個案總覽

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.

Spreadsheet supplement for case 318003.

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," Mike Stone, CIO of Rise, has partnered with Chris Addy at 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 Stone and Maya 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.

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.

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.

It is 2014 and Environmental Technologies Fund (ETF) Partners, a U.K.-based venture capital firm, has an opportunity to invest in a privately-held U.K. 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 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.

Founded in 1999, by Matthew Spacie to give poor children an opportunity to play, Magic Bus had evolved to a leading social enterprise engaged in sports for development, holistic childhood development, and livelihood training for youth between the ages of 6 to 18. By 2017, there were 400,000 children in its various programs. The organization had been through three phases of growth. The case poses the question what the fourth phase should look like.

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

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.

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.