Private Equity Summit - West Coast

Apr 24th 2018
The Beverly Hills Hotel
Los Angeles
About

According to research firm Preqin, private equity firms are currently holding a record $818 billion in dry powder. As pressure builds to deploy this capital, GPs and LPs alike face a litany of challenges which only serves to underscore the highly complex and competitive nature of the PE industry as it stands today.

Beyond identifying and gaining access to the best investment opportunities, often within increasingly compressed timeframes, a significant shift of negotiating power from the LPs to the GPs has become clearly evident. Given this dynamic how can the various players best leverage and align interests for the optimal outcomes to be realized?

Institutional Investor’s 2018 Private Equity Summit - West Coast will explore the interaction and interdependency of the various constituents of the private equity community. Utilizing a private, closed-door format the Summit will provide qualified LPs and GPs with the opportunity to engage and interact with industry peers in order to share their idea regarding opportunities, concerns and trends in order to build out a network of like-minded thought leaders.

Advisory Board

The 2018 preliminary agenda is now available and will regularly be updated with the guidance of the Advisory Board to ensure the latest trends and most relevant topics will be conferred.

Please find the latest agenda below.

2018 Agenda

  • Tom Cawkwell, Head of Private Markets Research, Albourne Partners
  • Andrew Kelsen, Portfolio Manager, Chicago Public School Teacher's Pension
  • Ryan Bailey, Head of Investments, Children’s Health of Texas
  • Kathleen Barchick, Senior Managing Director, Cliffwater LLC
  • Sharmila Kassam, Deputy Chief Investment Officer, ERS Texas
  • Claud Cloete, Investment Officer-Private Equity, Fire & Police Pension Association of Colorado
  • Andrew Christensen, Director of Private Equity, GHR Foundation
  • Tara Blackburn, Managing Director, Hamilton Lane Advisors
  • Steven Hartt, Principal, Meketa Investment Group
  • Michael J. Forestner, Global Co-CIO, Private Markets, Mercer
  • Tom Shanklin, Managing Director, Private Debt & Equity Group, Nationwide
  • Joaquin Lujan, Director of Rate & Credit, New Mexico Educational Retirement Board
  • LeAnne Larranaga-Ruffy, Director of Equity, New Mexico PERA
  • Reggie Tucker, Senior Investment Officer, Opportunistic Investments & Absolute Return Strategies, NYS Common Retirement Fund
  • Charles D. Leedy, Director of Public Markets, Novant Health
  • Judy Chambers, Managing Director, Pension Consulting Alliance, LLC
  • Michael Elio, Partner, StepStone
  • Brad Thawley, Senior Investment Manager, Private Equity, Teacher Retirement System of Texas (TRS)
  • Chris Schelling, Director – Private Equity, Texas Municipal Retirement System
  • Thomas James Martin, Managing Director, TorreyCove Capital Partners
  • Richard Chau, Managing Director, Tulane University
  • Patrick Pace, Director – Healthcare and Lower/Middle Markets, UTIMCO
  • Shane McAndrew, Chief Investment Officer, Villanova University
  • Steve Price, Senior Investment Officer, Global Private Equity, Ohio School Employees Retirement System
Discussion Topics

As increasing amounts of capital continues to flow into private equity, markets have become overcrowded, valuations have risen and investors are questioning if the illiquidity premium is worth the risk.  Simultaneously public markets have been outperforming, with the S&P 500 reaching record highs. This has led some constituents to question the value of investing in private vs. public equities. Will the premium continue to shrink over time? Is the reward for illiquidity fair given the complexity, lack of transparency and monitoring?

LPs and GPs will debate the best approaches to building the most effective private equity program in the current environment. Discussion will focus on sector vs. generalist funds and optimal concentration of managers. What are the pros and cons of working with a concentrated group of managers? What are the advantages of sector-focused funds vs generalist funds?  Do sector specialists outperform? In an increasingly complex and competitive industry what are the pitfalls to avoid when selecting managers?

As we continue to witness a cascade of capital flow into private credit strategies, questions arise about the sustainability and longevity of the market. What is the state of the private credit landscape today? Is a bubble forming? Is the border between private equity and private credit dissolving? Where are the attractive opportunities? Are institutional investor’s looking beyond the US for new growth opportunities? How will regulatory reforms impact the credit sector?

When evaluating the typical private equity model, the large fees paid to GPs is a topic often debated and discussed. Flying under the radar, are an array of other issues including the incentive to sell portfolio companies sooner rather than later, increasing sponsor-to-sponsor transactions and extensive use of leverage. Over time these issues could lead to a decline in returns. How can large institutional investors utilize their strengths to come up with a more effective and efficient model which favors lower fees and costs, longer time horizons, fewer transactions and better alignment of interests?

In today’s burgeoning market, concerns about a potential shock to the private equity sector is becoming more and more prevalent. Finding strategies which are resilient in times of stress and which preserve value is therefore increasingly important. 

Over the years a growing number of investors have come to believe in the virtues of co-investment. Lower fees, shared costs and a stronger LP/GP relationship, are some of the main drivers behind this. However, collaborating in this way can be more time and resource intensive.  Hear a group of LPs and GPs share their experiences about co-investment deals, good and bad.  

In recent years, an increasing amount of capital from institutional investors have been flowing into start-ups. Asset allocators are attracted by the potential for outsized returns and gaining a foothold in game-changing technologies. Everyone wants to invest in the next Google or Apple start-up. Will these investments make money over the long-term? Are investors sacrificing long-term returns to gain exposure to new technologies? How can you be a smart VC investor?

Lower corporate taxes, deregulation and international trade restrictions, are just some of the items outlined during Trump’s election campaign. However, since coming into power the Trump administration has been slow moving. LPs and GPS are still wondering what the tax and regulatory environment could look like. Will any new reforms be implemented? What can LPs and GPs be doing to manage the changing environment?

Sponsors

Capital Dynamics

Antares Capital LP

Ardian

Argentem Creek Partners

The Banc Funds

Highland Capital Management, L.P.

Industry Ventures

Levine Leichtman Capital Partners

Neuberger Berman

Pacific Equity Partners

Unigestion

Varde Partners

Vista Equity Partners

Zanbato Securities

Venue

The Beverly Hills Hotel

9641 Sunset Boulevard
Beverly Hills, CA 90210

For over a century, The Beverly Hills Hotel has been the spot for Hollywood’s brightest lights, the ultimate beacon of glamour. She greets you like a movie star from the moment you pass the iconic signage, step onto the signature red carpet and enter the grand lobby.

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Contact

Questions?

For more on the Summit contact:

Katarina Storfer

(212) 224-3073
kstorfer@institutionalinvestor.com