Panels 
From Vultures to Saviors: How Distressed Investing is Helping to Shape Tomorrow's Economy
The credit crisis has left a wide-path of distressed assets in its wake. As the world's focus moves towards rebuilding economies, private equity firms are taking center stage in turning around some of America's most venerable industries. Whereas distressed investing historically has focused on short-term, opportunistic investing, recent financial markets have shown that more value may be created by taking a longer-term look at improving distressed assets directly.
Panelists:
- Moderator: David Gerson, Partner, Morgan Lewis
- Karl Beinkampen, Managing Director, Morgan Stanley Alternative Investment Partners
- John Caple, Principal, Bayside Capital
- Kyle N. Cruz, Managing Director, Centerbridge Partners
- Michael B. Fieldstone, Principal, Sun Capital Partners
- Michael Psaros, Managing Director, KPS Capital Partners
The Post-Crisis Asset Allocation Shuffle for Limited Partners: Double-Down or Fold?
The past year's economic crisis has made investing in private equity funds even more challenging. Lowered returns have forced Limited Partners to rethink their current investment strategies and perform greater due diligence on new investment opportunities. Some believe the deep losses in financial markets have decreased Limited Partners' tolerance for risk and reduced available capital for alternative investments. This panel will discuss how Limited Partners are responding to the market and what changes they are considering for their investment portfolios. The discussion will cover new investment strategies, geographies, and sectors that they believe are best positioned to generate attractive returns in this economic environment. Finally, the panel will also discuss the changes in Limited Partners' influence over fund terms and their ability to drive greater transparency from General Partners.
Panelists:
- Moderator: David Snow, Executive Editor and Director, PEI Media
- John Crocker, Managing Director, Citigroup Private Fund Group
- Andrew Deitch, Vice President of Private Investments, The Children’s Hospital of Philadelphia
- Gordon Hargraves, Partner, Rho Fund Investors
- Chris Jaroch, Managing Director, Newbury Partners
- Janna Laudato, Managing Director, Hauser Capital Markets
- Diane Sterthous, Vice President and Director of Alternative Investments, The Glenmede Trust Company
The Search for Alpha: How Private Equity and Hedge Fund Investing Will Evolve to Thrive in the New World
In recent years, private equity firms and hedge funds have pursued new strategies in order to deploy capital and generate returns in an increasingly crowded world. As the lines defining the boundaries of private equity and hedge fund investing have blurred, we have seen a degree of convergence for these asset classes. The panel will address several issues surrounding this topic and what the future holds, including: How have firms leveraged their success and expertise in one asset class to move into another? How do alternative asset managers evaluate their participation in both of these asset classes? Might the pressure on returns force these firms to return to focus on their core competencies? Should we expect to see continued interaction and partnership between hedge funds and PE firms on transactions going forward?
Panelists:
- Moderator: Andrew Ross Sorkin, Chief Mergers and Acquisitions Reporter, The New York Times
- Paul Gordon, Managing Director, S.A.C. Capital Advisors, LLC
- David Roberts, Senior Managing Director, Angelo, Gordon and Co.
- Ryan J. Marshall, Managing Director, Kohlberg Kravis Roberts & Co.
- Ali Namvar, Senior Analyst / Partner, Pershing Square Capital Management
- George Varughese, Managing Director, Alvarez & Marsal
Emerging Markets are Coming of Age: Reflecting on Key Success Factors and Identifying Future Opportunities
Emerging Markets in Asia and Europe have matured as investment destinations, and have witnessed an increased scale of investments and unprecedented growth in targeted fundraising. These markets were once considered remote, investor unfriendly and high risk. As we move into 2009, several frontier markets emerge which have the same underlying characteristics that the current emerging markets presented a decade ago. This panel will bring together leading global investors from current and potential emerging markets to discuss common themes, opportunities and concerns around investing in these geographies. They will also share their views on the market outlook and recommended steps needed to ensure a continued growth trajectory.
Panelists:
- Moderator: Daniel Hausmann, Reporter, Private Equity Analyst & LBO Wire
- Achmed Al-Shahrabani, Senior Vice President, Abraaj Capital
- Andrew Eberhart, Co-Founder, The Marshall Fund
- Martín Escobari, Managing Director, Advent International
- Javed Khan, Managing Director, The Blackstone Group
- Bharat Rao, Head of Financial Services, South East Asia, Actis
Venture Capital & Growth Equity: Early Stage Investing in the New Economy
In the first quarter of 2008, venture capitalists invested $7.5bn in 977 deals, marking a nearly 6% decline from the previous quarter. As venture investing has faced an increasingly capital-constrained environment, firms have become more selective, new investing trends have evolved, and opportunities have arisen for the future. Our panelists will share their insights on where venture capital is going as markets rebound, the role emerging markets such as India and China will play, the future outlook for traditional VC sectors (e.g., general technology, clean technology, and healthcare), and what new sectors to watch for in the 3-5 year time horizon.
