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

Convenience store takeover: does 7-Eleven bid herald an unprecedented wave of M&A in Japan?

Bid for iconic Japanese convenience store chain could mean beginning of foreign M&As in Japan

Strategy

By Patrick Reinmoeller

in I by IMD

Article

What pension funds could learn from Yale

Pension funds can unlock the potential of venture capital by adapting the successful endowment model, managing risks and illiquidity for long-term growth and stability.

Economics Finance Growth Strategy Venture Capital

By Raphaël Grieco

in I by IMD

Article

From pledge to performance: using design thinking to achieve sustainability goals

How business design thinking can transform sustainability strategies into actionable plans.

Business Transformation Innovation Organizational Change Strategy Sustainability

By Morten B. Pedersen and Jan van der Kaaij

in I by IMD

Article

The mandate for innovation: Setting the stage for success

Getting buy-in for a clear mandate can transform your organization's approach to innovation. The first in a three part series of articles looking at the complexities of corporate innovation,

Strategy

By Joep de Caluwé and Stephen Parkins

in I by IMD

Case Study

Entrepreneurship through acquisition: Vanessa Monestel’s search fund

GENEVA (SWITZERLAND), OCTOBER 2023. Vanessa Monestel was ecstatic. a day earlier, she had just signed the letter of intent (LOI) to acquire an Amsterdam-based fashion company. This was the culmination of her 18-month search for a company to acquir...

Entrepreneurship Finance Strategy

By Benoit F. Leleux, Joseph Kovacs, Kristel Rouiller, Sebastien Braun and Thierry Meouchi

Video

“Take risks. Take decisions. Learn, adapt, and move forward.”

The former CEO of Shell and Chairman of the Board of Directors at ABB and PSA shares his personal insights from leading companies through crisis

Business Transformation Communication Crisis Management Leadership Strategy Team Dynamics

By Peter Voser

in I by IMD

Case Study

Entrepreneurship through acquisition: Sébastien Perroud and the IAR Group

GENEVA (SWITZERLAND), AUGUST 2021. There was a lot at stake for Sébastien. This was the culmination of his 18-month NCA supported search journey to find a company to acquire. Instead of a single target, he was now faced with the prospect of acquir...

Entrepreneurship Finance Strategy

By Benoit F. Leleux, Dominik Hanslin, Iuliia Mordacheva, Matthias Rey and Frank Schuster

Case Study

HeliService International: Flying ahead

Entrepreneurship Mergers and Acquisitions Strategy

By Benoit F. Leleux, Stephanie Herzog, Christian Hutter, Markos Vidalis and Selmona Walder

Case Study

Mastercard 2023: Rewired for infinite optionality

In the 2010s, card processing – Mastercard’s flagship service – started showing signs of commodification as new, nimble players (typically, fintech startups thriving on digital) entered the payment processing space, and customer preferences evolve...

Disruption Digital Strategy

By Howard H. Yu, Mark J. Greeven and Martin Králik

Article

Management myth-busters: Does culture really eat strategy for breakfast?

Culture eats strategy for breakfast is one of the most enduring truisms of management. But is it really the case? And what is culture anyway?

Organizational Culture Strategy

By Michael R. Wade

in I by IMD

8 November 2024

What pension funds could learn from Yale

By Raphaël Grieco
in I by IMD

Summary

Pension funds can unlock the potential of venture capital by adapting the successful endowment model, managing risks and illiquidity for long-term growth and stability.

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Economics

Finance

Growth

Strategy

Venture Capital

Browse all topics

From pledge to performance: using design thinking to achieve sustainability goals

By Morten B. Pedersen and Jan van der Kaaij
in I by IMD

Summary

How business design thinking can transform sustainability strategies into actionable plans.

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Business Transformation

Innovation

Organizational Change

Strategy

Sustainability

Browse all topics

Entrepreneurship through acquisition: Vanessa Monestel’s search fund

By Benoit F. Leleux Joseph Kovacs Kristel Rouiller Sebastien Braun and Thierry Meouchi
Case reference: IMD-7-2514 ©2024

Summary

Reference IMD-7-2514

Organization Novastone Capital Advisors

Industry Finance and Insurance, Private Equity

Available Languages English

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Entrepreneurship

Finance

Strategy

Browse all topics

“Take risks. Take decisions. Learn, adapt, and move forward.”

By Peter Voser
in I by IMD

Summary

The former CEO of Shell and Chairman of the Board of Directors at ABB and PSA shares his personal insights from leading companies through crisis

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Business Transformation

Communication

Crisis Management

Leadership

Strategy

Team Dynamics

Browse all topics

Entrepreneurship through acquisition: Sébastien Perroud and the IAR Group

By Benoit F. Leleux Dominik Hanslin Iuliia Mordacheva Matthias Rey and Frank Schuster
Case reference: IMD-7-2515 ©2024

Summary

Reference IMD-7-2515

Organization IAR Group

Industry Finance and Insurance, Private Equity

Available Languages English

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Entrepreneurship

Finance

Strategy

Browse all topics

HeliService International: Flying ahead

By Benoit F. Leleux Stephanie Herzog Christian Hutter Markos Vidalis and Selmona Walder
Case reference: IMD-7-2601 ©2024

Summary

The case follows Oliver Freiland, a former Roland Berger consultant with a successful corporate career, in his quest for the right acquisition target. In 2015 Oliver finally took a leap of faith to buy his way into entrepreneurship by acquiring HeliService, a provider of offshore helicopter operations for wind farms in the North Sea, with the help of Hans-Peter Kauderer, a family friend and accomplished entrepreneur. The transaction did not go as smoothly as envisioned but did close in August 2016. Oliver then proceeded to add new revenue streams to the marginally profitable entity, such as third-party maintenance and new markets to expand into. The Covid-19 pandemic wreaked havoc with the firm’s operations but when the health crisis was over, the competitive landscape had also changed for the better. Olivier repositioned the company, winning back contracts previously lost in a price war. With a profitable company, it was time to turn to the next issue. Oliver’s investment partner was now over 80 years old and considering an exit. How could Oliver engineer a liquidity event for his partner? What were his options and how could he best prepare the company and himself for that next stage? He was still fully committed to the firm and its bright future, so a trade sale was not particularly appealing. What kind of deal could he put together to keep the dream alive and himself in the driver seat?

Reference IMD-7-2601

Organization HeliService International

Industry Travel and Leisure, Airlines and Aviation

Available Languages English

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Entrepreneurship

Mergers and Acquisitions

Strategy

Browse all topics

Mastercard 2023: Rewired for infinite optionality