Day 1 - Tuesday, May 24, 2016

8:30
Registration, Refreshments and Networking
9:00
Chair’s Opening Remarks

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

9:15
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?

9:45
Alternative Sources of Liquidity: New Opportunities in the Sponsor-Led Restructuring Space

Immanuel Rubin
Partner
Campbell Lutyens (UK)

Greg Ciesielski
Vice President
Harbourvest (UK)

Charles H. Tingue
Managing Director
Landmark Partners (UK)

Moderator

Katherine Ashton
Partner
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)

10:45
Refreshments and Networking
11:15
Fund Interest Transactions: Legal Considerations

Matthew Griffin
Partner
White & Case LLP (UK)

11:30
Traditional Fund Transactions: Portfolio and Single Interests

Moderator:

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

Speakers include:

Cari Lodge
Managing Director
Commonfund Capital (USA)

Matt Jones
Partner
Pantheon (USA)

Etienne Deshormes
CEO
Elm Capital Associates Ltd (UK)

Gautom Kakoty
Partner
Seligman Private Equity Select (UK)

Matthew Griffin
Partner
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

12:30
Deal Flow Generation, Pricing and Valuation: How to Continue Doing Deals without Paying High Prices

Moderator:

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
Principal
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?

1:30
Lunch and Networking
2:30
Deal Structuring and Financing a Secondary Acquisition/Leverage

Moderator

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
Natixis

  • 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

3:30
Creating Win-Win in Direct Secondary Investments

Michel L Galeazzi
Partner
Evoco AG (Switzerland)

Laura Shen
Partner
Headway Capital Partners LLP (UK)

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

Christian Munafo
Managing Director
HQ Capital Private Equity

Moderator

  • 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

4:30
Chair’s Closing Remarks. Drinks and Networking