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Background Information of Panelists 5th Annual Global Private Equity Limited Partner Conference 2004: Limited Partner Allocations to Alternative Assets-For LP & GP Investors |
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Limited Partners and Top Quartile Private Equity Investors with over $1 Trillion in Institutional Assets Disclose Recent Investments, Exits, and Superior Performance Returns in Buyout, Distressed, Mezzanine, Real Estate, Venture Capital, Biotechnology, Hedge Funds, and Secondaries. Limited Partners offer insights on portfolio management, partnership fund raising and new managers fund formations. _________________________________________________________________ |
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DATE: |
October 14th, 2004 (New York City) _________________________________________________________________ |
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7:30 - 8:30 AM |
Thursday, October 14th, 2004 _________________________________________________________________ Registration and Breakfast _________________________________________________________________ |
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8:30 - 9:15 AM |
Welcome Private Equity Investor Welcome: James Hahn, Managing Partner, Asia Alpha Private Equity Partners James Hahn began his direct investment career in 1985 as a Vice President at UBS, later serving as a Senior Vice President at Prudential Securities and Merrill Lynch Asia Pacific. James has invested globally since 1992 as a risk arbitrage portfolio manager at Alpine Alternative Assets, a Hong Kong based hedge fund. Alpine's partners include one of China's first foreign investor. James has been recognized by China's leadership at the Financial Reform Forum 2003 in Beijing, at APEC 2005, and at the World Economic Forum. James is a founding shareholder of New York City commercial bank Broadway National Bank, and founding partner of Asia Alpha Private Equity, an investor in profitable high growth Chinese companies across many sectors including digital media, education, energy, financial services, communications, retail, and healthcare. James graduated from the Wharton School of the University of Pennsylvania, is a member of Zeta Beta Tau, a member of AKA Shiba Inu Club, and supports the Parents Association of Horace Mann School. Louis H. Singer, Partner, Orrick, Herrington & Sutcliffe Louis Singer, a partner in Orrick’s New York office, chairs the firm’s private investment funds practice. Mr. Singer’s clients include public and private pension funds, life insurance companies, private investment funds, investment managers, universities, and family offices. Mr. Singer represents private equity funds in both fund formation and investment and domestic and international investors in virtually every type of private investment fund, including buyout, venture capital, real estate opportunity, corporate governance, distressed assets and mezzanine funds. Mr. Singer has broad experience in the formation of funds-of-funds and co-investment funds and in their investment activities.
Mr. Singer’s practice also focuses on the representation of
investors in direct debt and equity investments, including the
purchase of senior and subordinated notes, mezzanine
investments, buyouts, venture capital investments and
structured financings. Mr. Singer has represented life
insurance companies and other financial institutions for over
20 years. Mr. Singer has served as a Trustee of the American
College of Investment Counsel for the past five years and is
currently Vice President of that organization. He is a
member of the Board of Governors and the Chair of the
Investment Section of the Association of Life Insurance
Counsel. Mr. Singer was elected to membership in the
Private Investment Funds Forum and serves on the
Committee on Private Investment Funds of the Association of
the Bar of the City of New York. Mr. Singer’s recent
speaking engagements have included presentations to the
International Bar Association, the Institute for Private
Investors, the American College of Investment Counsel and the
Association of Life Insurance Counsel. Mr. Singer has
been named as a leading lawyer in the Chambers USA Client’s
Guide to America’s Leading Lawyers for Business (2004).
Mr. Singer is a member of the state bars of New York and
California. For more information, visit www.orrick.com
Private Equity
Investor Keynote Paul B. Kazarian is the Founder and Managing Director of Japonica Partners, a proactive management and investment firm. Japonica’s teams discover Value Gaps, change cultures & operations, and create value through hands-on management. Japonica Partners has overseen the creation of approximately $2.0 billion in shareholder wealth. Japonica has achieved triple-digit returns without relying on excessive financial leverage. Under Mr. Kazarian’s direction, Japonica's major investment efforts include: the $630 million reorganization of 12 Allegheny International businesses; creating Sunbeam-Oster, a Fortune 356 global consumer products company; a $1.6 billion proactive white-knight tender offer for Chicago Northwestern; and its innovative $2.4 billion proposal to rejuvenate Borden, the beleaguered $7 billion conglomerate. Japonica Partners’ latest investment partnership is “Rejuvenating Global Consumer Products Companies for the 21st Century.” From 1990 to 1993, Mr. Kazarian was Chairman and CEO of Sunbeam-Oster during its rejuvenation from Allegheny International. Prior to founding Japonica in 1987, Mr. Kazarian was an Investment Banker at Goldman, Sachs & Co., where his clients included a score of global Fortune 100 and Fortune 500 multi-nationals, a diverse selection of emerging growth companies, as well as government and quasi-government organizations. He has established two non-profit foundations whose charitable missions include healthcare, education, and technology. He co-chaired the 2004 Asia Society Annual Dinner, “The China Connection.” Mr. Kazarian received his MBA from Columbia University, his MA from Brown University, and his undergraduate degree from Bates College.
Japonica Partners is a proactive management and investment firm
that discovers and accomplishes landmark business investments.
Japonica’s teams discover Value Gaps, change cultures &
operations, and create value through hands-on management.
