The upcoming 20th annual Wharton Private Equity & Venture Capital Conference will be hosted on Friday, January 31st.
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The Secondaries market has grown rapidly since "The Great Recession", as Limited Partners have become increasingly focused on liquidity. This growth has continued through 2012, creating significant opportunities for funds to capitalize on value dislocation. The Secondaries Panel will discuss how the investing landscape has changed since 2008, where the industry’s best opportunities lie, current trends and challenges in the industry, and how funds can best differentiate themselves going forward as the Limited Partner universe begins to stabilize.
Ethan Falkove is a Managing Director in Neuberger Berman’s Private Equity Group. NB Private Equity manages $15 billion across four asset classes: secondary private equity, co-investments, fund-of-funds, and yield oriented investments.
Ethan is primarily responsible for sourcing, evaluating, structuring and purchasing secondary investment opportunities. He is one of the three principals managing a $3.0 billion secondary investment program and a member of the Secondary Fund Investment Committee. NB Secondary Opportunities Funds were formed to purchase seasoned private equity interests from investors desiring liquidity. The funds primarily invest in U.S. and Western European leverage buyout funds. They will also pursue mezzanine, distressed debt, energy, venture and fund-of-funds, as well as portfolios of direct invests and co-investments.
Prior to Neuberger Berman, Ethan worked for ten years in the private equity division of Deutsche Bank investing in secondary private equity and directly in operating companies. Ethan received his M.B.A. from Columbia Business School and his B.S. from the Wharton School of the University of Pennsylvania.
Ethan lives in Syosset, NY with his wife and four children.
Michael Hacker is a Principal in the Secondary Investment team of AlpInvest Partners where he is responsible for sourcing and evaluating secondary investment opportunities.
Prior to joining AlpInvest, Michael worked in the Private Funds Group of UBS Investment Bank where he played an active role in the development of the firm’s Secondary Advisory business and was responsible for providing secondary market advisory services to institutional private equity investors. At UBS, Michael was involved in the execution of over $4 billion of secondary transactions across more than 250 funds and direct private equity interests. Previously, he worked in the Leveraged Finance Group at CIBC World Markets where he focused on the structuring and execution of high yield, leveraged loan and mezzanine financings, primarily for financial sponsor related companies, as well as merchant banking investments.
Michael graduated cum laude from Williams College and received his MBA from the Wharton School of the University of Pennsylvania.
Prior to W Capital, Alison was an Associate in investment banking at Piper Jaffray where she focused on originating and structuring private convertible securities and derivative financings for public companies. Prior to Piper, Alison was a Senior Associate at Robertson Stephens where she helped establish both the structured private convertible business and the firm’s private capital markets effort in Europe. At Robertson, Alison also specialized in venture capital offerings for technology, consumer and healthcare companies in the United States. Alison also worked in the Quantitative Strategy Group at Deutsche Bank Asset Management.
Alison received an M.B.A. from The Wharton School of the University of Pennsylvania and a B.A. from Middlebury College.
Mr. Millan is a member of Park Hill's Secondary Advisory Group. Park Hill’ s secondary advisory practice is focused on delivering solutions to clients seeking portfolio liquidity, unfunded commitment relief and investments in secondary interests. In addition, Park Hill Group provides fund placement services for alternative investment managers, including private equity funds, real estate funds, venture capital funds and hedge funds. Prior to joining Park Hill, Mr. Millan was a Director with Citigroup Alternative Investments where he led secondary transactions and business development initiatives. Previously, he was a member of the Telecommunications, Media and Technology investment banking practice at J. P. Morgan Chase. He received a BA in Economics from Johns Hopkins University and an MBA from Harvard Business School.
Mike Pugatch joined HarbourVest's secondary investment team as an associate in 2003 and became a principal in 2010. He focuses on global secondary transactions including limited partnership interests, portfolios of direct investments, and large structured deals. Mike was a key participant in the acquisitions of direct private equity portfolios managed by Saints Capital and Ventizz Capital. He also took a lead role in two synthetic secondary transactions involving direct portfolios held by American Capital Equity Management and Arcapita, Inc.
Mike joined the Firm from UBS Warburg, where he spent two years in the Global Media Investment Banking Group focusing on mergers and acquisitions, corporate financings, and restructurings. He also has prior experience in the Technology Investment Banking Group at PaineWebber.
Mike received a BS (summa cum laude) in Business Administration from Babson College in 2001.
Philip Tsai is a Managing Director in UBS Investment Bank's Secondary Market Advisory Team and is based in New York. He has advised numerous holders of private equity on their liquidity options, with clients including some of the largest state agencies, endowments and financial institutions. He joined UBS in 2001 to make strategic investments for the firm and, as a member of the Third Party Private Equity Funds Team, he helped manage a $2.0 billion portfolio of funds and execute a $1.3 billion joint venture between UBS and HarbourVest Partners called Tresser, L.P. Prior to UBS, Phil made early-stage investments with Telligent Capital, a venture capital firm based in New York. Prior to that, he made private equity investments throughout Asia with Newbridge Capital in Hong Kong. Earlier in his career, he analyzed proposed mergers, acquisitions, divestitures and leveraged buyouts in the Mergers, Acquisitions and Restructuring Department at Morgan Stanley in New York. Phil graduated from Brown University, magna cum laude, with a Bachelor of Arts degree in Economics and earned his MBA at Harvard Business School.
