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SuperInv COVER 2011_Layout 1 04/11/2011 09:26 Page 1 14thRegister October By& Save Up To £600 FREE for Pension Funds, Westin Hotel Paris Foundations 11th Annual & Endowments Fundraising & (email: Secondaries Summits [email protected] 15 November 2011 to apply) Main Conference www.icbi-superinvestor.com 16-18 November 2011 Europe’s Foremost Private Equity, Venture Capital & LP/GP Relationship Event Hear From 225 Speakers Including 95+ LPs Join Brilliant Superb Networking Hear From 95+ Academics Powerful LPs INVESTMENTS & Formats • Teacher Retirement System of Texas ■ 750+ Attendees In • CalSTRS • ATP PEP 2010 Inc 230 LPs • PECA • Caisse de Dépôt et Placement du ■ Québec Fundraising • AlpInvest Partners • Dupont Capital Management Juan Steven Costabile Mona ElNaggar Torben Vangstrup Danny Truell Summit • SL Capital Partners Delgado-Moreira Managing Director, Managing Director Managing Partner Chief Investment Josh Lerner • Graphite Capital Managing Director Head of Private THE INVESTMENT ATP PEP Officer Jacob H Schiff Professor ■ Secondaries • Pinebridge Investments HAMILTON LANE Funds Group FUND FOR THE WELLCOME Of Finance • Siguler Guff PINEBRIDGE FOUNDATIONS TRUST HARVARD BUSINESS Summit • Hermes Fund Managers SCHOOL • Access Capital Partners ■ • Fondinvest Capital 25 Champagne • SCM Strategic Capital Management Roundtables • Hamilton Lane • Towers Watson ■ Reception At • Teachers’ Private Capital • Commonfund Capital Hotel Crillon • MN Services • BP Investment Management ■ 4 Globally • The Wellcome Trust Helen Steers Michael Brandmeyer Wim Borgdorff Seth Hall Lori Hall-Kimm Ed Altman • Mercer Partner Co-Head Private Managing Partner, Co-Director Director • Hermes GPE PANTHEON Equity Group Co-Head of Fund Alternative TEACHERS’ Max L Heine Professor Renowned • Allianz Capital Partners GOLDMAN Investments Investments PRIVATE CAPITAL Of Finance Academics • JP Morgan Asset Management SACHS ALPINVEST CALSTRS NYU STERN SCHOOL OF • Cambridge University Endowment PARTNERS BUSINESS • Caisse de Dépôts et ■ Electronic Polling Consignations • Universities Superannuation - And Glean Insights From Industry Leaders ■ Scheme Leading LP • Henderson Global Investors • Stepstone Group Interview • Pimco • Morgan Stanley Alternative ■ LP-Only Investment Partners • 57 Stars Breakfast & • Credit Suisse Eli Talmor Dinner • Partners Group Professor, Chairman • Portfolio Advisors • IFC Coller Institute ■ • Skandia Life Of Private Equity LP/GP Speed • The Investment Fund For Paul Fletcher Walid Sarkis Guy Hands Sanjay Patel Howard Marks Foundations Senior Partner Managing Director, Chairman & CIO Head Of International Chairman LONDON BUSINESS Networking • Scottish Widows Investment ACTIS Hong Kong TERRA FIRMA Private Equity OAKTREE CAPITAL SCHOOL Partnership BAIN CAPITAL APOLLO MANAGEMENT ■ • Parish Capital Advisors Europe MANAGEMENT Fundraising • UBS Investment Bank LP-Simulation • HarbourVest Partners • Adams Street Partners Game • Northwestern Mutual Capital • North Sea Capital Management ■ Brand New • Adveq Management • Altius Associates Surveys & • Cambridge Associates Stephane Garelli • F&C Investment Professor Research • GE