The Private Equity Secondaries Conference

Friday, April 24    -    The Westin Times Square    -    New York City




Friday, April 24, 2009
Registration, Breakfast & Networking
7:30 - 8:30 AM
A 360° TOUR OF THE PRIVATE EQUITY SECONDARIES MARKET
8:30 - 9:20 AM
  • Overview of prevalent deal structures including LP interests, company management/founder's interests, and take-private transactions
  • 2009: The year distressed and secondaries funds come to the fore
  • Why the market is poised to expand (and how it might avoid a bubble)
  • Key considerations to be aware of when contemplating a transaction; the impact on your GP relationship

PANLEISTS: DAN BURSTEIN, Millennium; JONATHAN COSTELLO, Morgan Stanley Alternative Investments; SASCHA GRUBER, LGT Capital Partners; VERDUN PERRY, CS Strategic Partners; RUDY SCARPA, Pantheon Ventures; CHRISTIAN VON SCHIMMELMANN, Goldman Sachs
RAISING MONEY: ATTRACTING NEW INVESTORS & OVERSEAS INVESTMENT
9:25 - 10:15 AM
  • Understanding the global climate for deals and capital
  • The community of investors including strategy-specific funds, funds-of-funds, and strategic investors
  • Buying into various fund vintages and ways to diversify a private equity investment strategy

PANLEISTS: KELLY DEPONTE, Probitas; TOM KERR, Hamilton Lane; MARK MACLEAN, Matrix Private Funds; JERRY NEWMAN, Willowridge Partners
Networking Break
10:20 - 10:45 AM
APPROPRIATELY PRICING YOUR BID
10:50 - 11:40 AM
  • How the underwriting process differs based on the scope of the sale, venture vs. buyout, US vs. non-US, and other factors
  • FAS Statement No. 157: Estimating fair value when it comes to alternative investments
  • Using NAV, comparables, and other metrics to price a fund or specific fund positions
  • Marking to the (Secondary) Market: Should LPs consider secondary sales in the valuation of holdings?
  • Dealing with GP risk and industry concentration issues within a portfolio

MODERATOR: TROY BARNETT, Adams Street Partners
PANLEISTS: STEPHANE CHEVRIER, AXA Private Equity; TOM KENNEDY, Kensington Capital Partners; JUSTIN POLLACK, Newbury Partners; CHARLES SMITH, RREEF Private Equity – Deutsche Bank Group; DAVID WAXMAN, Azla Advisors
SECONDARY DIRECTS & "STAPLED" TRANSACTIONS: VARIATIONS OF TRADITIONAL SECONDARIES
11:45 – 12:35 PM
  • The key differences between secondaries and secondary directs or "synthetics"
  • How General Partners can use stapled transactions to entice investment in new funds and replace LPs
  • The Seller's Point of View: Understanding your funding and liquidity options
  • Valuing interests where additional follow-ons are required
  • Other atypical structures including 'early' secondaries/lightly-funded interests and annex fund investments

PANLEISTS: MARTHA CASSIDY, Capital Dynamics; NEAL COSTELLO, AlpInvest; SAM SCHWERIN, Millennium; HANS SWILDENS, Industry Ventures; DAVID TOM, VCFA; DAVID WACHTER, W Capital Partners;
Networking Luncheon
12:40 - 1:40 PM
STRUCTURING & MANAGING THE SELL-SIDE PROCESS
1:45 – 2:10 PM
  • The role of advisors and how they help the seller
  • How to effectively manage the GP communication process
  • What legal support do you need?
  • How to optimize a transaction process to achieve good results in difficult markets?

SPEAKER: NIGEL DAWN, UBS Investment Bank
PLACEMENT AGENTS & ELECTRONIC EXCHANGES
2:15 – 3:05 PM
  • Understanding electronic exchanges, who uses them and how they supplement the sales process
  • Purchasing hedge fund stakes vs. LP interests in private equity funds
  • Different approaches to marketing, developing an auction, and price discovery

PANLEISTS: JEFFREY SMITH, SecondMarket; Additional Panelists TBA
Networking Break
3:10 - 3:35 PM
ARE "SECONDARY-LITE" TRANSACTIONS THE ONLY DEALS GETTING DONE?
3:40 – 4:10 PM
  • Using "Secondary-Lite" or early secondaries as an attractive alternative to primary investing for institutions and fund of funds
  • Is there value in the market for such interests?
  • Who are the most active investors in early secondaries?
  • Are these more about making primary fund judgments rather than valuing assets?
  • Reduced GP stability risk
  • Is selling early secondaries more like a primary placement or a secondary sale?

SPEAKER: ANDREW SEALEY, Campbell Lutyens
LEGAL CONSIDERATIONS IN THE SECONDARY MARKET
4:15 – 5:10 PM
  • Dealing with confidentiality issues
  • Navigating rights of first refusal and other pre-emptive rights
  • Tax issues in Secondaries: Structuring deals to comply with Safe Harbor Requirements including QMS and the 2% rule
  • Coping with LP clawbacks
  • Buying interests from defaulting LPs
  • Structured and synthetic secondaries
  • AIVs, blockers and other issues related to Foreign and Tax-Exempt Sellers
  • Material Adverse Change clauses
  • Differences between LP interests and secondary directs

PANLEISTS: MICHAEL BELSLEY, Kirkland & Ellis; BENJAMIN BERK, Howard Rice Nemerovski Canady Falk & Rabkin; SEAN HILL, Proskauer Rose
Closing Remarks
5:15 PM
The Private Investments Secondary Conference
Cocktail Reception
5:15 - 6:45 PM

-Audio Kit Available Upon Request-

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