Grove Street Advisors, a US-based private equity advisory firm, has hired Harvard’s Josh Lerner as a senior adviser.
Lerner, the Jacob H Schiff Professor of Investment Banking at Harvard Business School, was responsible for creating an elective course for MBAs on private equity and venture capital in 1993, which is now one of the most heavily subscribed elective courses on the programme.
Lerner will remain at Harvard Business School while advising Grove Street on broadening its client base and product offerings.
Grove Steet Advisors provides institutional clients with a “separate account” approach to private equity investing: essentially a mini fund of funds for each of its institutional clients.
The firm was founded in 1998 by Clint Harris, a founder of private equity firm Advent International, and Catherine Crockett, who formerly designed private equity programmes for such investors as the State of Michigan Department of Treasury Bureau of Investments and the Federal Communications Commission.
Earlier this year Lerner was involved in research commissioned by the World Economic Forum, which found that firms acquired by private equity groups experience 2 percent greater productivity growth in the two-year period following a buyout than their comparables.
We found that the gap between private equity-backed firms and their comparables actively widened during times of financial stress, with private equity coming out on top,” Lerner said in an interview.
“We found that the gap between private equity-backed firms and their comparables actively widened during times of financial stress,” Lerner said in an interview at the time, “with private equity coming out on top”.