Author Profile
Loutskina, Elena
Betting on GPs: A Two-Horse Race
Loutskina, Elena LoMonaco, Nick
F-2096 | Published January 23, 2025 | 21 pages Case
Collection: Darden School of Business
In August 2024, two founding partners at White Mountain Capital were presiding over an investment committee meeting discussing potential investments in two distinct private equity (PE) general partner... Read More
Everglow Ventures: Reinventing the VC Model
Loutskina, Elena Abuzov, Rustam
F-2098 | Published January 23, 2025 | 17 pages Case
Collection: Darden School of Business
This disguised case centers on Ellen Grant, who has recently launched a new venture capital (VC) firm, Everglow Ventures (Everglow). Everglow is not a VC firm “as usual”; the founders are seeking to ... Read More
Helios Solar
Loutskina, Elena Kuzmin, Alexandr
F-2097 | Published January 15, 2025 | 19 pages Case
Collection: Darden School of Business
The case presents a procurement manager at a solar panel distributor and installer company, Helios Solar, with a dilemma on what supplier to use. Two different supply channels are characterized by dif... Read More
[NAV]igating PE Performance
Loutskina, Elena Boutwell, Ryan
F-2089 | Published August 29, 2024 | 15 pages Case
Collection: Darden School of Business
This case explores E&R Advisors, a multifamily investment management company, as its chief investment officer considers the increasing use by general partners (GPs) of net asset value (NAV) credit fac... Read More
Phynix in the Ashes of SVB
F-2086 | Published August 09, 2024 | 17 pages Case
Collection: Darden School of Business
In March 2023, Silicon Valley Bank (SVB), a lender to tech industry companies in Silicon Valley for more than 40 years, suddenly imploded and ceased to exist. Within roughly four hours on March 10, $4... Read More
Crocs, Inc., 2022: Déjà Vu All Over Again
Lipson, Marc L. Loutskina, Elena Rayaji, Abanikash
F-2066 | Published January 30, 2024 | 18 pages Case
Collection: Darden School of Business
This case introduces Andrew Rees, CEO of Crocs, Inc., who is facing a challenge following the COVID-19 pandemic. Crocs had performed exceptionally well during the pandemic lockdowns: core product reve... Read More
Convertible Notes in Early-Stage Financing
Loutskina, Elena Chaplinsky, Susan
F-2063 | Published December 11, 2023 | 17 pages Technical Note
Collection: Darden School of Business
This technical note introduces convertible note financing for early-stage start-up companies. These unpriced securities offer significant advantages related to delayed valuation, greater speed, and lo... Read More
Rolling the Dice with Management Service Agreements
Loutskina, Elena Kenney Jr., Chad McElroy, W. Lee
F-2058 | Published November 06, 2023 | 25 pages Case
Collection: Darden School of Business
In April 2023, Will Anderson, managing partner of SummitStone Capital, LP (SummitStone), received a copy of the management service agreement (MSA) between Artemis Capital (Artemis), a private equity f... Read More
Atlas Air: Shipping at Preferred Cost
F-2057 | Published October 17, 2023 | 22 pages Case
Collection: Darden School of Business
The case is centered on a July 2022 bid from a private equity consortium led by Apollo Global Management (Apollo) to acquire Atlas Air, a major air transportation company whose services spanned commer... Read More
Williams-Sonoma, Inc., LBO: Let's Get Cooking
Loutskina, Elena Rayaji, Abanikash
F-2051 | Published August 03, 2023 | 20 pages Case
Collection: Darden School of Business
In May 2023, partners from a private equity (PE) fund, Jefferson Capital, and a private (mezzanine) debt fund, Cavalier Capital, need to join forces to design their bid for Williams-Sonoma, Inc., to t... Read More
Citrix Systems, Inc.: A Fight Worth Fighting?
