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Global Private Equity Initiative

Welcome to GPEI
The Global Private Equity Initiative (GPEI) is INSEAD’s private capital think tank which works hand-in-hand with private equity and venture capital firms, institutional investors and governments around the world to foster entrepreneurial ecosystems. It connects companies and entrepreneurs with the right sources of capital for their stage of development.
GPEI covers research topics ranging from early-stage venture capital to growth equity to buyouts of mature businesses. Your questions develop into research projects, addressed in a thoughtful environment and are then shared with a global audience. GPEI can also connect with a select group of peers in closed-door events.
Launched in 2009 to combine the rigour and reach of the school's research capabilities with the talents of INSEAD’s alumni and global professionals in the PE and VC industry, GPEI has created a suite of original and relevant content on a range of under-researched topics and geographies.
With a unique advantage and a truly global perspective, thanks to INSEAD’s worldwide network, GPEI conducts research on the asset class in established markets and also explores the new frontiers of emerging markets. Our local presence in Europe, Asia and the Middle East combines a global mission with close links to some of the world’s largest sovereign wealth funds, family businesses and fund managers.
In the Spotlight
Student Project
Investing at the Crossroads of Biotech & Food
See all Student Projects
Student Project
LEGO Ventures Analysis Proposal Investment Decision in Digital Play in Asia
See all Student Projects
Student Project
Southeast Asia VC HealthTech Landscape
See all Student Projects
Industry Insights
A Liquidity Cushion in Troubled Times: The PE Secondaries Market
See all Industry Insights
Student Project
MAPAN: Driving Impact from Birth Beyond Exit
See all Student Projects
Student Project
Singapore Expanding Its Stake in Overseas Chinese E-commerce
See all Student Projects
Student Project
Re-thinking Private Equity Risk and Reward for LP Allocations
See all Student Projects
Student Project
Food Tech: Alternative Protein Opportunities in Asia
See all Student Projects
Publication
GREEN SHOOTS: Can Private Equity Firms Meet the Responsible Investing Expectations of Their Investors?
See all Publications
Industry Insights
The Pervasive, Head-Scratching, Risk-Exploding Problem With Venture Capital
See all Industry Insights
Industry Insights
Introducing Excess Value: A Metric for Private Market Outperformance
See all Industry Insights
Industry Insights
Can Investors Save the Planet While Making a Profit?
See all Industry Insights
Industry Insights
Has Venture Capital Strayed From Its Roots?
See all Industry Insights
Industry Insights
Impact Investing in Covid-19 Times: A Three-Step Mission
See all Industry Insights
Industry Insights
Private Equity’s COVID-19 Recovery Plan
See all Industry Insights
Publication
The Institutionalization of Family Firms - Europe
See all Publications
Industry Insights
How the VC Pitch Process Is Failing Female Entrepreneurs
See all Industry Insights
Case Study
Sula Vineyards:
Case (B): The Entrepreneur's Dilemma - Managing Investor Exits
Case (C): Series E and Beyond - What Next? The Ownership Conundrum
The case focuses on the risks and rewards of early-stage investing in a successful emerging market consumer start-up (i.e. non-tech), from seed funding in 2004 to raising expansion capital in 2019. While case (A) takes the seed investor perspective, cases (B) and (C) follow the company as it raises successively larger rounds of funding to fuel its growth and international expansion.
