Main Conference Day 1 - Tuesday 27th September 2011

Identifying and realising exceptional returns in a rebounding market

8:00 Registration and refreshments

Registration and refreshments

9:00 Chairperson's welcome and opening remarks

Dorte Hoppner, Secretary-General, European Private Equity and Venture Capital Association

Chairperson's welcome and opening remarks

Dorte Hoppner

Secretary-General, European Private Equity and Venture Capital Association

Dorte is secretary general of the European Private Equity and Venture Capital Association (EVCA). Dorte is a member of EVCA’s 12-strong Public Affairs Executive (PAE) which led the industry's campaign around the AIFM Directive; and a member of the advisory board to the German Federal Minister of Education and Research, where she holds responsibility for “financing of innovation”. She was previousl [read more]

9:10 Predicting the future of private equity into 2015

Karsten Langer, Partner, The Riverside Company

An up-to-minute analysis of newly released data on current market and financial conditions: What the market will look like in 4-5yrs

Availability of leverage for transactions
Deal-flow - too much money chasing too few deals? o Valuation trends and forecasts
Investor allocations and opinions of PE

'What ifs': Macro economic trends that are shaping and re-defining the investment landscape

Interest rate fluctuations and the impact on fundraising
Middle Eastern and regional crises; what is the likely impact both on investor sentiment and investment opportunities in the short, medium and long term?
Market experts predict a potential European sovereign debt default - what does that mean for PE?

Karsten Langer

Partner, The Riverside Company

Mr. Langer has been a partner with The Riverside Company since 2006. He currently leads the firm’s investment and portfolio management activities in the Benelux and France. Prior to this role, he spent three years building up Riverside’s pan-European origination team. Previously, Mr. Langer was Managing Partner of an independent corporate finance firm in Brussels, advising on numerous transactions [read more]

9:40 Interactive audience engagement session: Assessing the current state and expected future outlook for private equity

Lorenzo Russo, Partner, Vision Capital LLP
Oliver Gottschalg, Associate Professor, Strategy and Business Policy, HEC Paris
Gordon Hargraves, Partner, RHO Fund Investors
Francois Gamblin, CEO and Co-Founder, SecondCap

An industry expert driven, anonymous polling session setting the scene and looking towards the expected future. Audience responses will drive the direction and depth of debate to ensure you receive key industry insight not available anywhere else

Repositioning PE and its role in a changing financial landscape: truly a force for good?
Do the returns being made justify the asset class?

What should be set as minimum target returns

How is the capital overhang being addressed?
What are the investment expectations on future returns?
How strong is the relationship between fund managers and investors?
Who will survive?

Consolidations
How the pan-European PE landscape will look in the medium term

Lorenzo Russo

Partner, Vision Capital LLP

Lorenzo is a Partner and joined Vision Capital in 2008.Before joining Vision Capital, he was a Director at Change Capital Partners for over five years, focusing on mid-market buyouts in the consumer and retail goods industries across Europe. He joined Change Capital from TD Capital, the private equity arm of Toronto Dominion, where he was an associate in the Telecom and Media group. Lorenzo is an [read more]

Oliver Gottschalg

Associate Professor, Strategy and Business Policy, HEC Paris

Professor Oliver Gottschalg is Head of Research at Peracs LLC, a specialized advisory firm providing advanced private equity fund due diligence and benchmarking services. He is part of the Strategy Department at HEC School of Management, Paris. He serves as HEC’s Academic Director for the TRIUM Global Executive MBA Program, Director of the Entrepreneurship Track in the HEC MBA program, directs the [read more]

Gordon Hargraves

Partner, RHO Fund Investors

Gordon Hargraves has been actively investing private equity since 1993. He is a Partner with Rho Fund Investors ("RFI") and has overall responsibility for its activities. RFI is the division of Rho Capital Partners that commits to venture capital and other specialized private equity funds whose strategies afford unique advantages, such as domain expertise, operational expertise or focus on a parti [read more]

Francois Gamblin

CEO and Co-Founder, SecondCap

As CEO and co-founder of Secondcap, François delivers the strategic vision for SecondaryNet, the first independent, online platform for secondaries with execution tools to manage your transactions. SecondaryNet facilitates buyers and sellers of LP interests to transact through a highly efficient, GP centric process and presents the most meaningful network of market participants (GPs, LPs and advis [read more]

10:20 Expert Oxford-style insight debate: Which market sector is the most attractive and why?

