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agenda >> the private equity exclusive 2014

2014 Private Equity Exclusive

The Private Equity Exclusive, Chicago

Trump International Hotel — Monday July 21st, 2014

  Click Here to Download a PDF version of the agenda

2:45 PM

Registration, Meet and Greet

3:30 PM

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

  • LP Returns & Appetite for Private Equity
  • LP Willingness to back GPs on a Deal-by-Deal Basis
  • Fund Terms & Conditions
  • GP First-Time Funds
  • Canadian vs US Pension Plans
  • Regional Private Equity Markets
  • Debt Markets
  • Secondaries Market

Speaker:  

Luca Salvato, Partner, Coller Capital, Inc.

 

3:45 PM

Keynote Speaker – Dislocations in the Global Economy and the Opportunities for Private Equity Investors

 

Speaker:  

Dr. Charles Dallara, Executive Vice Chairman of the Board, Partner, Chairman of the Americas, Partners Group

 

4:10 PM

Emerging Markets

  • Overview of Fundraising Environment and Appetite
  • Investors Bracing for the Fed to Wind Down Monetary Stimulus – how much of an Impact on Capital Flows? Which Markets will be Most Affected?
  • Global Capital Flows have Primarily Sparked Asset Gains – is it possible this has Trumped the Asset Gains benefiting from the Positive Demographics?
  • What would be the Effects on Emerging Markets if we see a Recession in Developed Markets? Might Weaker Growth in Emerging Markets Change your Return Profile?
  • How should Inflation and Currency Risks be factored in by GPs and LPs?
  • How have Emerging Market Returns stacked up to Developed Markets?
  • Which Countries offer the Best Opportunities and Returns? Overview of Asia, Latin America, India, Russia, Africa
  • Which Sectors do you see providing the Greatest Opportunity Set?
  • Outlook for China Growth and Returns – is the Slowdown in China Valid or Overblown? How might Rate Cuts and Monetary Stimulus Factor in?
  • What should LPs Consider with regard to Chasing Specific Markets on the back of Strong Historical Performance or Avoiding Specific Markets on the back of Weak Historical Performance?
  • What attractive Dislocations are there to avoid Chasing Hot Money?
  • How do Valuations look relative to Risk? Are Risk and Return in Balance?
  • What do the Exit Strategies look like in Emerging Markets?
  • Choosing an Emerging Markets Fund or Manager – should you be Investing in Regional Funds, Country Specific Funds or Sector Funds?
  • Making the case for Frontier Markets – Diversification, Low Correlation to Developed Markets
  • Which Markets in Frontier Countries can you Profit from Growing Local Consumption?
  • What Countries will be the "future stars" and overtake BRICs?

Moderator:  

Kenyatta K. Matheny, Senior Investment Officer - Emerging Managers & Private Equity, Teachers' Retirement System of the State of Illinois

 

Speakers:

James E. McGuigan, Managing Partner, Capital Group Private Markets

Scott Voss, Managing Director, HarbourVest Partners, LLC

Tom Speechley, Partner, The Abraaj Group

4:55 PM

Fund of Funds

  • Fundraising Statistics and Declining Fund Size
  • Key to Fundraising for Fund of Funds – Returns or Specialization?
  • Consolidation – Inevitable and to what Extent?
  • How will the Industry Evolve and how are GPs Adapting to the Changing LP Environment? What Diversification Strategies have Worked?
  • Costs/Fees –will it Drop more to Stay Competitive? If so, how much?
  • Performance of Fund of Funds vs. Direct – Statistical Comparisons. Any Issues with these Figures or Research?
  • Pros and Cons of Fund of Funds
  • How to you Measure a Fund of Funds Value Add?
  • Do Fund of Funds Add enough Value to Offset the Costs?
  • Mitigating Risk – what are the key Diversification Parameters?
  • Manager Selection – Due Diligence, Key Criteria
  • What are the Points of Distinction between an Upper Quartile Manager and the Median?
  • Explain Emerging and Future Trends such as Specialization, Niche Strategies, Separate Accounts, etc.
  • How can we Avoid Over-Allocation to Lower Performing Vintages and Under-Allocation to Attractive Vintages? What are the Keys to Getting it Right and Avoiding Poor Timing?