Since inception,
Japonica Partners has overseen the creation of approximately
$2.0 billion in shareholder wealth. Japonica has achieved triple
digit returns without relying on excessive financial leverage.
Japonica's major
investment efforts include: the $630 million reorganization of
12 Allegheny International businesses; creating Sunbeam-Oster, a
Fortune 356 global consumer products company; a $1.6 billion
proactive white-knight tender offer for Chicago Northwestern;
and its innovative $2.4 billion proposal to rejuvenate Borden,
the beleaguered $7 billion conglomerate.
Japonica Partners’ latest investment partnership is
“Rejuvenating Global Consumer Products for the 21st
Century.” Japonica sees a “thrive or die” target rich
environment of underperforming and inefficient consumer products
companies with very large Value Gaps. Japonica Partners'
proactive management and investment process requires an enormous
commitment of resources. To develop the necessary Nuggets of
Value, construct a significantly attractive Value Gap, and
implement a superior business plan, Japonica assembles teams
that can approach 100 highly accomplished professionals with
expertise in international operations, marketing, sales,
manufacturing, technology, and finance.
Japonica and its core management teams have an extensive network
of business, regulatory, and financial contacts in low-cost
regions, especially the Far East and Latin America.
Japonica’s core management teams assume key corporate and
operating positions to change cultures & operations. Japonica
team members identify rejuvenating opportunities and with its
“Five Keys to Success” close Value Gaps and create value through
hands-on management. Japonica’s investment partnerships
complement its business model by perfectly aligning interests,
including a highest value-added investor selection process, a
triple-option hurdle rate, 100% cash return on investment and
hurdle prior to profit participation, and no annual management
fee. Japonica’s core management team members who assume
executive positions with a target company forego industry
standard incentive compensation. |
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9:15 - 10:15 AM |
Panel I PRIVATE EQUITY: Private Equity Investing Success Stories. Leading Large Cap Buyout And Mid-Market Buyout Reveal Their Recent Deals And Successful Exits. Limited Partner Investors Describe Their Allocations To Buyout Funds. General Partners: Donald B. Marron, Chairman & Chief Executive Officer, Lightyear Capital Don
Marron is chairman, CEO and founder of Lightyear Capital, a
private equity investment firm with $2 billion in assets. Marron
has been a prominent figure in the financial services industry
for more than 40 years, during which time he led a major Wall
Street firm and distinguished himself as a successful
entrepreneur. Mr. Marron served as chairman and chief executive officer of
PaineWebber Group Inc. until its merger in November 2000 with
UBS AG. During Mr.
Marron's 20-year tenure, PaineWebber grew into one of the
nation’s largest full-service securities firms.
The combination of UBS and PaineWebber made UBS the
world’s largest wealth manager.
Following the merger, Mr. Marron served as chairman, UBS
America, at UBS until September 2003, when he left to devote his
full attention to Lightyear.
Mr. Marron came to PaineWebber as a result of a merger he
led between the firm and Mitchell Hutchins, which he headed at
the time. In 1980, three years after coming on board, he was named
PaineWebber’s CEO. He
had been named president of Mitchell Hutchins in 1967, only two
years after it acquired a securities firm he founded in 1959,
and had guided its transformation from a predominately retail
orientation into one of the leading U.S. players in
institutional equities. On a separate track, Mr. Marron
co-founded Data Resources Inc. (DRI) in 1969 with Harvard
economist Dr. Otto Eckstein.
DRI became the largest non-governmental source of
economic data in the world.
During DRI's first three years, Mr. Marron was its
chairman of the board and co-chief executive officer.
He continued as its chairman until McGraw-Hill Companies
purchased the firm in 1979. Mr. Marron began his career at
the New York Trust Company, leaving at the age of 24 to start
his career as an entrepreneur and leader in the financial
services industry. Mr. Marron is on the boards of Fannie
Mae and Shinsei Bank. He
is a former: director of the New York Stock Exchange (NYSE);
governor and vice chairman of the Securities Industry
Association (SIA); and governor of the National Association of
Securities Dealers (NASD). For more information, visit www.lycap.com Prakash Melwani,
Senior Managing Director, Blackstone
Group Through March 31st, 2004, Blackstone had invested total capital of $12 billion in over 200 transactions with a total enterprise value of $100 billion through its Private Equity and Real Estate funds and nearly $1.5 billion in almost 200 different senior loan and other debt instruments through its Corporate Debt funds.
Limited Partners: Charlie Wang is the Investment Officer of Alternative Investment in the Office of the New York State Comptroller. The Comptroller is the chief fiscal officer of the State of New York, the administrative head of the State and Local Retirement Systems, and is the sole trustee of the State’s Common Retirement Fund –the nation’s second largest pension fund with assets of $120 billion. As one of the Investment Officers, Mr. Wang oversees a portfolio of over $17 billion of commitments in Alternative Investments. The portfolio includes corporate finance, venture capital, international, special situation funds, and real estate opportunity funds. Before joining the State Comptrollers Office in January 2003, Mr. Wang served as Managing Director of an emerging market fund focusing in Asia. Between 1993-1998, he worked for Merrill Lynch and TD Asset Management.