With credit markets open, sustainable returns come from helping portfolio companies build differentiated market positions. The Wharton PEVC conference's Value Creation panel explores differentiated strategies employed by various private equity firms. Time honored approaches such as buy-and-build, operational best practices, or portfolio management groups hold the key to value creation the old-fashioned way: growth in revenues and profitability.
Geraldine A. (“Gerrie”) Sinatra advises private equity sponsors through the life of their investments in portfolio companies with a focus on accomplishing successful exits. She advises sponsors in their domestic and cross-border acquisitions of portfolio companies and related financing transactions and represents sponsors and their portfolio companies in subsequent add-on acquisitions or dispositions, financings, dividend recapitalization transactions, and restructurings.
In addition, Ms. Sinatra advises sponsors and portfolio companies working toward a liquidity event, such as a public offering or divestiture, and assists sponsors, portfolio companies, and management in negotiating employment and equity terms.
Since 2006, Ms. Sinatra has been recognized as a leading corporate/M&A; and private equity lawyer by Chambers USA, a referral guide to leading lawyers in the United States. In recent editions, Chambers has described Ms. Sinatra as “a good all-round legal quarterback for corporate transactions” who is “tireless and unbelievably tenacious in getting things done.” She is also recognized for her work in private equity by The Legal 500 (U.S.), where she is cited as “responsive, efficient, and has a broad range of technical knowledge,” and is listed in The Best Lawyers in America. In addition, Ms. Sinatra was recently named among the “2010 Most Powerful and Influential Women of Pennsylvania” by the National Diversity Council, a national organization that seeks to promote diversity and inclusion within workplaces and communities.
Mr. Abdo is a member of the Gores Small Capitalization Partners Investment Committee and responsible for originating and structuring transactions, and overseeing portfolio company exits. While at Gores, Mr. Abdo has held multiple senior M&A; and senior Operating roles in both the US and Europe. Mr. Abdo led, as CEO, several restructurings of Gores portfolio companies including Select Business Solutions, Jamis Software and Real Software. As a part of these restructurings Mr. Abdo orchestrated both acquisitions and divestures as a means of transforming the businesses.
After completing the turnaround and exit from Real Software in 2008, Mr. Abdo joined the M&A; team in Europe followed by a transfer to Los Angeles in 2010. Prior to joining Gores, Mr. Abdo worked for Per-Se Technologies (formerly known as Medaphis). Mr. Abdo began his career in 1986 with VERSYSS, Inc., where he held various sales and management positions. Mr. Abdo has a B.S. in Finance from the University of Colorado.
Seth Brody has been with Apax Partners since 2008 as an Operating Partner based in the New York office. His prior executive operating experience includes roles as Executive Vice President and General Manager at Razorgator Interactive Group, as Group Vice President and General Manager at Orbitz Worldwide, and as Director of Marketing at priceline.com. Mr. Brody serves on the Board of Directors for Bankrate, Inc. (NYSE:RATE) and is a member of the Operating Board at NETRADA Management GmbH. He also serves as a Director of Tagman, Inc. and an advisor to Greycroft Partners, a leading venture capital firm focused on digital media and technology. He received his B.A. from Yale University and his M.B.A. from Harvard Business School.
Bill Fry leads the Resources Group, which assists portfolio companies with value creation by providing them world-class talent in operations, strategy, IT, HR and pricing. Bill joined American Securities in 2010, having previously been the CEO of Oreck Corporation. He has also been at the helm of several entities owned by various private equity firms and public companies, holding positions as President of the Dixie Group, CEO of Bell Sports and Bell Riddell, and President of Easton Bell Sports. In addition, Bill spent eight years in the United States Navy, last serving as a Lieutenant in the Nuclear Propulsion Program.
Mr. Rosenberg joined Sterling in 1999 and is a member of the Investment Committee. As managing director, Mr. Rosenberg works on all aspects of the deal process including identification and due diligence of prospective acquisitions, and management and oversight of the active portfolio. Mr. Rosenberg also manages the Sterling Accelerator Program and works on First Choice Emergency Room and Meritas.
Prior to joining Sterling, Mr. Rosenberg worked as an investment banker at Vector Securities International and as a Vice President of acquisitions at Heitman Financial.
Mr. Rosenberg is a founding member, former chairman, and current board member of the Illinois Venture Capital Association, the leading private equity association in the Midwest. Mr. Rosenberg received a BA from Duke University and MBA from the Kellogg School of Management and currently sits on the Kellogg Alumni Council.
Tom Shaffer, a Director with Alvarez & Marsal’s Private Equity Services Operations Group, has been with A&M; since 2008 and has held both interim management and operational improvement-focused consulting roles during his tenure.
At A&M;, his experiences include serving as the CFO of a private-equity owned, global manufacturing firm where he led a successful recapitalization, revamped the firm’s cash management practices, overhauled the monthly financial reporting packet, co-led the re-design of the corporate compensation plans, substantially upgraded the human capital of the finance division, and oversaw HR and IT. On other engagements, he has provided advisory services and analytical support to the C-suite, including his work on A&M; Capital’s first investment, where he led business process re-engineering of many key functions. On that engagement, he also led a PMO that tracked progress of the company’s initiatives against benchmarks outlined in the operational due diligence and investment thesis.