Alex Stirling, Director, European Buyout, Carlyle Group
Thierry Timsit, Managing Partner, Astorg Partners
Gerhard Nordemann, Managing Partner, Gilde Equity Management Benelux Partners

Hear the perspectives of three key opinion leaders present their market perspectives and make a case for why their segment presents the most attractive investment opportunity versus the competition.Which sized fund is the most attractive compared to the others: Addressing the differences Topics of debate:

Deal Flow
Competition
Pricing
Avenue to create value
Use of leverage
Risk profiles
Exit opportunities

Confirmed Moderator: Hans van Swaay, Partner, Lyrique

Mega-Cap: Alex Stirling, Director, European Buyout, Carlyle
Mid-Cap: Thierry Timsit, Managing Partner, Astorg Partners
Small-Cap: Gerhard Nordemann, Managing Partner, Gilde Equity Management Benelux Partners

Alex Stirling

Director, European Buyout, Carlyle Group

Alex Stirling is a Director in the European buyout team, with a particular focus on business, industrial and consumer services sectors. He is based in London.Prior to joining Carlyle, Mr. Stirling worked for seven years as an Investment Director with PPM Capital, and as a Principal with Apax Partners.Mr. Stirling's current Carlyle investments include IDH, NBTY and Applus. His prior investments inc [read more]

Thierry Timsit

Managing Partner, Astorg Partners

Thierry co-founded Astorg Partners in 1998, after joining the private equity teams at Suez in 1995. He started his professional life in 1989 at Calyon, where he held several positions in London and Paris, particularly in the project finance division. Thierry holds an MBA from the ESCP-EAP graduate school of management.

Gerhard Nordemann

Managing Partner, Gilde Equity Management Benelux Partners

Gerhard Nordemann is Managing Partner and co-founder of Gilde Equity Management (GEM) Benelux, a leading independent Benelux mid-market buyout fund. GEM Benelux manages EUR 500 million across various funds. In 2010 it raised its latest EUR 200 million fund, which focuses on transactions valued between EUR 25 and EUR 150 million. GEM Benelux invests in businesses alongside entrepreneurial managemen [read more]

11:20 Morning refreshments and networking

Morning refreshments and networking

Stream A: Tracking, Predicting and Utilising the Rapidly...Stream B: Primary Deal Pricing, Leverage and Due Diligen...

11:50 Post crisis perspectives: The impact on the secondary market and can the secondaries deliver the returns expected of them in the future?

Stream A: Tracking, Predicting and Utilising the Rapidly Primary Deal Pricing and Leverage Evolving Secondaries Market

André Aubert, Principal, LGT Capital Partners
Bernhard Engelien, Managing Director, Cogent Partners
Christophe Nicolas, Executive Director, Morgan Stanley Alternative Investment Partners
Gunter Waldner, Principal, AlpInvest
Yann Robard, Senior Principal, Canada Pension Plan Investment Board

Analyse the progression of the secondaries market post- crisis and predict best investment strategies for short-, medium- and long term

How the market has evolved

Drivers for deal flow and pricing
Profiling the buyers and sellers
How the crisis has changed the EBITDA landscape
Fund secondaries versus direct secondaries

The role of non-traditional buyers in the market
Changes witnessed at the market low point
Are we going to go into another "poor vintage" year for secondaries due to too much capital?
Looking into the crystal ball - what are the future expected returns and trends

André Aubert

Principal, LGT Capital Partners

Mr. Aubert (Swiss) is a Principal at LGT CP. Prior to joining LGT CP in 2005, Mr. Aubert was a Principal at Index Ventures, a pan-European venture capital firm, which he joined in 1999. At Index Mr. Aubert focused on investment opportunities in the communications, semiconductor and embedded software sectors. Prior to joining Index, Mr. Aubert worked as a consultant for McKinsey & C [read more]

Bernhard Engelien

Managing Director, Cogent Partners

Mr Engelien is a Managing Director in Cogent Partners’ London office and advises clients in the UK, continental Europe and the Middle East. Prior to joining the firm, Mr Engelien was an Associate Principal at McKinsey & Company where he worked for six years serving financial services companies and private equity firms on a broad range of strategy and corporate finance topics in the [read more]

Christophe Nicolas

Executive Director, Morgan Stanley Alternative Investment Partners

Christophe is a portfolio manager for the Private Equity Fund of Funds group and co-leads AIP's secondary team. He joined Morgan Stanley AIP in 2008 to launch and invest AIP's first dedicated secondary private equity fund and has 18 years of relevant industry experience. Christophe has over 10 years of experience as a principal investor in the private equity asset class. Christophe's prior profess [read more]

Gunter Waldner

Principal, AlpInvest

Gunter joined AlpInvest Partners in 2007 from Lehman Brother's Investment Banking Division in London, where he was an Executive Director responsible for advising clients primarily on transactions in the media and communications sector in Germany, Austria, the UK, Scandinavia, and the Benelux working also closely with many private equity investors. Bringing 10 years of related experience to AlpInve [read more]

Yann Robard

Senior Principal, Canada Pension Plan Investment Board

Prior to joining the CPP Investment Board, Yann worked at Paul Capital Partners in private equity. He previously worked at CIBC World Markets and at JP Morgan Chase.Yann holds a B. Comm from Dalhousie University. He is also a Chartered Financial Analyst charterholder.

11:50 The role of leverage in private equity

Stream B: Primary Deal Pricing, Leverage and Due Diligence

Simon Hamilton, Head of Growth Opportunities, Investec
Paul Shea, Founding Partner, Beechbrook Capital
Jean-Christophe Rey, Investor Management, Intermediate Capital Group
Benoit De Kerleau, Investment Director, Dahlia Partners

Current pricing trends in the debt market
Where are debt terms going

Absolute leverage
Fees
Are there new sources of debt?

