new10th - martin haemmig -- superreturn... · 2014-06-09 · day 1 – tuesday 27 february 2007 -...
TRANSCRIPT
Jon MoultonManaging PartnerALCHEMY PARTNERS
David RubensteinFounder &
Managing DirectorTHE CARLYLE GROUP
Alan PatricofFounder
APAX PARTNERS Founder & Managing
DirectorGREYCROFT PARTNERS
Nigel DoughtyCEO
DOUGHTY HANSON
Sir Ronald CohenChairman
BRIDGES COMMUNITYVENTURES, THE PORTAND
TRUST & PORTLANDCAPITAL
Winning Strategies For Maximising Returns & Creating Value In The Next Wave Of Private Equity & Venture Capital Investing
German Summit Day - Monday 26th February 2007
10th Anniversary
European Private Equity & Venture Capital Summit Organised by www.icbi-superreturn.com
Stephen Schwarzman Chairman & CEOTHE BLACKSTONE
GROUP
Bjorn Saven CEO
INDUSTRI KAPITAL
Scott Sperling Co-President
THOMAS H LEE PARTNERS
Carol KennedySenior Partner
PANTHEON VENTURES
● The BlackstoneGroup
● Wellcome Trust● Partners Group ● The Carlyle Group● 3i ● Industri Kapital● KKR ● Permira ● Alchemy Partners● Texas Pacific Group ● Nordwind Capital● Allianz Private
Equity Partners● Cipio Partners ● Aster Group● HgCapital● Intermediate Capital
Group● HarbourVest
Partners ● Unigestion● BRM Capital● Mid Europa Partners ● Advent International● Barings Private Equity
Partners (India)● Navis Capital
Partners● Goldman Sachs
Asset Management● Actis● Brockhaus Private
Equity GmbH● SARR Group● Argos Soditic● Bridgepoint Capital● Arcis● Butler Capital
Partners● Commonfund
Capital● iD Techventures● Squadron Capital● Delta Private Equity
Partners● Bridges Community
Ventures● Coller Capital ● Clayton Dubilier &
Rice● Monument Group● AIG Global
Investment Group ● PCG International
LLC● Alcentra● Probitas Partners● Halder● Denning & Co LLC● Candover● Wellington Partners● Park Square Capital ● CSFB● ATP Private Equity
Partners● Adams Street
Partners ● Hamilton Lane ● The Royal Bank of
Scotland● Scottish Widows
InvestmentPartnership
● Qualcomm Ventures● Amadeus Capital
Partners ● European
Investment Fund ● Charterhouse
Capital Partners● Greenpark Capital ● Mvision Private
Equity Advisers● Gartmore Private
Equity● Paragon Partners● CeTIM● Goldman Sachs● Inflexion Private
Equity● FdG Associates● Oak Hill Investment
Management● SCM Strategic
CapitalManagement AG
● Finatem● Palamon Capital
Partners LLP● Orlando
Management GmbH● Pond Venture
Partners Limited● Advent
International ● University of
Minnesota● Allstate Investments ● Diamondhead
Ventures● MBK● Palamon Capital
Partners● Affinity Equity
Partners● Capital Dynamics● Harvard Business
School● Avenue Capital
Group● Pantheon Ventures● Lee Equity Partners ● Metlife Investments ● Mercapital ● Asia Alternatives
ManagementCompany
● PPM Capital● Lincolnshire
Management, Inc● BP Investment
ManagementLimited
● Montagu PrivateEquity
● Standard LifeInvestments (Private Equity)
● Target Partners● PSP Investments● Providence Equity
Partners ● Hedges Capital● Tempo Capital
Partners● Apax Partners ● Morgenthaler● GSC Partners
Europe● Allianz Capital
Partners GmbH● Prides Capital ● Tribune Capital ● Transitive● MTI Partners● Saints Capital ● Accel Partners ● Imperial Innovations● Edmond de
Rothschild PrivateEquity Select
● Helix Associates● Advent International● Accent Equity● Atlas Venture● Crescendo Ventures ● Keyhaven Capital
Partners ● Indigo Capital● Rabobank ● London Business
School● SVG Capital● MN Services● LGT Capital
Partners ● Portfolio Advisers● Ventizz Capital
Partners ● CITIC Capital● Pomona Capital ● Capital Today
Group● WI Harper Group● Hony Capital● University of
Chicago● Terra Firma Capital
Partners ● Doughty Hanson● CACEIS ● IDFC Private Equity ● Baker Capital
200+OutstandingSpeakers:
Pre Conference German Summit DayMonday 26th February 2007
Main Conference Day 1Tuesday 27th February 2007
Main Conference Day 2Wednesday 28th February 2007
Main Conference Day 3Thursday 1st March 2007
Frankfurt Messe Congress Centre, Germany
1,400+ Attendees in 2006!
ICBI
Jonny MaxwellChief Executive
STANDARD LIFE INVESTMENTS (PRIVATE EQUITY)
Sponsored by
PPlluuss!! 300+ Attendees in 2006!
Co-sponsors
Principal sponsors
Industry Veterans & Leaders Look To The Future:
1. Spotme ConferenceNavigator For One-To-OneNetworking
2. Investor 1 To 1 Meetings,Using AdvancedScheduling Software
3. More Plenary Sessions, WithMore Keynote Speakers
4. Longer Coffee Breaks & 2Hour Networking Lunch
5. SuperReturn Delegate Quick-Fire Showcase
6. More Guest Speakers –Economists, Futurists,Adventurers, Academics &Entrepreneurs
7. A Social Event At The End OfEach Day
8. Veteran Speakers From PastConferences
9. New LP Only Dinner 10. New Academic Research
Exclusively For SuperReturn2007
Guy HandsCEO
TERRA FIRMA CAPITALPARTNERS
Wanching Ang Managing Director
ALLIANZ PRIVATEEQUITY PARTNERS
Martin HalusaCEO
APAX PARTNERSWORLDWIDE
David BondermanFounding Partner
TEXAS PACIFIC GROUP
Rick HayesManaging Partner
OAK HILL INVESTMENTMANAGEMENT
10thAnniversary
For The
10thAnniversary
NEW
Don’t Miss The Wisdom From These Guest Speakers:
Jeremy RifkinPresident
FOUNDATIONON ECONOMIC
TRENDS
BertrandPiccard
SCIENTIST,ADVENTURER,PSYCHIATRIST& AERONAUT
Marvin ZonisProfessor,GraduateSchool ofBusiness
UNIVERSITY OFCHICAGO
"SuperReturn is theleading private equityconference with thehighest concentrationof industry thoughtleaders."
Stephen Schwarzman,Chairman & CEO, THE BLACKSTONE GROUP
New! SpotMe Networking
Device!
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PRE - CONFERENCE GERMAN SUMMIT DAY
MONDAY 26TH FEBRUARY 2007
2
Registration & Coffee
Chairman’s Welcome: Andreas Nelle, Partner, HOGAN & HARTSON RAUE LLP
KEYNOTE ADDRESS
What Is Needed To Develop The German Private Equity Market?Thomas Pütter, CEO,
ALLIANZ CAPITAL PARTNERS GmbH
An Insight Into The Gateway Between Private Equity & The Transaction Business
Dr. Michael Hinderer, Chairman, ALTIUM CAPITAL AG
Examining The Pros & Cons Of An Industrial Approach in Private EquityMarcus Brennecke, Senior Partner, EQT
Leveraging The Increasing Awareness Of The Benefits Of Private Equity In Germany In Order To Help The
Country Overcome Its Economic DifficultiesHanns Ostmeier, Managing Director,
THE BLACKSTONE GROUP DEUTSCHLAND
Morning Coffee
How Well Are You Really Prepared For Exit? John Evans, Partner, Head of Private Equity, KPMG IN GERMANY
European Venture Capital: Rise and Fall – And Rise?Uli Grabenwarter, Head of Equity Fund Investments,
EUROPEAN INVESTMENT FUND
Examining The Effects Of Increasingly Aggressive Leverage On Private Equity In Germany:
What Are The Consequences Of Overheating?Michael Phillips, Managing Partner,
APAX PARTNERS BETEILIUNGSBERATUNG GmbH
SPECIAL GUEST ADDRESS
Perspectives From A European Serial Entrepreneur: What Factors Drive Success?
Marc Samwer, Serial Entrepreneur, Founder,JAMBA! GROUP & ALANDO & EUROPEAN FOUNDERS FUND
Introduced by: Rolf Dienst, Founding Partner, WELLINGTON PARTNERS
New for 2007 - SpotMe Conference
Navigator For One-To-One Networking
Each delegate will be provided witha device that gives the opportunityto send messages to otherdelegates, arrange meetings andexchange business cards.
10 Ways To Use Your SpotMe Device:
To Take Maximum Advantage Of Your Time At SuperReturn
1. Search the delegate list for contacts you wish to meet 2. Send a message & exchange business card details with
mutual consent 3. Arrange to meet in one of SuperReturn’s clearly labelled
informal meeting areas4. Read the entire agenda at a glance and plan your time 5. Receive updates & reminders of key events6. Set it to beep when networking targets are within a certain
radius 7. Use it to vote on Day 2’s electronic polling session 8. Use it to track down an interesting speaker you heard
during the conference 9. Follow up a Delegate Quick-Fire Showcase presentation 10.Find an old friend!
Special Events For The 10 Year
Anniversary: Don’t Miss Presentations from Industry Veterans whohave supported the conference since it began, returningto offer their wisdom and insight on factors contributingto the development of the private equity industry, and topredict where success lies in the future
Alan Patricof, Founder, APAX PARTNERS,Founder & Managing Director, GREYCROFT PARTNERS
Sir Ronald Cohen, Chairman, BRIDGES COMMUNITYVENTURES, THE PORTANDTRUST & PORTLAND CAPITAL
Jonny Maxwell, Chief Executive, STANDARD LIFE INVESTMENTS(PRIVATE EQUITY)
David Rubenstein, Founder & Managing Director,THE CARLYLE GROUP
Les Brun, Chairman & CEO, SARR GROUP
Jon Moulton,Managing Partner,ALCHEMY PARTNERS
Stephen Schwarzman,Chairman & CEO,THE BLACKSTONEGROUP
Carol Kennedy, Senior Partner, PANTHEONVENTURES
More Plenary Sessions, With More Keynote Speakers: We are alsooffering more Q&A sessions with major industry players - get close andunderstand how the big investors make their decisions.
Longer Coffee Breaks & Two Hour Networking Lunches: More time tonetwork, using your SpotMe Device, and more events during the lunch break,such as special Q&A session with David Bonderman, Founder, TEXAS PACIFICGROUP, and the SuperReturn Quick-Fire Showcase, giving private equity playersan opportunity to stand up and speak about their fund in front of LPs and GPs.
More Guest Speakers, from economists, futurists, adventurers, academicsand entrepreneurs, offering alternative perspectives on key business issuesaffecting the industry.