See all Case Studies
Industry Insights
The Changing Face of Family Offices in Europe
See all Industry Insights
Publication
Southeast Asia Exit Landscape - A New Frontier
Industry Insights
Getting Rid of Gender Bias in Venture Capital
See all Industry Insights
Industry Insights
Y Combinator Accelerates the Hunt for Unicorns
See all Industry Insights
Publication
The Institutionalization of Family Firms - Latin America
See all Publications
Publication
The Year of the Red Unicorns: A Preqin and INSEAD Study
See all Publications
Publication
The Institutionalization of Family Firms – from Asia-Pacific to the Middle East
See all Publications
Student Project
The Emergence of Long-Term Capital in Private Equity
See all Student Projects
Publication
Measuring PE Fund Performance
See all Publications
Student Project
Tech Logistics in SEA
See all Student Projects
Industry Insights
Why Venture Capitalists Should Invest Like Poker Players
See all Industry Insights
Industry Insights
Practical Implications of a Limited Partner
See all Industry Insights
News
Business Model Innovation Comes to PE
See all News
News
Impact Investing Comes Into Its Own
See all News
Student Project
Investing at the Crossroads of Biotech & Food
See all Student Projects
Student Project
LEGO Ventures Analysis Proposal Investment Decision in Digital Play in Asia
See all Student Projects
Student Project
Southeast Asia VC HealthTech Landscape
See all Student Projects
Industry Insights
A Liquidity Cushion in Troubled Times: The PE Secondaries Market
See all Industry Insights
Student Project
MAPAN: Driving Impact from Birth Beyond Exit
See all Student Projects
Student Project
Singapore Expanding Its Stake in Overseas Chinese E-commerce
See all Student Projects
Student Project
Re-thinking Private Equity Risk and Reward for LP Allocations
See all Student Projects
Student Project
Food Tech: Alternative Protein Opportunities in Asia
See all Student Projects
Publication
GREEN SHOOTS: Can Private Equity Firms Meet the Responsible Investing Expectations of Their Investors?
See all Publications
Industry Insights
The Pervasive, Head-Scratching, Risk-Exploding Problem With Venture Capital
See all Industry Insights
Industry Insights
Introducing Excess Value: A Metric for Private Market Outperformance
See all Industry Insights
Industry Insights
Can Investors Save the Planet While Making a Profit?
See all Industry Insights
Industry Insights
Has Venture Capital Strayed From Its Roots?
See all Industry Insights
Industry Insights
Impact Investing in Covid-19 Times: A Three-Step Mission
See all Industry Insights
Industry Insights
Private Equity’s COVID-19 Recovery Plan
See all Industry Insights
Publication
The Institutionalization of Family Firms - Europe
See all Publications
Industry Insights
How the VC Pitch Process Is Failing Female Entrepreneurs
See all Industry Insights
Case Study
Sula Vineyards:
Case (B): The Entrepreneur's Dilemma - Managing Investor Exits
Case (C): Series E and Beyond - What Next? The Ownership Conundrum
The case focuses on the risks and rewards of early-stage investing in a successful emerging market consumer start-up (i.e. non-tech), from seed funding in 2004 to raising expansion capital in 2019. While case (A) takes the seed investor perspective, cases (B) and (C) follow the company as it raises successively larger rounds of funding to fuel its growth and international expansion.
See all Case Studies
Industry Insights
The Changing Face of Family Offices in Europe
See all Industry Insights
Publication
Southeast Asia Exit Landscape - A New Frontier
Industry Insights
Getting Rid of Gender Bias in Venture Capital
See all Industry Insights
Industry Insights
Y Combinator Accelerates the Hunt for Unicorns
See all Industry Insights
Publication
The Institutionalization of Family Firms - Latin America
See all Publications
Publication
The Year of the Red Unicorns: A Preqin and INSEAD Study
See all Publications
Publication
The Institutionalization of Family Firms – from Asia-Pacific to the Middle East
See all Publications
Student Project
The Emergence of Long-Term Capital in Private Equity
See all Student Projects
Publication
Measuring PE Fund Performance
See all Publications
Student Project
Tech Logistics in SEA
See all Student Projects
Industry Insights
Why Venture Capitalists Should Invest Like Poker Players
See all Industry Insights
Industry Insights
Practical Implications of a Limited Partner
See all Industry Insights
News
Business Model Innovation Comes to PE
See all News
News
Impact Investing Comes Into Its Own
See all News
Partners
It is GPEI's role to further INSEAD's ability to produce the unbiased, data-driven output and insights needed to fuel success in private equity and to provide a trusted forum for the exchange of ideas and learning within the industry. As a non-profit organisation we depend on support from individual and corporate partners. How to become a partner>
Corporate Partners
We thank our Corporate Partners for their multi-year commitment to GPEI and their longstanding support. It is not only a strong endorsement of our efforts, but allows us to extend the boundaries of private equity research and create a consistent dialogue between PE research and practitioners.