The changing investor sentiments towards mezzanine

Should mezzanine debt be considered as an alternative source of capital?
Is there still demand?
Availability, complexity and pricing of mezzanine

LP perspectives on debt products
What is expected in the short to medium term

Simon Hamilton

Head of Growth Opportunities, Investec

Simon joined Investec in 2006 and established the Fund Finance business which focuses on lending to the private equity industry. Prior to Investec Simon had numerous lending and strategy roles within LloydsTSB, focused the middle markets.Simon has a MEng in Mechanical Engineering from Bristol University.2011 Challenge: Managing exposure with a volatile & uncertain [read more]

Paul Shea

Founding Partner, Beechbrook Capital

Paul is a Founding Partner of Beechbrook Capital, where he acts as Chief Investment Officer and is responsible for originating and executing new mezzanine and equity co-investment opportunities. He sits on the Investment Committee. Beechbrook focuses on investments in the lower mid-market in Europe by financing new LBO transactions or providing expansion or acquisition finance for private equity p [read more]

Jean-Christophe Rey

Investor Management, Intermediate Capital Group

Jean-Christophe Rey is a senior member of the ICG Investor Relations team, managing the relationships with ICG’s 250 institutional investors, representing over 9€bn of AuM invested in mezzanine, senior loans and high yield. Jean-Christophe has over ten years experience in managing relationships with investors gained with global financial and investment institutions in London, Par [read more]

Benoit De Kerleau

Investment Director, Dahlia Partners

Mr. de Kerleau is a Partner at Dahlia Partners, a European fund-of-funds which is jointly sponsored by Natixis Private Equity and the European Investment Fund. At Dahlia, he is mainly responsible for primary investments in small and mid-cap private equity funds in Europe, as well as direct co-investments.Prior to joining Dahlia in 2008, Mr. de Kerleau was an Investment Director in the fund-of-fund [read more]

Stream A: Tracking, Predicting and Utilising the Rapidly...Stream B: Primary Deal Pricing, Leverage and Due Diligen...

12:20 The many faces of the secondaries market: what are the key differences in secondary fund strategies and how do these affect reasons to invest in the segment?

Stream A: Tracking, Predicting and Utilising the Rapidly Primary Deal Pricing and Leverage Evolving Secondaries Market

Sebastien Bowen, Investment Director, Pomona Capital
Andrew Sealey, Managing Partner, Campbell Lutyens
Charles Smith, Chief Investment Officer, DB Private Equity
David Williamson, Managing Partner, Nova Capital Management

Early compared to late secondaries

Different types of evaluation required
More GP focus for early

Fund versus direct secondaries

Differing skill-sets
One or the other or blend both

What makes a fund attractive on the secondary market?

Does the GP need to be performing?
Or does the price just need to be right?

What is the ideal fund size?
Which investor strategies match which secondary strategy?

Instant vintage year diversification
Rapid deployment and return of capital to smooth the J-curve
Minimizing risk through no blind pool

Sebastien Bowen

Investment Director, Pomona Capital

Sebastien joined Pomona in 2010 and focuses on secondary investment analysis and deal sourcing in Europe. He has over eight years of primary and secondary fund investing experience. Prior to joining Pomona, he was a Director at MetLife Investments and was previously at AXA Private Equity in London where he spent most of his career. Sebastien joined AXA Private Equity in 2002 where he focused predo [read more]

Andrew Sealey

Managing Partner, Campbell Lutyens

Andrew joined Campbell Lutyens in 1990 and became the Managing Partner in 2003. He also leads the firm’s secondary advisory activities which he has done since 2000. Previously he was responsible for developing the firm’s activities in fund placement. Campbell Lutyens is an independent advisory firm founded in 1988 with a team of 55 between its London, New York and a [read more]

Charles Smith

Chief Investment Officer, DB Private Equity

Mr. Smith is a Managing Director and is Chief Investment Officer and Co-Head of Secondaries for DB Private Equity, based in London. Mr Smith led the formation of the Secondaries Business within DB Private Equity through the raising of the $775 million DB Secondary Opportunities Fund in January 2007 and is responsible for the management of that fund as well as the investment activities across the r [read more]

David Williamson

Managing Partner, Nova Capital Management

David is Managing Partner of Nova Capital Management, a firm he co-founded in 2002, and which is an innovator and leading player in the specialist Direct Secondaries market. Nova has a team of 20 professionals based in the UK and US, including 6 Operating Partners. Its focus is on acquiring portfolios of non-core subsidiaries from corporate sellers, where the underlying businesses can benefit from [read more]

12:20 Value Creation: Understanding value, mitigating risk and optimising returns

Stream B: Primary Deal Pricing, Leverage and Due Diligence

Michael Nouril, Partner, Proskauer
Paul Search, Executive Director Risk & Analytics, Willis
Frederik Wijsenbeek, Director, Teachers Private Capital
Martin Calderbank, Managing Partner, Agilitas Partners

Fundraising/Investing

What are the key risk issues for LPs when looking to invest and what do they look for in terms of risk management/ mitigation?
How do GPs differentiate themselves in respect of pro-actively tackling the potential risk issues concerning LPs?
How can advisers add value in respect of risk identification, assessment and management?