A Social Event At The End Of Each Day, reflecting the buoyantatmosphere of the 10 Year Anniversary Conference
Developing Opportunities In TheGerman Market
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Networking Lunch
Chairman: Andreas Stilcken, Partner, WHITE & CASE
Small Is Beautiful: Why Small-Cap PE Investors Can Make Superior ReturnsMarco Brockhaus, Founder & Managing Director,
BROCKHAUS PRIVATE EQUITY
Successfully Building And Developing The Private Equity OpportunityIn Russia: What Prospects Does The Market Offer? A Case Study
Reinhard Kohleick, Managing Director,QUADRIGA CAPITAL RUSSIA
Examining The Growing Opportunity For Private Equity Real Estate Investments In Germany
Dr. Frank Evers, Partner, WHITE & CASE
EXTENDED PANEL DISCUSSION
Germany - A Booming Market for Private Equity?Moderator: Dr. Franz-Josef Schöne, Partner, Düsseldorf Office,
SIMMONS & SIMMONS
Panellists: Dr. Jürgen Bufka, Investment Director, BABCOCK & BROWN GmbH
Nico Helling, Director, MONTAGU PRIVATE EQUITY GmbH
Tony Mallin, CEO, STAR CAPITAL PARTNERS Ltd.
Hanns Ostmeier, Managing Director, THE BLACKSTONE GROUP DEUTSCHLAND
Afternoon Tea
Exiting While Investing: Strategies For Successful Back-To-Back-TransactionsOliver Wolfgramm, Partner, CMS HASCHE SIGLE
Generating Value Through Sourcing ManagementDr. Markus Bergauer, Founder & Managing Partner, INVERTO AG
Value Creation Via Buy & BuildSebastian Kern, Director, PPM CAPITAL
EXTENDED PANEL DISCUSSION
Examining Different Strategies & Issues Involved In Purchasing Direct Secondaries In The German Market
Moderator: Nicolas von der Schulenburg, Principal, PORTFOLIO ADVISORS
Panellists: Dr. Helmut Vorndran, Co-Founder & CEO, VENTIZZ CAPITAL PARTNERS ADVISORY AG
Edin Hadzic, Founder, PARAGON PARTNERS
Tom Anthofer, Managing Partner, CIPIO PARTNERS
Close of Summit Day
Networking Cocktail Party
THE
SUPERRETURN
ENTREPRENEURS'
SHOWCASE
Quickfire Showcase
From German
Entrepreneurs
10 minutepresentations
offering insight into the latest
entrepreneurialbusiness
plans from 21 mature/late
stage companies
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DAY 1 – TUESDAY 27 FEBRUARY 2007 - MAIN CONFERENCE
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Registration & Coffee
Chairman’s Welcome: Derek Zissman, Advisor - Private Equity Group, Vice Chairman, KPMG In The UK
KEYNOTE ADDRESS: GOING BACK TO THE ROOTS
Private Equity - Going Back To The Roots: Reviewing The Effects Of The Burgeoning VC Market Over The Past 10 Years & Examining Where New Opportunities Lie In The FutureAlan Patricof, Founder, APAX PARTNERS, Founder & Managing Director, GREYCROFT PARTNERS
HEAD-TO-HEAD WITH THE INDUSTRY EXPERTS
Analysing The Investment Environment Ahead: What Do Rising Deal Prices Mean For Returns, When Will The Next Distressed Cycle Arrive, & What Are The Pros & Cons Of PE Firms Going Public?Moderator: Mario Giannini, CEO, HAMILTON LANE
Panellists: Stephen Schwarzman, Chairman & CEO, THE BLACKSTONE GROUPNigel Doughty, CEO, DOUGHTY HANSON
Scott Sperling, Co-President, THOMAS H LEE PARTNERS Todd Fisher, Member, KKR
Steven Puccinelli, Head of Private Equity, Europe, INVESTCORP
Private Equity Predictions & Observations For The Year AheadRobin Painter, Partner, PROSKAUER ROSE LLP
GUEST PRESENTATION: THE 3RD INDUSTRIAL REVOLUTION
The Third Industrial Revolution: Examining The Convergence Of Energy, Climate Change & Communication & The Business Opportunites This Will CreateJeremy Rifkin, President, FOUNDATION ON ECONOMIC TRENDS
Special Extended Morning Coffee Networking Break
EXECUTIVE OUTLOOK ON LARGE CAP PRIVATE EQUITY
Large-Cap Private Equity: Strategies For Successful Buyout Investing In The Age Of Excess CapitalMartin Halusa, CEO, APAX PARTNERS WORLDWIDE
INSIGHTS FROM AN INDUSTRY GURU Private Equity: Past, Present & Future
David Bonderman, Founding Partner, TEXAS PACIFIC GROUP
MID VS MEGA FUNDS
Beauty Or The Beast - Mid Market Versus Large/Mega FundsModerator: Veronica Eng, Partner, PERMIRA
Panellists: Jon Moulton, Managing Partner, ALCHEMY PARTNERS Wanching Ang, Managing Director, ALLIANZ PRIVATE EQUITY PARTNERS
Jenny Dunstan, Partner, 3iKevin Conway, Managing Partner, CLAYTON DUBILIER & RICE
Special Extended Networking Lunch Break with: An Informal Audience With David Bonderman – special Q&A session (1430 – 1500)
Stream A New Opportunities In
VC & Buyouts In ChinaChaired by:
CeTIM
China In The Global VC Arena – A Global Benchmarking Of
China’s VC IndustryCeTIM
SPECIAL EXTENDED PANELDISCUSSION
Outlook For Venture Capital InChina From An LP & GP
PerspectiveIs It Now Time To Invest In
Local Or International VC FirmsIn China?
Moderated by: Martin Haemmig
CeTIM
Panellists: WI HARPER
ID TECHVENTURES3i
QUALCOMM VENTURES
DEBEVOISE & PLIMPTON
SQUADRON CAPITAL
Stream BInvestor Outlook
Chaired by:O’MELVENY & MYERS LLP
KEYNOTE SPEECH Investors: Do You Dare To HearThe Truth About Private Equity
Returns?Guy Fraser-Sampson, Author,
“MULTI ASSET CLASSINVESTMENT STRATEGY” &
“PRIVATE EQUITY AS ANASSET CLASS”
European Investor Requirements:How The Market Place Is
Evolving & Affecting The DealFor Investors
SJ BERWIN LLP
PANEL DISCUSSION Key Characteristics Of SuccessfulLP/GP Relations: What Strategies
Are LP's Adopting To BuildRelationships With Desirable GP's& How Do GP's Actively Manage
Their LP BasesModerator:
NIXON PEABODY
Panellists: COGNETAS
BP INVESTMENTMANAGEMENT
DENNING & CO LLC PERMIRA
Stream CNew Directions In Venture
CapitalChaired by:
TARGET PARTNERS
KEYNOTE PANELDISCUSSION
Agony or Ecstasy – What's Ahead For VC For The
Next Ten Years?
Moderator: Bob PaveyMORGENTHALER
Panellists: Joe Schoendorf
ACCEL PARTNERSBrooks Zug
HARBOURVEST PARTNERS Sue Carter
COMMONFUND CAPITAL
PANEL DISCUSSIONMaking This The Decade Of The
European Venture Capitalists:Seizing The Moment,
Capitalising On The AvailableEntrepreneurial Talent & Strong
Corporate Investor AppetiteModerator:
POND VENTURES Panellists:
TRIBUNE CAPITAL WELLINGTON PARTNERS
AMADEUS CAPITALPARTNERS
BRM CAPITAL
Stream D Perspectives On Private
EquityChaired by:
SJ BERWIN LLP
Special Extended Q&ASession
With
Jeremy Rifkin, President,
FOUNDATION ONECONOMIC TRENDS
PANEL DISCUSSION Small Is Beautiful: Examining
Competitive Dynamics,Pricing, Quality of Businesses
& Management
Moderator: HARBOURVEST PARTNERS
(UK)
Panellists: INFLEXION PRIVATE EQUITY
ACCENT EQUITYHALDER
FdG ASSOCIATES
Stream EDebt Finance, &
Distressed Chaired by:
KPMG
Extracting Value FromDistressed Debt Situations
KPMG
Hedge Funds: A CreepingThreat To Private Equity?NORDWIND CAPITAL
PANEL DISCUSSION Examining The Changing RoleOf Mezzanine In The Capital
Structure
Moderator: PARK SQUARE CAPITAL
Panellists:
INDIGO CAPITAL GSC PARTNERS EUROPE
Dr. Tony Bunker
Stream F Latest Update on
Secondaries Chaired by:
GREENPARK CAPITAL
What Are The MainDevelopments In The
Increasingly ActiveSecondaries Market?
Covering Buyers, Sellers,Investors & GP Angles GREENPARK CAPITAL
PANEL DISCUSSION Primary Versus SecondariesInvestments: Converging?
Being Stapled?
Moderator: GREENPARK CAPITAL
Panellists:
PANTHEON VENTURES HEDGES CAPITAL
ADAMS STREET PARTNERS
Interactive Q&A Session
Buyouts In China: ExaminingThe State Of The Markets,
Trends, & LP's PersepctivesPARTNERS GROUP
PANEL DISCUSSION Broadening The Asian
Investment Opportunity: NewWays Of Putting Money ToWork - And Getting It Out
Moderator: PARTNERS GROUP
Panellists: HONY CAPITAL
DEBEVOISE & PLIMPTONAFFINITY EQUITY PARTNERS
CITIC CAPITAL NAVIS CAPITAL
Investing Across Cycles- AreVC Or PE Investors Better
Positioned?BAKER CAPITAL
Examining The Most CurrentIssues For Investors In Private Equity Funds
PROSKAUER ROSE LLP
PANEL DISCUSSION LPs - Under Pressure & Under-Resourced: How Can LPs DealWith The Challenges Stemming
From Increased Allocation ToPrivate Equity? Is Their Money
Going To The Right Places? Moderated by:
KEYHAVEN CAPITALPARTNERS
Panellists: MONUMENT GROUP
ADVENT INTERNATIONALATP PRIVATE EQUITY
PARTNERSPANTHEON VENTURES
Celebrating The LatestEuropean Venture Success Stories
ESPRIT CAPITAL PARTNERS
Is Seed Finally Sprouting?MTI PARTNERS
PANEL DISCUSSION Secrets To Success In TechTransfer - How VCs ExtractWinning Technologies FromUniversities & Other Labs
Moderator: CRESCENDO VENTURES
Panellists:TRANSITIVE
UNIVERSITY OF MINNESOTADIAMONDHEAD VENTURES
IMPERIAL INNOVATIONS
Beating Up The Private EquityManager
Moderator: KPMG
Panellists: ALCHEMY PARTNERSAnd a great line up of PE clients!
PANEL DISCUSSION Relative Differences Over ThePast 10 Years Of Private Equity
& Venture Capital Investing:How Long Have We BeenWorrying About "Too MuchCapital" & Have The Fears
Been Justified?
Moderator: MVISION
Panellists: SCM STRATEGIC CAPITAL
MANAGEMENTLGT CAPITAL PARTNERS
AIG GLOBAL INVESTMENTGROUP
CAPITAL DYNAMICS
Changes In Mezzanine & OtherDebt Markets: How Will ItImpact LBO Performance
INTERMEDIATE CAPITALGROUP
Analysis Of The DebtMarkets: How High Can
Leverage & Refinancing RiskGo, & What Macro & Micro
Issues Threaten To DestabiliseThe Business & Hurt Private
Equity Investments?