F-2049 | Published July 18, 2023 | 24 pages Case
Collection: Darden School of Business
In December 2021, Valiant Capital Partners (VCP) is in the middle of bidding for Citrix Systems, Inc. (Citrix), to take the company private via a leveraged buyout (LBO). The auction of the renowned de... Read More
Modigliani and Miller: No Tax Case
F-2031 | Published June 21, 2023 | Duration 00:11:08 Video
Collection: Darden School of Business
This video playlist consists of seven videos discussing Modigliani and Miller’s capital structure theory under different tax rate assumptions. The videos feature conversations with a student wherein t... Read More
Modigliani and Miller: Intuition for No Tax Case
F-2032 | Published June 21, 2023 | Duration 00:07:40 Video
Collection: Darden School of Business
This video playlist consists of seven videos discussing Modigliani and Miller’s capital structure theory under different tax rate assumptions. The videos feature conversations with a student wherein t... Read More
Modigliani and Miller: Taxes and No Debt
F-2033 | Published June 21, 2023 | Duration 00:05:01 Video
Collection: Darden School of Business
This video playlist consists of seven videos discussing Modigliani and Miller’s capital structure theory under different tax rate assumptions. The videos feature conversations with a student wherein t... Read More
Modigliani and Miller: Taxes and Debt
F-2034 | Published June 21, 2023 | Duration 00:08:31 Video
Collection: Darden School of Business
This video playlist consists of seven videos discussing Modigliani and Miller’s capital structure theory under different tax rate assumptions. The videos feature conversations with a student wherein t... Read More
Share Repurchases
F-2035 | Published June 21, 2023 | Duration 00:05:34 Video
Collection: Darden School of Business
This video playlist consists of seven videos discussing Modigliani and Miller’s capital structure theory under different tax rate assumptions. The videos feature conversations with a student wherein t... Read More
Debt Policy Conclusions
F-2036 | Published June 21, 2023 | Duration 00:07:05 Video
Collection: Darden School of Business
This video playlist consists of seven videos discussing Modigliani and Miller’s capital structure theory under different tax rate assumptions. The videos feature conversations with a student wherein t... Read More
Debt Policy (VIDEO PLAYLIST)
F-2029 | Published June 21, 2023 | Duration 00:51:00 Video Playlist
Collection: Darden School of Business
This video playlist consists of seven videos discussing Modigliani and Miller’s capital structure theory under different tax rate assumptions. The videos feature conversations with a student wherein t... Read More
Introduction to Debt Policy
F-2030 | Published June 16, 2023 | Duration 00:05:55 Video
Collection: Darden School of Business
This video playlist consists of seven videos discussing Modigliani and Miller’s capital structure theory under different tax rate assumptions. The videos feature conversations with a student wherein t... Read More
Adelaida Technology Capital
Loutskina, Elena Duff, Rebecca
F-2026 | Published April 11, 2023 | 26 pages Case
Collection: Darden School of Business
In July 2022, Ashley Sudjianto, a partner at Adelaida Technology Capital (ATC), had to make a recommendation to ATC's investment committee on how much money ATC should lend to CarboCaptor Inc., an eme... Read More
Should udu a Convertible Note?
Loutskina, Elena DeVito, Damon
F-2025 | Published December 14, 2022 | 26 pages Case
Collection: Darden School of Business
In this field-based case, the founders of udu, Inc. (udu—pronounced "you-do"), a company whose proprietary technology helped private equity clients source deals by identifying target companies and ove... Read More
Going to a Gym to Bring Healthy Returns
Loutskina, Elena Brown, Matt Bard, David
F-2020 | Published August 22, 2022 | 27 pages Case
Collection: Darden School of Business
Kevin Robbins, a partner in District Capital Partners (DCP), is exploring an opportunity to invest in Blue Steel, Inc. (Blue Steel), one of the largest operators of Planet Fitness gyms in the country.... Read More
Union Pacific Corporation
F-1987 | Published March 30, 2022 | 17 pages Case
Collection: Darden School of Business
The leadership of Union Pacific Corporation (UPC), the largest public railroad transportation company in the United States, needed to decide whether the company should reestablish its share-buyback pr... Read More
Chipotle: Capital Structure Decision
Loutskina, Elena Ritchie, Ryan
F-1964 | Published September 17, 2020 | 23 pages Case
Collection: Darden School of Business
In early 2019, the executive leadership of Chipotle Mexican Grill, Inc. (Chipotle), gathered to discuss the company’s 2018 performance and align the company's capital structure policy and its growth a... Read More
Whole Foods: Digesting Amazon’s Offer
