2009 Private Equity Exclusive

Mid-Year Investor Outlook – Highlights from the latest Global Private Equity Barometer

• LP returns and the appetite for Private Equity
• Fund Terms and Conditions
• Distributions Forecast
• Private Equity Valuation Predictions

Speaker:
Frank Morgan, President, Partner, Coller Capital

Emerging Markets & The Global Scope of Private Equity

(A) Emerging Markets

• What were the Major Developments over the past year?
• Do First-Time Funds have a chance?
• How does a Global Recession affect the Available Opportunities and Investment Decisions?
• BRIC Economies – GDP, Growth, Debt and Reserves
• Which Countries offer the best Opportunities and Returns?
• Comparing on a Regional basis
• Should you be investing in Regional Funds or Country Specific Funds?
• Identifying and Managing Barriers/Risks specific to Emerging Markets
  
• Developing Exit Strategies
  
• Long-term Outlook

(B) Frontier Markets

• Are Frontier Markets the next Emerging Markets?
• Increase of Assets in Frontier Markets
• Diversification - Low Correlation to Developed Markets
• Effects of a Global Recession on Frontier Markets
• The Up-and-Coming Middle East
• Prospects for Africa
• Sectors to consider
• Barriers & Risks – Political, Currency, Corruption, Limited Research, Low Liquidity, Access, etc.
  

Moderator: 
Mike Carter, President of the Board, Los Angeles Fire & Police Pensions
                               
Speakers:
Jonathon Bond, Managing Director of Fundraising and Investor Development Activities, Actis
Piau-Voon Wang, CFA, Partner, Adams Street Partners, LLC
Hussein Khalifa, Partner, MVision Private Equity Advisers USA, LLC

Infrastructure Investing

• Growth Rate as an Asset Class and Infrastructure Demand - where are they projected to be for the Future?
  
• Obama’s Infrastructure Plans and how it affects the Industry as a whole
  
• Benchmarking Returns and Comparing against other Asset Classes
  
• Long Term Revenue Streams and Inflation Protection
  
• Implementation Options – Direct, Fund or Listed Exchange
  
• What should you look for in an Infrastructure Manager?
  
• Risk/Return Profiling – Which Infrastructure Assets are classified as High Risk and Low Risk? What is the approximate
  Return Potential for each?
  
• In which Sectors will investors find the best Opportunities and Returns?
  
• Outlook and Challenges for Global Infrastructure Investing
  
• Mature vs. Emerging Markets
  
• Investing in Energy Infrastructure
  
• Infrastructure Risks

Moderator:
Michele Chow-Tai, Vice President, Alternative Investments, HSBC Bank USA

Speakers:
Dan Kim, Senior Investment Analyst, Global Private Equity Group, Ennis Knupp + Associates
Rene Lubianski, Vice President, Macquarie Capital (USA) Inc
Leandro A. Festino,CFA, CAIA, Consultant, Meketa Investment Group, Inc.

 

Private Equity Real Estate

• The Impact of the Credit Crunch on Private Equity Real Estate
• Distressed Opportunities in Real Estate – Investing in Mortgages, Securities of Homebuilders,
  Commercial and Residential Sectors
• Commercial Real Estate Challenges: Large amount of mortgages set to mature in the coming months
• Effects of an Increase for Foreign Investment in Private Equity Real Estate in 2009
• What can be expected from Opportunistic Funds?
• Global Outlook
• Trends
• Drawbacks in this Environment

Speaker:
William J. McMorrow, Chairman of the Board, CEO, Kennedy Wilson

Fund of Funds

• Funds of Funds Market Growth and Fundraising  
• Why use Private Equity Fund of Funds?
• Pros and Cons of Fund of Funds
• Performance of Fund of Funds vs. Direct – Statistical Comparisons
• Selecting a Fund of Funds Manager – Due Diligence, Key Criteria
• What are the Points of Distinction between an upper quartile manager and the median?
• Types of Fund of Fund Managers - Specialization
• Emerging Fund of Funds Strategies – Future Trends

Moderator: 
Arthur Hidalgo,Board Member, Chair of Private Markets Committee, Orange County Employees Retirement System

Speakers:
Robert E. Voeks, Ph.D., Partner, Managing Director, Private Advisors, LLC
Jeff Pentland, Managing Director, TD Capital Private Equity Investors

Welcome Reception

Opening Remarks

Private Equity Portfolio Diagnostics

• Portfolio Management Issues
  
• What is your Optimal Allocation to Private Equity?
  
• Cash Flow and Valuation Forecasting
  
• How does your Performance compare to your Private and Public Market Benchmarks?
  
• What Generated your Performance?
  
• Is your Portfolio sufficiently Diversified and performing as expected?
  
• What is your Risk/Return Profile?
  
• Prospective Managers – will they decrease your portfolio’s risk through diversification and add to its return?