Prior to A&M;, Mr. Shaffer held positions in investment banking and economic / financial consulting, and also served as an adjunct finance lecturer at Georgetown University’s McDonough School of Business, as well as George Washington University’s MBA Program. Mr. Shaffer received a BA, magna cum laude, in economics from the University of Pennsylvania and MBA from Harvard Business School.
In the wake of an evolving competitive landscape, it is becoming increasingly important for middle market private equity firms to find sustainable strategies for investing and improving businesses. The panel will share insight as to which industries and geographies are particularly compelling and will discuss the latest trends and challenges in middle market investing. Furthermore, the panel will also compare these trends and challenges to recent history and discuss how funds can best differentiate themselves as they source, fund and manage deals moving forward.
Henry N. Nassau, chair of the firm’s corporate and securities group, represents private equity sponsors, venture capital firms, public and private corporations, management teams, boards of directors, and special committees in corporate and securities matters. He advises clients on mergers, acquisitions, dispositions, investments, securities offerings, proxy contests, corporate governance, and general corporate matters.
Mr. Nassau has been recognized for nine consecutive years as a leading corporate/mergers and acquisitions lawyer and has also been ranked as a leading private equity buyouts lawyer by Chambers USA, a referral guide to leading lawyers in the United States based on the opinions of their peers and clients. Chambers has noted that Mr. Nassau is a “terrific, responsive and pragmatic attorney” who “provides ‘wise advice’ on M&A; and private equity transactions” and is "always there when [we] need top-drawer legal analysis." Mr. Nassau has also been recognized in The Legal 500 (U.S.), which, in a recent edition, cited him as “responsive and impressive” and “a superstar—smart with great attention to detail.”
In addition, he has been recognized for his work in corporate governance and compliance law, corporate law, and mergers and acquisitions law by The Best Lawyers in America, which also named him the Corporate Governance and Compliance Lawyer of the Year in Philadelphia in its 2011 edition.
A former chair of Dechert’s Business Department, Mr. Nassau left Dechert in 1999 for Internet Capital Group to serve as general counsel. He most recently served as ICG’s chief operating officer, general counsel, and secretary.
Philip Borden is a General Partner at Riverside Partners, a middle-market private equity firm focused on healthcare and technology investments. The firm is currently investing out of Riverside Fund V, a $561 million equity fund raised in 2012. Mr. Borden leads much of Riverside’s activity in the healthcare industry and currently serves on the boards of Allied Dental, Dominion Diagnostics, Pilgrim Software, and Tegra Medical. Over his career, he has made investments in medical products and equipment, healthcare services, healthcare IT, outsourced manufacturing, diagnostics and laboratories, and analytical instrumentation.
Prior to joining Riverside, Mr. Borden worked at Oxford Bioscience Partners, a leading life science venture capital firm. Mr. Borden began his investment career at Frazier Healthcare in Seattle. Mr. Borden holds a Bachelor of Science degree in Cell and Molecular Biology from Duke University, with honors, and a Master in Business Administration from Harvard Business School, where he graduated with highest distinction as a Baker Scholar.
Sean joined GTCR in 2001 and is currently a Managing Director of the firm. He was previously a consultant with The Boston Consulting Group. Sean holds an MBA from the Wharton School at the University of Pennsylvania as well as AB and BE degrees in Engineering Sciences from Dartmouth College. Sean currently is a director of Cord Blood Registry, Devicor Medical Products and Sterigenics. He was instrumental in GTCR’s investment in Ovation Pharmaceuticals.
Mr. Ewald is a Managing Director in the Private Equity group. Previously, Mr. Ewald worked as a Case Team Leader in Bain & Company’s LBO Group, where he advised private equity clients on strategic due diligence issues. Mr. Ewald also worked as a Manager in the Corporate Audit Staff at General Electric.
Mr. Ewald received an M.B.A. from the Wharton School at the University of Pennsylvania and a B.S. in mechanical engineering from Cornell University.
Mr. Ewald has been involved with Aavid Thermalloy, API Heat Transfer, Arnold Magnetic Technologies, Astrodyne, ATG Rehab, Bridgeport Tank Trucks, CIBT Global, Chart Industries, Coast Crane, ColorMatrix, Distribution International, Dynisco, Elgin Equipment Group, Elgin Fastener Group, nash_elmo, Philips and Temro, Quest Specialty Chemicals, Thalheimer Brothers, Thermon Industries, United Recovery Systems, UTEX Industries, Winchester Electronics, among other companies.
Jeffrey K. Quake, Managing Director, joined First Reserve in 2005. His responsibilities include investment origination, structuring, execution, monitoring and exit strategy, with particular emphasis on the global equipment manufacturing and services sector. Prior to joining First Reserve, Mr. Quake was a member of the investment team at J.P. Morgan’s private equity fund for five years. Prior to J.P. Morgan, he was a member of the Corporate Finance team at Lehman Brothers, Inc. Mr. Quake holds a B.A. degree in Economics from Williams College and an M.B.A. from Harvard Business School.
Despite global uncertainty and economic challenges abound, the leveraged buyout community continues to adapt in order to seize unique opportunities while mitigating headwinds presented by the current investing climate. Our panelists will discuss investment strategies being employed to capitalize on compelling proprietary investment opportunities across certain industry sectors and geographies. The speakers will also illuminate the challenges confronting private equity firms such as reduced fund sizes, increased competition for quality companies and impediments to value creation.
