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To register call +44 (0) 20 7878 6888 or register online at www.C5-Online.com/SEC
James Pitt Lexington Partners
Tom F. Clausen Capvent
Kaarina Suikkonen Feri
Claus Stenbaek Keyhaven Capital Partners
Cari Lodge Commonfund Capital
Loïc Rentiers Private Funds Group
Unlock liquidity, maximise returns and exercise control over your investments
10 – 11 June 2015 | Millennium Hotel London Knightsbridge | London, UK
Yaron Zafir Rede Partners
Christian Böehler Akina
Laura Shen Lefranc Headway Capital Partners
Tom Leader Nova Capital Management
Ram Rao Macquarie Capital
Pablo A. Calo Park Hill Group
Pierre-Antoine de Selancy 17Capital
Mark J. Mcdonald Credit Suisse
Howard F. Searing III Dupont Capital Management
Bernhard K. Engelien Greenhill Cogent
Jon Costello Morgan Stanley
Richard Hope Hamilton Lane
Featuring a highly practical interactive Workshop on Thursday, 11th of June: “Co-investments: Pulling It All Together to Mitigate Risks and Generate Outperformance“
4th Annual
“The relevance of the topics selected was high and the speakers were strong. Definitely one I will want to join again next year” – Director, Lazard Private Fund Advisory Group
secondaries and co-investments
� Benchmarkyourstrategiesagainsthighperformersanddevelopvaluecreating,carefullytargetedfundraisingandinvestmentpropositions;
� Locatebestopportunitiesindirect,GP-ledandnichesecondariesandlearnfromtheperformanceresultsofexperiencedinvestors;
� Getcommercialandlegaltipscompiledfromtheexperiencesofthemostsuccessfulpractitioners;
� Findliquidity;generatecashandeliminatebalancesheetliabilitiesassociatedwithunfundedcapitalcommitments;
� Obtaininsightsonsensitiveissuesanddevisethemosteffectivetransactionalstrategiesandpartnershipagreements,including:timingandkeynegotiationpoints;clawbacksandreturnsofdistributionstoLPs;transferprovisionsandtaximplications;
� Conveyyourfirm’smessagetothemostinfluentialsecondariesandco-investmentsaudience
S E R I E S
Part of the C5:
Business Information In A Global Context
Win-Win Strategies for Secondary Buyers and Sellers, Financial Sponsors and Industry Partners
As active portfoliomanagement becomes the top of the agenda for pension funds, banks and insurancecompanies, secondary private equity and co-investmentsmarket iswitnessing amassive spike in activity. High pricing provides a further boost for heavily invested LPs to put portfolios up for sale. However, thehighly invisible nature of this market coupled with strict legal restrictions on interests’ transfer make itparticularlychallengingtounderstandthefullimplicationsandrisks.Ifyou,likemanyothers,arefacingthechallengesofensuringthatyouhavethemosteffectiveandwell-definedinvestmentstrategyinthisrecord-breakingmarket while boosting your deal origination opportunity – then you should attend C5’s premier “Private Equity Secondaries and Co-investments”conference.
Don’tmiss your opportunity tomeet some of the leading regional and global investors, secondary funds,GPsandintermediarieswhoplaykeyrolesinfindinggrowthandliquidity,andsecurebestdeals inahighlycompetitivemarket.
