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10TH ANNUAL Global Fund Finance Symposium 10TH ANNUAL Global Fund Finance Symposium FEBRUARY 12 - 14, 2020 FONTAINEBLEAU, MIAMI BEACH LETTER FROM THE CHAIRMAN Industry colleagues, newer to the space, the “1st annual” version of this event isn’t on the Let me be the first to welcome you to Miami Beach for the 10th same stratosphere to what we have today. Mike, a savvy business Annual Global Fund Finance Symposium hosted by the FFA. 10th development lawyer trying to grow his client base, championed Annual… I’m honestly having trouble wrapping my head around putting together a “Subscription Finance 101” type event while that. How can something seem both so long ago and yet so building up a practice at Mayer Brown. He recognized a growing recent?!? Well, the FFA Board decided this was an occasion that market opportunity, but one that only a few handful of banks were simply couldn’t be ignored – we needed to go BIG to celebrate the really paying attention to. The more banks that understood the tremendous growth and success that this organization, and market, product – the larger the base of clients to represent. I don’t know has experienced this last decade. the exact number of attendees that day – rumors vary – I didn’t even attend, “I don’t need an intro to the product!” I thought. But How do you celebrate such an occasion? How about Hillary Clinton saying it was 50 bankers that attended is probably generous. Mike, to speak about the race for the Democratic nominee during primary and Mayer Brown, continued on that traditions for a few more season, or Magic Johnson to talk about his extraordinary life (and years. Attendance grew. I even decided to attend the second sadly within weeks of Kobe’s tragic passing), or Carlyle Co-Founder year. By January 2013 the event had two additional co-sponsors, David Rubenstein, clearly the biggest PE name to hit our conference Appleby and Wells Fargo. Registration was approaching 300, and stage yet! Getting just one of these headline names would have we even convinced a few fund managers to attend. Then there was been exciting – but in the theme of going BIG – we have all three! an inflection point for Mike. To continue growing the event, and Beyond the keynotes we wanted to continue to try and push the have it achieve its full potential, it needed to open up to all market content broader and more thought provoking. Enter Stephanie participants, which meant allowing competitors in. Not everyone Kelton and Jay Ritter. Astute readers may remember I referenced was keen on the idea, but Mike pushed it forward and assembled Modern Monetary Theory in this letter last year, so why not bring in a group of leading market participants to guide the new industry one of the leading authorities on the topic to better educate us on body. Thus the FFA was born. Mike’s only condition – we continue an economic school of thought that is quickly gaining momentum the title sequencing for the event, a nod towards the history and amongst politicians promising a new path. When I reflect on 2019, foundation. In 2015, at the 5th annual symposium, we had 36 WeWork’s failed IPO was the most significant finance story of the sponsoring firms. The concept had more than caught on. Now, as year. I couldn’t consume enough info on it. While much has been we embark on the 10th edition of this event, we’ll surpass 100 global written on the topic – we thought it would be interesting to have sponsors at events in Miami, London and Singapore. Let alone the the preeminent scholar on the IPO market come in to discuss how FFA University, WFF, Diversity and Next Generation events that the surge in private capital markets have impacted the trends for have spun off. So if you see Mike this week, give him a quick thanks. taking companies public. He also happens to teach at the greatest Particularly if you were at that 1st event, you’ve likely had a good university in this country! I honestly can’t imagine being more run at it this last decade, with at least a little part attributed to Mike excited about the agenda and hope that is shared enthusiasm with Mascia. all of you. Here’s a look at the symposium forward calendar, with our first trip All of this doesn’t come together without an extraordinary amount to Singapore later this year (I continue to support warm weather of effort from a number of different people. Thank you so much markets! Watch out London!). to the members of the marketing committee, content committee, awards committee, moderators and panelists and all of you that 6th Annual European Fund Finance Symposium. Wednesday, July have convinced your institutions this is a value-add event that 8th, 2020. The Landmark