HomeResearch & Knowledgeback to HomeStrategyback to Research & KnowledgeATP Private Equity Partners (A): January 2002back to Strategy

Case Study

ATP Private Equity Partners (A): January 2002

By Benoit F. Leleux and Barbara Scheel Agersnap

24 pages

July 2003

Order this case study

Reference: IMD-3-1130

ATP PEP (A) focuses on the history of the ATP complementary pension fund system in Denmark, its genesis and current stage of development. As a relatively young pension fund system, it is still facing relatively large contributions relative to the amounts it has to pay out to its pensioners. But the projections, both in terms of demographics and portfolio returns, indicate that the situation is rapidly going to change, and ATP better get ready for these large outlays in the future. The case describes the strategic review process entered into by ATP in January 2002, which led to the decision to significantly increase the portfolio allocations towards private equity and alternative investments vehicles, a radical move for a European pension fund manager which will transform ATP-PEP into the largest single private equity investor in Europe for the period 2002-2005 as it shifts its portfolio towards its target allocations.

Keywords

Pension Fund Management, Risk Exposure, Hedging, Private Equity, Venture Capital

Settings

ATP Private Equity Partners, Finance and Insurance, Financial Services
2002

Type

Field Research

Available Languages

English

Related material

Teaching note

IMD case studies are distributed through case clearing houses. In order to browse the collection and purchase copies please visit the links below.

The Case Centre

Cranfield University

Wharley End Beds MK43 0JR, UK
Tel +44 (0)1234 750903
Email [email protected]

Harvard Business School Publishing

60 Harvard Way, Boston MA 02163, USA
Tel (800) 545-7685 Tel (617)-783-7600
Fax (617) 783-7666
Email [email protected]

Asia Pacific Case Center

NUCB Business School

1-3-1 Nishiki Naka
Nagoya Aichi, Japan 460-0003
Tel +81 52 20 38 111
Email [email protected]

IMD retains all proprietary interests in its case studies and notes. Without prior written permission, IMD cases and notes may not be reproduced, used, translated, included in books or other publications, distributed in any form or by any means, stored in a database or in other retrieval systems. For additional copyright information related to case studies, please contact Case Services.

Contact

Research Information & Knowledge Hub for additional information on IMD publications

This case study is part of a series

ATP Private Equity Partners (A): January 2002
ATP Private Equity Partners (B): Investment strategy and organization
ATP Private Equity Partners (C): The Scandinavia sweetspot strategy

2003 EFMD AWARD WINNER (Managing Risk)

This case study is part of a series

ATP Private Equity Partners (A): January 2002
ATP Private Equity Partners (B): Investment strategy and organization
ATP Private Equity Partners (C): The Scandinavia sweetspot strategy

Keep reading

Article

Three ways to deal with your boss - Poor Leadership

Three Ways to Deal with Your Boss when they act against civility, empathy, and ethics. Discover strategies to handle difficult workplace dynamics effectively.

Leadership Negotiation Strategy

By Merete Wedell-Wedellsborg

in I by IMD

Article

6 Tips for Leaders - Reputation Building

Six ways leaders can shape corporate reputation building strategies within their organizations, drawing on key insights from a Bloomberg Media study.

Branding Business Ethics Leadership Strategy

By Anne Kawalereski, Michelle Lynn and Elisabeth Oak

in I by IMD

Article

Leadership Thinking - Turbulent Business

To navigate a turbulent business environment, CEOs must understand their landscape and align leadership thinking priorities, advises IMD’s Michael Watkins.

Leadership Resilience Strategy

By Michael D. Watkins

in I by IMD

Case Study

TBC Group: Future proofing a history of success

Strategy Digital Growth

By Goutam Challagalla, Francis D. Kim and Philip Charles Zerrillo

Case Study

Nestlé Health Science: Building a healthy future towards 2030

The board of Nestlé S.A. announced that Anna Mohl would become the CEO of Nestlé Health Science (NHSc) — a global leader in nutritional science — on 1 January 2024. She was delighted to hear about her new position but knew there was little time to...

Strategy General Management Global Business

By Niccolò Pisani, Elham Pazirandeh-Micol, Karine Richard, Liudmila Ost and Quentin de Rham

Article

How to master the 6 skills of strategic thinking

Are you struggling to lead successfully in the face of relentless disruption and uncertainty? Now’s the time to master the art of strategic thinking, starting with these six key skills.

Strategy Disruption

By Michael D. Watkins

in I by IMD Brain Circuits

4 February 2025

Article

Are stakeholders making or breaking your strategy?