Moderator: HELIX ASSOCIATES
Panellists: THE BLACKSTONE GROUP
GOLDMAN SACHSORLANDO MANAGEMENT
ALCHEMY PARTNERS
How Attractive Is The Use Of Leverage In Secondaries?
THE ROYAL BANK OFSCOTLAND
PANEL DISCUSSION Portfolios Of Directs -
Where Next?
Moderator: POMONA CAPITAL
Panellists: SAINTS CAPITAL
TEMPO CAPITAL PARTNERS ARCIS
Afternoon Tea
Networking Champagne Roundtables
Evening Networking Cocktail PartySponsored by
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DAY 2 - WEDNESDAY 28 FEBRUARY 2007 - MAIN CONFERENCE
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Stream B New Directions In
Buyouts Chaired by:
SJ BERWIN LLP
Assessing The Pros & Cons Of Private EquityIn The Listed Domain
Moderator: PANTHEON VENTURES
Panellists: STANDARD LIFE INVESTMENTS
SVG CAPITAL CANDOVER
GOLDMAN SACHS ASSET MANAGEMENT
Allocations To InfrastructureUBS INVESTMENT BANK
A New Paradigm? And I Am Not Talking About SecondariesCOLLER CAPITAL
Stream C Academic Perspectives
On Private EquityChaired by:
MARSH/MERCER
NEW ACADEMIC RESEARCH FOR
SUPERRETURN 2007
Private Equity: Are We Watching The X-Men Or Jurassic Park?
A study of the evolution of private equity ecosystem in the last 10 years of investing,
drawing out lessons learned and assessingwhat the future may hold…
Eli Talmor, Professor, LONDON BUSINESS SCHOOL
Founding Academic Director, PRIVATE EQUITY INSTITUTE
How Can General Partners Really HelpPortfolio Companies
With International Expansion?
Moderator: Professor Walter Kuemmerle
Panellists: PRIDES CAPITAL
TH LEE PARTNERS APAX PARTNERS
ACTIS
Stream D Opportunities In Emerging Markets
Chaired by:CHRYS CAPITAL
Investing In Asia: Global Versus Local
KKR
Indian Infrastructure - a private equity play IDFC PRIVATE EQUITY
India – The Awakening Of A Giant
CHRYSCAPITAL
Emerging Markets Have Exciting Growth, ButDoes That Come With Dangerous Volatility?And, Can These Markets Absorb The Capital
They Are Attracting?PCG INTERNATIONAL
Close of Day 2
Anniversary Networking Cocktail Party Hosted by: UBS INVESTMENT BANK & KPMG
Stream A Speaker Hall Of Fame
Chaired by:OAKTREE CAPITAL MANAGEMENT
Q&A Session withBERTRAND PICCARDA Solar Future: Flying Around The WorldWith No Fuel & NO Pollution
Q&A Session withJonathan Nelson,Founder & CEO, PROVIDENCE EQUITY PARTNERS
Special Extended Q&A Session
with
David Rubenstein,Founder & Managing Director,
THE CARLYLE GROUP
Registration & Coffee
Chairman’s Welcome: Derek Zissman, Advisor - Private Equity Group, Vice Chairman, KPMG In The UK
Going Global - Building The Next Wave Of Success (Think Globally Act Locally)
Joe Schoendorf, Venture Partner, ACCEL PARTNERS
Distressed Debt Opportunities & How They Get That WayHoward Marks, Chairman, OAKTREE CAPITAL MANAGEMENT
COMPARING TECH BUBBLE & PRIVATE EQUITY TODAY
The Similarities And Differences Between The Tech Bubble Burst Of 2000 And The Current Private Equity Markets: Are We On The Verge Of A PE Bubble Burst?
David Rubenstein, Founder & Managing Director, THE CARLYLE GROUP
ELECTRONIC POLLING SESSION
Respond To Industry Questions With Commentary From An Executive Panel:
Chaired by: Jon Moulton, Managing Partner, ALCHEMY PARTNERS
Panellists: Chris Masterson, Chief Executive, MONTAGU PRIVATE EQUITYChristopher Damico, Group President, ALCENTRA
Christopher Spray, Senior Partner, ATLAS VENTURE Sanjay Patel, European Co-Head, GOLDMAN SACHS CAPITAL PARTNERS
Morning Coffee
Chairman: James Moore, Managing Director, Head of International Distribution, Private Funds Group, UBS INVESTMENT BANK, LONDON
Exploring The Increasing Impact Of Competition Issues On Investment StrategyTom Usher, Partner, SJ BERWIN LLP
EVCA’S VIEWS, 1998 - TODAY
Private Equity 1997 – 2007: What Were The Big Issues 10 Years Ago Compared With Today?Javier Loizaga, Executive Partner, MERCAPITAL (Chairman EVCA 2006- 7)
Paul Waller, Managing Partner, 3i (Chairman EVCA 1998 – 9)
HOW BIG IS TOO BIG?How Big Is Too Big?
How Big Can Deals, Financings, Funds and Fees Get? Is There A Natural Limit?Guy Hands, CEO, TERRA FIRMA CAPITAL PARTNERS
EXPERIENCES OF AN ADVENTURER
Be A Balloonist In Your Business Bertrand Piccard, SCIENTIST, ADVENTURER, PSYCHIATRIST & AERONAUT
Lunch Sponsored By
DEBUNKING MYTHS WITH AN INDUSTRY GURU
Five Myths Of Private EquityJonathan Nelson, Founder & CEO, PROVIDENCE EQUITY PARTNERS
THE PIONEERS OF THE FUTURE
“The Pioneers Of Private Equity”- Reflections On The Past 10 Years And Crystal Ball Predictions On Who Will Be The Future Pioneers
Moderator: Carol Kennedy, Senior Partner, PANTHEON VENTURES
Panellists: Sandra Robertson, Co-Head, Portfolio Management, THE WELLCOME TRUST
Joanna James, Managing Director, ADVENT INTERNATIONALMarleen Groen, CEO, GREENPARK CAPITAL
Josyane Gold, Partner, SJ BERWIN LLP
DEALING WITH A DOWNSWING
Private Equity On A High: What Strategies Are In Place To Deal With A Future Of Difficulties In A Downswing?Moderator: Hanneke Smits, Partner, ADAMS STREET PARTNERS
Panellists: Bjorn Saven, CEO, INDUSTRI KAPITALRick Hayes, Managing Partner, OAK HILL INVESTMENT MANAGEMENT
Jeremy Greenhalgh, Partner, CHARTERHOUSE PRIVATE EQUITY TJ Maloney, President, LINCOLNSHIRE MANAGEMENT
Patricia Cloherty, Chairman & CEO, DELTA PRIVATE EQUITY PARTNERS
Afternoon Tea
ExclusiveResearch ForSuperReturn
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Superreturn A3 07 NEW.qxd 16/11/06 15:44 Page 4
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DAY 3 – THURSDAY 1 MARCH 2007 - MAIN CONFERENCE
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Stream A Adding Value & Performance
Chaired by: PROBITAS PARTNERS
Q&A Session
Marvin ZonisProfessor, Graduate School of Business,UNIVERSITY OF CHICAGO
Adding Value To Private Equity Through The EfficientAdministration Of Private Equity Products
CACEIS
Stream BLatest Developments in Mid Market
Chaired by: PALAMON CAPITAL PARTNERS
What Are The Recent Trends And Developments In TheEuropean Mid Market?
PALAMON CAPITAL PARTNERS, LLC
KEYNOTE ADDRESS How Best To Differentiate Yourself In The European Mid-Market?Ian Armitage, CEO,HgCAPITAL
Stream CEmerging Markets
Chaired by:ASIA ALTERNATIVES
Examining Current Trends In Central European LeveragedBuyouts: The Practitioners’ View
Moderator: MID EUROPA PARTNERS
Panellists: CSFB
ASTER GROUPMETLIFE INVESTMENTS
CAMERON MCKENNA POLAND
Successfully Improving The Performance & Value OfCompanies Through Responsible Entrepreneurship: Reality Or
Illusion?RABOBANK
SPECIAL INTERACTIVE PANEL WITH AUDIENCEPARTICIPATION
Where Do We Stand And Where Are We Going: Investor Viewpoints On The Market
A discussion amongst investors from a cross section ofinvestors active in the market on where they stand
Moderated by:PROBITAS PARTNERS
Panellists: EDMOND DE ROTHSCHILD PRIVATE EQUITY SELECT
SCOTTISH WIDOWS INVESTMENT PARTNERSHIP ALLSTATE INVESTMENTS
CORNELL UNIVERSITY - OFFICE OF UNIVERSITYINVESTMENTSUNIGESTION
Interactive Audience Rounding Up Discussion
PANEL DISCUSSION Do Investors Need To Be Putting Capital To Work In Asia Now?
What Is The Appropriate Allocation & Approach, & What Are Return Expectations In Asia?
Moderator:ASIA ALTERNATIVES
Panellists: METLIFE INVESTMENTS PSP INVESTMENTS
CAPITAL TODAYMBK
BARINGS PRIVATE EQUITY PARTNERS (INDIA)
PANEL DISCUSSION India: Essential Investment Opportunity,
Or Over-Hyped?
Moderator: PARTNERS GROUP
Panellists: GARTMORE PRIVATE EQUITY
ACTIS INDIACHRYSCAPITAL
DELEGATE QUICK-FIRE SHOWCASES
Your Chance To Speak About Your Fund Or Listen To Others In An Informal & Fun Environment During The Lunch Break
How It Works: • Sign up for your Delegate Quick-Fire Slot for any of the 3 days at Registration from Day
1 onwards – first come, first served• Each slot is 3 minutes in total and there are 12 slots available each day• If you secure a slot it is your responsibility to be there on time or the timekeeper will
immediately move on to the next fund
• The timekeeper will call your name and fund when ready but will not read abiography
• There will be a clearly marked zone for the Delegate Quickfire Showcase at theheart of the networking area with a small platform from which your presentation ismade
• As the spirit is informal and fun you may not use any powerpoints or projections
Registration & Coffee
Chairman’s Welcome: Les Brun, Chairman & CEO, SARR GROUP, Chairman, Private Equity Management Grou, FORTUNE MANAGEMENT
KEYNOTE ADDRESS: HEDGE FUNDS & PRIVATE EQUITY
Competition Or Partnership? The Convergence Of Hedge Funds & Private EquityThomas H. Lee, President, LEE EQUITY PARTNERS
INSIGHTS FROM AN INDUSTRY GURU
Private Equity & The Public Good Sir Ronald Cohen, Chairman,
BRIDGES COMMUNITY VENTURES, THE PORTLAND TRUST & PORTLAND CAPITAL
Rounding Up Interview With Thomas Lee & Sir Ronald Cohen: What Do Industry What Do The Industry Veterans See As The Future For Private Equity? Led by Les Brun, Chairman & CEO, SARR GROUP, Chairman, Private Equity Management Group, FORTUNE MANAGEMENT
PERSPECTIVES FROM THE INDUSTRY DINOSAURS
SuperReturn 10 Years On - How Those SuperReturns Have Grown: An Analysis Of Private Equity Investing, Past & Future, From The “Dinosaurs” Of The Industry
Moderator: John Singer, Managing Director, ADVENT INTERNATIONAL
Panellists: Nigel McConnell, Managing Partner, COGNETAS LLP
Jonny Maxwell, Chief Executive, STANDARD LIFE INVESTMENTS (PRIVATE EQUITY) Walter Butler, CEO, BUTLER CAPITAL PARTNERS
Thomas Puetter, CEO, ALLIANZ CAPITAL PARTNERS
Morning Coffee
HOW SHOULD PE PRESENT ITS VALUE?
