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Texas Teachers and the New Texas Way
Rhodes-Kropf, Matthew; Viceira, Luis M.; Dionne, John D.; Burbank, NathanielCase HBS-214091-EFinanceIn 2011 Britt Harris, the Chief Investment Officer for the $107.4 billion Teachers Retirement System of Texas (TRS), was considering whether to pursue strategic partnerships with a group of large private equity firms. After spending four years aggressively moving the fifth largest pension fund in the United States into alternative asset classes, Harris felt that TRS shouldn't just participate in private equity funds as a typical limited partner. ...Starting at €8.20
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Centerbridge Partners and Great Wolf Resorts (B)
Lerner, Josh; Dionne, John D.; Migdal, AmramCase HBS-818024-EFinanceThe case examines the aftermath of the March 2015 Centerbridge Partners acquisition of Great Wolf Resorts, a North American family-oriented indoor water parks and hotel operator, from a private equity (PE) competitor, Apollo Global Management.Starting at €5.74
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GE Capital after the Crisis
Coates, John; Dionne, John D.; Scharfstein, David S.Case HBS-217071-EFinanceKeith Sherin, CEO of GE Capital, faced a decision on which hinged billions of dollars and the fate of one of America's most storied companies. On his desk sat two secret analyses: Project Beacon, a proposal to spin off most of GE Capital to GE shareholders, and Project Hubble, a proposal to sell off GE Capital in parts. A third document sketched out the implications should GE "stay the course" on its present strategy: a continued, massive build-u...Starting at €8.20
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Blackstone's Julia Kahr at the Summit
Gompers, Paul A.; Dionne, John D.; Migdal, AmramCase HBS-218002-EFinanceIn 2009, Blackstone, the New York-based alternative asset and financial services firm, committed to invest up to $750 million into Summit Materials, a new company in the aggregates sector (i.e., construction materials, such as crushed stone, sand, gravel, cement, asphalt, and ready-mix concrete). Summit intended to execute a roll-up strategy by consolidating smaller companies acquired at relatively low multiples into an integrated company that wo...Starting at €8.20
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Blackstone's GSO Capital: Crosstex Investment
Ivashina, Victoria; Dionne, John D.; Boyar, JeffreyCase HBS-218008-EFinanceThis case follows GSO Capital (an alternative asset management firm that had recently been acquired by The Blackstone Group) as it evaluates a potential investment in Texas-based energy firm, Crosstex. In 2009, Crosstex was reeling from the aftermath of the global financial crisis and due to violation of financial covenants was forced by its lenders to stop paying dividends while its stock value plummeted. The GSO team knew Crosstex would need t...Starting at €8.20
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Eastman Kodak Company: Restructuring a Melting Ice Cube
Gilson, Stuart C.; Dionne, John D.; Abbott, Sarah L.Case HBS-216006-EFinanceIn May 2013, senior managers of GSO Capital Partners, an $80 billion credit-oriented investment firm owned by The Blackstone Group, are considering what to do next with their investment in the senior secured debt of Eastman Kodak Company. Once a great company and an icon of American business, Kodak had fallen on desperately hard economic times as its traditional business of manufacturing cameras and photographic film had all but disappeared with ...Starting at €8.20
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Blackstone at Age 30
Lerner, Josh; Dionne, John D.; Migdal, AmramCase HBS-816013-EFinanceSince its IPO in 2007 and following the global financial crisis, Blackstone largely outpaced its alternative investment firm peers in assets under management, new business launches, profitability, and market capitalization. Under the leadership of Stephen A. Schwarzman, chairman and CEO, and president and COO Hamilton ("Tony") James, Blackstone's growth derived from substantial horizontal expansion into new alternative asset products and services...Starting at €8.20
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Centerbridge Partners and Great Wolf Resorts: Buying from a Highly Regarded Competitor
Lerner, Josh; Dionne, John D.; Migdal, AmramCase HBS-818023-EFinanceThe case examines the March 2015 Centerbridge Partners investment decision regarding whether to acquire Great Wolf Resorts, a North American family-oriented indoor water parks and hotel operator, from a private equity (PE) competitor, Apollo Global Management. The case allows for discussion of strategic and financing considerations by Centerbridge, a New York-based investment firm employing a flexible approach across investment disciplines: priva...Starting at €8.20
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Centerbridge Partners and Great Wolf Resorts: Buying from a Highly Regarded Competitor, Teaching Note
Lerner, Josh; Dionne, John D.; Migdal, AmramTeaching Note HBS-818069-EFinanceTeaching note for cases 818023 and 818024.Starting at €0.00