John W. Shearburn, Vice President, Private
Equity Group, Goldman,
Sachs & Co. Unigestion For more information, visit www.unigestion.com
Moderator: MVision is a leading independent specialist corporate finance business, whose principal activity is raising capital for private equity firms and unquoted investment managers. From its offices in London and New York, the firm provides value added services to General Partners for fundraising, investor relations and related activities on a global basis. For more information, visit www.mvision.com _________________________________________________________________ |
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10:15 AM - 10:30 AM |
Questions & Answers _________________________________________________________________ |
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10:30 - 11:30 AM |
Panel II LIMITED PARTNERS I: Limited Partners Define Their Private Equity Programs, Fund Commitment Decision Making, and Due Diligence Process. LPs Comment On The Role Of Fund-Of-Funds Managers and Partnerships Terms. Limited Partners: Allianz Private Equity Partners Elliott Royce, Managing Director, Allianz Private Equity Partners Elliot Royce joined Allianz Private Equity Partners (APEP) in 2002 to help lead the US effort across the spectrum of primaries, secondaries, and co-investments. He sits on the APEP internal investment committee for global investments and is a member of the APEP management committee. Elliot joined from GE Equity, the private equity arm of General Electric, where he most recently ran the fund of funds activity and led the team involved in secondary LP purchases. From 1996 to 2001, he led teams investing directly in venture capital, growth equity and LBO deals, in both the US and Europe. By 2001, he was managing a portfolio of 42 companies with a value in excess of $500MM. His prior experience includes strategic consulting with McKinsey in Europe; corporate finance/M&A with Dillon Read and CSFB in both the US and Europe; and emerging markets investing with Aberdeen, Inc. Elliot graduated magna cum laude from Harvard College and has an INSEAD MBA with distinction. He is fluent in English and French. Allianz Private Equity Partners (APEP) is the Private Equity fund-of-funds (including both primary investments and secondary purchases) and co-investment business of the Allianz Group. APEP invests with GPs on a global basis, both in venture capital and in buyouts. We prefer managers with a previous team track record, a differentiated strategy and top quartile performance potential. For more information, visit www.allianz.com Citigroup Private Equity John Barber, Managing Partner, Citigroup Private Equity Mr. Barber is the Managing Partner of Citigroup Private Equity (CPE), having joined in 2000. In this role, Mr. Barber oversees the direct equity and fund investments in North America and Europe for CPE and its affiliates. Additionally since 2000, Mr. Barber has been the co-head of the investment teams for the employee fund of funds and direct private equity funds. Mr. Barber currently sits on the Equities & Alternatives Investments Committee, the Emerging Markets Investment Committee and on the Citigroup Global Investments Policy Committee. Before joining CPE in 2000, Mr. Barber served as Deputy Head of the Financial Entrepreneurs Group, Head of the Private Equity Group, a member of Salomon Smith Barney’s Equity Commitment Committee and as a senior member of Salomon Smith Barney’s Equity Capital Markets Group. Mr. Barber has extensive experience in advising financial sponsors in the areas of public equity offerings. In his 16 years of equity capital markets experience, Mr. Barber has worked with hundreds of small to large companies on their financing alternatives. Prior to joining Salomon Smith Barney in 1995, Mr. Barber worked for Kidder Peabody & Co. where he was a Managing Director and served as Head of the Equity Capital Markets Group and a member of the firm’s Commitment Committee. Prior to Kidder Peabody, Mr. Barber worked at Drexel Burnham Lambert for seven years. He received a B.A. from Tufts University. Citigroup Alternative Investments manages more than US $70 billion in assets on behalf of clients around the world. A leader in providing alternative investment products to qualified high net worth individual and institutional investors, Citigroup Alternative Investments is responsible for manufacturing, sourcing, structuring, marketing and managing alternative investments for Citigroup on a global basis. The business is engaged in a full array of operating activities, including product development, ongoing due diligence, asset allocation, investor relations, wholesaling, third-party negotiations and oversight. In partnership with our Citigroup affiliates, we strive for leadership – in our research and risk management – as the cornerstone of our excellence. Our parent company, Citigroup, is recognized as a leader in the financial services field with more than 200 million customer accounts in more than 100 countries worldwide. Few financial organizations can offer the breadth of market access, depth of resources, research, economies of scale and global reach of Citigroup. At Citigroup Alternative Investments, we marshal these strengths to provide high quality financial services to our global clientele. For more information, visit www.citigroupai.com Royal
Bank of Canada
Ms. Kinner runs RBC Capital Partners Private Equity Funds
investment group.
Prior to joining RBC Capital Partners in 2002, she was
with JPMorgan Chase and its predecessor organizations for over
22 years, having originally joined Manufacturers Hanover Trust
Co. as a management trainee after business school.
From 1998 until she left in late 2001, she was head of
the group within Chase Alternative Asset Management, Inc.
which oversaw clients’ multi-manager private equity
portfolios.
She was responsible for conducting due diligence and
making investment recommendations for Chase’s private equity
fund of funds, as well as for day to day management of over US
$1 billion in the investment portfolios.
Prior to joining Chase Alternative Asset Management,
Ms. Kinner was the Managing Director of Chemical Bank’s
Connecticut private banking market from 1995-1997 and Group
Senior Credit officer of Chemical Private Banking from
1992-1995.