Hotel - London your firm needs to be engaged in. Special thanks to Matt Skurbe 4th Annual Asia-Pacific Fund Finance Symposium. Wednesday, and Steve Willmann for leading the GP outreach and hosting the November 11th, 2020. Raffles Hotel - Singapore Fund Manager closed-door discussion, as continuing to grow GP 11th Annual Global Fund Finance Symposium. Monday to attendance is a core initiative for this event. And of course, a big Wednesday, March 15th – 17th, 2020. Fontainebleau – Miami Beach Thank You to Sequence Events for what has turned into a full-time Thanks again to all of our sponsors and on behalf of the Fund endeavor supporting our year-round calendar. They are a great Finance Association Board of Directors, welcome to the 10th Annual team and are behind the scenes with everything we do at the FFA. Global Fund Finance Symposium. Instead of using these next few paragraphs to lay out some market observations and predictions like I normally do, I’d like to take a moment and acknowledge one particular individual for his contributions – and that’s Mike Mascia. Mike will likely be humble and point out that others spend more time these days on Jeff Johnston preparing this conference than he does, but without Mike there is no FFA, and this certainly wouldn’t be its “10th annual”. For those Chairman AGENDA AT A GLANCE Time Session Wednesday, February 12, 2020 6:30 – 10:30 PM Registration & Welcome Reception on the Ocean Lawn hosted by & Thursday, February 13, 2020 8:00 – 9:00 AM Breakfast & Registration 9:00 – 9:15 AM Welcome Remarks 9:15 – 10:10 AM Keynote Address by Former Secretary of State Hillary Rodham Clinton 10:10 – 11:00 AM A Discussion on Modern Monetary Theory with Stephanie Kelton 11:00 – 11:30 AM Networking Break Track A - Glimmer Ballroom Track B - Flicker I & II Track C - Flicker III 11:30 – 12:15 PM Fund Finance Market Update A Contrast of the Fund Finance CFO’s & Principal Protected Markets in US, Europe, & Asia Notes 12:15 – 1:40 PM Lunch 1:40 – 2:25 PM Syndication Update Shark Tank Fund Formation Developments 2:25 – 2:55 PM Networking Break on the Glimmer Terrace 2:55 – 3:40 PM IPO Market Update Secondary Restructurings and Due Diligence & Credit with Jay R. Ritter Other Sponsor Topco Underwriting Financing Solutions 3:40 – 4:10 PM Networking Break 4:10 – 5:00 PM Remarks by Earvin “Magic” Johnson 5:00 – 5:15 PM Closing Remarks & Awards 5:15 – 7:15 PM Networking Cocktail Reception hosted by Friday, February 14, 2020 8:00 – 9:00 AM Breakfast 9:00 – 9:50 AM Fireside Chat with David Rubenstein & John Shrewsberry 9:50 – 10:20 AM Networking Break Track A - Glimmer Ballroom Track B - Flicker I & II Track C - Flicker III 10:20 – 11:05 AM FX Strategies Solutions for GPs Legal Update 11:05 – 11:15 AM Break 11:15 – 12:00 PM Hot Topics in Fund Finance Hybrids, NAV & Other Forms of Fund Level Debt AGENDA FEBRUARY 13, 2020 GP Confidential Flicker I & II 8:00 - 9:00 AM The GP Confidential roundtable sessions will be an informative set of mini-roundtable discussions exclusively for fund managers that are users of, and not providers of, fund banking services including subscription line finance, other fund finance, and foreign exchange. The 1-hour session will be highly interactive and designed to maximize your networking opportunities with this important peer group. Kroll will also provide a brief presentation on the latest developments in rating innovative fund products. Don’t miss this unique opportunity to benchmark your activities against your peers. MODERATORS: Matt Skurbe, Treasurer, Blackstone Steve Willmann, Treasurer & Managing Director, TPG Global, LLC Welcome Remarks Glimmer Ballroom 9:00 - 9:15 AM Keynote Address by Former Secretary of State Hillary Rodham Clinton Glimmer Ballroom 9:15 - 10:10 AM A Discussion on Modern Monetary Theory with Stephanie Kelton Glimmer Ballroom 10:10 - 11:00 AM Networking Break 11:00 - 11:30 AM Fund Finance Market Update Glimmer Ballroom 11:30 - 12:15 PM Sola Akinola, Director of Research - Americas, Preqin Nick Mitra, Managing Director, Natixis A Contrast of the Fund Finance Markets in US, Europe, & Asia Flicker I & II 11:30 - 12:15 PM Fund Financing is a global financing product - widely used by different asset classes of alternative investment funds in Asia, Europe and North America to facilitate investments and for operational purposes; and the number of financial institutions offering this product is growing on an annualized basis. The purpose of this panel is to explore the similarities and differences, and compare and contrast, the fund finance markets of Asia, Europe and North America from the varying perspectives of the bankers, lawyers and fund sponsor.
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