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Private Equity Investors' Annual Conference

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Private Equity Investors' Annual Conference 12th Private Equity Investors’ Annual Conference Institutional Investors’ Seminar 15 January 2015, Le Meridien Piccadilly, London Arranged and Supported by: Specialist Pension Services Ltd. Financial Contributors: 17Capital Aberdeen SVG Coller Capital Insight Investment Morgan Lewis & Bockius Neuberger Berman www.spsconferences.com supported by the BVCA Programme 08.30 Registration and coffee Preferred Equity: A Tool to Manage Portfolio 09.00 Welcome and Opening Remarks Risk and Liquidity SPENCER MILLER, MANAGING DIRECTOR, OPTRUST PRIVATE Risk in private equity MARKETS GROUP, CHAIRMAN LP COMMITTEE, BVCA Managing portfolio liquidity with preferred equity vs other TREVOR COOK, MANAGING DIRECTOR, sources of funding SPECIALIST PENSION SERVICES Case study: Risk-return profile of each source of funding for an LP looking to unlock liquidity 9.10 Session 1: Setting the Scene PIERRE-ANTOINE DE SELANCY, MANAGING PARTNER, MODERATOR: SPENCER MILLER, MANAGING DIRECTOR, OPTRUST PRIVATE MARKETS GROUP, 17CAPITAL CHAIRMAN LP COMMITTEE, BVCA 12.45 Drinks and Lunch Learning from Recent History – a Private Equity Retrospective 14.00 Session 3: Reviewing the Market The talk will explore how private equity has developed in MODERATOR: CHARLES MAGNAY, HEAD OF PRIVATE EQUITY, recent years, specifically focussing on: KUWAIT INVESTMENT OFFICE Changes in the PE investing landscape Listed Private Equity for Pension Funds LP perception of risk and return Regional PE commitments Why consider it The dynamics of LP/GP relationships Advantages and disadvantages vs LP funds How it might fit into a portfolio vs listed infrastructure and The development of the secondaries market renewables TEPHEN IFF ARTNER OLLER APITAL S Z , P , C C CHRIS BROWN, HEAD OF INVESTMENT COMPANIES RESEARCH, JP MORGAN CAZENOVE From Emerging to Maturing Asset Class: Key Developments within the Private Equity Terms and Conditions for Private Equity Industry through time Investors – A 2015 Update A journey from the beginnings of the private equity asset class This session will be essential listening for investors in The key developments in the industry right up to present private equity and venture funds day using illustrative examples The focus will be on current terms and conditions and An outlook for private equity in 2015 select current legal issues that investors should be aware of Why should institutional investors consider having private NOEL AINSWORTH, PARTNER, MORGAN LEWIS equity in their portfolio? GUY EASTMAN, CHIEF INVESTMENT OFFICER AND CO-HEAD OF 15.10 COFFEE / TEA PRIVATE EQUITY FUND INVESTMENT, ABERDEEN SVG 15.30 Session 4: Practical Issues & Panel Session 10.25 COFFEE / TEA MODERATOR: ROBERT COKE, HEAD OF ABSOLUTE RETURN AND 10.55 Session 2: Looking for Opportunities BUYOUT MARKETS, THE WELLCOME TRUST MODERATOR: CHRIS ELLIOTT, ASSOCIATE, ROSS TRUSTEES Private Equity: Performance, Fees and How to Compare PE with other Asset “Co-Investments” Market update Understanding the complexities of performance figures Investment opportunities – who, why and how? Benchmarking returns and comparing with asset classes Co-investment structures and costs Private equity fees and what investors should expect considering the different ways of accessing private equity Key issues for investors DAVID MORSE, MANAGING DIRECTOR, NEUBERGER BERMAN NICK WARMINGHAM, INVESTMENT DIRECTOR, CAMBRIDGE ASSOCIATES SECTOR CASE STUDY: The 'Growing' Interest in How and When to Invest in Private Equity Farmland as a Stand-alone Asset Class Experienced Private Equity Investors share their With interest rates and bond yields at, or near, historic low experiences with the audience. The aim of this session is levels and equity markets touching new highs, institutional for you to benefit from their knowledge and “case study” investors have a growing need to find assets with strong experiences and to take the opportunity to ask questions. diversifying characteristics which can provide attractive levels PANELISTS: of income coupled with the potential for long-term capital ROBERT COKE, HEAD OF ABSOLUTE RETURN AND BUYOUT gains. Against this back drop, the case for investing in ARKETS HE ELLCOME RUST farmland is compelling. This talk will explore: M , T W T ALICIA GREGORY, HEAD OF EUROPEAN, MENA & AFRICAN The secular drivers for farmland PRIVATE EQUITY, MLC The portfolio characteristics JOHN HARRISON, INDEPENDENT INVESTMENT ADVISOR, Outline the case for a global strategy, and the different ways SURREY PENSION FUND of accessing the asset class INDERPREET DHINGRA, INDEPENDENT PENSIONS TRUSTEE REZA VISHKAI, HEAD OF AGRICULTURE, INSIGHT INVESTMENT 16.40 Drinks reception & Close of Conference Speaker Biographies Noel Ainsworth is a