Moderator:  

Steven C. Hempler, Vice President, Private Markets Consulting, Strategic Investment Solutions, Inc, (SIS)

 

Speakers:

Wayne D. Smith, CFA, Director, Pathway Capital Management, LP

Charles K. Huebner, Managing Principal, RCP Advisors, LLC

Tim Bliamptis, Managing Director, Weathergage Capital, LLC


5:25 PM

Emerging Managers

  • Why are Plan Sponsors establishing Emerging Manager Programs?
  • How are Plans defining Emerging Managers?
  • What are the Benefits & Opportunities offered by Investing in Next Generation Managers?
  • What are the Growth Prospects?
  • Exploiting Price Inefficiencies by utilizing Emerging Managers
  • What are the Risk/Return Prospects of Emerging Manager Programs vs. Programs focused on Established Managers?
  • How is Establishing this type of Program different from others?
  • Due Diligence and Key Points of Analysis for Selecting Emerging Managers
  • New Firms/Emerging Manager Fundraising – how important is it to be spun out from Traditional or Name-Brand Firms? Key Differentiators that enable a Successful Fund Raising?
  • Are there any Differences in Procedures for Monitoring Emerging Managers?
  • What is happening with Funds that have Reached Critical Mass?
  • Explain the Perceived Risk of Investing in Emerging Managers and why it’s Inappropriate
  • Relying Less on Leverage
  • How do you Measure Success?
  • What is an important Lesson Learned from your Experiences?

Moderator:  

John M. Barger, Chairman, Board of Investments, Los Angeles County Employees Retirement Association, (LACERA)

 

Speakers:  

Paul Denning, CEO, Denning and Company, LLC

Sharmila Chatterjee Kassam, CPA, Chief of Staff, Investment Division, Employees Retirement System of Texas

Kelly M. Williams, J.D., President, GCM Grosvenor Customized Fund Investment Group

R. Scott Spielvogel, Managing Partner, One Rock Capital Partners, LLC

 

6:00 PM

Welcome Reception


7:15 PM

Welcome Reception Concludes

 


Tuesday July 22nd, 2014 - Trump International Hotel

7:10 AM

Breakfast

8:10 AM

Pension Plan LP Perspectives

  • Are the Impacts of Public Market Performance and a Stable Economy the most Important Factors/Challenges for Future Valuations?
  • From an LP Perspective, what does it take to Stand Out and in Fundraising and what does not work?
  • What Percentage of your Existing Managers that are in the Market do you Expect to Back? What Criteria besides Performance is Important to you?
  • Which do you consider Most Appealing in Return for a Large Commitment? Lower Management Fees, Lower Incentive Fees, Increased Transparency, Reduced Lock-Up Periods, Graduated Fees based on Mandate Size, or Other?
  • What is the Proper Level of Diversification in a PE Portfolio? How many Managers are too many?
  • How do you go about Maintaining your Allocation while Reducing your GPs?
  • Have you taken steps to Diversify your PE Portfolio and Find Investments with a Non-Correlation to the PE Space in General? Which of these Non-Correlation Strategies have you Allocated to or favor?
  • What is the Importance of Co-Investment to LPs? Why besides Economics do LPs want it?
  • Do you worry about the Purchase Price Multiples being paid for high quality Companies in the Buyout space? What are the Implications for the Longer Holding Periods?
  • What’s your Primary Motivation for Selling Fund Interests on the Secondary Market? Portfolio Rebalancing, Exit Poor Performing Funds or Liquidity Requirements?
  • Does it worry you that Private Equity Funds face an Increased Risk of being On the Hook for their Portfolio Companies' Pension Liabilities? Could the Legal Size of the Controlling Stake at Risk be lower and more Aggressive than 80%?
  • Do you see GPs adopting the Standardized Capital Call and Distribution Templates from ILPA? Any other Advances in Liquidity Modeling Techniques?
  • Will the Transparency Trend continue for Quarterly Portfolio Reviews of Cashflow Statements, Drawdowns, Distributions and Valuation Changes? Do you think GP IR Teams will Grow?
  • How do you Determine which GPs are Performing Well? What are the Best Predictors of Potential Future Success?
  • What are the Problems you see in the GP Space that you would Correct?