Alumni Partners
Christoph Rubeli, INSEAD MBA '92D
Christian Stahl, INSEAD MBA '98D
Gilles Destremau, INSEAD MBA '87J
Mark Ellison, INSEAD MBA '83J
The Frank and Mary Dubczak Fund
Zhou Chuangen, INSEAD MBA '00D
Several anonymous donors
Advisory Board
Some alumni who hold senior positions in the PE industry support and advise GPEI on an ongoing basis through our alumni advisory board. All members commit to the advisory board for several years to have a measurable impact on the centre's strategy and execution.
We are looking for individuals who are passionate about the industry and INSEAD to help us define our role in the ecosystem. The following alumni constitute the advisory board. We are grateful for their support.
Research and Project Partners
Partners on Specific Projects
We partner with companies on specific projects. In addition to sponsorship, we are looking for access to data allowing us to develop original research. A selection of our project partners is shown below:
Responsible Investing
Investors and companies have expressed a growing appreciation of the impact that nonfinancial factors can have on value creation, long-term company performance, and the health of society at large.
GPEI's work in this area explores the full spectrum of responsible investment, with a particular focus on two streams: impact investing and ESG in private equity.
Corporate Venture Capital
Family Offices and Private Equity
Infrastructure Investing
Venture Capital at INSEAD
Turnaround and Distressed Investing
Private Equity Real Estate
In the News
June 2020 | AlKhalej Today
Investors Looking to Delay Startup Exits due to COVID-19: Survey
March 2020 | The Business Times
Boards and Value Creation
February 2020 | INSEAD Knowledge
What Distinguishes Europe’s Family Business Champions from the Rest
February 2020 | PR Newswire
INSEAD Publishes Research on Family-backed Enterprises in Europe
September 2019 | Financial Times
Foreign Investment Drives Surge in South-East Asia Tech Takeovers
August 2019 | Nikkei Asian Review
SoftBank's Vision Fund 2: More Firepower, Bigger Questions
April 2019 | INSEAD Knowledge
Latin American Family Firms and the Path to Longevity
March 2019 | S&P Global, Market Intelligence
Long-term Fund Strategies Gaining Ground in Private Equity
January 2019 | The Medium
China Could Dominate Venture Capital in 2019
August 2018 | INSEAD Knowledge
The Rise of the Red Unicorn
November 2018 | tryb Group
tryb Fintech and Limited Partner Survey
tryb conducted a survey in late October 2018 to obtain views from fintech companies and limited partners on a wide range of topics, including market conditions, the fundraising environment and opportunities in Southeast Asia.
July 2018 | The Edge Malaysia
Tapping the Opportunities Offered by China Unicorns
Although Silicon Valley has been a dominant force in the technology innovation and venture capital space, China is quickly catching up and its exponential growth is presenting investment opportunities.
July 2018 | PEI
How the Pennsylvania Treasurer Missed the Mark
July 2018 | INSEAD Knowledge
Why Venture Capitalists Should Invest Like Poker Players
No matter your level of experience, early-stage investments are considered high-risk gambles. Why not treat them as such?
July 2018 | Martin Roll Business & Brand Leadership
Strategy And Succession in Family Business – Charting The Future
Family firms account for 70% of the global GDP and 60% of global employment according to a recent study by INSEAD Business School.
July 2018 | INSEAD Knowledge
Can Private Equity Reinvent Itself as Patient Capital?
