12th Private Equity Investors’ Annual Conference

Institutional Investors’ Seminar

15 January 2015, Le Meridien Piccadilly,

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 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 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. Pierre-Antoine has more than two decades of private equity experience. Prior to 17Capital, he spent five years with Idinvest Partners where he launched the secondary practice. Pierre-Antoine spent his earlier career at Fondinvest Capital, Coller Capital and PAI, in Paris and Hong Kong.

Reza Vishkai, Head of Agriculture, Insight Investment. Reza is responsible for Insight’s Specialist Investments. In that capacity he is responsible for Farmland investments and oversight of the Absolute Insight range of funds, Specialist Equities. Reza set up Insight’s farmland capability in 2008. This included the investment strategy, developing the investment proposition and recruiting the team of specialists to manage the assets. Reza remains responsible for the activities of the farmland team on a day-to-day basis and is the lead fund manager for the Insight Global Farmland Fund. Prior to the 2009 acquisition of Insight by BNY Mellon, Reza was responsible for Insight’s private equity investments (including substantial timber investments) that were sold or transferred to Lloyds post the transaction.

Stephen Ziff is a Partner responsible for origination and execution activities in the UK and overseas at Coller Capital. In addition to LP fund portfolios, he is responsible for many of the firm’s secondary direct transactions with significant experience of structured solutions having transacted with corporates, banks and hedge funds. Prior to joining Coller Capital in 2003, Stephen was an Investment Manager at an early-stage venture fund. He also spent five years at Rothschild. Stephen has a BA (Hons) in Accounting and Finance from the University of Leeds and sits on the advisory boards of Absolute Income Fund, CIP Industries, New Venture Partners and Nova Cross, amongst others.

Conference Notes

Purpose: This seminar provides an opportunity for pension funds and other institutional private equity investors to discuss topical issues relating to fund investments in private equity in the current market environment. It is an invitation only event open to qualifying institutional investors both from the UK and overseas (pension funds, foundations, sovereign wealth funds and other LP’s).

Date: Thursday 15 January 2015 Venue: Le Meridien, 21 Piccadilly, London, W1J 0BH. Tel: 020 7734 8000.

Cost: £1045 plus VAT. In addition a limited number of sponsored places are available to representatives of pension funds (and other institutional investors who themselves do not offer investment management services to others) at £525 plus VAT. Please check that you are eligible. The charge includes all conference documentation, drinks, lunch, tea and coffee breaks. Payment is required before the event. A VAT receipt will be supplied on request. SPS Conferences events are exclusively aimed at genuine pension fund executives, trustees and their advisers, who may qualify for free entry. SPS Conferences reserves the right of admission (free or paid) and our decision is final. Cancellation: prior to 6 January 2015 subject to a fee of £60.00. No refunds can be made if cancellation is after this date but delegates may be substituted at any time. Cancellation by SPS will result in a full refund of delegate fees paid but no other expenses incurred.

Amendments: SPS reserves the right to amend or cancel the conference at any time but will always attempt to give prior notice. Cancellation by SPS will result in a full refund of delegate fees paid but no other expenses incurred.

PMI Accreditation: Attendance at the conference will be given 6.5 hours of CPD with the PMI.

Data Protection: Personal data is gathered in accordance with the Data Protection Act 1998. Your details may be passed to other companies including the conference sponsors who may wish to provide you with offers or other information related to your business activities. If you do not want to receive such information please tick the box in the booking form below.

Specialist Pension Services: SPS Conferences is a small, specialist company focusing entirely on providing essential, high quality and timely investment information to Large Pension Funds and their Advisors via a series of one day conferences in London and in key locations throughout Europe. SPS Conferences is the sister organisation of the EPFIF (European Pension Fund Investment Forum) and has been running investment conferences for the Pension Fund community since 1993. A wide range of investment and related topics are covered, including Alternative Investing, Bonds, Equities, Property, Absolute Return, Private Equity, Risk Management and DC Issues. Furthermore, because we know that you prefer to be educated rather than sold to, we strongly encourage our speakers to focus on giving educational speeches. An Advisory Committee of Pension Funds has been set up to help us keep our conferences relevant to your needs year on year, as we understand that there is a preference to be amongst peers at conferences rather than be outnumbered by Marketing Executives from Service Providers and so we have a very strict admittance policy biased heavily towards Large Pension Funds. We aim to have more pension funds in the room than service providers. SPS Conferences understand that delegates appreciate generous question and answer sessions during the conference and we also provide a number of opportunities to talk to your peers and the speakers. This includes tea/coffee break(s), a full three course sit down lunch and a drinks reception at the end of the day. When you put all this together, you get conferences where you can learn essential, timely information to assist you with all areas of pension fund investment management, in a friendly, relaxed, atmosphere amongst your peers. please visit our website: www.spsconferences.com for an update of this conference and details of the other specialist pension and investment conferences we organise.

Queries: please contact: Ms Sue Golton at Specialist Pension Services Limited. Telephone +44 (0)1438 712345 Telefax +44 (0)1438 718883 Email: [email protected]

SPS Conferences is a division of: SPECIALIST PENSION SERVICES LIMITED Registered Office Address:Northside House, Mount Pleasant,Barnet, Herts EN4 9EE. Registered in England No 2706061

 Booking Form

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