Prior to her private banking assignments, she held
various management positions in Corporate Banking, Acquisition
Finance and Risk Management.
Ms. Kinner holds and A.B. degree in Economics and
Psychology from Smith College and and M.B.A. from the
Whittemore School at the University of New Hampshire.
For
more information, visit www.rbccm.com For more information, visit www.swissre.com
Before joining the Securities Division in January 1997, Shelley spent 19 years in TIAA's legal department advising the Securities Division on all types of private placement and 144A investments, as well as bankruptcy and workout situations. At the time of Shelley's career switch she was a Senior Counsel at TIAA. Prior to joining TIAA-CREF in 1978, Shelley was in the legal department of Home Life Insurance Company where she similarly advised its investment staff on private placements. Shelley holds a JD degree from Northwestern University School of Law and a BA, cum laude from SUNY at Buffalo. She is admitted to the New York State bar and is a member of the American Bar Association and the New York Women's Bar Association. She is a fellow of the American College of Investment Counsel. For more information, visit www.TIAA-CREF.org
Mr. van Horne is responsible for Abbott’s fund development
and client services activities.
Mr. van Horne has over 15 years of involvement with
private equity in the U.S. and overseas.
Abbott is one of the leading independent firms investing
in private equity partnerships and co-investments, with over $5
billion under management.
Prior to joining Abbott in 2001, Mr. van Horne was a Managing
Director of AIG Capital Partners, Inc. (a subsidiary of American
International Group, Inc.), which, together with its affiliates,
manages over $8 billion in private equity.
At AIG, he was responsible for fund development and
client services and served on the investment committees for
several of its direct investment funds and funds of funds.
Prior to joining AIG, Mr. van Horne was Managing Director
of Creditanstalt International Advisors, where he established and
managed its private equity investment activities.
He also was at Bankers Trust in its Merchant Bank, its
M&A Group and other functions in New York and London and at
UBS Securities in New York.
Mr. van Horne received his B.A. in Sociology from the
University of Pennsylvania. _________________________________________________________________ |
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11:30 - 11:45 AM |
Questions & Answers _________________________________________________________________ |
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11:45 - 12:45 PM |
Panel III The Return of VENTURE CAPITAL: Limited Partners Seek Access To Best Performing Venture Capital, Biotechnology, and Life Sciences Funds. General Partners Describe Their "Global" Success. General Partners: Trident Capital Venetia Kontogouris, Managing Director, Trident Capital
Venetia
Kontogouris joined Trident Capital in 1999 as a Managing
Director. Prior to joining Trident Capital, Ms.
Kontogouris was President of Enterprise Associates, LLC, the
venture capital division of IMS Health Incorporated, and has
held various positions in venture capital since 1989.Formerly,
she was Senior Vice President, Venture Development with
Cognizant Corporation where she represented Cognizant in the
Information Partners Capital Fund, a venture capital fund formed
by Dun & Bradstreet and Bain Capital, with emphasis on the
information industry and leveraged buyouts.Ms. Kontogouris has
held executive positions in new product development and
marketing at D&B where she was head of product development
for Dun’s Marketing Services and Director of Marketing for
national accounts and financial services.She also held sales
management positions for AT&T and IBM.Ms. Kontogouris has
also launched her own start-up company in the telecommunications
industry.Ms. Kontogouris serves on the Board of Directors of
Aptegrity Inc., Berkeley Enterprise Partners, Inc., C-7 Group,
Inc., CentrPort, Inc., Cognizant Technology Solutions (CTSH),
eCredit.com, Inc., Event Zero, Questra Corporation,
Saleshound.com, Inc., T.R.A.D.E., Inc., Vality Technology, Inc.
and Viant Corporation (VIAN).Ms. Kontogouris was a former
Director of Avesta Technologies, Inc., Customer Analytics, Inc.,
eData Resources, Inc., Internet Profiles Corporation, OneSource
Information Services, Inc., Jostens Learning Corporation and
WEFA (Wharton Econometric Forecasting Associates). Ms.
Kontogouris earned a B.A. from Northeastern University and her
M.B.A. from the University of Chicago. For more information, visit www.tridentcap.com
Paramount
Capital Asset Management
Dr. Rosenwald has launched many successful careers on Wall
Street for M.D’s, Ph.D.’s, MBA’s, attorneys and
undergraduates and continues to support the medical community
through contributions given by his foundation.
Dr. Rosenwald currently serves as a director of Keryx
BioPharmaceuticals, Inc., a publicly traded biotechnology
company, as well as several private biotechnology companies. Dr.
Rosenwald also serves as a member of the Columbia Presbyterian
Health Sciences Advisory Counsel. Dr Rosenwald received a
BS Finance from Pennsylvania State University and a Doctorate of
Medicine from Temple University School of Medicine. For more information, visit www.paramountcapital.com Michael
Faber, General Partner, NextPoint
Partners Christopher E.Yang, Principal, Grove
Street Advisors Grove Street Advisors was formed in 1998 with the objective of dramatically reengineering the traditional relationships between "gatekeeper," fund manager, and the major institutional investors in private equity. With more than $3 billion currently under management, three major clients and value-added relationships with more than 80 of the top performing fund managers, our management team’s unique skills, operating experience and industry relationships have proven to be a successful combination. We customize individual programs for each of our clients to meet their specific needs and believe in maintaining a strong alignment of interest through risk sharing with our clients. Our investments are allocated between clients by a mutually pre-agreed formula. For more information, visit www.grovestreetadvisors.com The Wellcome Trust is an
independent research-funding charity, established under the will
of Sir Henry Wellcome in 1936. It is funded from a private
endowment, which is managed with long-term stability and growth
in mind. Its mission is 'to foster and promote research
with the aim of improving human and animal health'. To this end,
it supports 'blue skies' research and applied clinical research.