Panelists:
- Moderator: Ben Terk, Partner, Rho Ventures
- Michael J. Bevan, Managing Director, Element Partners
- Greg Case, Partner, LLR Partners
- Rob Coneybeer, Founder, Shasta Ventures
- Sunil Dhaliwal, General Partner, Battery Ventures
- Ashmeet Sidana, Partner, Foundation Capital
Finding Gems Under Rocks - How to Drive Value Going Forward in Middle Markets
Amidst the current fallout in the global financial markets, early evidence suggests that middle market investing fared relatively better than large LBO investing. As the current recession hits Main Street, however, the middle market is showing dramatic signs of decline. This change, coupled with a competitive and saturated space, will pose significant obstacles for future investing. This panel will explore the challenges that lie ahead and how middle market funds should best-position themselves to source, fund and manage deals going forward.
Panelists:
- Moderator: G. Daniel O'Donnell, Partner and Chair, Private Equity Group, Dechert LLP
- Michael DeFlorio, Senior Managing Director, Harvest Partners
- Jeff Feinberg, Managing Director, Alvarez and Marsal
- Reginald L. Jones, III, Managing Partner, Greenbriar Equity Group
- Peggy Koenig, Managing Partner, Abry Partners
- Robert Long, Managing Director, Allied Capital
Leveraged Buyouts: Strategies in Times of Turmoil
The current economic environment poses serious threats for large buyouts. Virtually non-existent credit markets, the impact of a potential recession on current portfolio companies, depressed public market valuations and limited exit opportunities are just a few of the challenges currently facing the industry. This panel will explore strategies undertaken by leveraged buyout firms in today's chaotic environment. Furthermore, the implications of the unprecedented amounts of committed capital and the prospects of traditional leveraged buyout transactions will be explored. Lastly, panelists will discuss sectors and industries that they believe represent robust investment opportunities over the coming 12-24 months.
Panelists:
- Moderator: Curt Cornwell, Partner, Transaction Services, PricewaterhouseCoopers
- Peter J. Clare, Managing Director, Carlyle Group
- Jack Daly, Managing Director, Principal Investment Area, Goldman, Sachs & Company
- Buddy Gumina, Partner, Apax Partners
- Garett M. Moran, Senior Managing Director, The Blackstone Group
- Eric L. Zinterhofer, Senior Partner, Apollo Management
The Effect of Increased Regulatory Hurdles Following the Turmoil in Financial Markets
The turmoil in the financial markets has increased government involvement to levels never seen before. From active participation in the merger of banks, through nationalization of financial institutions, to the recent TARP rescue plan, these measures have been accompanied by increasing regulatory hurdles imposed on firms. As the public demand for more control on investment companies grows, are private equity funds next to be impacted? The panel will discuss the regulatory changes in the markets and their current and future impact on private equity funds in the eyes of legislators, lawyers and investors.
Panelists:
- Moderator: Jedd H. Wider, Partner, Morgan Lewis
- Marco Masotti, Partner, Paul, Weiss, Rifkind, Wharton & Garrison LLP
- Heather Cruz, Partner, Investment Management, Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates
- Julie Jones, Partner, Corporate Department, Ropes& Gray LLP
- Carmencita N. M. Whonder, Policy Director, Brownstein Hyatt Farber Schreck
Cooperation and Competition in International Private Equity
Turmoil in the financial markets has dramatically altered the deal making landscape for both domestic and international private equity funds. This panel will consider trends in non-US private equity investing that may emerge given these changes. Lackluster growth in the US markets may encourage US focused funds to look abroad and thus increase investment competition abroad. The crisis may either validate the multi-country fund model or determine that geographically focused funds should emerge as the winners. Finally, large pools of capital in the Middle East and Asia may serve as competitors and partners for traditional private equity funds.
Panelists:
- Moderator: Fabio Terlevich, Partner and Portfolio Manager, Permit Capital, LLC
- Patrick Abouchalache, Managing Director, Roberts Mitani
- Ettore V. Biagioni, Founder, Alothon Group
- Carla Gochman-Devillers, Executive Director, Hinduja
- Felix Herlihy, Chief Investment Officer, Istithmar World Capital P.J.S.C.
- Mukund Krishnaswami, Founder, Lighthouse Funds