Partner in Morgan Lewis's Private Investment Funds Practice. Noel focuses his practice on the structuring, formation and operation of private investment funds, including credit and distressed credit, buyout, venture, infrastructure, clean energy, and real estate; the structuring, formation and operation of fund of funds and secondary funds; secondary market purchases and sales of private fund interests; and the representation of investors in private investment funds. As part of his practice, he advises fund management teams on the establishment of new fund management businesses including spinouts, restructurings, and mergers. Robert Coke joined The Wellcome Trust in 1999 and has been involved in the private equity portfolio since then, initially building up European exposure and responsible for the global portfolio since 2005. In 2006 he took on hedge fund responsibilities which cover credit, currency, commodities and other multi strategies. The Trust exists to support medical research spending over £500m per year. Guy Eastman joined SVG Advisers in 2001 and is Aberdeen SVG’s Chief Investment Officer and Co-Head of Private Equity Fund Investment. He is responsible for the private equity fund investments for the SPEFOF and SVG Diamond programmes, in addition to sitting on the SVG Capital Investment Committee and a number of advisory boards of investee funds. Guy has over 25 years’ experience in private equity and prior to joining SVG Advisers was responsible for managing the €116 million Hermes UOB European Private Equity Fund and the £400 million private equity funds investment programme of the BT Pension Scheme covering Europe, the US and Asia. Before this he was a director of Greenoak Capital Management Limited, the private equity fund of funds division of Granville plc. He is a Chartered Accountant and has a BA in Business Administration from the Bristol Business School. Alicia Gregory has worked for MLC since 2002 and is Portfolio Manager of the European, MENA and African private equity portfolio along with the co-investment programme. Her primary responsibilities include identifying investment opportunities and accessing the best private equity managers and co-investment opportunities. She is also on numerous limited partner advisory boards and works with her colleagues on the US and Asian portfolio’s. Prior to joining the private equity team, Alicia worked with the ThreeSixty Investment Strategy & Research team and prior to that she worked at the Commonwealth Bank of Australia as a Credit Analyst. Alicia holds a Bachelor of Business from UTS and is a CFA charterholder. William Lawrence is a Senior Investment Director at Cambridge Associates with a specialism in private investments. Based out of the London office, he has worked with a variety of large pensions, private families, educational institutions, trusts and non-profits on their investment portfolios. His experience with these clients spans asset allocation strategy, manager selection and investment planning & implementation issues. William gained an MA at the University of Cambridge and is a CFA Charterholder. Spencer Miller joined OPTrust Private Markets Group in 2006 and is a Managing Director responsible for European and Emerging Markets private equity investments as well as the London office, and is a member of the Private Markets Group Investment Committee and Operations Committee. OPTrust is a c.C$16 billion Ontario based pension fund jointly sponsored by the Government of Ontario and the Ontario Public Service Employees’ Union. The Private Markets Group is responsible for all private equity and infrastructure investments on behalf of OPTrust with a total allocation of 30% of the plan’s assets. As at 31 December 2013, these portfolios had a combined market value of over C$3 billion. Spencer has over 15 years of private equity experience and was previously Head of AXA Private Equity’s London office. David Morse is a Managing Director of Neuberger Berman, and is the Global Co-Head of Private Equity Co-Investments. He is also a member of Co-Investment and Private Debt Investment Committees. Mr. Morse is currently a Board Observer of Baker Corp., Mattress Firm, and Salient Solutions, all of which are Co-Investment Partners Fund portfolio companies. Mr. Morse joined Lehman Brothers in 2003 as a Managing Director and principal in the Merchant Banking Group where he helped raise and invest Lehman Brothers Merchant Banking Partners III L.P. Prior to joining Lehman Brothers, Mr. Morse was a founding Partner of Hampshire Equity Partners (and its predecessor entities). Pierre-Antoine de Selancy is Managing Partner at 17Capital, a specialist provider of preferred equity for private equity investors. 17Capital was established in 2008, and has three funds under management backed by prominent international institutions.
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