Andrew is a Partner in the PricewaterhouseCoopers Transaction Services Group and a member of the Firm’s Private Equity Leadership Team.
As the lead relationship Partner for one of PwC’s largest clients, Andrew manages a global team which delivers a range of services including due diligence, structuring, financial modeling and post-acquisition portfolio support services. He has led multinational teams in the evaluation of transactions in North America, South America, Europe and Asia.
Andrew’s experience includes over 15 years working with private equity firms and their portfolio companies. His industry expertise includes: Aerospace and Defense, Retail and Consumer Products, Telecom and Media, Industrial Products and Technology. Andrew also has experience helping his clients address industry issues such as the changing regulatory environment, leveraged purchasing, anti-corruption and sustainability.
Andrew is a Chartered Financial Analyst and Certified Public Accountant. He received a B.S. in Business Administration from Millersville University, an M.B.A. from Drexel University and an M.S. in the Management of Technology from the University of Pennsylvania. Andrew also serves on the board of directors of Capital for Children and Charter Board Partners.
Cameron Breitner is a Senior Managing Director at CVC Capital Partners. Cameron joined CVC in 2007 as one of the initial members of its New York office, where he covers the consumer, retail, and energy sectors. He has been involved in CVC’s investments in BJ’s Wholesale Club and Leslie’s Poolmart, and is a member of CVC’s Philanthropy Committee. Prior to CVC, he was with a Managing Director at Centre Partners, where he had worked since 1998 and been involved in the acquisitions of Bumble Bee Foods, Quickie Manufacturing, Garden Fresh Restaurants, Gray Wireline, and Nexus Gas Partner, among others. He received a Bachelors Degree in Psychology, magna cum laude, from Duke University and is a member of the Board of Directors of Venture for America.
Mr. Farkas is a Director at Hellman & Friedman in the New York office. He is a Director of OpenLink Financial, LLC. and Sheridan Holdings, Inc, and was formerly a Director of Getty Images, Inc. He was also active in the investments in SolArc, Inc. and Jupiterimages and primarily spends time in the financial technology and business services industries. Prior to joining the Firm in 2006, Mr. Farkas was employed by Bain Capital in London, Boston, and New York and worked as a management consultant with Bain & Company in Boston.
Mr. Farkas graduated magna cum laude with a B.S. from The Wharton School of Business and a B.A. from The College of Arts and Sciences of the University of Pennsylvania and earned an MBA from the Harvard Business School.
Stephen Hoffmeister joined Advent International in 2004. Previously, he was with Bain Capital LLC, where he worked on buyouts in several industries, including industrials and financial services. Prior to that, Stephen worked at Bain & Company, a leading strategy consulting firm, in both Toronto and Sydney advising companies in the financial services, telecommunications and air transportation sectors. Stephen received a Bachelor of Commerce, First Class Honors, from Queen’s University in Canada and an MBA from Harvard Business School.
Sean T. Klimczak is a Senior Managing Director in the Private Equity Group and is based in New York.
Since joining Blackstone in 2005, Mr. Klimczak has been involved in the execution of several Blackstone investments, including various Sithe Global investments (including Goreway, Bujagali, GNP Mariveles and SKS), Cheniere Energy Partners, PQ Energy, Meerwind, Transmission Developers, American Petroleum Tankers and The Weather Channel. Before joining Blackstone, Mr. Klimczak was an Associate at Madison Dearborn Partners. Prior to that, Mr. Klimczak worked in the Mergers & Acquisitions department of Morgan Stanley & Company’s Investment Banking Division.
Mr. Klimczak received a B.B.A. in Finance and Business Economics from the University of Notre Dame, where he graduated summa cum laude and was elected to Beta Gamma Sigma, and an M.B.A. with High Distinction from Harvard Business School, where he graduated with the highest academic standing in his class and was selected as a Baker Scholar, a John L. Loeb Fellow, a Henry Ford II Scholar and a William J. Carey Scholar. Mr. Klimczak serves as a director of Sithe Global, Cheniere Energy Partners, PQ Energy, Meerwind, Transmission Developers, American Petroleum Tankers and The Blackstone Charitable Foundation.
Dan Zilberman is a Managing Director at Warburg Pincus focusing on investments in banks, insurance companies, specialty lenders, asset managers and service providers to the financial services industry. Prior to joining Warburg Pincus in 2005, Mr. Zilberman worked at private equity firm Evercore Capital Partners and investment bank Lehman Brothers. He is a board member of Aeolus Re Ltd., Primerica Inc., Santander Consumer USA and The Mutual Fund Store and is an observer on the boards of Sterling Financial and Webster Financial Corporation. Mr. Zilberman is also on the board of The Global Film Initiative, a not-for-profit organization. He received a B.A. in international relations from Tufts University and an M.B.A. in finance from The Wharton School at the University of Pennsylvania.
Although more than 66% of the global population lived across both regions in 2011, only 15% of PE funds raised were allocated to these markets. Are they true growth stories with huge opportunities or merely bubbles? This panel will address who the main players are and the type of PE deals being done. Do returns for these funds exceed their US counterparts? Notably, regulation and market dynamics of developing nations can cause investments to fail - how do leading PE firms deal with this? What are the differences investing across the different regions and countries, and how do firms navigate pitfalls to succeed? Who will the winners or losers be when the dust finally settles?