Moderator:  

Karen Rode, CFA, CPA, Partner, Head of Global Private Equity, Hewitt EnnisKnupp, Inc.

 

Speakers:  

Dale Martin, Director – Illiquid Alternatives, Fire and Police Pension Association of Colorado, (FPPA)

Shawn M. Winnie, Senior Portfolio Manager, Alternative Investments, State of Michigan Department of Treasury, Bureau of Investments

John A. Drake, CFA, CPA, Senior Investment Officer - Private Equity, State of Wisconsin Investment Board

Neil Randall, Senior Director, Private Equity, Teacher Retirement System of Texas


8:50 AM

FEATURED PANEL: Current State of the Private Equity Market

 

(A) Fundraising Environment

  • What is the Current State of the Fundraising Environment?
  • What Sectors and Geographies are attracting the most Interest?
  • What are the Characteristics of those who are successfully able to Raise Funds?
  • What would make you Choose Not to Re-Up with a Manager?
  • What Percentage of your Current LPs do you expect to Re-Up? Given the Exit of Financial Institutions, how do you go about filling that hole?
  • Trend of LPs Reducing the Number of GPs – how extreme will the GP Shakeout be? Do you believe this Trend will Improve the Median PE Return?
  • As an LP, how do you Maintain your Allocation while Simultaneously Reducing Managers?
  • As a GP, what are you willing to Give Up in order to Maintain an LP?
  • Trend of Big LPs committing to Customized Separate Accounts with GPs – is there a Legitimate Rationale for Larger LPs to have Differentiated Economics, Options, Rights or other Issues that are addressed by GPs? Do you see a Fragmenting LP Community?
  • What are the Implications on Fund Raising with DC Plans Gaining Exposure to PE? Will Fund of Funds Benefit?  
  • With Huge Potential Sources of Capital, will Sovereign Wealth Funds be PE’s “White Knight”?
  • Do you believe GPs Inflate Valuations of Existing Portfolio Companies while marketing Follow-on Funds? Will we see Increased Regulation from the SEC on Reporting Inflated Fund Performance?

(B) LP/GP Relationship –Fees, Terms and Alignment of Interests

  • Are LPs willing to Pay Higher Fees for Managers with the Best/Proven Track Records?
  • Will Performance or Incentive Based Fees be more likely in the Future?
  • What Breaks in Management Fees have you seen for LPs to make the First Close?
  • What is “European Waterfall” and do you expect it to become more common?
  • Do you believe GPs will Invest more in their Own Funds to Achieve a Greater Alignment of Interests?
  • As an LP, is it an Investment Deal-Breaker if a Fund did Not Conform to ILPA Principles? Has Adopting ILPA become a Requirement for Fundraising?
  • Growth of AltExchange Alliance – why is there a Need for AltExchange for ILPA Members?
  • AltExchange to become the Market Standard for Reporting?
  • Do you believe there to be a Predictive Capital Call Scheduling Model via Timing, Distributions and Public Market Performance? Any Progress with the ILPA’s Template?
  • Do you believe that IRR Overstates True Returns?
  • Given Private Equity’s Importance to the Economy and its growing Significance to Government Procurement, do you expect continued Public Scrutiny in the years to come? What Issues might come under pressure when dealing with Public Perception? How are we Improving Public Image?