It also encourages the exploitation of research findings for
medical benefit. For more information, visit www.wellcome.ac.uk
Moderator:
Elaine F. Stein, a New York
corporate partner, concentrates her practice in the areas of
corporate finance, including debt and equity strategic and
venture capital financings; mergers and acquisitions;
distribution, licensing and technology transfer transactions;
joint ventures; strategic partner transactions; and general
corporate matters. She represents companies at all stages of
development, with an emphasis on the software, Internet, new
media, and biotechnology industries. Ms. Stein has counseled
private and public companies in a variety of matters, including
formation, financing, employee compensation and benefits,
employment, intellectual property, and strategic alliances.
She received her J.D., cum laude from Benjamin N. Cardozo
School of Law in 1993 where she was the Symposium Editor of Arts
and Entertainment Law Journal. Ms. Stein holds a B.A.,
Psychology from The University of Pennsylvania College of Arts
and Sciences (1990) as well as a B.S., Economics from
The University of Pennsylvania Wharton School of Business(1990).
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12:45 - 1:00 PM |
Questions & Answers _________________________________________________________________ |
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Luncheon Second Floor Dining Room of The Metropolitan Club Luncheon Keynote: "Successful Private Equity & Venture Capital Investing in Korea" Mr. Alan Timblick, Head, Invest KOREA of KOTRA Alan Timblick is Senior Vice President of KOTRA and Head of Invest KOREA, an expanded version of the former Korea Investment Service Center under the Korea Trade-Investment Promotion Agency. He is the first non-Korean in the history of the country to occupy a senior government post and the move is seen as a bold one by the administration of President Roh Moo Hyun. Mr. Timblick – a fluent Korean speaker who has held various corporate posts, including that of former chairman of the Foreign Bankers Group in Korea and country manager of the Korean branch of Barclays Bank for 28 years – has already formulated his plans for promoting greater investment in Korea. He views as particularly important the need for the agency to provide services to investors as soon as they show interest in investing in Korea and to provide them with comprehensive support once a project is up and running. He joined AMROP International, Korea as Senior Consultant in 1995 and, 3 years later, was asked to take charge of Korn/Ferry International in Korea, a position he held from November 1997 until August 2000. He subsequently served as president and chief executive officer for MasterCard International Korea until December 2001, AAA Development, Human Resource Consultancy. On a separate track, Mr. Timblick was a Chief Consultant of Dale Carnegie Training and headed the British Chamber of Commerce in Korea before assuming this position with INVEST KOREA. Mr. Timblick was educated at Oxford University, and is a chairman of the INVEST KOREA Advisory Council. (IKAC) and a member of the Foreign Investment Advisory Council (FIAC) of Seoul Metropolitan government. Mr. Timblick was awarded the OBE (Order of the British Empire) in 1994 for services to British commercial interests in Korea, and awarded the ‘Sanup Pojang’ (Industry Service Medal) by President Roh Moo- Hyun last year. Invest
KOREA
Korea
Trade-Investment Promotion Agency (KOTRA), New York
Our
Vision & Mandate
Where
We Are Contact
Karen Cohen, Business Development Manager, at ekcohen@kotra.or.kr
or Tel. (212) 826-0900 For more information, visit www.investkorea.org and www.kotra.or.kr/eng
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2:15 - 3:15 PM
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Panel IV Limited Partners Provide Insights On Fund Raising And Emerging Managers. Increased Allocations To Alternative Assets May Result In Record Fund Raising During 2005-2006. Which Fund Managers, Spin-Out Teams, Sectors (Buyout, Venture, Hedge) And Regions (Europe, Asia, America) Will Get Funded and Why? Limited Partners/Fund of Funds: AIG Harvey Lambert, Vice President, AIG Global Investment Group Mr. Lambert joined the AIG Companies in 1996 and is currently a member of the Private Equity Funds team. Previously, he reported to the Chairman and Chief Executive Officer of AIG Global Investment Group, responsible for providing global capital markets research and analysis with a focus on private equity investments. In addition, Mr. Lambert has six years of experience in corporate finance and accounting at Black & Decker Corp. and General Dynamics, Inc. Mr. Lambert received a B.S. in Finance from Virginia Tech, where he was elected to Beta Gamma Sigma, and an M.S. in International Business from Johns Hopkins University.
For
more information, visit
www.aig.com
Larry
Restieri is a Vice President in the Special Investments Group at
Goldman, Sachs & Co. The Special Investments Group is
responsible for creating and marketing all alternative
investments offered by the Firm. These include private equity
funds, hedge funds, real estate funds, exchange funds, mezzanine
funds, opportunistic funds, private placements and structured
products. Prior to joining Goldman Sachs, Larry worked as an
attorney at Finn Dixon & Herling LLP, a corporate boutique law
firm based in Stamford, Connecticut, and Simpson Thacher &
Bartlett in New York. Larry graduated from Fordham
University School of Law, where he was an editor on the Fordham
Law Review, and from Harvard University with an A.B. in History,
cum laude.