Loutskina, Elena Bickwit, Grant
F-1923 | Published October 29, 2019 | 27 pages Case
Collection: Darden School of Business
As the cofounder and CEO of Whole Foods, John Mackey had spent the better portion of his life rapidly growing the company from a niche natural grocery store in Austin, Texas, into the premier natural-... Read More
A Community for Change: B Lab and Certified B Corps
Frank, Mary Margaret Loutskina, Elena Yemen, Gerry
F-1878 | Published August 27, 2019 | 10 pages Technical Note
Collection: Darden School of Business
Founded in 2006, the B Lab, a nonprofit organization, created the certified B Corporations (B Corps). B Corps are businesses that satisfy a set of standards and benchmarks defined by social and enviro... Read More
AB InBev’s Dividend Decision
Loutskina, Elena Bickwit, Grant
F-1907 | Published August 26, 2019 | 24 pages Case
Collection: Darden School of Business
In 2018, AB InBev faced a difficult decision: whether to keep its $8 billion dividend program or cut dividends either partially or in full. This case facilitates a theoretical discussion and practical... Read More
Assessing Private Equity Performance
Chaplinsky, Susan Loutskina, Elena
F-1895 | Published July 30, 2019 | 18 pages Technical Note
Collection: Darden School of Business
Assessing the performance of private equity (PE) and venture capital (VC) investment vehicles is a challenging task. It starts with the fact that the assets are privately held and illiquid. By contras... Read More
Fannie Mae's Data Dynamics
Lichtendahl, Kenneth C. Jr. Loutskina, Elena Grushka-Cockayne, Yael Yemen, Gerry Boatright, Benjamin
QA-0903 | Published February 13, 2019 | 12 pages Case
Collection: Darden School of Business
This case uses one of Fannie Mae’s credit-risk transfer instruments (CRT) to explore its data set platform and predict loan defaults through machine learning algorithms. The CRT, called Connecticut Av... Read More
Charter Communications: Ensuring the Right Path Forward
F-1814 | Published September 19, 2018 | 16 pages Case
Collection: Darden School of Business
This case explores the considerations of an executive compensation analyst as he finalizes a report to the compensation and benefits committee of Charter Communications (Charter), a leading broadband ... Read More
"Hat in Hand": Financing the Leveraged Buyout of Clear Channel Communications
F-1755 | Published August 31, 2017 | 19 pages Case
Collection: Darden School of Business
In this case, John Connaughton, a managing director at Bain Capital, had joined forces in October 2006 with Thomas H. Lee Partners (THL) to acquire Clear Channel Communications in a historic $28 billi... Read More
Treehouse
JH-1234 | Published August 31, 2017 | 19 pages Case
Collection: Darden School of Business
In this case, John Connaughton, a managing director at Bain Capital, had joined forces in October 2006 with Thomas H. Lee Partners (THL) to acquire Clear Channel Communications in a historic $28 billi... Read More
Staples LBO: Meet You on the Mezzanine
Loutskina, Elena Meredith, Jon Stevenson, Donald
F-1721 | Published August 23, 2017 | 18 pages Case
Collection: Darden School of Business
In this case, two friends, a managing director with an investment banking group and a partner at Cavalier Capital LLC have submitted a bit for a leveraged buyout (LBO) of retail giant Staples Inc. Sta... Read More
Goldman Sachs Goes to Rikers Island
Loutskina, Elena Frank, Mary Margaret Yemen, Gerry Maiden, Stephen E.
F-1807 | Published August 11, 2017 | 16 pages Case
Collection: Darden School of Business
Yi Hua, the leader of an impact-investing initiative at Goldman Sachs, was examining a new financial arrangement in a proposed public-private partnership called the Rikers Island Social Impact Bond (S... Read More
TriLinc Global Impact Fund
F-1779 | Published August 08, 2017 | 25 pages Case
Collection: Darden School of Business
This case calls students to evaluate an investment in impact-oriented private-debt fund TriLinc Global. The fund is led by Wall Street veteran Gloria Nelund and provides debt financing to small and me... Read More
Impact Makers (A): The Newman's Own of Management Consulting
Loutskina, Elena Yemen, Gerry Mead, Jenny
F-1797 | Published June 30, 2017 | 25 pages Case
Collection: Darden School of Business
This case requires students to evaluate alternative dual-share-class corporate structures that allow companies and entrepreneurs to pursue profit with purpose. The case explores Impact Makers, an IT c... Read More
Impact Makers (B): Equity Raise
F-1801 | Published June 30, 2017 | 11 pages Case
Collection: Darden School of Business
This case can be taught alone or as an epilogue to "Impact Makers (A): The Newman's Own of Management Consulting" (UVA-F-1797). The case is based on Impact Makers, an IT consulting company headquarter... Read More
Village Capital 3.0: Democratizing Entrepreneurship
F-1741 | Published January 26, 2017 | 17 pages Case
