Day 1 - Tuesday, May 24, 2016

Registration, Refreshments and Networking
Chair’s Opening Remarks

Skip L Fahrholz
Director, EMEA Secondary Market Advisory
UBS Investment Bank (UK)

The Case for Global Private Equity Secondaries: Recent Returns and Future Prospects

Patrick Adefuye
Manager – Funds of Funds & Secondaries
Preqin (UK)

  • Comparing returns in the traditional and non-traditional secondaries space
  • A snapshot of deals in the pipeline; trends around pricing and an average transaction size
  • What share of the investments are going into secondary directs and GP-led restructurings as opposed to traditional fund interests?
  • Insights on the sellers and buyers
  • Who are the capital providers/what is the cost of capital?
  • What is the future of the private equity secondary market?

Alternative Sources of Liquidity: New Opportunities in the Sponsor-Led Restructuring Space

Immanuel Rubin
Campbell Lutyens (UK)

Greg Ciesielski
Vice President
Harbourvest (UK)

Charles H. Tingue
Managing Director
Landmark Partners (UK)


Katherine Ashton
Debevoise & Plimpton LLP (UK)

  • How to create liquidity out of old, end of life fund restructuring and recapitalisations: what are the opportunities and how many deals are actually getting done?
  • How GPs can help to restructure their fund
  • LP-GP relations:
    • GPs’ risk implications in secondary swaps
    • End of life transactions: implications for investors
  • New SEC private equity fund restructuring guidelines
  • Minimising the multitude of potential conflicts of interest
  • What are the alternatives in fund restructuring?
  • Best practices in conducting a vendor and an underlying asset due-diligence (payment commitments, possible legal claims, transferability of LP’s privileges, preemptive and tag-along rights)

Refreshments and Networking
Fund Interest Transactions: Legal Considerations

Matthew Griffin
White & Case LLP (UK)

Traditional Fund Transactions: Portfolio and Single Interests


Skip L Fahrholz
Director, EMEA Secondary Market Advisory
UBS Investment Bank (UK)

Speakers include:

Cari Lodge
Managing Director
Commonfund Capital (USA)

Matt Jones
Pantheon (USA)

Etienne Deshormes
Elm Capital Associates Ltd (UK)

Gautom Kakoty
Seligman Private Equity Select (UK)

Matthew Griffin
White & Case LLP (UK)

  • LPs perception of secondaries as a tool for active portfolio management: what has changed in the past year
  • How to effectively use the secondary market to achieve a well-diversified portfolio
  • How regulation affects the current secondary market environment
  • How does secondary buy-side evolve?
  • How do LPs review stapled primaries opportunities and are they investing more in these?
  • How LPs are responding to the new opportunities in real estate and infrastructure
  • Assessing the buyers’ appetite in the secondary market for venture capital

Deal Flow Generation, Pricing and Valuation: How to Continue Doing Deals without Paying High Prices


Bernhard K. Engelien
Managing Director
Greenhill Cogent

Speakers include:

Chris Jaroch
Managing Director
Newbury Partners (USA)

Chi Cheung
Director DB Private Equity
Head of Europe, Secondaries Deutsche Asset & Wealth Management (UK)

Christian Boehler
Akina (Switzerland)

  • Where are secondary firms investing and where are they finding deals in the current competitive market?
  • How much of increased deal activity is driven by high secondary pricing? Are secondary buyers paying too much to get deals done?
  • What makes the right price for a secondary transaction: factors impacting intrinsic value of assets; discount/premium to NAV
  • Emphasis on asset quality trends; how has investment behavior changed given increased prices and competition?
  • The impact of intermediation on pricing
  • How can global large cap; mid-size secondaries and small region/country specific funds differentiate themselves in a highly competitive environment?

Lunch and Networking
Deal Structuring and Financing a Secondary Acquisition/Leverage


Nicolas Lanel
Managing Director
Evercore | Private Capital Advisory (UK)

Speakers include:

Ram Rao
Managing Director, Fund Linked Products
Macquarie Group (USA)

Ray Meyer
Managing Director, Financial Institutions

  • How prevalent is leverage in secondary transactions and what types of portfolios allow for leverage?
  • Who are the capital providers/what is the cost of capital? What are the key terms?
  • How to compete with lots of low cost capital
  • How can a secondary investor realise the full benefit of leverage?
  • Efficient use of leverage in the secondaries and fund of funds market

Creating Win-Win in Direct Secondary Investments

Michel L Galeazzi
Evoco AG (Switzerland)

Laura Shen
Headway Capital Partners LLP (UK)

Tom Leader
Non-Executive Director
Nova Capital Management (UK)

Christian Munafo
Managing Director
HQ Capital Private Equity


  • Who is active in the direct secondaries market?
  • Generating deal flow
  • How do you entice GPs and LPs to engage in deals?
  • What kind of deal structures are gaining traction? Practical examples of recent notable transactions
  • Structuring and executing of direct secondaries transactions, transactional risks, due diligence, legal and other issues

Chair’s Closing Remarks. Drinks and Networking