The New York
State Teachers’ Retirement System (STRS) is a $70 billion
public pension fund for public school teachers in the State,
outside of New York City. NYSTRS serves
approximately 250,000 active members and 110,000 retirees and
beneficiaries. For more information, visit
Moderator:
Jedd Wider, a New York
Private Investment Funds
partner, concentrates his practice in the structuring
and formation of and investment in international and
domestic private investment funds, particularly global
private equity funds, real estate funds, venture capital
funds, hedge funds, secondary funds,
and funds-of-funds and in the subsequent representation
of these funds in their investment activities. He
represents leading financial institutions and investment
banks as well as financial boutiques in their roles as
sponsors, placement agents, and investment entities. He
also has extensive experience in complex financial
structurings and transactions and joint ventures. Mr.
Wider's views on the hedge fund and private equity fund
industries and capital markets are frequently sought by
members of the international media. Mr. Wider's
analysis can be found in publications like The Wall
Street Journal, The Economist and the Financial Times,
as well as on television networks such as Bloomberg and
CNNfn. Mr. Wider also regularly lectures and serves as
a panelist on private investment fund topics for trade
programs and organizations. Recent speaking engagements
include presentations to the Hedge Fund Institutional
Forum, Endowments & Foundations Roundtable, Association
of Life Insurance Counsel and the Third Annual Euromoney
Summit of European Hedge Funds in London.
Mr. Wider received a J.D., cum laude, from Tulane Law School in 1992, graduating Order of the Coif, and was admitted to the National Order of Barristers. He received an A.B. from the Woodrow Wilson School of Public and International Affairs at Princeton University in 1989. He was also a law clerk for the Honorable Nicholas H. Politan, U.S. District Court, District of New Jersey, and U.S. Attorney, Rudolph W. Giuliani, Southern District of New York. Mr. Wider is a member of the State Bar of New York.
Orrick is a full-service international law firm with 700 lawyers
located in North America, Europe, and Asia. From our 13 offices,
located in many of the world’s financial centers and other key
commerce locations, we help our clients achieve their goals and
solve their problems by performing effective, challenging, and
innovative legal work. Our focus is on complex and novel
corporate and finance transactions, and litigation matters. Our
clients include Fortune 500 companies, major international
industrial and financial corporations, commercial and investment
banks, institutional investors, high-growth companies,
government entities, start-ups, and individuals. Orrick’s
corporate practice includes a broad range of corporate and
securities transactional work, including registered public
offerings, leveraged buyouts, institutional private placements,
structured finance, private investment funds, unit investment
trusts, and other complex financings. Orrick's New York office
is also a key location for its Emerging Company & Venture
Capital Group, which represents venture capital and strategic
investors. Our real estate group represents lending and
investment clients, as well as the firm's general corporate and
other clients. Our private investment funds practice is
recognized by Chambers as a leader in private equity, and
has consistently earned top rankings in The Private Equity
Analyst. In finance, we have leading practices in
private equity, domestic and cross-border transactions,
including structured finance and securitization, energy and
project finance, banking and commercial finance, public finance,
and bankruptcy and debt restructuring. Our finance practices
have earned recognition by many of the leading publications
including American Lawyer’s Corporate Scorecard, Thomson
Financial, and Chambers. Our corporate practice is
widely recognized for representing new and emerging companies as
well as established corporations. Our nationally recognized
litigators handle cases from state and federal trial courts to
the United States Supreme Court. We are particularly well known
for our expertise in commercial litigation, employment law,
product liability, and intellectual property. For more information, visit
www.orrick.com
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3:15 - 3:30 PM |
Questions & Answers |
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3:30 - 4:30 PM |
Panel V State Of LP-GP Relations: Limited Partners And General Partners Comment On Evolving Terms And Conditions, Innovative Fund Structures, Unique Investment Methodologies, Performance, Co-Investment, and Alignment of Interest. Industry Specialist: Neil Harper, Partner, McKinsey & Company Neil Harper is a Partner in McKinsey & Company’s New York Office and one of the leaders of our North American Corporate Finance and Strategy Practice. He specializes in consulting in the areas of strategy development, mergers, acquisitions and divestitures, and corporate finance with top executives around the world in a range of different industries including telecommunications, consumer products, private equity, and banking. He has also spent significant periods of time working in the firm’s Kuala Lumpur and Zurich offices. Neil is a recognized expert in corporate strategy, transactions, and corporate finance, and has published many articles and presented externally on these topics. Recent client engagement have included: Development of corporate and portfolio strategy, and assessment of specific M&A, divestiture, and LBO opportunities for a major US technology and services company over several years. Worked closely with CEO, CFO, and top management team to develop strategy, assess and structure ~$1bn divestiture, negotiate a range of ongoing commercial relationships with acquirer, and assess and structure several acquisitions. Led several initiatives with business unit leaders to develop and implement acquisition-led growth strategies and improve performance in selected business units. Advised ~$1bn printing and outsourcing business on strategic alternatives including acquisitions, LBO opportunities, divestitures, and alternative growth and operating models. Recommendations to CEO and Board led to fundamental restructuring of the group, several proposed divestitures, and renewed corporate strategic plan for the next 5 years. Development of perspective on strategic alternatives and assessment of value creation potential from and potential deal structures for horizontal and vertical merger and acquisition opportunities for major cable operator. Advice to CEO and CFO resulted in a number of fundamental strategic decisions culminating in completion of a significant divestiture and merger. Assessment of strategic rationale, value creation potential, and integration approach for $6bn proposed acquisition by a major US consumer products company. Advised CEO, COO and Board of likely performance and value creation shortfall under proposed deal terms and conditions, leading to renegotiation and amended approach to growth strategy. Advisory role to leading industrial