The Need For The PE Industry To Better Present Its Value To The Global Economy & To Local EconomiesJonathan Russell, Managing Partner, 3i
SPECIAL GUEST PRESENTATION: ECONOMIC OVERVIEW
Analysis Of The Global Economy: A Political & Economic Forecast Over The Next 10 Years: Implications For Investment StrategiesMarvin Zonis, Professor, Graduate School of Business, UNIVERSITY OF CHICAGO
EXECUTIVE PANEL DISCUSSION
Examining The Most Up To Date Business Issues Affecting The Private Equity IndustryModerator:
Richard Allsopp, Managing Director, Global Head of Private Funds Group, UBS INVESTMENT BANK
Panellists:Jos van Gisbergen, Senior Strategist Alternative Investments, MN SERVICES
Mark Lasry, Founder and Managing Partner, AVENUE CAPITAL
Lunch
Close of Conference
Delegate Networking Afternoon Tea Within Stream Sessions
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PANEL DISCUSSIONWhat Keeps European Mid-Market
Players Awake?
Moderator: PALAMON CAPITAL PARTNERS
Panellists: INDUSTRI KAPITAL
INFLEXION PRIVATE EQUITYARGOS SODITIC
FINATEM
KEYNOTE PANEL DISCUSSION
What Is The Longer Term Outlook For The European Mid-Market?
Moderator:Vincent O’Brien, MONTAGU PRIVATE EQUITY
Panellists:Hanneke Smits, ADAMS STREET PARTNERS
Jennifer Dunstan, 3iJavier Loizaga, MERCAPITAL
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Superreturn A3 07 NEW.qxd 16/11/06 15:44 Page 5
Monday 26th February 2007
PRE-CONFERENCE GERMAN SUMMIT DAY
Opportunities In The German Private Equity & Venture Capital Market
D
W www.icbi-superreturn.com • T +44 0207 017 7200 • F +44 020 7017 7807 • E [email protected]
08.15 Registration & Coffee
08.45
Chairman’s Welcome & Address: Andreas Nelle, Partner, HOGAN & HARTSON RAUE LLPAndreas advises private equity funds and other equityinvestors on transactions, such as buyouts, ventureinvestments and exits, including cross-border privateplacements and public offerings. He is a member ofthe firm's Private Equity and Venture Capitalcoordinating committee.
KEYNOTE ADDRESS: Developing The German Market
08.55
What Is Needed To Develop The GermanPrivate Equity Market?● Appropriate Legal and Tax Environment for
Private Equity in Germany ● Right Private Equity Law for Germany ● Level Playing Field for Domestic and
International Investors Thomas Pütter, CEO, ALLIANZ CAPITAL PARTNERS Thomas has been Chief Executive, AllianzCapital Partners GmbH, Munich, Since1998, and is responsible for the DirectPrivate Equity activities of Allianz Group.
He is also Managing Director, Allianz AlternativeAssets Holding GmbH, Munich, the Allianz Group’sHolding Company for its alternative asset investmentactivities. Prior to joining Allianz, he was ExecutiveDirector, Goldman Sachs International and ChiefFinancial Officer of the Matuschka Group. Thomas alsocurrently serves as Chairman of the BVK.
09.15
An Insight Into The Gateway BetweenPrivate Equity & The Transaction Business ● Convergence of private equity and
transaction business ● Growing conflicts of interest (of one stop
approach) ● Different advisers for different challenges -
requirement for independent transaction advisory ● Optimising collaboration between
sponsors/principles and advisers Dr. Michael Hinderer, Chairman, ALTIUM CAPITAL AGPrior to co-founding CFP Corporate Finance PartnersAG, the predecessor of Apax AG in Germany and AltiumCapital AG in 1986, Michael was an executive of aleading German investment bank where he specializedin cross-border mergers and acquisitions.
09.35
Examining The Pros & Cons Of AnIndustrial Approach in Private Equity● Industrial partnerships - pros and cons● Function of an advisory board● Operating partner versus industrial advisors● Corporate governance-risk in club deals?Dr. Marcus Brennecke, Senior Partner, EQT Marcus joined EQT Partners in 2005 and heads theMunich office. Prior to EQT, he was Managing Partnerand entrepreneurial investor at SMB, focusing on midcap majority investments.
InsightsFROM AN INDUSTRY
LEADER09.55
Leveraging The Increasing Awareness OfThe Benefits Of Private Equity InGermany In Order To Help The CountryOvercome Its Economic Difficulties● Private equity is still a new kid on the block -
even after all these years. ● Focus on facts - beware of projections: how
private equity funds create value. ● Learning by doing: how private equity brings
the global capital community to Germancompanies’ doorsteps.
● Not invented here - threat or opportunity?Hanns Ostmeier, Managing Director, THE BLACKSTONE GROUPDEUTSCHLAND GmbHHanns advises the Blackstone funds oninvestments in Germany. Before joining
Blackstone in September 2003, he worked for sevenyears with the European private equity group, BC Partnersas a Managing Director of their German advisory office inHamburg.
10.20 Morning Coffee
10.50
How Well Are You Really Prepared For Exit?John Evans, Partner, Head of Private Equity, KPMG IN GERMANY John has worked in Germany for over 20 years and hasbeen responsible for building and leading KPMG`s German Transaction Services practice. John has recentlytaken charge of KPMG’s German Private Equity Practice.
11.10
European Venture Capital: Rise and Fall –And Rise?● European venture - the truth about risks and
returns ● Strategies for success in European venture ● The virtues and challenges of the German marketUli Grabenwarter, Head of Equity Fund Investments,EUROPEAN INVESTMENT FUNDUli joined the EIB in 1995 in the finance departmentexecuting structured and corporate finance transactionsin a series of industries. He was advisor to theExecutive Board of the EIB. In 2000 Uli joined (EIF), asPrincipal and later Head of Equity Fund Investments.EIF is Europe’s biggest fund-of-funds in Venture Capitaland one of the biggest players in the mid-market buy-out space with over EUR 5bn of assets undermanagement and commitments to over 200 funds.
Keynote AddressEFFECTS OF LEVERAGE
ON GERMAN PRIVATE EQUITY
11.30
Examining The Effects Of IncreasinglyAggressive Leverage On Private EquityIn Germany: What Are TheConsequences Of Overheating?
Michael Phillips, Managing Partner,APAX PARTNERSBETEILIUNGSBERATUNGGmbH
Michael joined Apax Partners in 1992, focusing onleveraged transactions, buyouts and investments inretail and consumer. He spent three years at OTTOHolding Ltd. in Cologne, one of Germany’s largestwaste management companies, as the generalmanager of an operations subsidiary.
SPECIAL GUESTADDRESS
11.50
Perspectives From A European SerialEntrepreneur: What Factors Drive
Success?Marc Samwer, Serial Entrepreneur, Founder, JAMBA! GROUP & ALANDO &EUROPEAN FOUNDERS FUNDMarc is the CEO and Managing Director of
the European Founders Fund, a private venture capitalfirm Marc runs with his two brothers. Before, Marc andhis brothers were the CEOs and founders ofJamba!/Jamster, the internationally successful wirelessentertainment company acquired by VeriSign in June2004. In 1999, Marc and his brothers had startedAlando which was acquired by eBay the same year.Alando became eBay Germany, eBay's most successfulinternational marketplace and Marc and his brotherswere Managing Directors of eBay Germany until 2000.
12.20 Networking Lunch
Chairman: Andreas Stilcken, Partner, WHITE & CASEAndreas has many years of experience in representingU.S. and U.K. strategic and financial buyers in theirefforts to acquire enterprises in Germany, both fromlarge German conglomerates and private medium-sized businesses owners.
13.50
Small Is Beautiful - Why Small-Cap PEInvestors Can Make Superior Returns● Broad target base● Growth perspective for expansion● More attractive valuations● Variety of profitable exit optionsMarco Brockhaus, Founder & Managing Director,BROCKHAUS PRIVATE EQUITY Marco founded Brockhaus Private Equity in 2000.Prior to this, he was a Manager at 3i,where his exitstrategies included IPO’s and trade sales. Beforethat, he worked as an Investment Banker in theCorporate Finance Division of Rothschild.
ExaminingOPPORTUNITIES IN
RUSSIA 14.10
Successfully Building And DevelopingThe Private Equity Opportunity InRussia: What Prospects Does The MarketOffer? A Case StudyReinhard Kohleick, Managing Director, QUADRIGA CAPITAL RUSSIA Reinhard has been with Quadriga Capital Russia sinceits formation in 1995 and Managing Director since 1998.He has over 12 years experience in the private equityindustry, of which more than 11 years have been spentin Russia. Before joining Quadriga, Reinhard worked forCWB Capital Partners & Deutsche Bank AG.
14.30
Examining The Growing Opportunity ForPrivate Equity Real Estate InvestmentsIn Germany● Examining recent investments & statistical data● Why is Germany attractive for private equity
real estate investments: examining fiscalsituation & market valuations
● Financing: leverage & stapled finance● Examining various exit routesDr. Frank Evers, Partner, WHITE & CASEFrank specialises in national and international Mergers& Acquisitions, private equity investments and initialpublic offerings. He also has extensive experience inreal estate and financial transactions.
Talking GermanyBOOMING MARKET?
14.50
Germany - A Booming Market for PrivateEquity ?● Does The Economical, Political And Legal
Framework Encourage Private EquityInvestments – What Should Be Improved?
Moderator: Dr. Franz-Josef Schöne, Partner, Düsseldorf Office, SIMMONS & SIMMONSFranz-Josef joined Simmons & Simmons at thebeginning of 2002. He has advised on a variety ofmergers and acquisitions, joint ventures and inparticular private equity transactions. He is Head ofthe firm's Corporate practice in Germany.
Panellists: Dr. Jürgen Bufka, Investment DirectorBABCOCK & BROWN GMBHJürgen is part of the BNB Infrastructure group inMunich. He focuses on PPP and Privatization issues inGermany and Central Europe. Prior to BNB, he was aPartner of Roland Berger Strategy Consultants and aManaging Director of BearingPoint.
Nico Helling, Director, MONTAGU PRIVATE EQUITYNico joined Montagu in February 2002. He previouslyworked for the private equity arm of UBS Capital inMunich, and before that as a senior adviser in E&Y‘scorporate finance advisory team.
Tony Mallin, CEO, STAR CAPITAL PARTNERSBefore establishing STAR, Tony spent 20 years atHambros Bank responsible for the banking division.His experience also covers leasing, structured and tax-based finance and risk management.
