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.

The case first describes the evolution of Cisco Systems of San Jose, California, from a narrowly-focused routing and switching equipment vendor, with a highly effective competitive strategy, into a diversified networking and IT giant.