Speaker:
Austin Long,Partner, Alignment Capital Group

Current State of the Private Equity Market

• The Economy, Recession and its effects on Private Equity
  
• Will the Buyout Market remain quiet due to a Lack of Credit available?
  
• When will Buyout Deals return and are Smaller Deals the new norm?
  
• Will Mezzanine, Distressed and Secondaries continue to spark interest?
  
• What are LPs looking for and what will they focus on?
  
• The Difficult Fund Raising Environment – more bargaining power for fees and terms for LPs?
  
• What is a “Stapled Co-Investment” and will they become more common?
  
• Distributions – far and few between for how long?
  
• Are GPs worried about LPs defaulting on Capital Calls?
  
• Sovereign Wealth Funds are Less Active – are they waiting for the dust to settle, licking their wounds from getting in too early or just less significant due to drop in oil prices?
  
• The Effects of Pension Fund Liabilities on Private Equity
  
• Carry Taxed by the Obama Administration?
• “FAS 157” – What it means for the current environment.  What are the effects of the recent easing of the rules?
• NYS Common's Banning of Placement Agents - will it gather steam with other funds? What will be the side effects?

Moderator:
Alan Kosan, Managing Director, Head of Investment Manager Research, Rogerscasey

Speakers:
William J. Monagle Jr., CPA, Partner, Private Markets,NEPC, LLC
Greg Kulka, CFA, CAIA, Director - Private Equity & ETI Programs, New Mexico State Investment Council
Joseph Haslip, Assistant Comptroller for Pensions, New York City Retirement System
Michelle Davidson, Managing Director, PCG Asset Management, LLC
Michael Moy,Managing Director, Pension Consulting Alliance, (PCA)

Refreshment Break: Sponsored By:

Buyouts

• Credit Markets and the Lack of Liquidity
  
• The ongoing Deleveraging Process
  
• Expectations for Deal Transactions, (volume)
  
• Taking Pension Fund Liabilities into consideration when making a Deal
  
• Will the lack of Deals at the big Private Equity Firms lead to Layoffs?
  
• Will we continue to see the Buyouts that were completed in the past three years struggle?
  
• Frozen Exit Market
  
• Are Investors pressuring Firms to renegotiate and reduce the Terms of their Commitment?
  
• Is the Funding Model for Buyouts broken or obsolete?
  
• Is there still a lag between Private Company Valuations and Public Market Valuations?
  
• How to prepare for the remainder of 2009 & 2010
  
• When will Buyout Deals return?
  
• Will the Mega Private Equity Firms that were once in LBO Funds find a new business model and provide
  Long Term Capital/Financing?
  
• Focusing on Restructuring Existing Portfolio Companies & Improving Operations – providing financial support
  to expand globally, adjusting balance sheets and cutting excess costs

Moderator:
Pete Keliuotis, Managing Director, Strategic Investment Solutions, (SIS)

Speakers:
Robert L. Parkinson III, Senior Investment Analyst, Global Private Equity Group, Ennis Knupp + Associates
Brett Fisher, Managing Director, Fisher Lynch Capital
Bob Morgan, Senior Vice President, Director of Private Equity, Northern Trust Global Advisors

Secondaries Market & the Need for Liquidity

• Pension Plan Asset Allocation shifts as a result of the Equity Market downturn and the need to Rebalance
  
• Reasons why Pension Plans are turning to the Secondaries Market
  
• How much of a Factor are Capital Calls on the Secondary Market today?
  
• Relieving the Unfunded Investment Period Commitment and Liability
  
• Are we seeing an Allocation Crisis, Liquidity Crisis, or both?
  
• What sort of Discounts are we seeing on the Secondary Market?
• What are the Risk Return Characteristics of Secondaries vs. Private Equity in general?
• Are Large Buyout Fund interests flooding the market?
• What should LPs consider when liquidating portions of their Private Equity Portfolio?
• Should LPs buy right now and what are successful buy strategies for the Current Market?
  
• Joint Ventures – an Alternative to selling a Private Equity Stake at a Discount
  
• Challenges to the Secondaries Market – Valuation/Pricing Risk, Volatility, Timing, etc.

Moderator:
Scott Taylor, Principal, Funds & Secondaries, CPP Investment Board, (Canada Pension Plan)

Speakers:
Ian Charles, Principal, Landmark Partners
Charles R. Grant, Partner, Lexington Partners
C. Redington Barrett, III, President, CEO, Permal Capital Management, LLC
James Gamett, Managing Director & Head of Secondary Investments, StepStone, LLC

Mezzanine

• Challenges for Raising Capital in today’s Market
  
• Benefiting from the Banking Industry’s Failures - getting deals done while Lenders are exiting the Market
• Why invest in Mezzanine?
• What does the Cash Flow Model and Return Structure look like?
• Risk priced into the Market
• Issues, Competition, Liquidity, Pricing and Returns Expectations
• Risk/Reward of Micro, Middle, and Upper Middle Market
  
• Do you consider new Mezz Funds to be a tough sell?
  