Portfolio Investments/ Divestments

How do you understand and value risks in portfolio companies and make an informed decision on risk vs. reward?
Managing downside risk/ uncertainty to optimise returns

Regulation

With a range of risk-based regulation coming on stream – what are the key inhibitors and opportunities to generate value?

Michael Nouril

Partner, Proskauer

Michael Nouril is a Partner in the Corporate Department, resident in the London office and a member of the Mergers & Acquisitions, Private Equity and Private Investment Funds Groups.Michael has handled a wide range of private equity, M&A, and other corporate transactions involving numerous industry sectors in over 15 years of practice. He has an extensive background [read more]

Paul Search

Executive Director Risk & Analytics, Willis

Paul’s principal responsibilities lie in advising financial institutions around the globe on key aspects of risk and regulation.Paul has led a variety of financial institution engagements throughout his career ranging from the design and implementations of enterprise-wide risk management programs to various operational risk (Basel II) advisory services including framework design, gap analysis, ris [read more]

Frederik Wijsenbeek

Director, Teachers Private Capital

Frederik Wijsenbeek joined Teachers’ Private Capital in 2010 with more than 10 years of mid-market private equity experience across Europe and North America. He is now responsible for direct and lead private equity efforts in Europe. Previously, Frederik was a partner at Englefield Capital, a €1.8 billion European mid-market private equity fund based in London, and served on the [read more]

Martin Calderbank

Managing Partner, Agilitas Partners

Martin Calderbank is Managing Partner at Agilitas Partners, a pan European mid-market firm which focuses on transformational investments in regulated industries. With 15 years experience in private equity, Martin focuses on the unique attribute of private equity over other equity models: the ability to support strong managers leading their companies through transformational change. Before founding [read more]

12:50 Networking Luncheon

No session description available.

Stream A: Negotiating the Regulatory Hurdles and Formula...Stream B: Strengthening Bonds between LPs and GPs to Ach...

13:50 Perspectives on the impact of the AIFM Directive

Stream A: Negotiating the Regulatory Hurdles and Formulating Effective Solutions

Robert Barry, Partner, Proskauer
Javier Echarri, Managing Partner, GED Capital & Director, LDS Partners
Mark Florman, Chief Executive Officer, British Private Equity & Venture Capital Association (BVCA)
Gillian Brown, Head of Private Equity, British Airways Pension Investment Management

Insights from those closely involved with the Directive on its practical impact

What are the latest developments on the implementation of the Directive?
What will it mean in practice for GPs and LPs?
Will it be a barrier against new GPs entering the market?
Will it restrict the access of European LPs to non-European funds?

Robert Barry

Partner, Proskauer

Bob Barry is a Partner in the Corporate Department and a member of the Private Investment Funds Group, resident in the London office.Bob focuses on structuring private investment funds and advising institutional investors on their alternative investments. His work encompasses a wide variety of funds, including infrastructure, private equity, real estate, fund of funds, venture capital and hedge fu [read more]

Javier Echarri

Managing Partner, GED Capital & Director, LDS Partners

Javier Echarri Eraso, Independent Board member of GED since 2006, became managing Partner of GED in April 2011. Javier’s active engagement includes GED and LDS partners where he is also managing partner. In addition, he has a few non executive positions within the European Federation of Junior Enterprises (JADE), The Asian Pacific Private Equity Association, the European Venture Philanthropy Assoc [read more]

Mark Florman

Chief Executive Officer, British Private Equity & Venture Capital Association (BVCA)

Mark Florman is Chief Executive of the British Private Equity and Venture Capital Association (BVCA).He joined The Northern Trust Bank, Chicago, in 1981 where he co-founded the interest rate swap business in America and worked in corporate banking, US T-Bills and money & capital markets. From the mid-1980s as a Director of County Bank and then as a Partner of Enskilda Securities, h [read more]

Gillian Brown

Head of Private Equity, British Airways Pension Investment Management

Gillian joined British Airways Pension Investment Management Ltd in March 2008 and is responsible for managing the private equity portfolios for the two British Airways pension schemes. She began her private equity career in 1987 when she developed and managed the private equity portfolio for the Greater Manchester Pension Fund. In the following years she spent time with William Mercer as a senior [read more]

13:50 Team dynamics: Gaining, incentivising and retaining an effective fund management team

Stream B: Strengthening Bonds between LPs and GPs to Achieve a Profitable and Mutually Beneficial Relationship

Jeremy Golding, Managing Partner, Golding Capital Partners
Armando D'Amico, Managing Partner, Acanthus Advisers
Neil MacDougall, Managing Partner, Silverfleet Capital Partners
Richard Clarke-Jervoise, Director, Quartilium Funds of Funds
Caroline Huyskes, Partner, Egeria

Aligning interest to ensure proper motivation and incentivisation

How to compensate and incentivise in an environment of decreasing fees and longer terms until carry (if any is achieved)
What GPs are doing to ensure star talent retention through a number of difficult years

How can LPs tailor due diligence to assess team dynamics most effectively

Net worth and GP commitment
Motivational issues for teams far away from carry
Size matters – does bad behaviour increase with size of management fee at stake?
Growth in ancillary functions (IR, compliance) – are larger and more institutionalised teams preferable?