July 2018 | South China Morning Post (Print edition)
'Red Unicorns' Lead the Charge Against Silicon Valley
May 2018 | INSEAD Knowledge
Business Innovation Comes to Private Equity
May 2018 | Real Deals
Q&A: Claudia Zeisberger, INSEAD
April 2018 | INSEAD Knowledge
Impact Investing Comes Into Its Own
March 2018 | World Women Report
Mastering Private Equity
March 2018 | Horizons Family Office & Investor Magazine
Research: The Institutionalization of Family Firms
March 2018 | The Business Times
Selling the Family Business in S-E Asia – Pitfalls and a Roadmap
February 2018 | Ambition
How to Select the Right Private Equity Partners
June 2020 | AlKhalej Today
Investors Looking to Delay Startup Exits due to COVID-19: Survey
March 2020 | The Business Times
Boards and Value Creation
February 2020 | INSEAD Knowledge
What Distinguishes Europe’s Family Business Champions from the Rest
February 2020 | PR Newswire
INSEAD Publishes Research on Family-backed Enterprises in Europe
September 2019 | Financial Times
Foreign Investment Drives Surge in South-East Asia Tech Takeovers
August 2019 | Nikkei Asian Review
SoftBank's Vision Fund 2: More Firepower, Bigger Questions
April 2019 | INSEAD Knowledge
Latin American Family Firms and the Path to Longevity
March 2019 | S&P Global, Market Intelligence
Long-term Fund Strategies Gaining Ground in Private Equity
January 2019 | The Medium
China Could Dominate Venture Capital in 2019
August 2018 | INSEAD Knowledge
The Rise of the Red Unicorn
November 2018 | tryb Group
tryb Fintech and Limited Partner Survey
tryb conducted a survey in late October 2018 to obtain views from fintech companies and limited partners on a wide range of topics, including market conditions, the fundraising environment and opportunities in Southeast Asia.
July 2018 | The Edge Malaysia
Tapping the Opportunities Offered by China Unicorns
Although Silicon Valley has been a dominant force in the technology innovation and venture capital space, China is quickly catching up and its exponential growth is presenting investment opportunities.
July 2018 | PEI
How the Pennsylvania Treasurer Missed the Mark
July 2018 | INSEAD Knowledge
Why Venture Capitalists Should Invest Like Poker Players
No matter your level of experience, early-stage investments are considered high-risk gambles. Why not treat them as such?
July 2018 | Martin Roll Business & Brand Leadership
Strategy And Succession in Family Business – Charting The Future
Family firms account for 70% of the global GDP and 60% of global employment according to a recent study by INSEAD Business School.
July 2018 | INSEAD Knowledge
Can Private Equity Reinvent Itself as Patient Capital?
July 2018 | South China Morning Post (Print edition)
'Red Unicorns' Lead the Charge Against Silicon Valley
May 2018 | INSEAD Knowledge
Business Innovation Comes to Private Equity
May 2018 | Real Deals
Q&A: Claudia Zeisberger, INSEAD
April 2018 | INSEAD Knowledge
Impact Investing Comes Into Its Own
March 2018 | World Women Report
Mastering Private Equity
March 2018 | Horizons Family Office & Investor Magazine
Research: The Institutionalization of Family Firms
March 2018 | The Business Times
Selling the Family Business in S-E Asia – Pitfalls and a Roadmap
February 2018 | Ambition
How to Select the Right Private Equity Partners
Events
11-12 November 2020, Virtual Event
12th Annual INSEAD Asian Private Equity & Venture Capital Conference
11-12 November 2020, Virtual Event
12th Annual INSEAD Asian Private Equity & Venture Capital Conference
Webinars
14 May 2020, 9pm CET
Limited Partner Strategies for a Post-COVID Climate: PE and VC Allocations
Summary of the Webinar is Available Here
Full Recording is Available Here
14 May 2020, 12pm CET
Private Equity's COVID Recovery Plan - and What Boards & Businesses Can Learn From It
Full Recording is Available Here
6 May 2020, 12pm CET
Secondaries Market in Private Equity - Opportunities
Webinar Recording Available Here
14 May 2020, 9pm CET
Limited Partner Strategies for a Post-COVID Climate: PE and VC Allocations
Summary of the Webinar is Available Here
Full Recording is Available Here
14 May 2020, 12pm CET
Private Equity's COVID Recovery Plan - and What Boards & Businesses Can Learn From It