Dr. Hanns Ostmeier, Managing Director,BLACKSTONE DEUTSCHLAND GMBH (for bio see above)
15.30 Afternoon Tea
16.00
Exiting While Investing: Strategies ForSuccessful Back-To-Back-Transactions● Environment: Which scenarios do private
equity funds face?● Opportunities: How to meet the sellers'
expectations?● Legal Cornerstones: What are the key legal
parameters for successful transactions?● Timing as the decisive factor: What to do when?Oliver Wolfgramm, Partner, CMS HASCHE SIGLE
Oliver has extensive experience advising German andinternational clients on national and multinationalmergers and acquisitions and private equitytransactions, in particular leveraged buy-outs.
16.20
Generating Value Through SourcingManagement● Sourcing – the no. 1 lever for operational
performance● Strategies for value● Success factors for rapid cash savings● Examining the performance effectsDr. Markus Bergauer, Founder & Managing Partner, INVERTO AGInverto is an independent provider of tool-basedsourcing services. Markus previously spent ten years intop management consulting in Germany and the USA.
16.40
Value Creation Via Buy & Build ● Why is Buy & Build so important in
competitive PE markets ● 2006 market data on Buy & Build activity ● An example of Buy & Build in Germany ● Lessons learnt Sebastian Kern, Director, PPMSebastian joined PPM in 2001 and heads the group'soffice in Munich. He joined 3i Deutschland GmbH in1998, where he set up the Munich office. Previously,Sebastian worked for IKB Deutsche Industriebank AG.
TalkingPURCHASING DIRECT
SECONDARIES17.00
Examining Different Strategies & IssuesInvolved In Purchasing DirectSecondaries In The German Market● What are the key drivers behind the
phenomenon of direct secondary transactionsin Germany?
● What are the different strategies ofparticipants in the direct secondary market?
● What are the Pros and Cons of purchasing aportfolio with or without the team whichexecuted the investments originally
● What implications do direct secondaries havefor (primary) GPs + LPs?
Moderator:Nicolas von der Schulenburg, Principal, PORTFOLIO ADVISORSNicolas leads Portfolio Advisors’ European activities andsupports the Investment Committee. Previously he wasan Investment Director for CAM Private Equity, theleading private equity fund of funds firm based inGermany, where he focused on conducting due diligenceon European and U.S. private equity partnerships.
Panellists: Dr. Helmut Vorndran, Co-Founder & CEO, VENTIZZ CAPITAL PARTNERSADVISORY AGVentizz was established in 2000 and advises fundswhich are investing in growth capital and buy-outtransactions. Before establishing Ventizz in 2000,Helmut acquired Schnakenberg GmbH, a global marketleader in event technology, in an MBI transaction. Priorto that he worked for A.T. Kearney in Munich and Tokyo.
Edin Hadzic, Founder, PARAGON PARTNERSEdin co-founded Paragon in 2004. Previously, he was apartner with Triton, a European private equity firm withoffices in Frankfurt, London and Stockholm.
Tom Anthofer, Managing Partner,CIPIO PARTNERSPrior to founding Cipio Partners, Tom was Partner ofBroadview Holdings LP, New York/London, one of thelargest investment banking and private equity firms servingthe Technology, Media and Telecommunications industries.
17.45
Close of Summit Day
18.00 – 19.30
Networking Cocktail Party
THE SUPERRETURNENTREPRENEURS' SHOWCASE• Quickfire Showcase From German Entrepreneurs• 5 minute presentations offering insight into
the latest entrepreneurial business plans from• 14 mature/late stage companiesHosted by: CONTINUA
Superreturn A3 07 NEW.qxd 16/11/06 15:44 Page 6
DAY1
W www.icbi-superreturn.com • T +44 0207 017 7200 • F +44 020 7017 7807 • E [email protected] 7
Main Conference Day OneTuesday 27th February 2007
07.30 Welcome coffee and registration
08.05
Opening Address: Derek Zissman, Advisor - Private Equity Group,Vice Chairman, KPMG In The UKDerek was a founding member of KPMG's dedicated Private Equity Groupin the U.K. and leads the global relationships on a number of privateequity clients as well as other major corporate clients. He is regularlyinvolved in advising clients on transactions in the U.K., Continental Europeand the U.S.A. Derek divides his time between KPMG’s Private EquityGroup offices in New York and London.
Keynote Opening Address INSIGHTS FROM ANINDUSTRY VETERAN
08.15
Private Equity - Going Back To The Roots: ReviewingThe Effects Of The Burgeoning VC Market Over The Past10 Years & Examining Where New Opportunities Lie InThe Future ● Where did the VC industry come from? ● Where is it now? ● What is its role in society? ● What is an appropriate strategy for the future?
Alan Patricof, Founder, APAX PARTNERS Founder & Managing Director, GREYCROFT PARTNERS Alan entered the industry in its formative days with thecreation of Patricof & Co. Ventures Inc., a predecessor to
Apax Partners, Worldwide, today one of the world’s leading private equityfirms with $20 billion under management or advice. He stepped back fromthe daily administration and operational aspects of Apax Partners, Inc., thefirm’s U.S. arm, in 2001 to concentrate on a group of small venture dealson its behalf. In early 2006, as Apax pursued a strategy entirely of largecap buyouts, Alan founded a new $75 million venture capital firm,Greycroft Partners, focusing on early stage new media investments.
Head to HeadWITH INDUSTRY EXPERTS
08.45
Analysing The Investment Environment Ahead: WhatDo Rising Deal Prices Mean For Returns, When Will TheNext Distressed Cycle Arrive, & What Are The Pros &Cons Of PE Firms Going Public?● Do rising deal prices really matter across all buyout size ranges?● Are the debt markets different this time so that the distressed
cycle will be different? ● Will investors invest in public pe firms instead of becoming
LPs and what will that do to the industry?
Moderator: Mario Giannini, CEO, HAMILTON LANE Mario is responsible for the firm’s strategic direction andoversees the development of the firm’s managementstructure and process. He also provides client services to thefirm’s numerous clients and plays a significant role inmarketing the firms products and services. In addition, Mario
serves on several advisory boards on behalf of Hamilton Lane and its clients,including Thomas H. Lee, TPG Partners and Providence Equity Partners
Panellists: Stephen Schwarzman, Chairman, CEO & Co-FounderTHE BLACKSTONE GROUPSteve has been involved in all phases of the firm’sdevelopment since its founding in 1985 and approves allcapital commitments by the firm. He began his career at
Lehman Brothers, where he was engaged principally in the firm’s mergersand acquisitions business from 1977 to 1984, and served as Chairman ofthe firm’s Mergers & Acquisitions Committee in 1983 and 1984.
Nigel Doughty, CEO, DOUGHTY HANSON Doughty Hanson is Europe’s largest venture capital group.Together with Richard Hanson, Nigel founded DoughtyHanson and Co in 1984. The company manages €9bn offund commitments and has offices across Europe and inthe US. In addition to its traditional private equity activity,
Doughty Hanson also manages Europe’s largest opportunity real estatefund and a Technology Venture fund. Mr Doughty is Chairman of theInvestment Committee of all three investment activities.
Scott M. Sperling, Co-President,THOMAS H. LEE PARTNERSScott is also Trustee and General Partner of various THLEquity Funds. Thomas H. Lee Partners is one of the US’sleading Buyout Fund organisations with over $20 billionunder management in its various funds. Its most recent
fund is Thomas H. Lee Partners Equity Fund VI, a $9 billion LBO Fundwhich closed in April 2006. Scott is also President of TH Lee PutnamCapital. Prior to joining Thomas H. Lee Partners, he was for over ten years,Managing Partner of The Aeneas Group, Inc., the private capital affiliate ofHarvard Management Company.
Todd Fisher, Member, KKR Todd has been with KKR for 13 years. He heads theChemical and Financial Services industry teams in Europeand is a member of the Investment and OperatingCommittees. He played a key role in the establishment ofKKR’s European presence as a co-founder of the London
office in 1999. Prior to joining KKR, Todd was with Goldman, Sachs & Co.in its Corporate Finance Department, where he was primarily involved inLatin American transactions.
Steven Puccinelli, Head of Private Equity, Europe,INVESTCORPSteven joined Investcorp in 2000 from Donaldson, Lufkinand Jenrette, where his career spanned 15 years. Stevenheld several positions while at DLJ, most recently
Managing Director and Head of the Retail and Consumer Industry Group.
09.30
Private Equity Predictions and Observations For TheYear Ahead● Highlights of 2006● US fund formation update● Increasing regulationRobin Painter, Partner, PROSKAUER ROSE LLPRobin is the Co-Chair of the Private Investment Funds Group. Sheconcentrates in the areas of corporate and securities law, with a particularemphasis on private equity transactions, both domestic and foreign. Robinadvises private equity fund managers, institutional investors andinvestment advisors on a broad range of issues, including capitalformations, secondary transactions, portfolio investments, internalgovernance and distributions and divestments.
Special Guest Presentation LOOKING TO THE FUTURE
09.50
The Third Industrial Revolution: Examining TheConvergence Of Energy, Climate Change &Communication To Create A New Economy That WillFundamentally Change The Nature Of Our Market,Political & Social Institutions● The approach of a critical watershed for the fossil fuel era, and
its consequences for industrial civilisation● Examining the future of renewable energy and the hydrogen
economy ● Potential for power to be locally generated and distributed ● The nexus of politics, society and business: examining the
massive potential for industry and capital investment ● How can an integrated infrastructure and energy regime be
created in Europe? Jeremy Rifkin, President,FOUNDATION ON ECONOMIC TRENDSJeremy is the author of seventeen books on the impact ofscientific and technological changes on the economy, theworkforce, society, and the environment. In his 2002international bestseller, “The Hydrogen Economy”, Rifkin
takes us on an eye-opening journey into the next great commercial era inhistory. He envisions the dawn of a new economy powered by hydrogenthat will fundamentally change the nature of our market, political and socialinstitutions, just as coal and steam power did at the beginning of theindustrial age. Jeremy served as an advisor to Romano Prodi when he waspresident of the European Commission- the governing body of the EuropeanUnion. In that capacity, he developed the initial strategic memorandum forthe EU outlining the game plan for a hydrogen infrastructure across Europe.The plan he outlined was subsequently accepted by President Prodi andbecame the basis for a multi-billion dollar research and development initiativeacross the EU to wean Europe off of fossil fuel dependency, and intorenewable energy and a hydrogen regime. Jeremy is now serving as theprincipal senior advisor to the leadership group of the European Parliamenton the European Union Hydrogen Economy Initiative. He also advises theEuropean Commission, the governing body of the European Union.
10.50 Special Extended Morning Coffee Networking Break
Executive Outlook onLARGE–CAP PRIVATE EQUITY
11.35
Large-Cap Private Equity: Strategies For SuccessfulBuyout Investing In The Age Of Excess Capital ● Is there excess capital? ● Returns are driven by adding value ● Profit growth remains the core driver ● Drive profit through sector expertise, local presence and a
global platform
Martin Halusa, CEO, APAX PARTNERS WORLDWIDEMartin began his career at The Boston Consulting Group inGermany and left as a Partner and Vice President of BCGworld-wide in 1986. He joined Daniel SwarovskiCorporation, Austria’s largest private industrial company,
first as President of Swarovski Inc (USA) and later as the Director ofInternational Holding in Zurich. In 1990, he co-founded Apax Partners inGermany as Managing Director. His investment experience has beenprimarily in telecommunications and service industries. In October 2003Martin was elected Chief Executive Officer of Apax Worldwide.