Terms

How useful are key-man clauses in capturing the essence of team strength
How enforceable are no-fault divorce clauses

Navigating succession issues

Jeremy Golding

Managing Partner, Golding Capital Partners

Jeremy Golding, a British national, is Founder and Managing Director of Golding Capital Partners based in Munich. Since 1999 he has grown Golding Capital Partners to become one of Germany’s leading investment managers for private equity fund of funds investments.Jeremy Golding looks back on a 20-year international career with leading multinational companies. Mr. Golding has lived and worked in Ger [read more]

Armando D'Amico

Managing Partner, Acanthus Advisers

Armando D’Amico is Managing Partner of Acanthus Advisers, an independent award-winning private equity advisory firm providing fund placement services with an exclusive focus on the European mid market. Since establishing Acanthus, Armando has advised general partners, limited partners and financial institutions from across Europe in fund conception, structuring and placement, strategy and investor [read more]

Neil MacDougall

Managing Partner, Silverfleet Capital Partners

Neil MacDougall heads up a team of 45 staff based in offices in London, Munich, Paris and Chicago. He joined Silverfleet Capital in 1989 and was appointed Managing Partner in 2004. Neil has been a board member of several Silverfleet Capital portfolio companies and is currently a director of Kalle Luxembourg Sarl. Before joining Silverfleet Capital, Neil was a Strategic Management Consultant at Bai [read more]

Richard Clarke-Jervoise

Director, Quartilium Funds of Funds

Richard is a Director at Quartilium, a Paris-based private equity fund-of-funds where he is also a member of the firm’s Investment Committee. Richard joined Quartilium in 2007 from Access Capital Partners where he was an Investment Director responsible for investing in European mid-market private equity and Venture capital funds.Prior to this, he worked for Proparco from 2001 – 2005 focusing on di [read more]

Caroline Huyskes

Partner, Egeria

Caroline Huyskes joined Egeria in 2003 as fund director.Caroline started her career in 1992 as an associate with the corporate finance & capital markets division of MeesPierson, where she worked closely together with Peter Visser and Jan Niessen. She was involved in a number of transactions. Furthermore, during 1994 and 1995, she was syndication manager of MeesPierson. For 15 month [read more]

Stream A: Negotiating the Regulatory Hurdles and Formula...Stream B: Strengthening Bonds between LPs and GPs to Ach...

14:20 Solvency II impacts on investor appetites for private equity

Stream A: Negotiating the Regulatory Hurdles and Formulating Effective Solutions

Karin Jans, Vice President, Swiss Re
Günther Skrzypek, Managing Partner, Augur Capital
Benedikt Weiser, Partner, Mayer Brown International

How the rule is being interpreted regionally and experiences
Impacts on the cost of capital
How the landscape will change
Will pension funds be next?

Karin Jans

Vice President, Swiss Re

Karin Jans is a Vice President at Swiss Re Private Equity Partners (SRPEP). In her function as Senior Investor Solutions Professional, Karin focuses on the development of private market investment solutions for insurance companies and pension funds, addressing industry specific requirements such as Solvency II. Previously, Karin was responsible for private equity client services for Swiss Re and i [read more]

Günther Skrzypek

Managing Partner, Augur Capital

Günther completed a trainee program at Morgan Guaranty Trust (today J.P. Morgan), after having completed his studies in mathematics and business economics. After various management activities in corporate banking, corporate finance, and institutional sales, in 1989 he accepted the responsibility for the asset management business of JP Morgan for Germany and Central Europe and was appointed to the [read more]

Benedikt Weiser

Partner, Mayer Brown International

Dr. Benedikt Weiser advises on all aspects of asset management, regulated and unregulated funds, private equity, general M&A and corporate law. He focuses on advising both investors and fund sponsors on the structuring and formation of investment funds (private equity, real estate, infrastructure, mezzanine and hedge funds) and related tax and regulatory matters in all relevant fun [read more]

14:20 Building and maintaining a strong relationship between managers and investors

Stream B: Strengthening Bonds between LPs and GPs to Achieve a Profitable and Mutually Beneficial Relationship

Vince O' Brien, Director, Montagu
Anselm Adams, Director, PECA Limited
Stephen Marquardt, CEO, Doughty Hanson
David Smith, Co-Head of co-investments, Capital Dynamics

Building trust and alignment
Co–investment

Relationship enhancement
Investors’ co-investment credentials
Consortium arrangements
A second pair of eyes

Ensuring IR and reporting methods are appropriate

How reporting styles and formats have evolved
IR done right: standards at the high end of the market

Managing relations during a crisis

What has gone wrong
Reaching the right solutions

Vince O' Brien

Director, Montagu

Vince joined Montagu in 1993 from Coopers & Lybrand and has worked in the private equity industry for over 20 years. A graduate in Modern History and a qualified Chartered Accountant, Vince sits on Montagu's Investment Committee and is responsible for fund raising and all aspects of investor relations. He is a former Chairman of the British Venture Capital Association. [read more]