“C5 delivered another excellent private equity conference. The content was spot on and reflected the hot button issues in the market. Thank you very much for all your hard work – clearly a lot of effort went into this event”, Christopher Rose, Partner, Squire Patton Boggs
Register nowforthisunique,dedicatedeventtailoredtoaddressthespecificneedsandchallengesofserioussellersandbuyerswhilstgettingthemostup-to-dateandunbiasedinformationonhowto:
• effectivelyexecutesecondarydealsandco-investmentprogrammes;• re-balanceexistingportfolioswiththelowestpossiblerisksofloss;• eliminatebalancesheetliabilitiesassociatedwithunfundedcapitalcommitments• conductthoroughduediligenceonsecondaryportfoliosandco-investmentopportunities;• avoidcostlypitfallsandminimiselegalcostsbylearningfromtherecent“warstories”andrelevant
experiences from a variety of viewpoints
“The discussion was vibrant and thought-provoking, with an engaged and well informed audience. It was a privilege to participate”, Michael Camacho, Principal, Alpinvest
Complete and refine your conference experience by attending a highly practical and interactive Workshop:“Co-investments: Pulling It All Together to Mitigate Risks and Generate Outperformance “
Sign up for C5’s fourth annual “Secondaries and Co-investments” conference and be sure to get invaluable insightsintoeffectivelyre-balancingyourportfoliorisks,realisingtail-endfunds,lateentryvs. entry-at-a-discountbenefitsandmeetingtheverylatestregulatoryrequirements.Toreserveyourplace: call +44(0) 20 7878 6888 or register online at: www.C5-Online.com/SEC
Welookforwardtowelcomingyouattheconference,
Anita Arthur,DivisionManager,[email protected]
CONFERENCE ON DEMANDCan’ttaketimeoutoftheoffice?Viewtheconferencefrom the convenience of your home or office. Savemoney on travel and view the conference according to yourownschedule.ThisConferencerecordingallowsyoutoviewalltheauthorisedsessionsandhandouts.
The recorded archives of the presentations will beavailableforyoutoviewaftertheconference,soyoucan re-watchsessions,orviewanysessionsyoumayhavemissed.
GLOBAL SPONSORSHIP OPPORTUNITIESC5, alongwithour affiliateorganisations inNewYork,American Conference Institute (ACI) and in Toronto, The Canadian Institute (CI), works closely with sponsors to create the perfect business development solution catered exclusively to the needs of anypracticegroup,businesslineorcorporation.Withover500conferencesheldinEurope,Russiaand theCIS,China, India, theUSandCanada,C5, ACI and CI provide a diverse portfoliooffirst-classeventstailoredtotheseniorlevelexecutive.Tofindouthowtopositionyourfirmasanindustryleaderbysponsoring thisevent,pleasecontactSofiane Guerni on +44 (0)20 7878 6870 or email [email protected]
CONTINUING EDUCATION11.5hours(conferenceonly)plus2.0hoursperWorkshoptowardsContinuingProfessionalDevelopmentshours(SolicitorsRegulationAuthority). Please contact C5 at [email protected] forfurtherinformationonclaimingyourCPDpoints.
Up to 13.5 CPD
To register call +44 (0) 20 7878 6888 or register online at www.C5-Online.com/SEC
DAY ONE: WEDNESDAY, 10 JUNE 2015
8:15 Registration, Refreshments and Networking
9:00 Chair’s Opening Remarks
9:15 What Drives Increased Deal Activity in Secondaries and Co-investments?
Speakers include:
Mark J. McDonald DirectorEMEA&AsiaSecondaries AlternativeInvestments,PrivateFundGroup Credit Suisse(UK)
Patrick Adefuye Manager–FundsofFunds&Secondaries Preqin(UK)
• Globalmarketactivityforprivateequitysecondariesandco-investments.Macroeconomicfactorsaffectingsecondariesbuyer–sellerlandscape
• Sizeandtotalvolumeofdeals.Howdoesthiscompare toH1,2014?Averagedealsize.Returnofmegadeals.
• How much was completed by:- typesofpurchasedassets(venturecapital,realestate,infrastructureandhedgefundsecondaries);
- geography(US,Europe,Asia);- typesoffundspurchased(privateequity,realestate,infrastructure,hedgefunds)
• Howmuchofthemarketisintermediated?• Profilingbuyersandsellersbytypesandlocation
10:00 Focus on Fundraising: Strategies for Success in a Challenging Environment
Speakers include:
Richard Hope Principal,FundInvestmentTeam Hamilton Lane(UK)
Martha Cassidy Director Abbott Capital Management, LLC(USA)*
• Fundraisingvolumes:secondariesandco-investmentsfundraisingvsbuyouts,distressedprivateequity,venture,growthcapital,mezzanineanddirects(numberoffundsandaggregatecommitments)
• Fundscurrentlyontheroad:aggregatetargets;bystatus(raising,firstclose,secondclose,thirdandfourthcloses)
• Whatdorecentfundraisingsreveal?Whataretheimplicationsforfundsizegoingforward?