Insights From AN INDUSTRY GURU
11.55
Private Equity: Past, Present & FutureDavid Bonderman, Founding Partner,TEXAS PACIFIC GROUP David Bonderman is also a founder of TPG’s Asian affiliate,TPG Newbridge. TPG invests primarily in restructurings,recapitalizations and buyouts in the United States, Canada,Europe and Asia. TPG and its affiliates have under
management more than $30 billion of equity capital. Prior to forming TPGin 1992, David was COO of the Robert M. Bass Group, Inc. (nowKeystone, Inc.) in Fort Worth, Texas.
TalkingMID VERSUS LARGE–CAP
12.15
Beauty Or The Beast - Mid Market Versus Large/MegaFunds ● Defining boundaries: what is a mid market, what is a mega
buyout deal; definitions have changed the past decade● Risk/return profiles for different deal sizes● Average purchase price multiple are converging across the size
spectrum: what are the consequences?● Larger deals have been facilitated by a lenient/eager lending
environment; what if that changes?
Moderator: Veronica Eng, Partner, PERMIRAVeronica is a member of Permira's Operating Committeeand Investment Committee. In addition, she is the fundminder of all Permira Funds and has responsibility for
issues such as strategy, portfolio weightings and diversification andcurrency. She has oversight of Permira’s financing group, transactionexecution and firm-wide risk management. Veronica has worked onnumerous transactions across various sectors.
Panellists: Jon Moulton, Managing Partner, ALCHEMY PARTNERS Alchemy is a UK-based private equity firm, which hasinvested £1.6 billion of equity with an emphasis on dealingwith troubled companies. It is currently completing the
raising of a £300m European distressed debt fund. Jon previouslyworked with Citicorp Venture Capital in New York and London, Permiraand Apax. He has been a director of five public companies, numerousprivate companies and is currently a director of the US-based Irvinparachute business, the Cedar IT business, Sylvan (timber) and AshmoreGroup – a major investor in emerging market debt.
Wanching Ang, Managing Director, ALLIANZ PRIVATE EQUITY PARTNERS Wanching joined in 1999 and co-heads APEP. She focuseson European and Asian investments, sits on the APEPinternal investment committee for global investments and
has general management responsibility for the Munich office. Prior toAPEP Wanching was with Apax Partners (UK) working on buyoutinvestments and before that at UBS Warburg (UK) in Corporate Financeon transactions in the Consumer Goods Sector.
Jennifer Dunstan, Partner, 3iJennifer joined 3i in June 2005 after spending nine yearsat Terra Firma Capital Partners and Nomura's PrincipalFinance Group (PFG), where she was a Managing Director.
She also led the team responsible for negotiating and executing thespinout of PFG from Nomura in 2001 to create the new private equitycompany, Terra Firma. Before PFG/Terra Firma, Jennifer started her careeras a solicitor for Allen, Allen & Hemsley in Sydney and London.
Kevin J. Conway, Managing Partner, CLAYTON DUBILIER & RICE Kevin joined CD&R in 1994. He has been active in anumber of the Firm's investments and chairs the CD&RScreening Committee, which assesses all potential
investments. Previously, Mr. Conway spent ten years with Goldman,Sachs & Co., where he was elected a partner. He was a senior memberof the Mergers and Acquisitions department at Goldman Sachs and laterserved as the Chief of Staff of the Investment Banking Division.
13.00
Special Extended Networking Lunch Break with: ● An Informal Audience with David Bonderman – special Q&A
Session from 1430 – 1500 ● One-To-One Networking with your SpotMe Device● The SuperReturn Quick-Fire Showcase – an opportunity for
private equity players to stand up and speak about their fund infront of LPs and GPs. Sign up during registration – first come,first served.
DAY 1 - Tuesday 27th February 2007
SUPERRETURN MAIN CONFERENCE
Superreturn A3 07 NEW.qxd 16/11/06 15:44 Page 7
AFTERNOON STREAMED SESSIONS
Stream A
New Opportunities In VC & Buyouts In China
Chaired by: CeTIM
15.00
China In The Global VC Arena – A GlobalBenchmarking of China’s VC IndustryMartin Haemmig, Adj. Professor, Globalisation of VentureCapital, CeTIM (CENTER FOR TECHNOLOGY &INNOVATION MANAGEMENT)Martin’s venture capital research covers 13 countries in Asia, Europe,Israel, and USA. He lectures at UC Berkeley, Stanford, UniBW Munich,ETH Zurich, as well as at China’s Peking, Tsinghua, Renmin, Fudan,andJiaoTong University. He is author of books on the Globalisation ofVenture Capital (English & Chinese). He was appointed as expert andfaculty to the China Research Center at UC Berkeley for China.
TalkingIS IT TIME TO INVEST IN VC
FIRMS IN CHINA? 15.20
Outlook for Venture Capital in China from an LP & GPPerspective: Is It Now Time To Invest In Local OrInternational VC Firms In China? ● How do the most Successful VC Funds invest in China?● What are the market entry options for foreign VC Firms and
for institutional investors?● Recent development in China (investments, exit, performance)● The investment structure for foreign venture capital firms in
China● The deals which create high returns in China● Key issues for LPs investing in China● Latest developments on legal, regulatory and fiscal issues
Moderator: Martin Haemmig, Adj. Professor, Globalisation of Venture Capital, CeTIM (for bio see above)
Panellists: David Zhang, Managing Director China,WI HARPER GROUPWI Harper with 100+ investments is a Silicon Valley andGreater China fund with over 10 years of business in China,using a bridge model between the two regions. It recently
expanded into Europe to enable global business development opportunitiesfor startups. David joined WI Harper in 2001 and runs their China operation,realising several IPOs on Nasdaq and in Asia over the last year.
York Chen, President & Managing Partner,China, iD TECHVENTURESiD TechVentures based in Shanghai, is one of severaloffices across Greater China and Silicon Valley, formerlyknown as Acer Technology Ventures. York wasnominated as one of the most active VCs in 2003-2004.
He was a former board member of Acer Computer Intl. in charge of 10JV operations from in Russia and Asia-Pacific. He was the first Chineseto speak in the Kremlin in 1991.
Ali Erfan, Partner (VC), 3i3i is the world’s most global PE-VC firm with offices in 14countries. Ali is a partner in 3i's VCl investment team withan investment focus in early stage opportunities, where hetakes a particular interest in global 'clean technologies'. Hewas Group Marketing Director in 2002 after his career as
consultant and entrepreneur on three successful startups.
Olivier Glauser, Director China and World-wide Ventures, QUALCOMM VENTURESQualcomm Ventures is the venture capital division ofQualcomm Incorporated. Currently based in Beijing,Olivier is responsible for Qualcomm’s $100M allocationfor venture investments in China and outside North
America. He joined the founding team of Qualcomm Ventures ($500Mcorporate commitment) in 2000, where he led and managed many ofQualcomm’s successful venture investments in Silicon Valley andthroughout the US.
Li Li, Managing Partner Shanghai OfficeDEBEVOISE & PLIMPTON LLPLi Li is the managing partner of the firm’s Shanghaioffice. Before relocating to Shanghai, she practised inNew York. In China, she represents multinationalcompanies, Chinese companies and fund management in
a broad range of transactions, including public offerings, M&A andforeign direct investments in China. She joined Debevoise in 2002.
Alice Chow, Managing Director,SQUADRON CAPITAL/SEARCHINVESTMENT GROUP Search Investment Group is a leading family office based inHong Kong and Squadron is the firm's private equity arm.Alice leads the Group's global venture capital activities and
helps manage their US fund relationships. Alice also helps manageSquadron's Asian Fund of Funds where she focuses on China, leveragingher direct investments experience there. Previously, she was with QEDGlobal, McKinsey & Co., and Genentech, Inc.
16.20 Afternoon Tea
16.50
Buyouts In China: Examining The State Of TheMarkets, Trends, & LP's Persepctives● Why invest in Asia now? ● What are the hot investment topics? ● Which country and theme to choose - how to best
implement an Asian private investment strategy? ● Opportunities in the Chinese private equity market. Christoph Rubeli, Partner, Head Markets Asia / Mid-East,PARTNERS GROUPChristoph is responsible for deal and manager origination and clientrelationships in the Asia-Pacific and the Middle East region. In addition,he is a member of the private equity investment committee. Previously,he was head of the private equity investment management businessgroup, where he was responsible for the firm's private equitypartnership, direct and secondary investment activities.
TalkingPUTTING MONEY TO
WORK IN ASIA 17.10
Broadening The Asian Investment Opportunity: NewWays Of Putting Money To Work - And Getting It Out● Investment opportunities in Asia ● What are the challenges and key risks in doing deals
in Asia? ● Capital balance - Is there too much or too little money? ● What can a global private equity investor expect from Asia
exposure? ● Trends and developments of the Asian market and financial
system
Moderator:
Christoph Rubeli, Partner, Head Markets Asia / Mid-East,PARTNERS GROUP
Panellists: Tang Kok Yew, Chairman and Managing Partner,AFFINITY EQUITY PARTNERSMr Tang joined UBS Capital as Chairman, Asia Pacific in 1999 beforeco-founding Affinity Equity Partners in 2002. He has been involved inprivate equity since 1989. Prior to UBS Capital, he became the ChiefExecutive for Investment Banking, East Asia at Union Bank ofSwitzerland in 1995. In that role, he also had oversight responsibilityfor the bank’s private equity activities. Following the merger of UnionBank of Switzerland and Swiss Bank Corporation to form UBS, MrTang became Chief Executive, Hong Kong, of UBS Group and AsiaRegional Head of Corporate Finance for UBS Warburg.
Nicholas Bloy, Founding Partner And Director, NAVIS CAPITAL PARTNERS Nicholas leads investment teams in making, monitoring and exitinginvestments and is responsible for fundraising. He is also a Non-Executive Director of Malaysia’s largest investment bank, CIMB. Prior toco-founding Navis, Nicholas was with The Boston Consulting Group inAsia from 1989 to 1999 after spending 3 years with Bain & Co. inLondon. Navis was founded in 1998 in order to make private equityinvestments in buyouts, recapitalisations and financial restructurings inAsia. Navis currently manages US$500 million in private equity capitaland employs over 50 staff across the Asian region.
Li Li,Managing Partner Shanghai OfficeDEBEVOISE & PLIMPTON LLPLi Li is the managing partner of the firm’s Shanghai office. Beforerelocating to Shanghai, she practised in New York. In China, sherepresents multinational companies, Chinese companies and fundmanagement in a broad range of transactions, including publicofferings, M&A and foreign direct investments in China. She joinedDebevoise in 2002.
Fanglu Wang, Managing Director, Asset Management, CITIC CAPITALFanglu has over 15 years experience in capital markets, corporatefinance, financial engineering and derivatives. He was one of first toadvise top China Asset Management Company executives. Previously,he was Head of Product Marketing and Sales for China, HSBC, Directorin Investment Banking and Debt Capital Markets, Merrill Lynch Asia,Vice President, Citibank Hong Kong, & Executive Director, Sakura GlobalCapital.