Collection: Darden School of Business
Venture capital (VC) financing of social entrepreneurs in emerging markets is challenging, mainly because of excessive due diligence costs per unit of investment capital deployed and long harvesting p... Read More
Wm. Wrigley Jr. Company and Mars, Incorporated: Merger Negotiation Application (SIMULATION)
Loutskina, Elena Telegdy, Fred Lehmbeck, Chris Hedlund, Peter
F-1708 | Published December 05, 2013 | 0 pages Case
Collection: Darden School of Business
The cases "Wm. Wrigley Jr. Company" (UVA-F-1607) and "Mars, Incorporated" (UVA-F-1612) serve as two sides of a merger negotiation exercise set in April 2008. Students are asked to represent either M... Read More
Business Valuation in Mergers and Acquisitions
Schill, Michael J. Loutskina, Elena
F-1699 | Published October 02, 2013 | 11 pages Technical Note
Collection: Darden School of Business
This note discusses valuation in the context of business mergers and acquisitions. It builds on standard methods of business valuation to consider the unique questions arising in a merger or acquisiti... Read More
Taking Private Equity Public: The Blackstone Group
Milone, Kristin Loutskina, Elena Frank, Mary Margaret
C-2327 | Published November 04, 2011 | 19 pages Case
Collection: Darden School of Business
On the eve of the Blackstone Group’s much anticipated initial public offering (IPO), a Wall Street portfolio manager contemplates his commitment to purchase 20,000 units at $31.00 each. As one of the ... Read More
Oregon Public Employees Retirement Fund: Push and Pull Over GP/LP Compensation
Chaplinsky, Susan Loutskina, Elena Walsh, Rob
F-1628 | Published August 08, 2011 | 18 pages Case
Collection: Darden School of Business
The case is designed to explore the structure and rationale behind the standard compensation arrangements in the private equity (PE) industry. It effectively introduces students to commonly used terms... Read More
Sun Microsystems
F-1630 | Published December 06, 2010 | 22 pages Case
Collection: Darden School of Business
This case is designed for use in Corporate Finance courses at the MBA level or in an advanced undergraduate Valuation class. The primary objective of this exercise is to introduce or reinforce valuati... Read More
Husk Power Systems: Financing Expansion
Loutskina, Elena Sinha, Manoj Ransler, Chip
F-1629 | Published October 28, 2010 | 20 pages Case
Collection: Darden School of Business
Husk Power Systems, a young but widely celebrated firm based in India, needs $1.5 million to $2.5 million of expansion capital to grow quickly beyond the small footprint it had established in northeas... Read More
Wm. Wrigley Jr. Company
Loutskina, Elena Shapovalov, George
F-1607 | Published March 24, 2010 | 23 pages Case
Collection: Darden School of Business
Recommended for MBAs, this case is one of a pair of cases used in a merger negotiation exercise. It is designed to be used with "Mars, Incorporated" (UVA-F-1612), but it can also be used on its own. H... Read More
Mars, Incorporated
Loutskina, Elena Shapovalov, George
F-1612 | Published March 24, 2010 | 22 pages Case
Collection: Darden School of Business
Recommended for MBAs, this case is one of a pair of cases used in a merger negotiation exercise. It is designed to be used with "Wm. Wrigley Jr. Company" (UVA-F-1607), but it can also be used on its o... Read More
Polaris Management: The Løgstør Rør A/S Journey
Chaplinsky, Susan Loutskina, Elena Engell, Julie
F-1586 | Published July 10, 2009 | 27 pages Case
Collection: Darden School of Business
How does a private equity fund decide whether to cut its losses on a newly successful but somewhat unstable investment? Focusing on the exit valuation of an international manufacturing company, this c... Read More
Western Asset Arbitrage
Loutskina, Elena Prabhu, Rahul
F-1577 | Published April 23, 2009 | 18 pages Case
Collection: Darden School of Business
The case introduces students to the nature of collateralized debt obligations (CDO) and the CDO origination process, with emphasis on the corporate structure of the special purpose vehicles, cash flow... Read More
Crawford Development Co. and Southeast Bank of Texas
Ovchinnikov, Anton S. Loutskina, Elena
QA-0727 | Published December 14, 2007 | 10 pages Case
Collection: Darden School of Business
In the early months of the 2007–08 financial crises, a loan manager faces a real estate financing decision. Should he approve a bullet structure three-year loan to a longstanding client, a legendary T... Read More
Crocs: On Rough Water
Fairchild, Gregory B. Lipson, Marc L. Loutskina, Elena Gupta, Gaurav
F-1811 | Published | 19 pages Case
Collection: Darden School of Business
This case introduces Ron Snyder, CEO of Crocs, Inc., in 2007, a few years after Crocs went public on the NASDAQ in the largest shoe offering ever. Investor excitement at the time had been palpable—the... Read More