An easy-to-use tool can help executives assess and manage the impact of stakeholders on the creation and destruction of value.

Stakeholder Management Strategy

By Paul Strebel, Angeliki Papasava and Patrick Reinmoeller

in I by IMD

Article

Alcohol-free Drinks - Sober Serious - America

Medical experts have long warned about alcohol's risks, and now the drinks industry is embracing sobriety, investing in innovative alcohol-free drinks alternatives.

Strategy

By Natalia Olynec

in I by IMD

Three ways to deal with your boss - Poor Leadership

By Merete Wedell-Wedellsborg
in I by IMD

Summary

Three Ways to Deal with Your Boss when they act against civility, empathy, and ethics. Discover strategies to handle difficult workplace dynamics effectively.

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Leadership

Negotiation

Strategy

Browse all topics

6 Tips for Leaders - Reputation Building

By Anne Kawalereski Michelle Lynn and Elisabeth Oak
in I by IMD

Summary

Six ways leaders can shape corporate reputation building strategies within their organizations, drawing on key insights from a Bloomberg Media study.

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Branding

Business Ethics

Leadership

Strategy

Browse all topics

Leadership Thinking - Turbulent Business

By Michael D. Watkins
in I by IMD

Summary

To navigate a turbulent business environment, CEOs must understand their landscape and align leadership thinking priorities, advises IMD’s Michael Watkins.

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Leadership

Resilience

Strategy

Browse all topics

CO-RO (B): Weathering the storm

By Omar Toulan and Valerie Keller-Birrer
Case reference: IMD-7-2640 ©2025

Summary

Case B describes the unprecedented challenges faced by CO-RO in 2020. The implementation of the sugar tax in its largest Middle Eastern market led to a near 50% volume drop in CO-RO’s sales, and Covid-19 lockdowns impacted the Asia-Pacific (APAC) region in particular. These events led to a dramatic drop in net sales and gross profit, forcing CO-RO to re-evaluate its growth strategy and implement cost-saving measures. By 2022, CO-RO faced further challenges with global supply chain disruptions and inflation due to the war in Ukraine. This required strategic decisions to stabilize and ensure future growth amid ongoing external pressures.

Reference IMD-7-2640

Organization CO-RO Group

Industry Consumer Goods, Food and Beverage

Available Languages English

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Strategy

Browse all topics

CO-RO (A): Storm clouds forming

By Omar Toulan and Valerie Keller-Birrer
Case reference: IMD-7-2590 ©2025

Summary

The CO-RO Group is a manufacturer of fruit-based still drinks, concentrates and ambient ice (home-freeze popsicles) headquartered in Denmark. Although production takes place in Denmark, most of its products are sold internationally, with the company relying on long-term local partners to convert and market the finished products. Historically, the company focused on markets in which fruit-based drinks were rare, which led to steady growth in line with GDP and population increases; 70% of sales and 80% of profits came from the Middle East. Set between 2015 and 2019, Case A describes the company’s “Shape for Growth” strategy, which aimed to reduce over-reliance on key markets and resulted in new market entries and over 150 new products. This strategy also mitigated the effects of the 2014-2016 oil price crisis. However, in 2019, Saudi Arabia’s announcement of a 50% sugar tax on sweetened beverages threatened to significantly reduce market volumes.

Reference IMD-7-2590

Organization CO-RO Group

Industry Consumer Goods, Food and Beverage

Available Languages English

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Strategy

Browse all topics

TBC Group: Future proofing a history of success

By Goutam Challagalla Francis D. Kim and Philip Charles Zerrillo
Case reference: IMD-2651 ©2025

Summary

The case explores TBC Bank Group’s remarkable journey from a small Georgian bank to a regional leader in digital financial services across Central Asia. Founded in 1992 with just US$500 in initial capital, TBC evolved into Georgia’s largest financial institution and pioneered into digital banking. The case highlights TBC’s strategic expansion into Uzbekistan, where it rapidly built a leading digital banking ecosystem. Students will analyze TBC’s international growth approach as it transformed customer experience, leveraged technology and built a sustainable competitive advantage through product diversification, strong organizational culture and operational agility. The case explores international market entry, digital transformation and aligning strategies with local market needs, highlighting how TBC’s focus on innovation drives its regional expansion.

Reference IMD-2651

Organization TBC Bank Group

Industry Finance and Insurance, Banking

Available Languages English

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Strategy

Digital

Growth

Browse all topics

Nestlé Health Science: Building a healthy future towards 2030