Full Recording is Available Here
6 May 2020, 12pm CET
Secondaries Market in Private Equity - Opportunities
Webinar Recording Available Here
Resources
Who We Are
GPEI Team

Claudia Zeisberger
Academic Co-Director GPEI
Senior Affiliate Professor of Decision Sciences and Entrepreneurship & Family Enterprise

Vikas A. Aggarwal
Academic Co-Director GPEI
Associate Professor of Entrepreneurship and Family Enterprise
Contributing faculty
Claudia Zeisberger
Academic Co-Director GPEI
Senior Affiliate Professor for Entrepreneurship & Family Enterprise, INSEAD
Teaching electives: Private Equity, Managing Corporate Turnarounds, Risk Management
Claudia Zeisberger is known for her extensive research on PE in emerging markets, and her output is a function of her extensive links and close working relationships with private equity firms and their investee companies, institutional investors, family offices and sovereign wealth funds. She has frequently been nominated for the “Best Teaching Award” in her PE elective and has been awarded the “Dean’s Commendation for Excellence in MBA Teaching” annually since 2008. Claudia initiated the launch of GPEI and through the centre’s work, INSEAD has established itself as the go-to source for insights on PE in emerging markets and as an incubator for talent and professionals.
"My PE elective offers relevance through interaction with regular guest speakers and hands-on company projects. Relevance in education lies where theory and practice collide."
Philip Anderson
INSEAD Alumni Fund Chaired Professor of Entrepreneurship
Teaching electives: Entrepreneurship, Venture Capital/Private Equity, Innovation and Creativity, Managing Technological Change, Change Management, Leadership, Managing Growth
Philip Anderson has taught MBA courses on how private equity firms screen opportunities, and has written more than 30 cases for his courses featuring private equity professionals. He has taught courses for a number of professional investors in private equity, including the Abu Dhabi Investment Authority, Intel Capital, Navis Partners, Procuritas, and the Singapore Venture Capital Association. From 2001-2009, he headed the 3i Venturelab, a research organisation sponsored by 3i.
Vikas A. Aggarwal
Academic Co-Director GPEI
Associate Professor of Entrepreneurship and Family Enterprise
Teaching electives: Venture Capital and Private Equity, Organizational Foundations of Financial Markets, Business as a Force for Good
Vikas A. Aggarwal is an Associate Professor of Entrepreneurship and Family Enterprise at INSEAD, where he teaches MBA, PhD, and Executive Education courses on venture capital and private equity. His research examines strategy and innovation issues in venture capital-backed start-ups, as well as the adaptation and digital transformation of established firms in response to widespread industry change.
Jasjit Singh
Professor of Strategy and Academic Director of INSEAD Social Impact Initiative
Teaching electives: Impact Investing, Strategy and Impact
Jasjit Singh’s interests include inclusive business, sustainable development, impact investing and impact evaluation. He is particularly passionate about how business can be used as a force for good. He regularly teaches, gives speeches and offers advice related to how enterprises, non-profits and investors can systematically think about maximizing their impact. He holds a PhD in Business Economics from Harvard University. More information about him and his work is available on his website.
Lily Hua Fang
Professor of Finance
Teaching electives: Corporate Finance, Private Equity, Alternative Investments
Lily Fang is an Associate Professor of Finance at INSEAD. She teaches corporate finance, capital markets, valuation, private equity, and entrepreneurial finance in the MBA and Executive Education programmes. She has won the Dean's Commendation Award for Excellence in MBA Teaching, and has taught in and directed numerous Executive Education programmes.
Loïc Sadoulet
Loic Sadoulet is an Affiliate Professor of Economics at INSEAD, and Visiting Professor at CEDEP. Loic holds a PhD in Economics from Princeton University. He has been teaching at INSEAD since 2000 in Executive Education, MBA and Executive-MBA programmes.
