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Private equity (PE) refers to illiquid investments or securities that are not publicly traded on an exchange, such as venture capital, mezzanine or distressed debt, leveraged buyouts, timber, oil and gas properties, and real estate. A limited partnership agreement (LPA) defines the terms of the relationship between the general partners (GPs) and the limited partners (LPs). The structure and compensation arrangements used by PE firms are highly standardized and a working knowledge of frequently employed terms and arrangements of LPAs is important to understanding the division of the profits and the drivers of returns in the industry. This note describes some of the basic features of LPAs with a particular focus on the basic terminology and compensation practices that relate to GPs and LPs.

This note was written as an updated version of "The Early-Stage Term Sheet" (UV2526) and may be used in its place. In seeking funding for an early-stage company, the entrepreneur and investor will confront choices about the amount, terms, and conditions of the financing. These terms are usually set forth in a term sheet that contains a host of provisions designed to protect the value of an investor's capital. These terms define the investor's rights as a holder of a senior security to common stock and are designed to secure the investor's ownership position, provide the right to monitor and control important company decisions, and facilitate exit from the investment. The note focuses on a few key aspects of these terms-antidilution, liquidation preference, dividends, control rights, and redemption-all of which are widely regarded by practitioners as having the greatest ability to affect the economic returns for the parties involved in an early-stage investment. Although not meant to be exhaustive, the examples offer a perspective on how a term can be worded in order to confer differential rights between the parties.

This document identifies the characteristics of excellent case studies and their accompanying teaching notes. The purpose is to provide guidance in preparing these educational vehicles. These guidelines were developed based on consultations with very experienced case teachers and an analysis of the elements of case studies and their teaching notes considered to be high quality by Harvard Business School faculty across departments, and on the basis of cases highly demanded by other schools. Elements of Excellence in case studies include focus, complexity, clarity, engagement, controversy, complexity, robustness, and intellectual richness. Key elements analyzed in teaching notes include learning objectives, substantive analyses, and teaching processes, including discussion plans, questions, openings and closings. Appendices provide guidance on the case study and teaching note development process as well as check lists for the key elements of excellence in cases and teaching notes.

This Technical Note is intended for use by practitioners and academics, including MBA students, who are learning to model leveraged buy-outs. The note discusses the structuring of leveraged buy-outs, a step-by-step approach to modeling a leveraged buy-out, a detailed section on frequently asked questions related to the assumptions behind leveraged buy-outs, and a sample model. An instructional video accompanies the materials.

This note provides an overview of the elements of marketing strategy, and explains how they can be applied in the public and not-for-profit sectors. Elements necessary for a successful marketing strategy (segmentation, pricing (including price discrimination), product design, place/distribution, and promotion) are examined, and then applied to public sector examples, such as: NYC's Municipal Identification Card program, a hypothetical needle exchange program, and mass transit systems. This note concludes with practical advice for implementing a marketing strategy.

This technical note was written as a companion document for potential use with 9B14C059. It can also be read on its own to gain a greater understanding of how organizational change unfolds over time. This note can also be used as a companion to other business cases or for so-called “live” cases that profile challenges currently experienced by organizations. Finally, the technical note can also be used to guide data collection and analysis for the purpose of researching or writing new cases on organizational change using the framework or model.

It can also be read on its own to gain a greater understanding of how organizational change unfolds over time. This note can also be used as a companion to other business cases or for so-called "live" cases that profile challenges currently experienced by organizations. Finally, the technical note can also be used to guide data collection and analysis for the purpose of researching or writing new cases on organizational change using the framework or model.

This technical note explores one of the most important topics for firms and their managers: labor. In particular, how many people should a firm hire, and how much should they be paid? The note uses the example of Wail Al-Hayani, the owner of a kitchen that provides fresh prepared food to quick-service restaurants, to explore hiring decisions and setting wages and salaries-and the marginal values that matter. If Al-Hayani hires more workers, it would mean extra output and revenue, so long as the value of the marginal product of labor exceeds the wage. To maximize profits, a competitive firm should hire workers up to the point where the value of the marginal product of labor equals the wage.

Industry self-regulation has, in general, a lousy track record. Many studies have shown that it is often ineffective unless backed by the power of the state, and that in some cases it serves rather to forestall government intervention or to reduce competition than as genuine self-regulation. Many observers doubt that accelerated private sector regulation could really make a difference against the major public goods issues of our time. Yet we live in a time when many public goods issues are global and global governance mechanisms are at the very earliest stage of development, and in industry after industry leading firms are banding together in an attempt to regulate conduct-designing metrics, relying on independent auditors, and attempting to enforce compliance. Is this a plausible path forward? This note summarizes work in history, political science, and economics-drawing particularly on the work of Eleanor Ostrom-to explore this issue in depth.

Successful teams have three things in common: (1) they meet their performance goals, (2) their members feel satisfied that they are learning/benefiting from being a part of the team, and (3) the process the team uses to collaborate sets it up for future success. Recent research, however, suggests that only about 25% of teams meet these criteria. The rest of the teams typically experience less-than-ideal processes and a decline in performance and/or satisfaction. This technical note explores what goes wrong with teams, the ways in which conflict can both help and hurt a team, and how a team can harness the benefits and limit the liabilities of conflict.

Setting equitable and "market" level compensation for founders and early employees of startups is one of the most important elements of a new venture. It is not only central to attract and retain the best human capital for the startup, but is critical to align incentives between investors and management. This note provides a framework to think about compensation in startup ventures and is intended for entrepreneurs thinking about starting a venture, as well as for employees looking to join a young high-potential startup.

This note (which is based on an earlier technical note, "Perspectives on Brand Equity," UVA-M-0668) provides a resource to aid in understanding brand equity: its creation, maintenance, measurement, and value. Suitable for use in introductory courses in marketing at the undergraduate and MBA levels, this note presents an overview of brand perspectives including those of Millward Brown, Young & Rubicam, David Aaker, William Moran, and Interbrand.

This note provides an overview of the U.S. health care system as it stood in 2014, including an overview of hospitals, doctors, insurance companies, and other health care providers. It also discusses the major political actions on health care in the 20th century, including Medicare, Medicaid, and the early planning process for the Affordable Care Act at the beginning of the Obama presidency.

This technical note provides a history and context for corporate venture capital (CVC) investment, or the practice of corporations making equity investments in startup companies outside their core business. The note outlines the growth of CVC, from its inception in the 1960s through its maturation today, and explores companies' motivations for making these types of investments, which typically involve a combination of both financial and strategic goals. In addition, the note explores how CVC units within companies are structured, how they evaluate and finance investment opportunities, and how they generate business value for the parent company.

The Circle Chart is a simple framework that offers users a system to think through complex, multi-party or cross-cultural negotiations, as well as written negotiations. It can also be used to structure debriefing of negotiations.

The Circle Chart is a simple framework that offers users a system to think through complex, multi-party or cross-cultural negotiations, as well as written negotiations. It can also be used to structure debriefing of negotiations.

This note was written to help you organize and orchestrate your FIELD Immersion final project presentation to your Project Partners. It is designed to illustrate ways to make your final presentation persuasive, inspiring, and powerful - a presentation with presence. Orchestrating a compelling presentation involves a three stage process of conceiving, visualizing, and presenting that begins with understanding and empathizing with your audience, leveraging your emotional intelligence to craft a persuasive message that addresses their needs. Developing an engaging story using storytelling techniques can help you design a presentation that will resonate with your audience. Translating your story into visuals with impact and delivering it with presence is critical to connecting with your audience in an authentic and powerful way.