company on acquisition opportunities, roll-up strategies, divestitures, and value creation potential for several target businesses operating in the US, Europe, and Asia in a number of industries including business process outsourcing, storage, logistics, parking, and real estate investment and development. Worked with several CEOs, and investment and business development teams through completion of several acquisitions, a significant divestiture, and with company management in devising growth and operational improvement plans. Evaluation of strategic, restructuring, and financial options including acquisitions, divestitures, and spin-offs for major US telecommunications company facing fundamental change in its core businesses together with significant capital markets’ pressure. Advised CEO and management team through fundamental restructuring of the group including an IPO and spin-off of one business unit, divestiture of a second, and implementation of new growth plans for the remaining businesses. Development of perspective on corporate strategic alternatives, and advisory role to top management team and Board of ~$50bn European diversified financial institution over a 2 year period. Advised on restructuring options including acquisitions and divestitures, and alternative strategies and business models in retail and investmentbanking, and asset management. Prior to joining McKinsey & Company, Neil worked for four years for Arthur Andersen & Co. in Edinburgh, Scotland providing audit, corporate finance, and business advisory services for a range of clients primarily in the real estate, engineering, and manufacturing industries. Neil has an M.A. in economics and accounting (First Class Honors) from the University of Edinburgh and an M.B.A. (Honors) from the University of Chicago with concentrations in finance and strategy. In addition he is a C.A. and member of the Institute of Chartered Accountants of Scotland.
General Partner:
Bill
Kidd is a founder of Kidd & Company and has been
buying and building middle-market businesses since 1976.
Prior to Kidd & Company, he was a founder of Kidd,
Kamm & Company and its predecessor, Lineberger, Kidd, Kamm
& Company. Mr.
Kidd was a senior operating officer of 15 Broad Street
Corporation, a venture capital subsidiary of Morgan Guaranty
Trust Company, and worked for the United States Securities and
Exchange Commission. He
received a BA and MBA from Cornell University. Using an investment model that proactively identifies emerging or existing unmet customer needs in large and growing markets. KCO typically spends up to eighteen months and several million dollars to research and develop a “transformational strategy” that provides a differentiated solution for these customer needs. Through this process, KCO’s goal is to create market-defining businesses that transform the basis of competition in an industry segment. The combined annual gross rate of return for the initial cash equity investment of the KCO Investors and the institutional investors in the four transformational strategies that KCO has developed to date is 90%.
Government
of Singapore Special Investment For more information, visit www.gic.com.sg Mike jointly manages our combined Portfolio Management and Domestic Marketing group along with Lydie Brown. Mike and Lydie together are responsible for our efforts on the analysis, servicing, growth and development of our client relationships and portfolios. Mike has worked in a number of different capacities at Hamilton Lane including being responsible for the establishment of Hamilton Lane's Venture Capital Business unit. Prior to joining Hamilton Lane, Mike was a Financial Analyst for InterMountain Canola Company and a Financial Analyst for DNA Plant Technology. Mike received an M.B.A. from the College of William and Mary and a B.S. from Trenton State College Having initiated over $26 billion of private equity investments, Hamilton Lane applies experience and vision to guide our clients’ portfolios to their stated objectives. By applying a consistent and disciplined approach to evaluating private equity investment opportunities, Hamilton Lane seeks to avoid reactive investing based on short-term market fluctuations and to add value through a rigorous selection process to identify investments that are expected to deliver above average returns. We represent one of the largest market shares of any private equity investor in the world. Hamilton Lane is a global organization with a strong international client network that includes prestigious financial institutions, including corporate and public pension funds, insurance companies and government investment authorities. Long-standing relationships with clients and investment managers (General Partners) give Hamilton Lane the highest level of access to a wide array of private equity opportunities. Our team of over 35 dedicated professionals provides custom-tailored portfolios and investment vehicles, complemented by in-depth and continuous monitoring services. Our client-centric approach, combined with a strong global presence, a comprehensive network of powerful relationships, and a rigorous investment process, enables Hamilton Lane to provide our clients with outstanding service year after year. For more information, visit www.hamiltonlane.com
Louis Singer, a partner in Orrick’s New York office, chairs the firm’s private investment funds practice. Mr. Singer’s clients include public and private pension funds, life insurance companies, private investment funds, investment managers, universities, and family offices. Mr. Singer represents private equity funds in both fund formation and investment and domestic and international investors in virtually every type of private investment fund, including buyout, venture capital, real estate opportunity, corporate governance, distressed assets and mezzanine funds. Mr. Singer has broad experience in the formation of funds-of-funds and co-investment funds and in their investment activities. Mr. Singer’s practice also focuses on the representation of investors in direct debt and equity investments, including the purchase of senior and subordinated notes, mezzanine investments, buyouts, venture capital investments and structured financings. Mr. Singer has represented life insurance companies and other financial institutions for over 20 years. Mr. Singer has served as a Trustee of the American College of Investment Counsel for the past five years and is currently Vice President of that organization. He is a member of the Board of Governors and the Chair of the Investment Section of the Association of Life Insurance Counsel. Mr. Singer was elected to membership in the Private Investment Funds Forum and serves on the Committee on Private Investment Funds of the Association of the Bar of the City of New York. Mr. Singer’s recent speaking engagements have included presentations to the International Bar Association, the Institute for Private Investors, the American College of Investment Counsel and the Association of Life Insurance Counsel. Mr. Singer has been named as a leading lawyer in the Chambers USA Client’s Guide to America’s Leading Lawyers for Business (2004). Mr. Singer is a member of the state bars of New York and California.