John H. Zhao,CEO & Managing Director,HONY CAPITAL John is the Chief Executive Officer of Legend Hony Capital. He alsoserves as a Vice President of Legend Holdings Limited. Prior to this,John spent a year as a CEO adviser to UTStarcom Inc.and Lenovo GroupLtd. where he advised the companies on developing global strategiesand executing M&A projects. Before 2002, John served as a ManagingDirector of eGarden Ventures, Ltd., a venture capital investmentcompany with investments in US, Hong Kong and China.
Stream B
Investor Outlook
Chaired by: John Daghlian, Partner, O'MELVENY & MYERS LLP Since joining O'Melveny & Myers as a founding partner of its London office in2004, John has advised general partners establishing both private and publiclytraded funds (including the Apollo publicly traded fund AP Alternative AssetsL.P., a ground breaking transaction) for investment in various sectors andcountries, including Germany, China, Africa, Latin America, the renewableenergy sector, leveraged buy-outs, media, technology and real estate. He hasalso advised investors investing over $3 billion in private equity funds, andadvised on numerous secondary deals. John advised ISIS on its spin out fromF&C Asset Management and Cazenove Private Equity on its exit fromCazenove Asset Management and merger with Prelude Ventures.
New ResearchTHE TRUTH ABOUT RETURNS
15.00
Investors: Do You Dare To Hear The Truth AboutPrivate Equity Returns?● What is happening to private equity returns?● Venture: sector and geography● Buyout: fund size and investment focus● Allocations and total returnGuy Fraser-Sampson, Author, “MULTI ASSET CLASS INVESTMENT STRATEGY” &“PRIVATE EQUITY AS AN ASSET CLASS”Guy has now finished his second book, “Private Equity As An Asset Class”which will be launched at SuperReturn in February. The book, based onpainstaking research and analysis, contains some hard-hitting and controversialideas that may well have a significant impact on how the whole private equityindustry thinks and acts in the future. His first book, “Multi Asset ClassInvestment Strategy” and its message that traditional asset allocation practiceis profoundly mistaken has sent shock waves through the financial world.
16.20
European Investor Requirements: How The Market Place is Evolving And Affecting The Deal For Investors?● Assessing the current trends in fund terms and conditions:
how the market is affecting the deal for investors? ● Exploring the German and Continental European context Sonya Pauls, Partner, SJ Berwin LLPSonya is a partner in the Munich Office of SJ Berwin. She specialises inadvising private equity fund managers on the structuring and formationof German and international investment funds. Sonya also focuses oncarried interest arrangements and other questions relating to corporatefinance work. She has been advising on private equity issues since 1996and has been a partner of SJ Berwin since 2000.
TalkingKEY CHARACTERISTICS OF
LP/GP RELATIONS15.40
Key Characteristics Of Successful LP/GP Relations:What Strategies Are LP's Adopting To BuildRelationships With Desirable GP's & How Do GP'sActively Manage Their LP Bases?
Moderator: Charles Jacobs, Partner, NIXON PEABODYAs the leader of Nixon Peabody’s Private Equity group, Charles’ practiceconcentrates on private equity and venture capital fund formation andinvestments, mergers and acquisitions, joint ventures, financings,partnerships, limited liability companies, and other general corporatematters. He is recognised for exceptional standing in the legalcommunity in the area of Private Fund Formation in both ChambersUSA: America’s Leading Lawyers for Business, 2006 and The Guide tothe World's Leading Private Equity Lawyers, 2006.
Panellists: Julian Knott, Partner, COGNETASJulian joined the business which is now Cognetas in 1987, initially as aninvestment professional. He was also involved in establishing and runninginvestment activities in USA and the Far East. He now runs investor relationsand co-ordinates the Operating Partners programme. Previously he was atCitibank where he was a Vice President in the leveraged buy out department.Prior to this, Julian spent eight years with ANZ Bank in London and Japan.Mostly in corporate banking, he also ran a trade finance subsidiary beforeeventually selling it. Julian has a bachelor’s degree in Civil Engineering fromLondon University and an MBA from Cranfield Business School.
Colin Maltby, Head of InvestmentsBP INVESTMENT MANAGEMENT Colin was previously Chief Investment Officer of Equitas Limited fromits formation in 1996. His career in investment management began in1975 with NM Rothschild & Sons and included 15 years with theKleinwort Benson Group, of which he was a Group Chief Executive atthe time of its acquisition by Dresdner Bank AG in 1995. He is currentlyan Investment Advisor to the British Coal Staff Superannuation Scheme,the British Airways Pension Schemes, and Wolfson College, Oxford andan advisor to the Carbon Disclosure Project.
DAY 1 - Tuesday 27th February 2007
SUPERRETURN MAIN CONFERENCEDAY
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Philip Bassett, Partner, PERMIRAPhilip became a Partner in 2004. He leads the Investor Relations team andhas responsibility for marketing and investor liaison for the Permira Funds.Prior to joining Permira, Philip worked with the Schroder Venturesinternational team on fund raising and investor communications.
Paul Denning, Chief Executive Officer, DENNING & COMPANY LLC Denning & Company LLC is a global private equity advisory firm basedin San Francisco, California. Founded in 2001, Denning and Company,LLC serves the private equity fundraising needs of both veteran GeneralPartners seeking only to broaden their L.P. base as well as the nextgeneration of Private Equity Managers, requiring a more elaboratefundraising effort. With over 40 years of combined industry experience,the Denning and Company team has raised capital in excess of $5 billionfor General Partners based in the U.S., Japan/Asia, UK/Europe, Russia,and Israel from a Limited Partner base similarly diversified.
16.20 Afternoon Tea
16.50
Investing Across Cycles- Are VC Or PE InvestorsBetter Positioned?Robert Manning, General Partner, BAKER CAPITALRobert joined Baker Capital in 2002. Prior to joining Baker Capital, hewas CFO of Intermedia Communications, an integrated communicationsservices provider. Intermedia was acquired for over $6 billion in 2001.
17.10
Examining The Most Current Issues For Investors InPrivate Equity Funds● What are institutional investors in private equity funds looking for?● Hot button issues ● Disclosure updateDavid Tegeler, Partner, PROSKAUER ROSE LLPDavid is also Co-Chair of the Private Investment Funds Group. Heconcentrates in the areas of corporate and securities law, with aparticular emphasis on private equity transactions. His experienceincludes representation of private equity fund managers in capitalformations, portfolio investments and governance issues. He has asubstantial practice representing US and European-based institutionalinvestors and investment advisors in the private equity field.
TalkingLPS UNDER PRESSURE &
UNDER RESOURCED17.30
LPs - Under Pressure & Under-Resourced: How CanLPs Deal With The Challenges Stemming FromIncreased Allocation To Private Equity? Is TheirMoney Going To The Right Places? ● Where are we in the cycle?● How are LP objectives changing with increased allocations?● How can LP’s best design allocation programmes for the future?● How to maximise your chances of successful execution?● Expert advice from the panel
Moderator: Claus Stenbaek, Managing Director, KEYHAVEN CAPITAL PARTNERS Keyhaven Capital Partners is a boutique investment & advisory firmbased in London. He has nineteen years of direct private equity as wellas fund selection and quoted securities experience, most recently asExecutive Director and Partner of Danske Private Equity. Previouspositions included Founder and Managing Director of Richmond CapitalLimited, a niche investment bank with a successful track record in M&Aand investment banking transactions primarily in Europe.
Panellists: Susanne Forsingdal, Partner, ATP PRIVATE EQUITY PARTNERS Susanne joined ATP PEP in March 2003. Previously, Susanne held aposition as Senior Vice President heading the investor relations functionat Danske Bank for two years. Moreover, Susanne has seven years ofexperience in equity research.
Beverly Berman, Partner, ADVENT INTERNATIONAL Beverly joined Advent in 2003 as a partner, responsible for investorrelations and fund marketing activities in North America. Before joiningAdvent, Beverly was a partner at C.P. Eaton & Associates, anindependent placement agent, with primary responsibility for origination,screening and due diligence of alternative investments including privateequity, real estate and hedge funds. Previously, she was a director inCredit Suisse First Boston's Customised Fund Investment Group.
Alicia Cooney, Managing Director, MONUMENT GROUPAlicia, until co-founding Monument Group, was a Consultant for more thanthirteen years at Cambridge Associates, Inc., an internationally recognisedinvestment consulting firm. While at Cambridge Associates, she wasprimarily responsible for development of the firm’s specialised alternativeasset consulting practice, including venture capital, leveraged buyouts,mezzanine capital, distressed investments, and growth equity, among others.
Daniela Konrath, Partner, PANTHEON VENTURESDaniela is a senior member of the European Investment team withprincipal responsibility for primary investing in continental Europe. She isalso involved in the sourcing and evaluation of continental Europeansecondary opportunities. She was previously an investment manager forprivate equity funds at Alpinvest in the Netherlands.
Stream C
New Directions In Venture Capital
Chaired by: Kurt Müller, Founder and Partner, TARGET PARTNERSWith more than € 112 million under management, Target Partners isone of the largest early-stage Venture Capital funds in Germany. From1986 to 1999 Kurt founded and then grew Dataware Technologies from$0 to $41 million in revenues as Chief Executive Officer. In 1993 hesuccessfully brought Dataware public on the NASDAQ, and in 1995 hefounded Northern Light Technology.
TalkingAGONY OR ECSTASY FOR VC
15.00
Agony Or Ecstasy - What's Ahead For VC For TheNext Ten Years?A panel of industry veterans will go out on a limb to predict thetop three most significant trends that will shape the venture-capital industry for the next 10 years. Drawing on their decadesof experience, panellists will compare and contrast where weare today with historical parallels to offer you insights into thefuture. Some will make their predictions based on the belief thatthe industry cycles every 15 years. Where are we within thatcycle and how do we prepare for the next stage? Will increasedglobalisation, regulation, and new players, like hedge funds,fundamentally alter the rules of the game? Who will be the newwinners and losers? How do smart investors and managersprepare for what's ahead? Join us to find out.
Moderator: Bob Pavey, General Partner,MORGANTHALER Bob joined Morgenthaler in 1969 and has been a General Partner since1971. During his tenure, Bob has been involved in many of the firm’ssuccessful investments – Apple Computer, Applied Intelligent Systems(acquired by Electro Scientific), Aptis Communications (acquired byNortel Networks), Atria Software (acquired by Rational Software),Endwave, Gliatech, Illustra Information Technologies (acquired byInformix), Intrinsa (acquired by Microsoft), New Focus, Synernetics(acquired by 3Com), and Synopsys. From 1990 to 1992, he served asPresident and then Chairman of the NVCA.
Panellists: Brooks Zug, Senior Managing Director,HARBOURVEST PARTNERSBrooks is a founder of the Firm and is responsible for overseeing U.S. and non-U.S. partnership and direct investments. He joined the corporatefinance department of John Hancock in 1977 and in 1982, co-foundedHancock Venture Partners, which later became HarbourVest Partners.
