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Program Agenda PENSION REAL ESTATE ASSOCIATION PROGRAM AGENDA Conference Co-Chairs: Peter Braffman PREA’s 40th Anniversary Celebration Private Markets Investment at the 29th Annual Institutional Committee Member, Investor Conference! Managing Director GCM Grosvenor October 16-18, 2019 Grand Hyatt Washington Washington DC Drew Ierardi Managing Director, Investments Exelon Corporation Roberta Waxman-Lenz Portfolio Manager / Investment Officer Real Assets, Office of Investment Management United Nations Joint Staff Pension Fund 2019WASHINGTON DC CONFERENCE CO-CHAIR BIOGRAPHIES: Peter Braffman is a member of the Drew Ierardi is a Managing Director of Roberta Waxman-Lenz serves as a Port- Private Markets Investment Committee Private Markets in the Investment Of- folio Manager and Investment Officer and serves on the Global Investment fice at Exelon Corporation, where he for the United Nations Joint Staff Pen- Council of GCM Grosvenor. He leads leads the team that invests the private sion Fund in the Office of Investment the real estate investment practice and equity, real estate, and real assets Management. She contributes to is responsible for real estate sourcing segments across Exelon’s trust assets. management and strategy oversight and underwriting activities. Prior to These include the pension, nuclear of the UN Pension Fund’s global real joining GCM Grosvenor, Braffman was a decommissioning trusts, employee assets portfolio, including real estate, Partner in the Customized Fund Invest- savings plan, and retiree health care infrastructure, timber, and agriculture ment Group of Credit Suisse Group AG. trusts. Prior to leading the Private investments. She conducts financial Previously, he was a Senior Vice Presi- Markets group, Ierardi was a Senior due diligence on investment opportu- dent at Zurich Alternative Asset Man- Portfolio Manager focused on real nities, evaluates management teams agement, where he was responsible for estate and real assets and Coordinator for recommendation, and negotiates sourcing, underwriting, and executing of Exelon’s emerging markets invest- deal terms. She serves on more than U.S.-based real estate investments. Prior ment strategy across asset classes. 20 real estate advisory committees to joining Zurich Alternative, Braffman Prior to joining Exelon, Ierardi over- of portfolio funds around the globe. was a Vice President in the Merger and saw the absolute return hedge fund Previously at the Townsend Group, Strategic Advisory Group at Goldman investments program for third-party Waxman-Lenz advised on discretion- Sachs, where he advised corporate capital at Guggenheim Investment ary and nondiscretionary capital of clients on structured real estate valu- Advisors, a division of Guggenheim pension plans. As a Manager of a ations, monetizations, and disposi- Partners. Previously, he worked in large-scale project for Ernst & Young tions of their directly owned and used the Private Assets group at Morgan in Kazakhstan, Waxman-Lenz oversaw assets. Prior to joining Goldman Sachs, Creek Capital Management, where a team responsible for privatization of he was an Associate at Kirkland & Ellis he conducted research and manager state enterprises. She has held posi- LLP and focused on merger, securities, diligence across the spectrum of tions with the Export-Import Bank, and asset-backed law. Braffman holds private markets investment strategies. US Department of Treasury, and the a Bachelor of Arts in Biology and His- Ierardi holds a BA with Highest Honors World Bank. Waxman-Lenz is currently tory from the University of Rochester, in Economics and Spanish from the an investor board member of AIF a Master of Business Administration University of North Carolina at Chapel Global and a member of the Pension from Northwestern University Kellogg Hill and an MBA from the University of Real Estate Association, the ULI Global School of Management, and a Juris Chicago Booth School of Business. He Exchange Council, and WX. She holds Doctor from Northwestern University is a CAIA Charterholder. a BA with Honors from Wesleyan School of Law. University and an MA from The Johns Hopkins University School of Advanced International Studies (SAIS). WASHINGTON DC PENSION REAL ESTATE ASSOCIATION WEDNESDAY, OCTOBER 16, 2019 11:00 am – 5:00 pm Early Badge Pickup for All Attendees – Level 3B 12:00 pm – 4:30 pm Investor-Only Program (Closed Session) 7:00 pm – 8:30 pm Opening Cocktail Reception – The National Portrait Gallery (7-minute walk from the Grand Hyatt – take a right out of the hotel, continue on H street, take a right onto 9th Street, then take a left onto G Street, enter Gallery on G street – Reception in the Kogod Courtyard) DAY ONE, THURSDAY, OCTOBER 17, 2019 The Evolution of Our Industry and What That Tells Us About