(C) Investment, Deal and Exit Environment

  • State of the Economy for US, Europe and Asia – what is your Outlook and Expectations for its effects on Private Equity? What is your Biggest Worry or Uncertainty?
  • As Large Funds Raised during the Bubble come to the end of their Investment Periods, is there Justification for Extensions? What should LPs expect in terms of Concessions?
  • Dry Powder – Is there Pressure to put Money to Work and will it Hurt a Firm’s Ability to Raise a Future Fund because of Uninvested Capital?
  • How has the Financing Market been for Buyout Transactions today? Could Mezzanine Benefit going forward?
  • IPOs and M&As – what are your Expectations for the Exit Market? Will the Average Holding Period Increase even more?
  • How is the Opportunity Set for Distressed Space now and where will the Opportunities come from? Is Europe still too early?
  • Bargain Buys have been Difficult to Find in Credit Opportunities. With Firms Sitting on Cash, does this make you Wary about Larger Credit Funds today?  
  • Do you see Higher Return Potential with Co-Investments? Why besides Economics do LPs want it?
  • Will the Secondary Market be a Solution to kill most of the Zombie Funds?
  • Thoughts on Venture given the Lack of Performance over the past decade?
  • How much of a Role in the Fund Selection Process will ESG play in the coming years?  Does ESG help Create Value? What are the Best Ways to Evaluate or Monitor a GP’s ESG Practices?
  • In-State PE Investing – besides Collateral Benefits, are the Returns Sacrificed or Achieved?
  • Niche Strategies – which ones are most Appealing?
  • Where do you expect that we’ll see the Best Returns over the next Five Years? Geography? Favorite Sector?

Moderator:  

Scott Jacobsen, CFA, Senior Portfolio Manager, Private Equity, California Public Employees' Retirement System, (CalPERS)

 

Speakers:  

Andrea Kramer, Managing Director, Hamilton Lane

Bo Ramsey, CAIA, Director of Private Equity, Indiana Public Retirement System

Michael J. Moy, Managing Director, Pension Consulting Alliance Inc., (PCA)

Jacques P. Chappuis, Managing Director, Head of Carlyle Solutions, The Carlyle Group

David Fann, President & CEO, TorreyCove Capital Partners


9:50 AM

Refreshment Break

10:20 AM

Buyouts

 

(A) Deal Flow Volume and Financing

  • What are your Expectations for Deal Flow Volume?
  • Which Types of Deals will be Most Prevalent?
  • How has the Investment Pace been impacted by the PE Overhang? Has the Pressure been on to put Uninvested Capital to Work?
  • What Trends are you seeing in the Financing Markets and Pricing? Expectations for the future?
  • Do you see the possibility of Credit Risk being Re-Priced and potential for Credit Tightening for an Extended Period?
  • Is Credit Cheap or Expensive relative to the Risks in today’s Market?
  • Are Large Deals Difficult to Finance? Has this led to more Smaller Deals?
  • What is the Outlook for Public-to-Private, Secondary Buyouts and Corporate Spin-Offs?
  • What will be the most Appealing Sectors and Geographies going forward?
  • Do you see Opportunities in Europe?

(B) Post-Acquisition Value-Add

  • What are the Drivers Creating Value? Ways GPs Add Value?
  • Are GP Operational Teams Growing and becoming an LP Demand for Improving Current Portfolios?
  • Are GPs focused on Cost Reduction of Companies in their Portfolio or Top Line Growth?

C) Exits

  • What are your Expectations for Exits and Distributions over the next year?
  • Average Holding Period for Companies – will it get even Longer? If so, why and will it remain this way? What are the Implications?
  • How should we think about the Dividend Recap Opportunity vs. a Complete Exit? Do you give a GP Credit for this?
  • Do Dividend Recaps sometimes Create a Financial Burden and Future Risk for Portfolio Companies? When is a Dividend Recap Appropriate?
  • Will the High Volume of Secondary Buyouts Continue?
  • What have you Identified and Learned from recent Successful Exits?

(D) LP Issues

  • In a Macro-Driven Environment, is Market Timing the Biggest Factor in Returns and Risk?
  • What should LPs do to prepare for the Current and Future Macro-Environment? What’s your Biggest Worry?
  • How are LPs dealing with Extensions? What should LPs expect in terms of Concessions?
  • Sharp Drop in Monitoring Fees – do you think those Fees will be Terminated completely in the Future? Will LPs Benefit from the Higher Value upon Exit?
  • Risk Profiling of Small, Middle and Large Buyouts – any Conclusions?
  • How will “Zombie” Funds impact the Industry? How will this Issue be Solved with time?
  • What are the Problems you see in the GP Space that you would Correct?
  • What would you encourage LPs to look for and what would you encourage LPs to Avoid?