Tim Hartnett is the U.S. Private Equity Sector Leader, based in New York. Tim oversees the national practice, delivering private equity clients a single point of access to assist them at every level of their business: managing funds, portfolio company performance, and transaction diligence. Additionally, Tim is the Global Relationship Partner responsible for one of the Firm's top clients.
Tim has had more than 17 years of experience working with private equity clients. He has cultivated extensive relationships across the industry and currently serves on the Advisory Committee for the Private Capital Research Institute (PCRI), a non-profit organization that seeks to further the understanding of private capital and its global economic impact through independent academic studies.
Prior to his current role, Tim moved from New York to Miami to establish and lead the Transaction Services practice from 2004 to 2006. There he focused on M&A; and private equity activity in Florida, the Caribbean, and Latin America.
Tim specializes in providing a broad range of acquisition services to financial buyers, including due diligence, valuation, structuring, taxation, and specialist consulting. He has experience in many industries, including manufacturing, retail, extraction, transportation, and hospitality, and has led various cross-border acquisition teams evaluating transactions in Latin America and Europe. Tim also has considerable experience dealing with current issues and opportunities facing PE Management Companies, including the new regulatory environment, LP relationships, sustainability, and leveraged purchasing.
Tim holds an MBA from Columbia Business School and a BS from Boston College. He is a member of the American Institute of Certified Public Accountants and The New York Society of Certified Public Accountants. He also serves on the Board of Directors of The Valerie Fund, an organization that provides treatment and counseling to children with cancer and blood disorders.
Enrique Bascur has led the activities of Citigroup Venture Capital International (CVCI) in Latin America since January 2006 and is a member of the Investment Committee for CVCI. He has 13 years of experience in private equity in Latin America. Prior to his current role with CVCI, Mr. Bascur developed a career in investment banking in Latin America, with Citigroup in local operations in Chile and Venezuela (1985-1991 and 1997-2000), and with Bankers Trust New York covering the region (1992-1997), acquiring broad experience in Latin American M&A; transactions and Capital Markets. Shortly after his return to Citigroup Chile in 1997, he assumed responsibility for the local private equity unit, which became part of CVCI in 2001. Since then he has been responsible for the execution of a large number of Private Equity investments and exits in industries that range from natural resources to consumer driven and infrastructure. He currently sits on the boards of several portfolio companies, such as Transportadora de Gas Internacional, Moller & Perez-Cotapos, Dreams,Prisma Hoteles and Intcomex.
Mr. Bascur has a Civil engineering degree from the Catholic University of Chile and an MBA from The Wharton School (Class of 1983).
Ralph Keitel is a Principal Investment Officer in the Private Equity and Investment Funds department of the International Finance Corporation (IFC), the private sector arm of the World Bank Group. Since joining IFC in early 2006, he has been responsible as regional lead for IFC’s private equity fund activities in Eastern Europe/Russia (2006-2008), Africa (2008-2011) and Latin America (since 2011).
Prior to joining IFC, Ralph was with Caisse de Dépot et Placement de Québec (CDP) in Montréal, where he was responsible for a portfolio of venture capital funds in North America and Europe. Previously, he spent nearly 5 years with TBG (now part of the KfW Group, Frankfurt), providing seed financing and venture capital for technology start-up companies before assuming responsibility for TBG’s funds portfolio.
Ralph holds a Bachelor’s degree in Business Administration and a Master’s degree in Economics from the University of Bonn (Germany) as well as a post-graduate degree in Management (Dean’s Honour List) from McGill University in Montreal (Canada).
David is currently General Partner and Co-Founder of Avoda Capital, a private equity firm with an investment focus in East Asia. David was chief executive of McKesson China for nearly 10 years where he developed market entry strategy, directed M&A; activities, and negotiated partnerships with major pharmaceutical manufacturers in Greater China. Prior to McKesson, David was COO at YesAsia.com, the largest global Asian e-commerce company, backed by Walden Ventures, PCCW and Morgan Stanley. David has also held senior positions in strategic planning, marketing, and operations at IBM, American Express, and Ernst & Young. He has lectured on start-up strategy at Harvard Business School and Peking University. David has an MBA, a Master’s degree in Industrial Engineering, and a B.S. in Operations Research from Cornell University.
Steve has a career that is both commercial and academic. Outside of Wharton, Steve is Venture Partner, Burrill & Company, a venture capital fund focused on the life sciences and health care. His role at Burrill & Company is development of overseas venture capital funds.
During his 20 years on the Wharton faculty, he has created ten courses that he has taught to over 7500 students. Steve actively teaches health care management in India and is organizing the first health care management MBA in Africa.
Steve previously held the positions of Vice President of Development of Teleflex Incorporated and Vice President, S.R.One, Ltd., GlaxoSmithKline’s venture fund. During his career he was Managing Director of the Center for Technology Transfer at the University of Pennsylvania. At the start of his career, Mr. Sammut co-founded and served as CEO of the Delaware Valley Organ Transplant Program.
A host of factors including a highly competitive distressed private equity marketplace, large amounts of unspent ‘dry-powder’ capital, and cheap easily structured leverage are creating a challenging execution environment. Further, relative macroeconomic stability seems to be generating fewer opportunities for distressed investors. This panel will explore how all of these factors play into the current environment; from fund management, including fundraising and exit strategies, to sources of deal flow and current valuations, we will tap a group of industry experts to shed light on where things stand and where they are headed.