Orrick is a full-service international law firm with 700 lawyers
located in North America, Europe, and Asia. From our 13 offices,
located in many of the world’s financial centers and other key
commerce locations, we help our clients achieve their goals and
solve their problems by performing effective, challenging, and
innovative legal work. Our focus is on complex and novel
corporate and finance transactions, and litigation matters. Our
clients include Fortune 500 companies, major international
industrial and financial corporations, commercial and investment
banks, institutional investors, high-growth companies,
government entities, start-ups, and individuals. Orrick’s
corporate practice includes a broad range of corporate and
securities transactional work, including registered public
offerings, leveraged buyouts, institutional private placements,
structured finance, private investment funds, unit investment
trusts, and other complex financings. Orrick's New York office
is also a key location for its Emerging Company & Venture
Capital Group, which represents venture capital and strategic
investors. Our real estate group represents lending and
investment clients, as well as the firm's general corporate and
other clients. Our private investment funds practice is
recognized by Chambers as a leader in private equity, and
has consistently earned top rankings in The Private Equity
Analyst. In finance, we have leading practices in
private equity, domestic and cross-border transactions,
including structured finance and securitization, energy and
project finance, banking and commercial finance, public finance,
and bankruptcy and debt restructuring. Our finance practices
have earned recognition by many of the leading publications
including American Lawyer’s Corporate Scorecard, Thomson
Financial, and Chambers. Our corporate practice is
widely recognized for representing new and emerging companies as
well as established corporations. Our nationally recognized
litigators handle cases from state and federal trial courts to
the United States Supreme Court. We are particularly well known
for our expertise in commercial litigation, employment law,
product liability, and intellectual property. For more information, visit
www.orrick.com
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4:30- 4:45 PM |
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4:45 - 6:00 PM |
Networking Reception The Great Hall of The Metropolitan Club _________________________________________________________________ |
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The Metropolitan Club 1 East 60th Street (at Fifth Avenue) New York, New York 10022 For directions, call: 212-277-8502 Metropolitan Club Dress Code requires jacket and tie for men and no jeans are allowed. Please note that the Metropolitan Club is a PRIVATE CLUB, and admission to the club is restricted to Registered Attendees of Global Private Equity with valid name badges. Please wear your name badge at all times and arrange to meet your guests who are not participants of the conference outside of the private club facilities. Private Equity Board Meetings are hosted simultaneously on-site. If you are a limited partner investor of a private equity fund hosting a private on-site meeting, please advise us in advance of your status as an invited guest of a Conference Sponsor. _________________________________________________________________ All Amounts Are in U.S. Dollars: NO AT-DOOR REGISTRATION: The 2004 conference has almost reached maximum seating capacity and we are unable to accept any at-site registrations. Seating is LIMITED, no standing room. Registration is not confirmed until payment is received and is dependent on available places. Global Venture Network reserves the right to review registration and refuse admission. Please wear your name badge at all times. Cancellation Policy for 5th Annual Global Private Equity Conference 2004 (Oct. 14th 2004): Cancellations received in writing by 5 PM (Eastern Standard Time) October 1, 2004 will be issued a refund less U.S. Dollar $250 administrative fee per registrant. We regret refunds will not be issued after this date. There will be no exceptions to this policy for any reason. Substitutions in writing may be made at any time up to 1 week before the day of the event. The organizer reserves the right to make any amendments that it deems to be in the interests of the conference and without any prior notice. Topic and speakers may be subject to change. In the event of a conference cancellation, Global Venture Network will refund your registration fee but assumes no liability for non-refundable transportation costs, hotel accommodations, or additional costs incurred by registrants. | ||
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SPONSOR LOGISTICS: |
_________________________________________________________________ The following is a list of hotels in the vicinity of The Metropolitan Club: The Pierre New York _________________________________________________________________ Global Venture Network Alpine Alternative Assets PO Box 735 Alpine, NJ 07620
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Names for guest passes must be submitted to Sara Goldman by email only, by Friday, October 1st, 2004. There will be no at-door registrations. The Metropolitan Club will not permit anyone to be admitted without a proper name badge.
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