Bill Magill
Adjunct Professor of Entrepreneurship and Family Enterprise
Teaching elective: Private Equity
Bill has held senior positions in venture capital, investment banking, and market research over the past 20 years, mostly in Silicon Valley. He advises international investors on fund-raising and strategy and teaches PE at INSEAD's Europe campus annually.
Joost De Haas
Adjunct Professor of Entrepreneurship and Family Enterprise
Teaching elective: Managing Corporate Turnarounds
Joost de Haas has (co)founded a number of businesses in various industries and has been active in turnaround management since 2001. Currently, Joost is the CEO of Roto Smeets Group, one of Europe’s leading printing and multimedia companies. Roto Smeets Group is listed on NYSE Euronext in Amsterdam.
Joost has been an active private equity investor for more than 15 years. He specialises in investing in distressed situations and managing turnarounds.

Deepak Natarajan
During his 35-year career in Silicon Valley and Asia, Deepak established a strong track record of success and accomplishment as a marketing and sales executive in large organizations, startups, and in venture capital. During the first half of his career at pioneering technology companies including Intel, Silicon Graphics, Sun Microsystems, and Autodesk, he led several successful entrepreneurial efforts that established these companies as leaders in new sectors and geographies. In 2000, Deepak parlayed his experience building high-growth businesses to a career in venture capital at Redwood Ventures and Storm Ventures in Silicon Valley. In 2008, Deepak undertook one more entrepreneurial challenge and moved to Singapore to establish Intel Capital's operations - over an eight-year period, Deepak served on the boards of 10 companies in Singapore, Malaysia, Vietnam, and New Zealand, and India and helped the founders and executives build these companies.

David Lai
Adjunct Professor of Entrepreneurship and Family Enterprise
Teaching elective: Leveraged Buyouts
David Lai was a practitioner in private equity and leveraged buyouts for over 17 years in Asia Pacific/Australasia region, and is one of the pioneers in LBOs in Asia. He founded an independent Asian based buy-out firm, Affinity Equity Partners, following a management spin off from UBS Capital.
David sold his business interest in 2008 and currently teaches and consults on part time basis.
Hans Vanoorbeek
Adjunct Professor of Entrepreneurship and Family Enterprise
Teaching elective: Leveraged Buyouts
Hans Vanoorbeek is managing partner and co-founder of BV Capital Partners since mid 2003. He is also a Director at Aquasourca SA in Luxembourg where he is responsible for their international investments. He is also a senior adviser of Chequer’s Capital, a French private equity firm. He is currently a major shareholder and chairman of the board of Matco NV, Teconex SA and Skulflex AB.
Prior he was active in London in private equity. He was a partner at BC Partners, one of Europe's leading private equity firms between 2000 and 2003 and an Associate Director at Industri Kapital between 1996 and 2000. He was a board member of Pieters Visbedrijf NV (B), Continental Bakeries BV (NL), Fortex NV (NL), Laho Equipment SA (F) and Polyconcept SA (F).
Hans holds an MBA from Harvard University and he possesses a masters degree in Applied Economics (Universite Catholique de Louvain) (magna cum laude) and a masters degree in Law (Katholieke Universiteit Leuven) (cum laude). He also has a bachelor’s in philosophy (Katholieke Universiteit Leuven) (cum laude).

Graham Wrigley
Adjunct Professor of Entrepreneurship and Family Enterprise
Teaching elective: Leveraged Buyouts
Graham was part of the senior management team at Permira where he worked for 17 years. He stepped down in 2006 to focus on economic development in low income countries. He is now Chairman of Aureos (leading SME investor in low income countries), a board member of Manocap a PE firm based in Sierra Leone, and works in microfinance. In 2006 Graham started the LBO course at INSEAD.

Contact us
Faculty (MBA and Executive Education)
Claudia Zeisberger
Academic Co-Director
[email protected]
Faculty (MBA and Executive Education)
Vikas A. Aggarwal
Academic Co-Director
[email protected]
Research and Outreach
Alexandra von Stauffenberg
Associate Director
[email protected]
Media and Communication
Mengu Kulahci
Centre Coordinator
[email protected]