Anselm Adams

Director, PECA Limited

Anselm is Director and Portfolio Manager at Private Equity Capital Advisers Limited (member of ILPA), a family office managing over US$ 100 M in private equity assets: fund-of-funds, funds and direct investments. He has more than 19 years experience in private equity, venture capital and investment banking. Anselm has worked at Schroders, Merrill Lynch and Goldman Sachs. He has passed the Series 3 [read more]

Stephen Marquardt

CEO, Doughty Hanson

Mr. Marquardt joined Doughty Hanson & Co in February 2000. He currently serves as CEO and Head of Investor Relations and is based in London. At Doughty Hanson he has been responsible for raising Doughty Hanson & Co Technology Ventures I and II, Doughty Hanson & Co European Real Estate II and the two most recent private equity funds, Doughty Hanson WB [read more]

David Smith

Co-Head of co-investments, Capital Dynamics

David is a Managing Director and co-head of the Co-Investment team at Capital Dynamics. He has over 20 years of experience in private equity and infrastructure financing. Prior to joining Capital Dynamics, David worked with GE Capital in the UK and US, as well as GE’s European private equity businesses. David also served as an advisor to AXA Private Equity and established the European business of [read more]

Stream A: Negotiating the Regulatory Hurdles and Formula...Stream B: Strengthening Bonds between LPs and GPs to Ach...

14.50 Are increasing regulations beneficial for private equity?

Stream A: Negotiating the Regulatory Hurdles and Formulating Effective Solutions

Gus Black, Partner, Dechert LLP
John Hess, CEO, Altius Associates
Karsten Langer, Partner, The Riverside Company
Joe Truelove, Head of CI Business Development Corporate Clients, Kleinwort Benson

How is the PE business model affected by new regulatory environment?
Understanding the original intention of the AIFMD
The impact of regulation on larger firms versus smaller
Quantifying the cost burden
Predicting and preparing for the regulatory environment of the future

Gus Black

Partner, Dechert LLP

Gus Black focuses his practice on private investment funds; advising international asset management businesses (including team spin-outs and seeding deals); corporate and commercial transactions in the financial services sector; and general UK financial services regulation.In the sphere of private fund formation, Mr. Black has advised sponsors and cornerstone investors on the structuring, formatio [read more]

John Hess

CEO, Altius Associates

John A. Hess is a co-founder of Altius and has served as Chief Executive Officer since 1998 when the firm was formed. He is responsible for Altius’ relationships with a number of clients, and sits on Altius’ Investment Policy Committee. John is recognized as a thought-leader in private equity and contributes regularly to industry panels and periodicals. He has been involved in the financial servic [read more]

Karsten Langer

Partner, The Riverside Company

Joe Truelove

Head of CI Business Development Corporate Clients, Kleinwort Benson

Joe is the Head of CI Business Development in the Corporate Clients department of Kleinwort Benson, a leading fund administrator and custodian in the Channel Islands. Joe has been with Kleinwort Benson for 11 years. Joe was educated at Elizabeth College in Guernsey before going to University in Aberdeen. He graduated with a degree in French and Spanish in 1995. On his graduation he returned to Gue [read more]

14:50 Dual perspectives: Assessing and predicting trends in fund fees and carry

Stream B: Strengthening Bonds between LPs and GPs to Achieve a Profitable and Mutually Beneficial Relationship

Erik Kaas, Co-Head of Investment Solutions, Partners Group
Hans van Swaay, Partner, Lyrique
Michael Diehl, Partner, Activa Capital
Mike Powell, Head of Alternative Investments, Universities Superannuation Scheme
Sonia Trocmé-le Page, Co-Founder & Partner, Global Private Equity

Assessment of fee suitability and fund structures
Is this setup fair?
Should the investment strategy and team track record be more important than past fund performance?
The scale of fees within small to mega caps
How far does ILPA go towards bringing the relationship into alignment?

Erik Kaas

Co-Head of Investment Solutions, Partners Group

Erik Kaas is a Partner, a member of the business development committee, co-head of the investment solutions business department and responsible for strategic client relationship development. Partners Group’s investment solutions team is globally responsible for investment origination, business development and client relationship management. He is also a member of EVCA (European Venture Capital Ass [read more]

Hans van Swaay

Partner, Lyrique

Hans van Swaay has been more than twenty years in private equity as co-founder of Lyrique, as Head of Private Equity at Pictet & Cie, as Managing Director of UBS Capital, as Managing Director of Merifin and as partner of Lowe Finance.He has made fund investments worldwide and direct investments in Switzerland, Germany, France, the United Kingdom and in the Netherlands. He sat on nu [read more]

Michael Diehl

Partner, Activa Capital

Michael Diehl is a founding Partner of Activa Capital, an independent private equity firm dedicated to French mid-market MBOs. Activa Capital manages over €500 million on behalf of leading pension funds, insurance companies and family offices. Activa Capital invests across all sectors in companies with sales up to €300 million but with a strong emphasis on agro- [read more]

Mike Powell

Head of Alternative Investments, Universities Superannuation Scheme

USS is the principal pension fund for the UK university sector with in excess of 250,000 members and approximately £28 billion in assets. USS has targeted a 20% allocation of total assets into alternatives over the medium term and currently has approximately £3 billion invested across private equity, infrastructure and hedge funds. Mike has overall responsibility [read more]

Sonia Trocmé-le Page

Co-Founder & Partner, Global Private Equity

Mrs. Trocmé-Le Page is responsible for generating new business, identifying qualified potential limited partners, and is the "lead partner" on engagements. She has 19 years of experience in the investment business, and 12 years in private equity. Prior to co-founding GPE, Mrs. Trocmé-Le Page was an Associate Director at Crédit Agricole Indosuez where she worked with Patrick Petit in managing the b [read more]

15:20 Afternoon coffee and networking

Afternoon coffee and networking

15:50 The role of Funds-of-Funds in a shifting investment environment: Should they form part of a balanced and strategic investment portfolio?