Mr. Terlevich has 15 years of asset management experience in alternative investments and special situations. Mr. Terlevich leads all non-investing business activities for LL Funds. Prior LL Funds, Mr. Terlevich was a Partner at Permit Capital, leading its manager selection and special situations investments from 2007 to 2009. Prior to Permit Capital, Mr. Terlevich was an Executive Director and Portfolio Manager of Morgan Stanley Alternative Investment Partners. During 2003 to 2007 he led or co-led investments for over $700 million; including direct private equity secondaries, co-investments, and primary fund investments in the U.S., Europe, and Latin America. He monitored over $1 billion of private equity and real estate investments globally and actively participated in a $2 billion fundraising effort. He was a Principal with Advent International Global Private Equity’s London office, where he worked from 2000 to 2002, having initially joined Advent’s Latin America Private Equity Fund in 1999. He started his professional career at McKinsey & Company in 1996.
Mr. Terlevich holds BS and MS degrees (magna cum laude) from Universidad Católica Argentina and a MBA from The Wharton School, University of Pennsylvania. Mr. Terlevich serves as a Trustee and Treasurer of Wharton Private Equity Partners and is a former Trustee and Treasurer of The Baldwin School. Mr. Terlevich lives in Bryn Mawr, Pennsylvania, with his wife, and two children.
Mr. Cruz joined Centerbridge in 2007 and currently focuses on investments in the Industrials, Energy & Power sectors. Prior to joining Centerbridge, Mr. Cruz was a Vice President at Diamond Castle Holdings (“Diamond Castle”), a private equity firm founded by former senior professionals of DLJMB. Prior to Diamond Castle, Mr. Cruz had worked as an Associate at DLJMB and J.W. Childs Associates, a Boston-based private equity firm. Mr. Cruz began his career as an Analyst in the Mergers & Acquisitions department of Goldman Sachs. Mr. Cruz graduated Phi Beta Kappa from the University of Michigan where he earned a B.B.A., with high distinction, and received an M.B.A., with honors, from The Wharton School of the University of Pennsylvania, where he was a Palmer Scholar. Mr. Cruz serves on the Boards of Directors of Patriot Container Corp., Aquilex Holdings LLC, Penhall Holding Company and Seitel Holdings, Inc.
Newton Glassman is the Managing Partner of the Catalyst Capital Group Inc. Founded in 2002, Catalyst is one of the world’s top-performing private equity fund managers, as reported by Preqin, having experienced over 40% returns per year since the firm’s inception (without a single negative year in any fund). Catalyst specializes in control and/or influence investments in distressed and undervalued Canadian situations. Catalyst now manages five funds with assets of over $US 3 billion.
Catalyst’s motto of “we only buy what we can build” reflects the firm’s focus on helping to build industry leading businesses and the firm’s intentional focus on operational issues. Catalyst itself is seen as a “manufacturer” (i.e. of risk adjusted returns), as opposed to being an “aggregator” (i.e. those that seek to maximize Assets Under Management).
Mr. Glassman has more than 20 years of experience in private equity, distressed, and under-valued situations in Canada and the U.S. Before founding Catalyst, he was a Managing Director at Cerberus Capital Management LP where, among other things, he was responsible for Cerberus’ involvement in Canadian-based situations. Prior to Cerberus, Mr. Glassman held operational, strategic, and financial roles at a number of different firms.
Mr. Glassman holds an M.B.A. from the Wharton School of Business at the University of Pennsylvania and both a J.D. and a B.A. in Economics from the University of Toronto.
Paul Halpern is the Chief Investment Officer of Versa Capital Management, LLC. Mr. Halpern has responsibility for day-to-day oversight and supervision of the content, quality and implementation of Versa's investment process, including transaction sourcing, due diligence, underwriting and execution.
He is a member of the firm’s Investment, Portfolio and Management Committees, and is currently a Director of Versa’s portfolio companies Allen-Vanguard, American Laser Skincare, Avenue Stores, Bell + Howell, Bob’s Stores, Central Parking, Civitas Media, Holliston, Polartec and Simplexity.
Mr. Halpern received a J.D. from Stanford Law School (with distinction, law review and Order of the Coif) and his B.A. from Reed College (Phi Beta Kappa). He has been a member of Versa and its predecessors since 1995.
Darren Richman is a Senior Managing Director with The Blackstone Group. He focuses on distressed and special situation investments, and is a member of GSO’s Investment Committee. Before joining GSO Capital Partners in 2006, Mr. Richman worked at DiMaio Ahmad Capital where he was a founding member and the co-head of its investment research team. Prior to joining DiMaio Ahmad Capital, Mr. Richman was a Vice President and Senior Special Situations analyst at Goldman, Sachs. Mr. Richman began his career with Deloitte & Touche, and ultimately served as a Manager in the firm’s Mergers & Acquisitions Services Group.
Mr. Richman holds BS/BA degrees in Accounting from the University of Hartford and an MBA from NYU’s Stern School of Business. He was formerly a Certified Public Accountant and a Member of the American Institute of Certified Public Accountants.
In today’s uncertain economy, Limited Partners are spending more time on the construction of their private equity portfolio as they decide which investment strategies they want to pursue and which firms they will invest with. As the number of General Partners seeking capital continues to increase, and many investors are looking to reduce the number of managers they support, the competition for capital is extremely high. Panelists will discuss the challenges and opportunities facing Limited Partners, including decision-making hot buttons such as risk/return profiles, underwriting discipline, partnership terms and alignment of interests.