Moderator:
David Petrucco, Managing Partner, Kayne Anderson Capital Advisors, LP

Speakers:
Gary W. Robertson,CFA, Senior Vice President & Manager, Private Equity Research Group, Callan Associates
Venita Fields, Partner, Smith Whiley & Company

Lunch: Sponsored By:

Distressed Investing & Credit Opportunities

(A) Distressed

• Which Sectors are worth providing Resources and Capital to and how can Pension Plans take advantage of Opportunities?
  
• Understanding Consumer Debt and how it plays into various Opportunities
  
• Has the TARP and Fed Bailouts affected Opportunities?
• Do you plan on participating in the TALF Program?  What the pros and cons?
• International Distressed Debt Opportunities – making the case for Asia
• Event Driven Opportunities
• Merits of Activist Investing
• Loan-to-Own Opportunities
• Overview of the Risks associated with Distressed – leverage, risk of losing a substantial portion or all of
  investment, illiquidity, lock-ups/lengthy redemption terms, no requirement of periodic pricing to investors, etc.

   

  Speakers:
  P. Bradford Young, Partner and Head of North America, Altius Associates
  Armando Acosta, Director, Alternative Investments, TIAA-CREF

(B) Credit

• State of the current Credit Market
• What Credit Opportunities are available as a result of the Liquidity Crisis?
  
• How can Pension Plans take advantage of these Opportunities and profit from it?
  
• How should Pension Plans go about analyzing and selecting from the various Credit Funds and Direct Lending Strategies?
  
• Taking advantage of “Special Situations”
  
• Are Credit Funds a fad or can you profit from them for several years to come?
  
• Separating “Distressed” from Credit Strategies associated with Healthy Entities

   

  Speakers:
  Matt Den Bleyker, CAIA, Alternatives Portfolio Manager,Arizona State Retirement System
  Chris Tobe, CFA, CAIA, Trustee, Investment Committee Member,Kentucky Retirement Systems
  Dory Wiley, CPA, CFA, CVA, Trustee, Chairman of the Investment Committee, Teacher Retirement System of Texas

Moderator:
Thomas Lynch, Managing Director, Cliffwater LLC

Refreshment Break

Private Equity Emerging Managers

• What are the Benefits & Opportunities offered by Investing in Emerging Managers?
  
• Growth Prospects
  
• Exploiting Price Inefficiencies by utilizing Emerging Managers
  
• Why are Plan Sponsors establishing Emerging Manager Programs?
  
• What form do the programs take?
  
• How are Plans defining Emerging Managers?
  
• Due Diligence and Key Points of Analysis for Selecting Emerging Managers
  
• How is establishing this type of program different from others?
  
• Risk Profile and Monitoring
  
• How do you measure success?

Moderator:
James Slevin, Vice President, Uniformed Firefighters Association,  Trustee, New York City Fire Pension Fund

Speakers:
Ross Posner, Director of the Private Equity Group, Allstate Investments LLC
Devon Russell, Senior Managing Director, Madison Capital Funding LLC
James Mason, Managing Partner, Parish Capital Advisors, LLP

CleanTech

• Behind the CleanTech Investing Environment – Climate Change, Demand, Energy Security, etc.
  
• Does the Global Slowdown and Drop in Oil Prices affect the Industry?
  
• Available Capital and Deal Flow
  
• Are there too many Investors chasing too few Opportunities?
  
• What effect will the Obama Administration will have on CleanTech?
  
• Investing in Early-Stage vs. Late-Stage
  
• Which Technologies look the most promising?
  
• Sectors outside of Solar & Biofuels to consider
  
• Challenges
  
• The Exit Outlook

Moderator: 
Bill Rubin,Vice Chairman, Trustee, Philadelphia Board of Pensions and Retirement

Speakers: 
Tom Blaisdell,General Partner, DCM
Thomas Martin,Senior Vice President, PCG Asset Management, LLC

Venture Capital

• Lack of Exits and IPOs – what sort of ripple effects will we see?
  
• Are VCs worried about the ability of their LPs to cover Capital Calls?
  
• How common are Defaults on Capital Calls today and are you worried about the fallout effects of Defaults?
  
• How far out will it be before we can expect a solid IPO Pipeline?
  
• What Trends are you seeing in VC?
  
• Should you be Investing in Early-Stage or Late-Stage in this environment?
  
• European and Global VC Outlook
  
• Do VC Firms need to change their Funding Models to get cash flowing again? Solutions?
  
• Dismal returns when Investing in Venture at Market Peaks vs. Outperformance when Investing at Market Troughs

Speaker:
Ashton Newhall, General Partner, Montagu Newhall Associates, Inc.

Conference Concludes

Bus Leaves for U.S. Cellular Field

Join us for a Chicago White Sox Game in a Diamond Suite. Network with our group in an incredible setting and a great view of the game! Experience the luxurious surroundings including new furnishings, flat-screen TVs, sliding glass windows, deluxe theater style seating, open bar and food. Join us for networking and excitement!