Helen Steers, Head of Private Equity, Pantheon
Peter McKellar, CIO, SL Capital Partners
Paul Newsome, Executive Director and Head of Investments, Unigestion
Julie Gray, Principal, Canada Pension Plan Investment Board

Post crisis evaluation

Expectations with regards to returns
Is there a justification for FoFs?
What does the data say?

Addressing the perception of value
How can you differentiate a Fund-of-Funds?

Single focus or multi focused firms
Are highly specialised firms with something unique to offer the way forward?

Fund-of-Funds interests in secondaries

Do the discounts now seen in secondaries support this movement?

Co-investment opportunities
Strategies for investors

Combining FoFs and primary investment
The emergence of mandated / segregated accounts for larger institutional investors

Helen Steers

Head of Private Equity, Pantheon

Helen leads Pantheon’s European primary investment activity and chairs the European Investment Committee. Helen is also a member of the International Investment Committee and the Co-investment Committee. Helen joined Pantheon in 2004 from Russell Investments in Paris, where she was Managing Director with overall responsibility for private equity in Europe. Prior to joining Russell in 1999, Helen s [read more]

Peter McKellar

CIO, SL Capital Partners

Peter McKellar Peter McKellar (Partner and Chief Investment Officer) started his career in investment banking at JP Morgan and worked in corporate finance before moving into industry in 1995 as corporate development director and then group finance director of Clydeport plc, a London Stock Exchange listed company and a former Montagu Private Equity buyout.Peter joined Standard Life Investments’ pri [read more]

Paul Newsome

Executive Director and Head of Investments, Unigestion

Paul Newsome is an Executive Director, head of Unigestion's private equity investment team responsible for the oversight of primary fund investments, secondaries and co-investments globally. Unigestion is an alternative asset management firm with EUR 7 billion of assets under management, headquartered in Geneva with offices in London, Paris, New York and Singapore. Before joining the firm in 2002, [read more]

Julie Gray

Principal, Canada Pension Plan Investment Board

Julie joined CPPIB in 2007 and is focused on assessing and managing primary fund commitments and secondaries investments on a global basis.Ms. Gray sits on a number of Advisory Committees and is responsible for CPPIB’s European fund investment activities.Prior to joining CPP Investment Board, Julie worked with The Boston Consulting Group.

16:35 Chairperson's closing remarks, followed by drinks reception

Dorte Hoppner, Secretary-General, European Private Equity and Venture Capital Association

Chairperson's closing remarks, followed by drinks reception

Dorte Hoppner

Secretary-General, European Private Equity and Venture Capital Association

19:00 Capital Creation dinner

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Main Conference Day 1 - Tuesday 27th September 2011

Identifying and realising exceptional returns in a rebounding market

Dorte Hoppner Secretary-General, European Private Equity and Venture Capital Association

Karsten Langer Partner, The Riverside Company

Lorenzo Russo Partner, Vision Capital LLP

Oliver Gottschalg Associate Professor, Strategy and Business Policy, HEC Paris

Gordon Hargraves Partner, RHO Fund Investors

Francois Gamblin CEO and Co-Founder, SecondCap

Alex Stirling Director, European Buyout, Carlyle Group

Thierry Timsit Managing Partner, Astorg Partners

Gerhard Nordemann Managing Partner, Gilde Equity Management Benelux Partners

André Aubert Principal, LGT Capital Partners

Bernhard Engelien Managing Director, Cogent Partners

Christophe Nicolas Executive Director, Morgan Stanley Alternative Investment Partners

Gunter Waldner Principal, AlpInvest

Yann Robard Senior Principal, Canada Pension Plan Investment Board

Simon Hamilton Head of Growth Opportunities, Investec

Paul Shea Founding Partner, Beechbrook Capital

Jean-Christophe Rey Investor Management, Intermediate Capital Group

Benoit De Kerleau Investment Director, Dahlia Partners

Sebastien Bowen Investment Director, Pomona Capital

Andrew Sealey Managing Partner, Campbell Lutyens

Charles Smith Chief Investment Officer, DB Private Equity

David Williamson Managing Partner, Nova Capital Management

Michael Nouril Partner, Proskauer

Paul Search Executive Director Risk & Analytics, Willis

Frederik Wijsenbeek Director, Teachers Private Capital

Martin Calderbank Managing Partner, Agilitas Partners

Robert Barry Partner, Proskauer

Javier Echarri Managing Partner, GED Capital & Director, LDS Partners

Mark Florman Chief Executive Officer, British Private Equity & Venture Capital Association (BVCA)