Asset Management • LGT Capital Partners INTERNATIONAL • CDC Group Jon Moulton Jeremy Coller Dave Roux Kurt Björklund Ralf Huep INSTITUTE FOR ■ Delegate List Chairman CIO Chairman & Co-Managing Managing Partner • QIC Global Private Equity BETTER CAPITAL COLLER CAPITAL Co-Founder Partner ADVENT MANAGEMENT Ahead Of The • Wilshire Associates Europe SILVER LAKE PERMIRA INTERNATIONAL DEVELOPMENT • Metlife Investments Event • Keyhaven Capital Partners • Performance Equity Management • Arcano Capital • Mexico Ventures Principal Law Firm Sponsor: Co-Sponsors: • Jade Invest • Abbott Capital Management • Northleaf Capital Partners • Pantheon Ventures • PPM Managers • FERI Institutional Advisors • Danske Private Equity • Unigestion • Aviva Investors • Shell Asset Management • Robeco Alternative Investments • Syntrus Achmea • Goldman Sachs Asset Management • Russell Investments Elemental Paper sourced Scan with • Capital Dynamics Chlorine Free from sustainable smartphone QR (ECF) forests • Quilvest Reader App • Clearsight For latest programme and to register: www.icbi-superinvestor.com Tel: +44 (0) 20 7017 7200 Fax: +44 (0) 20 7017 7807 Email: [email protected] FKR2222 B Superinv 2011_Layout 1 04/11/2011 09:24 Page 2 The Annual Summits - Tuesday 15 November 2011 FUNDRAISING SECONDARIES 09.00 Coffee & Registration 09.00 Coffee & Registration 09.30 Opening Remarks From The Chair Jan Moulijn, Consultant, INDURO CAPITAL 09.30 Opening Remarks From The Chair Marleen Groen, CEO, GREENPARK CAPITAL NEW SURVEY DATA New 09.35 When The Dry Powder Disappears, How Many Funds Will Get Raised? STATE OF THE UNION Will There Be Sufficient Investor Capital To Meet The Expected Fundraising Tidal Wave? Survey Data Has The Wall Of Secondaries Finally Arrived? Secondaries Market Kelly Deponte, Partner, PROBITAS 09.35 What Are The Market Dynamics Impacting Deal Volume? What Is The Difference Between 2010 And 2011? Outlook PLACEMENT AGENTS’ INSIGHTS ON FUNDRAISING How Sustainable Is The Deal Flow Going Forward? What Are The Issues That GPs Should Be Concerned About As They Prepare To Mark O’Hare, Managing Director, PREQIN 09.55 Return To A Very Different Fundraising Market? Moderator: Paul Denning, CEO, DENNING & CO Janet Brooks, Managing Director, MONUMENT GROUP DEALS Veera Somersalmi, Partner, GLOBAL PRIVATE EQUITY Analysis Of Supply And Demand: Which Types Of Investors Are Considering A Sale? 10.00 What Is Their Reasoning For Selling? WHO WILL BE INVESTING? Why Is It Attractive To Buy In The Current Economic Climate? Andrew Sealey, Managing Partner, CAMPBELL LUTYENS 10.25 Understanding Where LPs Are Coming From In A Transformed Fundraising Market – Who Has Money To Invest And What Are The Key Changes To Their Investment Strategy And Criteria? Uwe Fleischhauer, Founding Partner & Managing Director, YIELCO INVESTMENTS PRICING Where Did Pricing End Up In The Secondaries Market And Discounts To NAV In 2011 10.45 Morning Coffee Vs 2010 And Where Is It Going In 2012 And 2013? FIRST CLOSE AND SPIN-OUTS Is Pricing Too High Again And What Are The Return Expectations? How Do You Harness LPs Into A First Close And Do Spin-Outs Stand Any Chance? 