Moderator:  

Thomas K. Lynch, CFA, Senior Managing Director, Cliffwater LLC

 

Speakers:  

Jonathan Lynch, Managing Director, CCMP Capital Advisors, LLC

Rafique DeCastro, Investment Officer, Private Equity Group, New York City Office of the Comptroller, Bureau of Asset Management

Rick Elfman, Senior Managing Director, Sterling Partners

A. Richard Caputo Jr., Managing Partner & Co-CEO, The Jordan Company

 

11:10 AM

Growth Equity

  • Why are LPs Focused on Growth Equity as a Strategy?
  • How does Growth Equity Differ from Buyouts and Venture Capital?
  • How are Transactions Structured?
  • What is the Typical Duration for a Growth Equity Investment?
  • What is the Role after Making an Investment?
  • How does the Capital Loss Ratio of Growth Equity compare to Buyouts and Venture?
  • How are the Returns of Growth Equity compared to Buyouts and Venture?
  • Any Sustained Periods of Underperformance like Buyouts and Venture have had?
  • How does the Risk Profile Compare?
  • How does the Size of the Fund play into Performance?
  • What is the right Way to Benchmark this Strategy?

Moderator:  

Kunal K. Shah, Principal, Meketa Investment Group, Inc.

 

Speaker:  

Andrea Auerbach, Managing Director, Head U.S. Private Equity Research, Cambridge Associates LLC

Brian J. Conway, Chairman and Managing Director, TA Associates

Jonathan M. Rather, General Partner, Chief Financial Officer, Welsh, Carson, Anderson & Stowe, (WCAS)

 

11:45 AM

Co-Investments

  • Reasons why Co-Investments are Attractive to LPs
  • What are the GP Reasons for Co-Investing? Are they an Incentive for LPs to participate in their next Fundraising?
  • Approach and Criteria for Co-Investments
  • What’s the right Balance of the Investment Decision based on the Quality of the GP vs. the Quality of the Deal?
  • What are the Success Factors for LPs?
  • Co-Investment Funds vs. doing it yourself
  • What are some Do’s and Don’ts? Any Lessons Learned? What are some Common Blunders for LPs to Avoid?
  • What can you do to Protect against Unintended Results within the Co-Investment Partnership Arrangement?
  • Where do Co-Investments make the most sense?
  • Understanding the Trends and Performance of Co-Investments in Small, Medium and Large Buyouts
  • Have Co-Investments Outperformed Net Fund Returns? Do Co-Investment Funds have a Lower Risk and Higher Upside Potential?
  • Will the LP Demand for Co-Investments Distort the Relationship between LPs and GPs?
  • Staffing and Man-Power Concerns
  • Legal and Operational Risks

Moderator:  

Zachary A. Doehla, Director, Investments, MEMBERS Capital Advisors - CUNA Mutual Group

 

Speakers:  

Andrew Beaton, Managing Director, Capital Dynamics

Stephen J. Neel, Deputy CIO, Alternative Assets, New Mexico Educational Retirement Board

Darren Friedman, Partner, StepStone Group

Christopher A. Keller, CFA, Managing Director, Summit Strategies Group

 