• Investors’viewsandmarketexpectations-predictions for2015andbeyond:HowisLPappetiteforsecondariesandco-investmentslikelytoevolve?Willfundraisingmomentumcontinueatitscurrentpace?
• Whatreturnshavesecondariesandco-investmentsfundsprovidedtoinvestorstodateandwhatrisk/returnratioisrequiredforthemtobeattractiveforglobalinvestors?
11:00 Morning Refreshments and Networking
11:30 Key Legal and Transactional Issues Affecting Secondaries and Co-investments: Avoiding Costly Pitfalls When Buying and Selling Interests in a Fund
Reserved for a legal partner. Please contact Sofiane Guerni at [email protected] for details
• Whattolookforwhenconductinglegalandtaxduediligence on the underlying asset-preventinganycomplicationsrelatedtotransferrestrictionsexistingintheunderlyingdocumentationof funds
-whattaxationcanbeexpectedfromtheinvestment• Practicaltipsandrecommendationsforsuccessfully
negotiatingaSPA• Documentingadeal• Assessing the role of GPs in the underlying funds and
navigatinglegalissuesrelatedtonegotiatingthetransferof assets by GPs
12:00 Co-investment Allocation Process: What Should Sponsors and Investors Take into Account to Secure and Negotiate the Best Deal?
Speakers include:
James D.C. Pitt Partner, Lexington Partners UK LLP(UK)
Tom F. Clausen ManagingPartner&Co-founder Capvent(Switzerland)
• Howtoreduceriskswhennegotiatingtheterms ofco-investment(timeconstraintsissue,valueadd,preferentialco-investmentrights)
• TheGPs’perspectiveonallocatingco-investmentopportunities.Whatshouldandcansponsors(reasonably)requirefromLPs?
• WhatkindofinformationLPsshouldberequiringfromasponsortoshare?WhatareasshouldLPsfocusonwhenconductingacommercial,financialandlegalduediligenceprocessofapotentialportfoliocompany?
• Sharing the best strategies for sourcing the right partner
13:00 Lunch and Networking
14:00 Quality and Quantity of the Deal Flow: Strategies for Selecting Attractive Deals
Speakers include:
Kaarina Suikkonen –Moderator HeadofPrivateEquity Feri(Germany)
Pierre-Antoine de Selancy Managing Partner 17Capital(UK)
@C5Live#C5SEC
*denotes“awaitingfinalconfirmation”
Fax order form to +44 (0) 20 7878 6885 or register online at www.C5-Online.com/SEC
Yaron Zafir Head of Secondaries Rede Partners
• Whatopportunitiesareonoffer?Factorsdrivingandrestrictingdealflow:recentactivitybysegmentandgeography,USvs.Europe
• Dealoriginationchallenges:howtosucceedinsourcingnew mandates
• Canyourelyonintermediariesfordealflow?• Howmuchdrypowderisthereonthebuy-side?New
marketentrants(“tourist”buyersvs.long-termplayers)• Howactiondealshavechangedoverthelastfew
months:portfolioauctionsvs.“offmarket”transactionsthroughrelationshipswithinstitutionalinvestors,familyofficesandGPs
• Challengeswithoriginatingcaptiveportfolios• Emergenceofstructuredtransactions
15:00 LP Panel: Extracting the Maximum Value and Improving Risk/Return Profile of Your Portfolio
Speakers include:
Claus Stenbaek ManagingPartner, Keyhaven Capital Partners Limited(UK)
Howard F. Searing III, CFA Director/PortfolioManager,PrivateMarketsGroup DuPont Capital Management(USA)
Charles Soulignac Managing Partner Fondinvest Capital(France)
• LPsperceptionofsecondariesandco-investmentsasatoolforactiveportfoliomanagement:whathaschangedinthelast18months?
• Effectivelymanagingnonperformingandlegacyassets• Who is likely to be selling fund interests over the next
year?Motivationforsellingfundstakes• Investors’viewsonthemostimportantbenefitsof
buying interests on the secondary market• How to minimise risks associated with swapping interests
on the secondary market• Opportunitiestobefoundinrealisingtailendfunds
transactions
16:00 Afternoon Refreshments and Networking
16:30 Managing Pricing and Valuation Expectations
Cari Lodge Managing Director Commonfund Capital (USA)
• PricinganddiscountstoNAV• Howtovaluetherealvalueofyourexistingassets?• Whatmakestherightpriceforasecondarytransaction:
factorsimpactingnetassetvaluesandpricingdiscounts• Howtoobtainthebestpricing?• Howsuccessfulareonlinemarketplatformsand
exchanges in matching buyers and sellers with transparentpricingspreads?