10.20 Moderator: Nigel Dawn, Global Co-Head Private Funds Group, UBS INVESTMENT BANK Overcoming Investors’ Reluctance And Herd Mentality To Achieve Fundraising Momentum Joe Topley, Managing Director, PARISH CAPITAL ADVISORS EUROPE 11.15 Moderator: Mounir Guen, CEO, MVISION Valérie Handal, Principal, HARBOURVEST PARTNERS Jean-Louis Grevet, Founder & Managing Partner, PERCEVA CAPITAL Brenlen Jinkens, Managing Director, COGENT PARTNERS EUROPE Lauge Sletting, Managing Partner, NORTH SEA CAPITAL Stephen Can, Managing Director, CREDIT SUISSE Anselm Adams, Director, PECA Mathieu Dréan, Managing Partner, TRIAGO Laurent de Rosière, Investor Relations Partner, BC PARTNERS 11.00 Morning Coffee INSIDE THE MINDS OF INVESTORS – NEW SURVEY DATA What Are Global LPs Expecting Of Their GPs In Today’s Fundraising Environment? MARKET DIVERSIFICATION Investor Relations - Terms - Organisational Development Diversification In The Secondaries Market: What Are The Different Strategies Managers Moderator: Gail Guerin, Partner, GUERIN ASSOCIATES Are Pursuing And What Are The Benefits And Challenges Of Each Approach? 11.45 Jeffrey Reals, Managing Director, PERFORMANCE EQUITY MANAGEMENT VC Vs Buyout, Mid-Market Focus, Transaction Size Diversification, Geographical Focus Robert van Schaik, Portfolio Manager, Private Equity, SHELL ASSET MANAGEMENT Moderator: Ewoud van de Sande, Investment Director, ROBECO PRIVATE EQUITY 11.30 Allen MacDonell, Senior Director, Private Equity, TEACHER RETIREMENT SYSTEM OF TEXAS Matthew Arkinstall, Investment Director, GREENPARK CAPITAL Seth Hall, Co-Director of Alternative Investments, CALSTRS Greg Holden, Partner, ADAMS STREET PARTNERS Wouter Moerel, Partner, ALPINVEST QUICK FIRE SHOWCASE Christophe Nicolas, Executive Director, MORGAN STANLEY 12.50 Funds Your chance to showcase your own fund by taking part in this fundraising Pierre-Antoine de Selancy, Founder, 17CAPITAL Showcase competition by making a 90 second fund introduction Marco Wulff, Partner, MONTANA CAPITAL PARTNERS Benjamin Ball, Director, BENJAMIN BALL ASSOCIATES 13.10 Lunch BRAND NEW RESEARCH 12.10 Determinants Of Illiquidity In Secondary PE Fund Interests And Its Price Impact Afternoon Chairman: John Wolak, Managing Director Eli Talmor, Professor, Chairman Coller Institute of Private Equity MORGAN STANLEY ALTERNATIVE INVESTMENT PARTNERS LONDON BUSINESS SCHOOL TERMS AND CONDITIONS 12.55 How Have Changes To Available Capital Levels And Recent Fundraises Impacted LP Lunch Expectations On Terms And Fees? How Are GPs Attracting Investors To The Fundraising Table? INVESTORS IN SECONDARIES Moderator: Catherine Lewis La Torre, Partner, FONDINVEST CAPITAL Examining The Appetite Of LPs For Investing In Secondaries – 14.30 Rod Selkirk, Joint Managing Partner, BRIDGEPOINT DEVELOPMENT CAPITAL Who Is Investing, What Are The Issues And What Is The Outlook For Investors Taking Mark Hoeing, Managing Director, COMMONFUND CAPITAL Secondaries Investing In-House Rather Than Via Funds? Robert van Schaik, Portfolio Manager, Private Equity, SHELL ASSET MANAGEMENT 14.30 Moderator: Etienne Deshormes, CEO, ELM CAPITAL Mogens Kjølbye, Partner, NORTH SEA CAPITAL Jorgen Kjærnes, Managing Partner, CUBERA Robert Barry, Partner, PROSKAUER Nathalie von Niederhaeusern, Co-Head of Investment