12:25 PM

Lunch

1:30 PM

Secondaries

  • What are the Reasons behind the Secondary Buyout Volume Surge? Will it continue to Drive PE Deal Flow?
  • Secondary Deal Volume and Future Expectations
  • Deal Flow Mix Now vs. Next Few Years – Traditional LP Interest vs. Non Traditional Carve Outs, Directs, Restructuring and Structured
  • Current Pricing – Pressures/Opportunities
  • Secondary Pricing and its Relationship to Public Market Performance
  • Secondary Pricing and its Relationship to Large Funds being Out of Capital or Leverage Challenged
  • Will Secondaries eventually put an End to the Zombie Funds Issue?
  • Fund Recaps and LP Rollover Option Deals
  • Non-Intermediated Deal Flow – Importance of Primary and Co-Invest Capital, Supply, Pricing and Value to the LP
  • Staple Transactions – is it different this time and what have we learned?
  • Challenged ROIs across Secondary Funds?
  • Fundraising – what should LPs look for to Identify Differentiation?
  • Specialization – what will it look like? What are the Strategies that will Benefit?
  • Thoughts on Secondary Market Opportunity Set for Investments in Infrastructure, Real Estate, Energy and Timber?
  • Thoughts on Synthetic Secondaries? What are the Benefits and Drawbacks?
  • What should LPs consider when Liquidating portions of their Private Equity Portfolio?
  • How has the Role of the GP in the Secondary Market changed over time?
  • Do you believe we’re seeing Industry Consolidation for the Secondary Market?
  • What are the Risk/Return Characteristics of Secondaries vs. Private Equity in general?

Moderator:  

Mark T. Maruszewski, CFA, Partner, StepStone Group

 

Speakers:  

Jason S. Gull, CFA, Partner, Adams Street Partners, LLC

Adam Graev, Managing Director, DB Private Equity

Barry M. Miller, Partner, Landmark Partners

Red Barrett, President & CEO, Permal Capital Management, LLC

 

2:05 PM

Mezzanine Debt Investing

  • Debt Maturity Wall – where does it sit today? CLO Loan Maturities?
  • Will Buyout Dry Powder Benefit Mezzanine?
  • Tightening of Credit from Banks – how are New Regulations like Dodd Frank and FDIC affecting Banks as Lenders, Underwriters and Providers of Leverage? Is this a Secular Trend and what are the Implications?
  • The Need for Mezz Capital – is there a Shortfall creating Favorable Conditions?
  • What type of Value Add can a Mezz Provider bring to the table for both a GP and a Porfolio Company? How Important are Board Observer Rights?
  • Mezz Stability and Non-Correlation Factor – Peak to Trough Drawdown during the Financial Crisis compared to PE Sub-Sectors and other Asset Classes
  • Attractive Risk/Return Profile?
  • Purchase Price Multiples – where are they today?
  • How are Deals being Structured?
  • What are Current Deal Terms? Cash Coupon, PIK, Warrants, Equity Co-Investments?
  • What is your Approach to Equity Co-Investments? Warrants?
  • Rise of Unitranche Deals – is this a good thing? Pension Plans’ thoughts?
  • BDCs – what are the Benefits for Managers? Any Downside for LPs?
  • What does the Cash Flow Model and Return Structure look like? J-Curve Minimization?
  • Issues, Competition, Liquidity, Pricing and Returns Expectations
  • Risk/Reward of Micro, Middle, and Large Market
  • Could we see a Trend of Mezz Funds charging Management Fees on Invested Capital rather than Committed Capital? What Opportunities might this present?

Moderator:  

Nat Kellogg, CFA, Associate Director of Research-Alternatives, Marquette Associates, Inc.

 

Speakers:  

Tom Cawkwell, Partner, Head of Private Markets Research, Albourne America LLC

Andrew Panzo, General Partner, NewSpring Capital

Paul Meiring, CFA, Managing Director, Principal, Prudential Capital Partners

 

2:40 PM

Distressed Investing – Opportunistic and Special Situations

  • Where are we in the Distressed Cycle? High Cash Positions on the Sidelines?
  • How have Financing Markets Activity affected the Opportunity Set and what is the Outlook? Maturity Wall?
  • Where are the most Attractive Strategies/Opportunities? Sectors? Geographically?
  • Scope of the Distressed Market and Segments – Corporate Credit, Structured Credit, Commercial Real Estate, Hard Assets, Liquidations, Segmentation by Deal Size, etc.
  • Eurozone Opportunities – what Investments are sensible and when will they arrive in scale? Still too early? Which Countries, Sectors, Types of Deals should be looked at?
  • What are the Challenges in Sourcing and Executing Investments in Europe?
  • U.S. Distressed Opportunity vs. the European Opportunity – what do we need to know before making Allocation decisions?
  • Effects of Basel III, Dodd-Frank and Volker Rule on the Opportunity Set?
  • Pitfalls of the Economy and Risks for Investing now?
  • Control vs. Non-Control – when is one Approach better than the other?
  • Are Buyout Firms still moving into Distressed Deals? Will the Competitive Landscape from other Providers Squeeze Opportunities?
  • What Characteristics/Skill Set should Investors look for in a Distressed Manager?

