
Details: Emerging markets—Morocco-based regional bank; SME lending; expansion through acquisitions
https://hbsp.harvard.edu/product/219008-PDF-ENG?Ntt=219008&itemFindingMethod=Search

“ICICI Bank and the Issue of Long Term Bonds” (with S. Aggarwal, P. Deuskar, and M. Subrahmanyam)
Harvard Business School Case 216-043
Details: Emerging markets—India; liquidity regulation; maturity mismatch; interest rate risk exposure
https://hbsp.harvard.edu/product/216043-PDF-ENG?Ntt=216043&itemFindingMethod=Search

“Oaktree and the Restructuring of CIT Group (A) “ (with D. Scharfstein)
Harvard Business School Case 214-035
https://hbsp.harvard.edu/product/214035-PDF-ENG?Ntt=214035&itemFindingMethod=Search

“Oaktree and the Restructuring of CIT Group (B) “ (with D. Scharfstein)
Harvard Business School Case 214-036
Teaching Note 214-058
Details: Financial company in distress; wholesale funding; asset-backed lending
https://hbsp.harvard.edu/product/214036-PDF-ENG?Ntt=214035&itemFindingMethod=Search

“Rosetree Mortgage Opportunity Fund” (with A. Perold)
Harvard Business School Case 209-088
Teaching Note 210-065
Details: 2008 crisis; purchasing mortgage portfolios from distressed banks
https://hbsp.harvard.edu/product/209088-PDF-ENG?Ntt=209088&itemFindingMethod=Search