Gillian Brown Head of Private Equity, British Airways Pension Investment Management

Jeremy Golding Managing Partner, Golding Capital Partners

Armando D'Amico Managing Partner, Acanthus Advisers

Neil MacDougall Managing Partner, Silverfleet Capital Partners

Richard Clarke-Jervoise Director, Quartilium Funds of Funds

Caroline Huyskes Partner, Egeria

Karin Jans Vice President, Swiss Re

Günther Skrzypek Managing Partner, Augur Capital

Benedikt Weiser Partner, Mayer Brown International

Vince O' Brien Director, Montagu

Anselm Adams Director, PECA Limited

Stephen Marquardt CEO, Doughty Hanson

David Smith Co-Head of co-investments, Capital Dynamics

Gus Black Partner, Dechert LLP

John Hess CEO, Altius Associates

Karsten Langer Partner, The Riverside Company

Joe Truelove Head of CI Business Development Corporate Clients, Kleinwort Benson

Erik Kaas Co-Head of Investment Solutions, Partners Group

Hans van Swaay Partner, Lyrique

Michael Diehl Partner, Activa Capital

Mike Powell Head of Alternative Investments, Universities Superannuation Scheme

Sonia Trocmé-le Page Co-Founder & Partner, Global Private Equity

Helen Steers Head of Private Equity, Pantheon

Peter McKellar CIO, SL Capital Partners

Paul Newsome Executive Director and Head of Investments, Unigestion

Julie Gray Principal, Canada Pension Plan Investment Board

Dorte Hoppner Secretary-General, European Private Equity and Venture Capital Association

Dorte Hoppner

Secretary-General, European Private Equity and Venture Capital Association

Karsten Langer

Partner, The Riverside Company

Lorenzo Russo

Partner, Vision Capital LLP

Oliver Gottschalg

Associate Professor, Strategy and Business Policy, HEC Paris

Gordon Hargraves

Partner, RHO Fund Investors

Francois Gamblin

CEO and Co-Founder, SecondCap

Alex Stirling

Director, European Buyout, Carlyle Group

Thierry Timsit

Managing Partner, Astorg Partners

Gerhard Nordemann

Managing Partner, Gilde Equity Management Benelux Partners

André Aubert

Principal, LGT Capital Partners

Bernhard Engelien

Managing Director, Cogent Partners

Christophe Nicolas

Executive Director, Morgan Stanley Alternative Investment Partners

Gunter Waldner

Principal, AlpInvest

Yann Robard

Senior Principal, Canada Pension Plan Investment Board

Simon Hamilton

Head of Growth Opportunities, Investec

Paul Shea

Founding Partner, Beechbrook Capital

Jean-Christophe Rey

Investor Management, Intermediate Capital Group

Benoit De Kerleau

Investment Director, Dahlia Partners

Sebastien Bowen

Investment Director, Pomona Capital

Andrew Sealey

Managing Partner, Campbell Lutyens

Charles Smith

Chief Investment Officer, DB Private Equity

David Williamson

Managing Partner, Nova Capital Management

Michael Nouril

Partner, Proskauer

Paul Search

Executive Director Risk & Analytics, Willis

Frederik Wijsenbeek

Director, Teachers Private Capital

Martin Calderbank

Managing Partner, Agilitas Partners

Robert Barry

Partner, Proskauer

Javier Echarri

Managing Partner, GED Capital & Director, LDS Partners

Mark Florman

Chief Executive Officer, British Private Equity & Venture Capital Association (BVCA)

Gillian Brown

Head of Private Equity, British Airways Pension Investment Management

Jeremy Golding

Managing Partner, Golding Capital Partners

Armando D'Amico

Managing Partner, Acanthus Advisers

Neil MacDougall

Managing Partner, Silverfleet Capital Partners

Richard Clarke-Jervoise

Director, Quartilium Funds of Funds

Caroline Huyskes

Partner, Egeria

Karin Jans

Vice President, Swiss Re

Günther Skrzypek

Managing Partner, Augur Capital

Benedikt Weiser

Partner, Mayer Brown International

Vince O' Brien

Director, Montagu

Anselm Adams

Director, PECA Limited

Stephen Marquardt

CEO, Doughty Hanson

David Smith

Co-Head of co-investments, Capital Dynamics

Gus Black

Partner, Dechert LLP

John Hess

CEO, Altius Associates

Karsten Langer

Partner, The Riverside Company

Joe Truelove

Head of CI Business Development Corporate Clients, Kleinwort Benson

Erik Kaas

Co-Head of Investment Solutions, Partners Group

Hans van Swaay

Partner, Lyrique

Michael Diehl

Partner, Activa Capital

Mike Powell

Head of Alternative Investments, Universities Superannuation Scheme

Sonia Trocmé-le Page

Co-Founder & Partner, Global Private Equity

Helen Steers

Head of Private Equity, Pantheon

Peter McKellar

CIO, SL Capital Partners

Paul Newsome

Executive Director and Head of Investments, Unigestion

Julie Gray

Principal, Canada Pension Plan Investment Board

Dorte Hoppner

Secretary-General, European Private Equity and Venture Capital Association