Moderator:  

Harry B. Leggat, Partner, Mercer Investment Consulting

 

Speakers:  

Kevin Lydon, Managing Director, SVP Global

Brendan Carroll, Partner and Co-Founder, Victory Park Capital

James J. Zenni, Jr., President and Chief Executive Officer, Z Capital Partners, L.L.C.

 


3:15 PM

Refreshment Break

3:40 PM

Credit Strategies

  • What is the Current State of the Credit Market?
  • Cash on the Sidelines – when will we see Volatility, a Panic Event or Catalyst that will create Pricing Inefficiencies to Exploit?
  • What might cause Credit Spreads to Widen and Defaults to Rise? Is the Fed Policy preventing this from happening?
  • Are Investors Wary about a Large Fund while a Large Portion of the Industry is in Wait and See Mode?
  • Refinancing Challenge Status – how should Investors be positioned?
  • LBO Volume and Expectations
  • What is the Current State of the Securitization Market? What are the Opportunities?
  • RMBS/CMBS Market Overview
  • CLO Reinvestment Challenge
  • Dodd-Frank Risk Retention Requirement to Dramatically Shrink CLO Market by up to 75%? What are the Far-Reaching Effects?
  • How is the Credit Quality of New Issuance?
  • Where are we in the High Yield Market? What’s the Upside and Downside from here?
  • Eurozone Debt Crisis – how is the Opportunity Set?
  • Where is the Best Value in European Credit?
  • How do you Manage a Credit Program in a Volatile Market?
  • What Lessons Learned should be taken away from 2007-2008?
  • How has the Competition (Fixed Income, Hedge Funds, etc.), altered the Market?
  • How should Pension Plans go about Analyzing, Selecting and Implementing the various Credit Funds?
  • Considerations for Selecting a Credit Manager
  • What Sub-sectors of Credit are the most Attractive Opportunities? What are your Best Ideas for finding Value?

Moderator:  

Keith Berlin, Senior Vice President, Director of Global Fixed Income and Credit, Fund Evaluation Group, (FEG)

 

Speakers:  

Richard J. Byrne, President, Benefit Street Partners

Stan Sokolowski, Managing Director, Senior Portfolio Manager, Head of Portfolio Management & Trading, CIFC Asset Management

Keith Williams, Managing Director, Senior Portfolio Manager, Crestline Investors, Inc.


4:15 PM

Venture Capital

  • State of the Venture Industry and Fundraising Environment
  • Will we see Smaller Sized Allocations into Venture?
  • Status of the Exit Market and IPO Pipeline 
  • Exit Market Shift to M&A?
  • What is the Average Investment to Exit Timeframe?
  • Late-Stage vs. Early-Stage – which do you favor?
  • Outperformance of Smaller Funds – a continuing Trend?
  • Why Invest in Micro-VC?
  • Overseas VC Outlook. IPO Growth in China?
  • Venture Capital Winners – Concentrated within the Top Few Firms?
  • Which Sector stands out?
  • Thoughts on Hyperweb being the Next Big Winner and Innovation for Venture?
  • Cleantech Opportunity Set – which Sectors are Attractive?
  • M&A Exits for Cleantech
  • Are Funding Models changing to get Cash Flowing again?
  • What will VCs do differently given the Lack of Performance in the past Decade? LP Skepticism?
  • Understanding Venture Return Trends – Underperformance when Investing at Market Peaks vs. Outperformance when Investing at Market Troughs

Moderator:  

Lara C. Druyan, Vice Chair, Board Member, San Jose Federated City Employees' Retirement System

 

Speakers:  

Brijesh Jeevarathnam, Managing Director, Commonfund Capital, Inc.