17:30 Chairman’s Remarks. End of Day 1
DAY TWO: THURSDAY, 11 JUNE, 2015
8:30 Registration, Refreshments and Networking
9:00 Chair’s Remarks. Summary of Day 1
9:15 Differentiating Between Global Large Volume Secondary Strategies and Smaller Regional/Country Specific Approaches
Bernhard K. Engelien–Moderator Managing Partner Greenhill Cogent(UK)
Cameron Graham InvestmentDirector SL Capital (UK)
Christian Boehler Principal Akina(Switzerland)
Henry Potter Partner Alpha Associates(Switzerland)
Marco Wulff Partner Montana Capital Partners(Switzerland)
Loïc Rentiers ManagingDirector,PrivateFundsGroup PineBridge Investments(UK)
• Volumes,playersandcompetitioninthedifferentmarketsegments
• Comparingandcontrastingreturndrivenvsdiversificationdrivenstrategies
• Differencesindealsourcing–largeauctionsvs.proprietary small deal sourcing
• Differencesindealexecution,pricingandstructuring• Aretheredifferenttargetreturnsandwhatstrategies
shouldinstitutionalinvestorsinvestin?
10:30 Deal Structuring and Financing a Secondary Acquisition
Speakers include:
Ram Rao ManagingDirector,FundLinkedProducts Macquarie Capital (USA)
Nicolas Lanel ManagingDirectorandEuropeanHeadofPrivateCapital Advisory Evercore(UK)
• Usingdebtinfundingportfolioacquisitionsinthesecondary market
• Howcanasecondaryinvestorrealisethefullbenefit ofleverage?
• Thirdpartyfinancing
@C5Live#C5SEC
To register call +44 (0) 20 7878 6888 or register online at www.C5-Online.com/SEC
©C5, 2015
POST-CONFERENCE WORKSHOP14:15 – 16:45
Co-investments: Pulling it All Together to Mitigate Risks and Generate Outperformance
Please contact Anita Arthur at [email protected] for the Wokshop leader information
Conducting a comprehensive financial and legal due diligence for your co-investment programme is a very detailed and complex exercise. This workshop will equip you with a methodology and the toolkit you need to do it successfully.
• Howtobreakintotheco-investmentsspace• What are the advantages of establishing
aco-investmentprogramme?• Whoisyourbestco-investor?WhatfactorsdriveGPs
willingnesstoofferco-investmentrights?• Howtosuccessfullynegotiateco-investmentterms• Understandinganytransferrestrictions• What commercial issues should be covered by
documentation?Demystifyingthetermsoftheunderlying fund documents
• Negotiatingconfidentialityagreementsand informationdisclosure
• Timinganddealdocumentation• Whattaxationcanbeexpectedfromco-investment?• Financialandoperationalduediligenceadvice
for investors
@C5Live#C5SEC
11:15 Morning Refreshments and Networking
11:45 How to Achieve Success with GP-Driven Transactions
Pablo A. Calo Managing Director Park Hill Group (UK)
Laura Shen Lefranc Partner Headway Capital Partners LLP(UK)
Tom Leader ChiefInvestmentOfficer Nova Capital Management (UK)
Jon Costello PortfolioManagerandHeadofAlternativeInvestmentPartners Secondaries Group Morgan Stanley(USA)
• Restructuring and recapitalising old funds: which structures workbestforgeneratingliquidity?
• Bestpracticesinconductingavendorandanunderlyingassetdue-diligence(paymentcommitments,possiblelegalclaims,transferabilityofLP’sprivileges,preemptiveandtag-alongrights).