the Future 7:30 am Registration and Continental Breakfast – Independence Foyer, Level 5B 7:45 am – 8:45 am Investor-Only Breakfast (Closed Session) 7:45 am – 8:45 am New Member and First Time Attendee Breakfast – Franklin/McPherson Square, Level 5B 9:00 am – 9:15 am Welcoming Remarks by Conference Co-Chairs and Presentation of the PREA James A. Graaskamp Research Award – Independence Ballroom, Level 5B 9:15 am – 10:00 am OPENING KEYNOTE – Independence Ballroom, Level 5B A conversation with Dr. Ben Bernanke, Chairman, the Federal Reserve System (2006–2014), and Christina Scarlato, PREA Chair and Principal Portfolio Manager for Real Asset Investments, the World Bank Pension Fund Dr. Ben Bernanke Christina Scarlato PENSION REAL ESTATE ASSOCIATION 10:00 am – 11:00 am GENERAL SESSION I: A Look Back at Our Industry: How Has Institutional Capital Defined the Real Estate Market? – Independence Ballroom, Level 5B Over PREA’s 40 years, the commercial real estate market has been transformed into an increasingly institutionalized investment opportu- Mary Ludgin nity and the largest of all alternative asset classes. The tremendous growth in plan sponsor and other institutional investor capital has been a critical component behind this transformation, fueling not only the expansion into new strategies, geographies, and asset types but also the growth of thousands of real estate investment management firms. What key developments continue to influence us today as our industry continues its evolution? Finally, which principal lessons Terry Ahern Peter Ballon should we draw from our past to inform the future direction of our industry? Moderator: Mary Ludgin, Senior Managing Director and Director of Global Investment Research, Heitman Michael DiRe John McClelland Panelists: Terry Ahern, CEO and Cofounder, The Townsend Group Peter Ballon, Managing Director, Global Head of Real Estate Investments, Canada Pension Plan Investment Board Michael DiRe, Director of Real Estate Investments, California State Teachers’ Retirement System John McClelland, Principal Investment Officer, Real Estate, Los Angeles County Employees Retirement Association 11:00 am – 11:15 am Refreshment Break – Independence Foyer, Level 5B 2019 Conference Agenda 11:15 am – 12:15pm GENERAL SESSION II: Consolidation and Industry Change: The Evolving Landscape of Real Estate Asset Management Firms – Independence Ballroom, Level 5B Our industry has witnessed an extensive proliferation of real estate investment management firms over the past few decades. Yet while Linda Assante new participants continue to enter the market, we have recently begun to witness increasing consolidation within the industry. As these mergers and acquisitions reduce the number of investment management firms operating in the real estate industry and increase the share of assets managed by relatively few firms, how should man- agers understand and position themselves with respect to this trend? Do managers feel the need to offer additional products and signifi- Stephen Furnary David Glickman cantly grow AUM in order to compete for capital and retain talent? Are larger or smaller firms better equipped to deliver consistent and supe- rior returns? What are the implications for new managers trying to break into the industry? Furthermore, how much is the concentration of capital by institutional investors in fewer managers driving this trend, and do we expect it to continue? David Hodes Christopher Merrill Moderator: Linda Assante, Managing Partner, Jasper Ridge Partners Panelists: Stephen Furnary, Executive Chairman, Clarion Partners David Glickman, Executive Vice President, Meketa David Hodes, Founder and Co–Managing Partner, Hodes Weill & Associates Christopher Merrill, Cofounder, Chairman, and CEO, Harrison Street 12:30 pm – 2:30 pm LUNCHEON – Constitution Ballroom, Level 3B 12:30 pm – 2:30 pm Affinity Group Luncheon Program (Appointed Members Only) PENSION REAL ESTATE ASSOCIATION 2:30 pm – 3:30 pm GENERAL SESSION III: Our Changing Investment Criteria: How Will Sustainable Investing Standards Affect Real Estate Investments? – Independence Ballroom, Level 5B Investors always focus on risks, returns, and the bottom line. They are increasingly adding a new question to their investment process: How Nils Kok can income and asset price be enhanced by environmental, social, and governance considerations? Risks inherent in climate change impact the viability of an investment. Use of certain construction materials can attract higher-quality tenants to a building. Sovereign wealth funds, pension funds, and trust funds are all seeking to interpret data that enable them to profit from this new angle to investing. Some are making sustainability a requirement. What exactly are the relevant Susan Ansel Phil Gillin factors
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