Brian Chee, Managing Partner, Polaris Partners

Lisa Edgar, Managing Director, Top Tier Capital Partners LLC

 

4:50 PM

Private Equity Energy

  • Energy Characteristics – Inflation Hedge, Diversification and Low Correlation, Attractive Risk-Adjusted Returns
  • Market Underserved by Private Equity Capital?
  • Projections of Global Energy Supply/Demand and Consumption
  • China’s Consumption Projections
  • Are Investments likely to produce Returns Independent of Oil or Natural Gas Prices?
  • Recent and Long-Term Performance
  • Upstream, Midstream and Downstream
  • Upstream – Explain the Value Creation Mechanisms
  • Investing in Oil and Gas Production/Service Companies – Evaluating Opportunities and Value
  • Shale Natural Gas Boom
  • Legislative and Regulatory Concerns?

Speaker:  

Jim Gasperoni, CFA, Partner, FLAG Capital Management, LLC

 

5:05 PM

Infrastructure Investing

  • What do you believe is the Biggest Investor Concern behind LP Infrastructure Allocations Growing at a Snail's Pace?
  • Infrastructure Demand and Size of the Market – what are the Projections for the Future?
  • Infrastructure Spending/Funding Gap – Explanation of the Shortfall and Increased Opportunities for Pension Plans
  • Public-Private Partnerships – Inevitable due to Lack of Gov’t Funding and Debt?
  • Is Infrastructure an Inflation Hedge?
  • How has the Low Interest Rate Environment affected Valuations? What are the Implications for Valuations and Liquidity Options for Existing Infrastructure Assets when Rates Rise?
  • Deal Flow and Fundraising
  • Outlook and Challenges for Global Infrastructure Investing
  • Mature vs. Emerging Markets
  • Which Sectors will investors find the best Opportunities and Returns? Any Emerging Trends/Themes?
  • Risk/Return Profiling – which Infrastructure Assets are classified as High Risk and Low Risk?
  • What are some potential Unanticipated Risks? Understanding Debt Risks
  • Performance – is Infrastructure delivering on its advertised attributes? What are the Return Expectations from Plan Sponsors?
  • Implementation Considerations – Primary Partnerships, Direct, Co-Investment, Fund of Funds or Separate Accounts. Any Advantages or Limitations that Stand Out?
  • What should you look for in an Infrastructure Manager with the Lack of Track Records?

Moderator:  

David Rogers, CA, CBV, Partner, Caledon Capital Management Inc.

 

Speakers:  

Andreas Huber, Partner, EQT Partners, Inc.

Jeremy Zirin, CAIA, Research Data Analyst, Alternatives, Marquette Associates, Inc.

Vaughn Brock, Director of Energy and Natural Resources, Teacher Retirement System of Texas

 

5:35 PM

Conference Concludes

6:20 PM

Bus Leaves Trump Hotel for Networking Event

7:00 PM

Lake Michigan Cruise Networking Event

 

Supporting Partner of The Private Equity Exclusive
 

 

About the CAIA Association

 

The Chartered Alternative Investment Analyst (CAIA) Association, a non-profit organization founded in 2002, is the world leader in alternative investment education.  The CAIA Association is best known for the CAIA Charter®, an internationally recognized credential granted upon successful completion of a rigorous two-level exam series, combined with relevant work experience.  Earning the CAIA Charter is the gateway to becoming a member of the CAIA Association, a global network of 6,700 alternative investment leaders located in 80+ countries, who have demonstrated a deep and thorough understanding of alternative investing. CAIA also offers the Fundamentals of Alternative Investments Certificate Program®, an online course that provides an introduction to the core concepts of alternative investing. Having grown rapidly, the CAIA Association now supports vibrant chapters for its Charter Holder members located in financial centers around the world, produces world class research publications, and sponsors educational and networking events to help the CAIA community keep pace with the industry.  CAIA is considered a leading authority and trusted voice for providing perspective on industry trends and developments worldwide.  For more information, please visit CAIA.org.


  
Disclaimer: Pension Bridge Conferences are produced
for qualified institutional investors only
  


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