• SpinoutsofGPsfromcaptiveteams• CanGPsvetonewinvestors?GPtransfer-approvalrights• WhatlegaltoolsareavailableforLPs?• Pricetailoringstrategiesindirectsecondarytransactions• Howcanmid-sizesecondariesdifferentiatethemselves
inahighlycompetitiveenvironment?• Definingtheroleoffundsoffundsinthesecondariesmarket
12:45 The Real Estate Secondary Market
Please visit www.c5-online.com/SEC for the latest agenda
• Whatisdrivinganenhancedrealestatesecondariesinterest?• Supply(dealflow)vsdemand(capital)• Trendsandmarketpredictionsinpricingandvaluation• Sourcingandgeneratingproprietarydealflow• Deal structuring: legal and tax dealbreakers
13:15 Lunch and Networking
AN ADVANCED PROGAMME DESIGNED TO ADDRESS THE IMMINENT NEEDS OF:
Institutional Investors Looking to:
• sell/divest private equity holdings
• increase private equity holdings
• invest in secondary private equity funds
• tapintoalucrativeco-investmentsspace
Secondary Private Equity Funds and GPs:
• activeinpurchasing,advisingorinvestinginsecondarytransactions
• withaninsightintointerestingassetsatattractivepricing
• whose LPs have capital call risk issues
• managingventurecapital,corporate orbuyouttailendportfolios
• focusing on credit strategies and are raising capital
Intermediaries
Placement Agents
Lawyers
Fund Administrators
Software Solution Providers
Valuation Consultants
Media Partners:
CEE PRIVATE EQUITY FORUMThe Region’s Leading Event on Private Equity Fundraising and Investments
8–9October2015 London,UnitedKingdom
Forthcoming event:
www.c5-online.com/privateequity
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ADMINISTRATIVE DETAILS
Date: 10 – 11 June 2015
Time: 8:15 – 17:30
Venue: Millennium Hotel London KnightsbridgeAddress: 17 Sloane Street Knightsbridge, London, SW1X 9NU, United Kingdom
Telephone: +44 (0) 20 7235 4377
An allocation of bedrooms is being held for delegates at a negotiated rate until 7 May 2015. To book your accommodation please call Venue Search on tel: +44 (0) 20 8541 5656 or e-mail [email protected]. Please note, lower rates may be available when booking via the internet or direct with the hotel, but different cancellation policies will apply.
DOCUMENTATION IS PROVIDED BY WEBLINKThe documentation provided at the event will be available on weblink only. If you are not able to attend, you can purchase an electronic copy of the presentations provided to delegates on the day of the event. Please send us this completed booking form together with payment of £350 per copy requested. For further information please call +44 (0) 207 878 6888 or email [email protected].
PAYMENT POLICYPayment is due in full upon your registration. Full payment must be received prior to the event otherwise entry will be denied. All discounts will be applied to the Main Conference Only fee (excluding add-ons), cannot be combined with any other offer, and must be paid in full at time of order. Group discounts available to individuals employed by the same organisation.
TERMS AND CONDITIONSAll Terms & Conditions are applicable on confirmation of registration and apply to both paid and unpaid invoices. You must notify us by email at least 48 hours in advance if you wish to send a substitute participant. Delegates may not “share” a pass between multiple attendees without prior authorisation. If you are unable to find a substitute, please notify C5 in writing no later than 10 days prior to the conference date and a credit voucher will be issued to you for the full amount paid, redeemable against any other C5 conference. If you prefer, you may request a refund of fees paid less a 25% service charge. No credits or refunds will be given for cancellations received after 10 days prior to the conference date. C5 reserves the right to cancel any conference for any reason and will not be responsible for airfare, hotel or any other costs incurred by attendees. No liability is assumed by C5 for changes in programme date, content, speakers or venue.
INCORRECT MAILING INFORMATIONIf you receive a duplicate mailing of this brochure or would like us to change any of your details, please email [email protected] or fax the label on this brochure to +44 (0) 20 7878 6887. To view our privacy policy go to www.C5-Online.com/privacy_policy_statement.
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EMAIL: [email protected]
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*ELITEPASS is recommended for maximum learning and networking value.
10 – 11 June 2015 | Millennium Hotel London Knightsbridge | London, UK
FAX: +44 20 7878 6885
PLEASE RETURN TO C5, Customer Service 11th Floor, The Tower Building, 11 York Road London, UK SE1 7NX
4th Annual
secondaries and co-investmentsS E R I E S
Part of the C5:
Business Information In A Global Context