Mr. Hayes is a deal team leader, a portfolio company oversight team leader and a member of the Firm’s investment committee. He is also in charge of oversight and policy enforcement with respect to the Firm’s investment evaluation and approval process. He also works with the CFO on financial management matters.
Prior to joining Milestone as a Vice President in 2002, Mr. Hayes worked at JPMorgan H&Q; where he completed a variety of M&A;, equity and debt transactions as an Associate in the Investment Banking Group in San Francisco and New York. Before joining JPMorgan H&Q;, Mr. Hayes worked for the Stratum Group in New York where he analyzed and invested in numerous middle market transactions utilizing senior and mezzanine capital. Mr. Hayes also worked for First Fidelity Bank as a Financial Analyst. Mr. Hayes has a B.S. in Economics and an M.B.A. from The Wharton School at the University of Pennsylvania.
Jordan is an Investment Manager in the Fund Investments team where he has responsibilities for sourcing, evaluating, and executing fund opportunities in North America. He joined AlpInvest Partners in 2006 from UBS Investment Bank, where he was an Associate Director in the Private Funds Group. Previously, Jordan was an analyst at Goldman Sachs & Co. Jordan received a BS in Commerce, with distinction, from the McIntire School of Commerce at the University of Virginia.
Sebastien is a Partner responsible for origination and execution in the US market.
Since joining Coller Capital in 2003, Sebastien has worked on all aspects of the secondary transaction process and has completed numerous direct and LP transactions. Sebastien has been part of the team responsible for investing Coller International Partners IV and V. Sebastien started off in Coller Capital's London office where he worked until early 2006, at which point he moved to New York where he has since contributed towards the firm's growing presence in the US market.
Before joining Coller Capital, Sebastien worked for General Electric as an Associate in the Corporate M&A; group, and prior to that for GE Equity, General Electric's direct private equity group, where he focused on mid-market buyouts and co-investments.
Sebastien holds a BA (Hons) in Finance from Audencia – École Superieure de Commerce de Nantes in France, and an MBA (Hons) from the Wharton School of the University of Pennsylvania.
Tanya Carmichael joined Teachers’ Private Capital in 2006 and is part of the senior team responsible for private equity fund investing and portfolio management, focusing on North America and Asia. Tanya represents Teachers’ on numerous limited partner advisory committees. From 2007-2011, she was a member of the Institutional Limited Partners Association (ILPA) board of directors and recently re-joined the ILPA Board as the Chair of Research, Benchmarking and Standards. Tanya also sits on the Private Equity Steering Committee of the Principles of Responsible Investment.
Before joining Teachers’, she spent five years as an executive director in CIBC World Markets’ private equity funds group, as well as several years in legal and compliance roles for CIBC. Tanya completed her articles at Stikeman Elliott law firm in Toronto. She received a BA (Honours) from Queen's University and an LLB from the University of Western Ontario.
Mr. Herman, Managing Principal, is a member of Park Hill’s private equity distribution team. Prior to joining Park Hill, Mr. Herman was President of Atlantic Pacific Capital. Previously he was with Klitzberg Associates where he raised institutional assets for alternative investment managers. Mr. Herman began his career as a consultant with SEI, Inc. He received a BA in Economics from Fairfield University, attended London School of Economics and received an MBA from Pace University.
Andrea is a Managing Director at Hamilton Lane where she is responsible for the oversight and management of the firm’s global Fund Investment Group. Andrea is a member of the Investment Committee and also serves on a number of fund advisory boards.
Prior to joining Hamilton Lane in 2005, Andrea worked as a General Partner at Exelon Capital Partners where she managed investments in the energy technology and enterprise application areas; as a Senior Business Development Manager for Philadelphia Gas Works; and as a Fund Manager for Murex Corporation.
Andrea received an M.B.A. in Finance from Temple University and a B.A. in Economics from Franklin and Marshall College.
Mr. Wilcomes joined DCM in 2002 and is a member of the investment team responsible for partnership selection and portfolio management.
Prior to joining DCM, Mr. Wilcomes was an Associate in the Private Equity Finance Group of Deutsche Banc Alex. Brown where he was responsible for due diligence, valuation and marketing in connection with private equity fund–raising. Prior to joining Deutsche Banc Alex. Brown, he was a Senior Consultant in the M&A; Due Diligence Group of Ernst & Young, LLP where he conducted due diligence in connection with M&A; buy side advisory assignments.
Mr. Wilcomes earned his Bachelor of Business Administration from the University of Michigan and his M.B.A. at The Wharton School at the University of Pennsylvania.
In recent years, the challenging global economic environment has impacted the direction of Venture Capital, which remains a critical source of funding for innovation. This panel will examine the current phenomenon of LPs decreasing their allocation to the asset class, in favor of chasing after the top funds. While social media and e-commerce startups are becoming increasingly expensive--perhaps another bubble in the making--deals in other areas (clean tech, med tech) continue to lack funding. Exit options for start-ups continue to evolve with market uncertainty, as IPO markets have remained unpredictable while strategic acquirers have become more active. We will also look at differences between the tech-heavy VC deals in Silicon Valley and the West Coast, as compared to their more diversified East Coast counterparts. The panelists will discuss their respective firms’ current sector focus, deal exit options, and the unique opportunities and challenges facing companies in different investment stages.
