When staff as well as investors participate in a profitable exit by a global private equity firm, the industry pays attention. KKR’s sale of CHI, a garage door manufacturer, for a 9.8X multiple of invested capital (MOIC) made headlines in early 2022 as one of KKR’s highest returns since the 1980s and for CHI’s hourly workers and truck drivers for whom the pay-out would be life changing.

This case describes the events leading up to the collapse of Greensill Capital in early 2021, examining the history and roles of the various stakeholders involved with a clear focus on risk management.

This experiential case simulates an investment committee (IC) meeting at the private equity (PE) firm Bridgepoint, a leading European mid-market private equity firm.

Private equity firm Clayton, Dubilier & Rice (CD&R) is preparing a bid for leading US car rental agency Hertz. By replacing Hertz’s top managers, improving capital management and driving down operating costs, CD&R sees an opportunity to nearly double EBITDA. However, the turnaround involves significant risks, which CD&R must weigh in preparing its bidding strategy.

In 2010, ACTIS embarked on an ambitious project to build a pan-Middle East and Africa (MEA) payments platform. It had purchased Mediterranean Smart Cards Company (MSCC), a bankcard issuer with operations across Africa, and had identified a follow-on target, Visa Jordan Card Services (VJCS) as part of its buy-and-build strategy, and another potential acquisition in South Africa.

In 2011, Ingersoll-Rand (IR) decided to divest its refrigeration equipment subsidiary, Hussmann International. However, the routine auction process for the non-core asset went awry when both Hussmann’s performance and external finance markets weakened significantly during the due diligence period.

The case describes how the Pro-invest Group – a boutique investment firm specialising in private equity real estate and real estate asset management – built its business and raised a first-time private equity fund.

This two-party case is designed to teach negotiation within the context of turnaround management, stakeholder management, change management or public sector negotiation.

Mekong Capital, a private equity firm based in Vietnam, is considering exiting its stake in restaurant chain operator Golden Gate. Despite robust growth, Golden Gate’s profitability is lagging. Students are asked to evaluate the best means of exit and whether operational improvements are required to attract buyers or create the foundation for a successful IPO.

Emerging markets are challenging and require special expertise. India in particular is known to be a tricky business environment. The case follows two senior executives from Alvarez & Marsal’s India practice as they deal with an urgent request from one of their US private equity clients, Sapphire Capital.

The case traces the evolution of the private equity investment platform of the Ontario Teachers’ Pension Plan (Teachers’). Unlike the typical traditional pension fund, Teachers’ has forged a bold, pioneering approach to investing by making a concerted push towards direct investing. The case discusses the trade-offs involved in developing a direct investing platform.

In 2011, Carlyle is considering an exit from its investment in the European fashion brand Moncler, in which it holds a minority stake. The case focuses on the complexities of preparing and executing an exit under rapidly changing market conditions taking varied interests and potential outcomes into consideration.

A consortium of private equity firms (KKR and Silver Lake Partners) is in the process of acquiring the semi-conductor division of Agilent. To prepare for the signing of the acquisition agreement and the subsequent transfer of ownership, the deal team is revisiting their investment thesis with respect to upsides and risks.