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  • March 2021 (Revised August 2021)
  • Case

Apax Partners and Duck Creek Technologies
By: Josh Lerner, Terrence Shu and Alys Ferragamo
This case follows Jason Wright and Umang Kajaria at Apax Partners as they consider an investment in Duck Creek Technologies, a technology provider for property & casualty insurance companies. The deal required a complex carve-out from Accenture, Duck Creek’s parent...  View Details
Keywords: Carve-out; Private Equity; Insurance; Investment; Operations; Valuation; Financial Strategy; New York (city, NY)
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  • 2020
  • Working Paper

Weak Credit Covenants
By: Victoria Ivashina and Boris Vallée
Using novel data on 1,240 credit agreements, we investigate sources of contractual complexity in the leveraged loan market. While negative covenants are widespread, carve-out and deductible clauses that weaken them are as frequent. We propose simple measures of...  View Details
Keywords: Leveraged Loans; Loan Contracts; Debt Covenants; Carve-out; Creditor Governance; LBO; Credit; Agreements and Arrangements; Leveraged Buyouts
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  • September 2017 (Revised October 2017)
  • Case

The Carlyle Group and Axalta
By: Josh Lerner and Alexey Tuzikov
Keywords: Carlyle; Axalta; Private Equity; Carve-out; DuPont; Industrials
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