Brett Topche is a Managing Director at MentorTech Ventures, a seed- and early-stage venture capital fund investing in companies with connections to the University of Pennsylvania ecosystem. Typically, this means companies founded or run by students, faculty members or alumni of the university or companies built around IP developed at the university. Brett has more than a decade of venture capital and private equity experience and has spent much of his career primarily focusing on investments in ecommerce, digital media, mobile applications, marketing technologies and B2B software. He represents MentorTech on the Boards of Directors of PayPerks and Kembrel and served on the Board of Wanderfly prior to its acquisition by TripAdvisor. He also serves as a Board Observer at Curalate, Innova Dynamics, SeniorHomes.com, Soft Tissue Regeneration and TicketLeap and as a member of the Investor Advisory Board of SnipSnap.
Prior to joining MentorTech, Brett was a member of the Fund Investments Team at Hamilton Lane Advisors, a fund-of-funds manager and private equity investment consultant. In this capacity, he evaluated private equity funds across a broad spectrum of stages and strategies on behalf of both discretionary and non-discretionary clients. Prior to working for Hamilton Lane, Brett spent more than four years as an Associate with NJTC Venture Fund, where he focused on investments in early-stage companies in the software, Internet and communications sectors.
Brett is a graduate of the Wharton School, with a B.S. in Economics, with concentrations in Finance and Legal Studies and a Political Science minor from the College and Arts and Sciences.
Michael Bigham, Partner, has 14 years of operational experience and six years investment banking experience in life science companies and has been with Abingworth since 2002. He was formerly Vice Chairman of Corixa and was President and Chief Executive of Coulter Pharmaceuticals from July 1996 until it merged into Corixa in December 2000. Previously, he was an early employee at Gilead Sciences where he spent eight years serving in various capacities, including Executive Vice President of Operations and CFO. Before joining Gilead, Michael was a partner at Hambrecht & Quist where he became Co-Head of Healthcare Investment Banking. His directorships have included Avila Therapeutics, Magellan, Primera Biosystems, Supernus Pharmaceuticals and Valeritas. Michael has a BS Degree in Commerce from the University of Virginia and qualified as a CPA before completing his MBA at Stanford University. He is responsible for Abingworth’s Boston office and focuses on growth equity and East Coast venture deals.
Adam joined Charles River Ventures in 2012 as the first full-time team member in New York, focusing on Education, and Enterprise Software. He came to CRV from HubSpot where he started and led the National Accounts sales team to help bring Inbound Marketing to the enterprise.
Adam’s primary extracurricular activities revolve around education. Most recently, he cofounded The Flatiron School, a 16-week intensive program in New York City that gives people the skills they need to get jobs as Ruby on Rails Web Developers. Aside from that, he’s taught Entrepreneurship 101 at South Bay Correctional Facility, Inbound Marketing at Harvard Business School, & First Grade at Community Partnership Charter School in Brooklyn.
Adam holds a BA in Policy Analysis from Cornell University and an MBA from Harvard Business School, where he started the school’s first Sales Club in an attempt to squeeze some real skills out of his business school education.
Matt joined Bain Capital Ventures in 2012, to lead the NYC office and focus on business services companies, with a particular interest in financial services. Most recently, Matt co-founded and ran Village Ventures, where he focused on the same sectors and invested in such companies as BlueTarp, Consumer United, Dwolla, iSend, On Deck Capital, Simple, TxVia and Zipmark. Earlier in his career, Matt worked at Bain Capital in the private equity group.
Matt went to Williams College, graduating in 1994 with a degree in Political Economy. Matt was the Captain of the Williams College Rugby Club for his junior and senior year, which as you can imagine consumed nearly all of his spare time.
Outside of work, Matt is delighted to spend time with his wife, Jessica, and their two children. He is the Chairman of the Board of the Williamstown Theatre Festival, a regional theater associated with Williams College. Matt is obsessed with military history, and some day will write a book connecting the strategy and tactics of insurgency with what he has learned about entrepreneurship.
Imtiaz joined The World Bank’s Private Markets team in 2011 bringing over 10 years of private equity experience from the Ontario Teachers’ Pension Plan, where he was a senior member of the Funds team, actively involved in buyout and venture fund investing and co-investments. His previous experience also includes positions as an equity analyst, business development executive and management consultant within the telecom and technology industries. Imtiaz holds an MBA from the University of Western Ontario and a BSc (Engineering) from the University of Alberta.
Suzanne joined New Enterprise Associates (NEA) in 1995. She is a Partner and heads the firm's limited partner relations and marketing activities. In this role she led the fundraising for the firm's $2.5 billion NEA 13 fund. Suzanne started her career at NEA as a member of NEA's information technology practice and was involved in many investments including Guardent (acquired by Verisign), Quantum Bridge Communications (acquired by Motorola) and Motricity (NASDAQ: MOTR). Prior to joining NEA, Suzanne led the financial team at XcelleNet, a developer of system management software for remote access. She was part of XcelleNet's start-up management team that grew the company to a successful IPO in 1994. She also worked as a senior auditor for Arthur Andersen & Co., where she specialized in emerging information technology companies. Suzanne received a BS in business administration from the University of North Carolina at Chapel Hill and an MBA from the Kellogg School of Management, Northwestern University. Suzanne started her career in venture capital as a Kauffman Fellow.