Joe Schoendorf, Venture Partner, ACCEL PARTNERSAccel now has four centres of on the ground early stage venture teamsworking in China, Israel, Europe and the US, managing threeindependent funds - totalling over one billion dollars - all raised in 2005.Accel has also just completed a very successful IPO on NASDAQ ofRiverbed Technology - an old
Susan Carter, President & CEO, COMMONFUND CAPITAL Commonfund Capital is a wholly owned subsidiary of Commonfund,overseeing its private capital programs in venture capital, domestic andinternational private equity, and energy. Prior to joining Commonfund,Susan served as a senior associate of the Morgan Stanley venturecapital group from 1985–1989 and spent several years at GeneralElectric Investment Corp., where her duties included the evaluation ofventure capital limited partnerships, as well as analysis for GE's PensionTrust venture capital program
TalkingSEIZING THE MOMENT FOR
EUROPEAN VENTURE
15.40
Making This The Decade Of The European VentureCapitalists: Seizing The Moment, Capitalising On TheAvailable Entrepreneurial Talent & Strong CorporateInvestor Appetite● Are the EU VC’s managed by qualified General Partners who
can really help their portfolio companies become largesuccessful exits? Are there enough top quality EU VC’s togive critical mass for funding EU start ups?
● Is the term EU VC outdated or should we just call it Global VC?LP’s have the choice of placing commitments Globally whyshould they choose an EU fund? What is the right VC modelfor Europe to give expected VC returns over the next 5 years?
● How fertile is the EU for deal flow and entrepreneur talent?Where are the gaps and how to fill them?
● Is there a valuation arbitrage between EU and US start ups?● Are exit markets either through public offerings or corporate
M and A strong enough to give large enough exits to meritthe risks involved in VC?
Moderator: Charles Irving, Founder, POND VENTURESBased in Europe, Charles has over thirty years experience in corporatedeal-making in the investment and commodities arena, 18 of which werewith Glencore AG. Charles was a founder of Pond, providing the maininterface with investors, and helps with team-building and organisationalissues at Pond companies.
Panellists: Shamsa Rana, Partner,TRIBUNE CAPITAL PARTNERS Tribune is a Geneva and London based investment & advisory firm thatfocuses solely on new media, converging media and aspects oftraditional media. Shamsa heads up management of the Rising StarVenture Fund I and II.
Rolf Dienst, Founding Partner, WELLINGTON PARTNERSRolf founded Wellington Partners in 1991. He was a co-founder of theMatuschka Group in 1968, which he ran as President until he sold hisshares in 1990. In 1984 he co-founded TVM – Techno Venture ManagementMunich together with TA Associates, Advent International, Siemens AG andMatuschka. He is on the board of the BVK.
Anne Glover, Chief Executive & Co-FounderAMADEUS CAPITAL PARTNERS Amadeus, the European technology investor, has over £400 million offunds under management and has backed over 60 companies coveringcomputer hardware and software, mobile and fixed communicationstechnologies and medical technologies. Previously Anne worked for ApaxPartners & Co, investing in early stage companies. Anne was Chairman of the British Venture Capital Association (BVCA) in 2004-2005.
Eli Barkat, Managing Director, BRM CAPITALBRM is an Israeli venture capital firm focused on seed and early stagecompanies in the software, internet infrastructure and communicationstechnologies & components sectors. Eli joined BRM in 2004 and managessoftware and internet investments. Prior to joining BRM, he was CEO ofBackWeb, which he led from concept to IPO. He was also a foundingpartner of BRM Technologies, a pioneer in the Israeli informationtechnology arena which successfully founded several Internetinfrastructure companies, including Check Point Software, whichbecame a world leader in internet security.
16.20 Afternoon Tea
16.50
Celebrating The Latest European Venture Success StoriesSimon Cook, Chief Executive, ESPRIT CAPITAL PARTNERS Simon was instrumental in the formation of Esprit, a top tier European VCfirm with $500m under management formed by the merger of PreludeVentures and Cazenove Private Equity in 2006. He was previously apartner with Elderstreet Investments Ltd and a Director at 3i Cambridge.
17.10
Is Seed Finally Sprouting?● Seed has historically been a poor area of investor return ● However recent developments indicate that a number of
investors - VCs, quoted investors, hedge funds etc. see theopportunity here
● How will seed funds be structured in the future? ● How will a rejuvenated seed sector impact on classic venture?Ernie Richardson, CEO, MTI PARTNERS Ernie has over 15 years’ experience in finance and general managementin various process industries, prior to joining MTI in 1985. His finalposition before joining MTI was as the Chief Financial Officer in a $5million start-up venture in the oil processing sector. At MTI he has beenresponsible for several of MTI’s most successful transactions andbecame CEO & Managing Partner in 2003.
TalkingTECH TRANSFER
17.30
Secrets To Success In Tech Transfer - How VCs ExtractWinning Technologies From Universities & Other Labs● How VCs can best find technology in university labs ● Best practices and successful models for university spinouts ● Lessons learned from the best and worst experiences in
extracting technology from research labs ● Trends in University Tech Transfer (university venture funds, etc.)
Moderator: David Spreng, Founder & Managing Partner, CRESCENDO VENTURES Crescendo Ventures is an international venture capital investment firmwith more than $1 billion under management and offices in Palo Alto,Minneapolis and London. David is a Core Team Member of the WorldEconomic Forum Working Group on "Nurturing the Early StageInvestment Climate in China", and a member of the board of the NVCA.David has been ranked on the Forbes Midas list since 2003 (8th amongVCs in 2005). During his 17 years in the venture capital industry, Davidhas been active in the formation and development of nearly 50technology companies with 16 IPO’s and a dozen trade-sales.
Panellists: Susan Searle, CEO, IMPERIAL INNOVATIONSSusan joined Imperial Innovations in 1994 and has been instrumental in thegrowth and transformation of the business. She was appointed to the positionof CEO in January 2002. Susan previously worked at Montech (Australia),Signet Group plc, Bank of Nova Scotia and Shell Chemicals Limited in the UKand internationally in a variety of business development and commercial roles.Susan possesses over twenty years’ commercial experience.
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Raman Khanna, Founder & Managing DirectorDIAMONDHEAD VENTURESRaman is very focused on commercialisation of technology from leadingresearch universities and has an extensive international network of high-tech executives, entrepreneurs and researchers. Prior to co-foundingDiamondhead Ventures in 2000, Raman worked at Stanford Universityfor 16 years in various roles. He was one of the pioneers of the Internetand is also a founding member of the Internet 2 project. Prior to 2000,Raman was involved as an advisor and/or individual investor with manyinformation technology companies
Doug Johnson, Director of the Office of BusinessDevelopment (OBD),UNIVERSITY OF MINNESOTA Doug also teaches within the Carlson Ventures Enterprise (CVE) in theMBA program at the Carlson School of Management. The OBD is anorganisation that is dedicated to improving the record of technologycommercialisation of University technology through new companystartups. Prior to his work with the Carlson School and the University ofMinnesota, Doug had over twenty years experience in the venturecapital and investment banking industries.
Alasdair Rawsthorne, Founder & CTO, TRANSITIVEPrior to founding Transitive, Alasdair was a lecturer in Computer Scienceat the University of Manchester for over 20 years, Alasdair’s research atthe University in the 1980’s focused on microprocessors andmicrocomputers, and their associated operating systems, device drivers,compilers, and development environments. In 1995, with a team ofgraduate students, Alasdair began development of the Dynamic BinaryTranslation software that launched Transitive in October 2000. Alasdairalso played a prominent technical role in the design of a successfulrange of CPU products for ICL in the 1970s.
Stream D
Perspectives On Private Equity
Chaired by: Jonathan Blake, Senior Partner, SJ BERWIN LLP
15.00
Special Extended Q&A SessionWith Jeremy Rifkin, President, FOUNDATION ON ECONOMIC TRENDS
Talking SMALL IS BEAUTIFUL
15.40
Is Small Beautiful? Examining Competitive Dynamics,Pricing, Quality of Businesses & Management ● If it is so attractive, why have competitors exited? ● What tools do you have in your tool kit to increase value and
reduce risk? ● Small is also more expensive, so why should LP's invest in
small buyout funds when big buyout funds are cheaper?
Moderator: Kathleen Bacon, Managing Director,HARBOURVEST PARTNERS (UK) Kathleen joined the Firm’s London subsidiary in 1994 as an analystfocusing primarily on European and other non-U.S. primary partnershipinvestments. She has also been involved with direct and secondarypartnership investments. She currently focuses on the European buyoutpartnership area. Kathleen’s prior experience includes a position with theFirst National Bank of Boston, where she was responsible for lending toU.S. subsidiaries of U.K.-owned companies.
Panellists: Simon Turner, Founder & Managing Partner,INFLEXION PRIVATE EQUITY Inflexion Private Equity is a UK centred-smaller mid market buyoutspecialist. Simon started his career at Guinness Mahon DevelopmentCapital in the early 90s and in 1998 he became a partner in the buy-outof this business, which later became ProVen Holdings. He then foundedthe private equity business of Daiwa Europe Limited together with JohnHartz, a business which they later bought out, forming Inflexion PrivateEquity to focus on mid-market transactions.
Paul De Ridder, Managing Director, HALDERPaul joined Halder, a Dutch private equity funds manager specialised inmid-cap buy-outs, in 1991, to establish Halder’s German office. Sincethen, Halder Germany has become one of the leading players in theGerman lower mid-cap buy-out market. Prior to this, Paul was ManagingDirector at Continental Bank’s Frankfurt branch in 1988 where he set up acorporate finance activity focused on structuring and financing buy-outs.
Mark Hauser, Managing Director, FdG ASSOCIATESFdG Associates is a New York City-based, middle market private equity firm.Managing approximately $600 million, FdG specializes in recapitalizations ofprivately held businesses. Prior to joining FdG, Mark was the founder andManaging Director of Tamarix Capital Corporation, a New York-basedinvestment and merchant banking company with a strong internationalfocus. Before founding Tamarix, he was a Managing Director at OceanCapital Corporation, a private international investment banking firm.
Niklas Sloutski, Senior Partner, ACCENT EQUITY Niklas joined Accent Equity at formation in 1999. Prior to joining the Accent-team, he was Director at Maizels, Westerberg & Co, a leading Nordic M&Aboutique. Mr. Sloutski is a current member of the Boards of ScandBook,Euroflorist, Jotul, Cefar Medical and has previously been a member of theBoards of Nordic Bake-Off, Paroc Group Oy, Total Logistic and AddGames.
16.20 Afternoon Tea
16.50
Beating Up The Private Equity Manager- How Hard Should They Be Hit?● Advisory firms challenge the clients and unburden their gripes● What are the pitfalls clients often fall into? ● Do clients get advisors on board early enough? ● What are the biggest problems in the relationship between
advisors and client? ● Top tips for clients
Moderator: Rustom Kharegat, UK Head of Private Equity, KPMG LLP (UK)Rustom is the Global Head of Leverage Buyouts at KPMG. He has extensiveexperience in the private equity market and has led a number of complexmulti-national transactions for prominent financial buyers in a number ofindustries. Prior to joining KPMG, Rustom set up the Andersen PE practice.
Panellists include: Jon Moulton, Managing Partner, ALCHEMY PARTNERS Alchemy is a UK-based private equity firm, which has invested £1.6 billionof equity with an emphasis on dealing with troubled companies. It iscurrently completing the raising of a £300m European distressed debtfund. Jon previously worked with Citicorp Venture Capital in New Yorkand London, Permira and Apax. He has been a director of five publiccompanies, numerous private companies and is currently a director of theUS-based Irvin parachute business, the Cedar IT business, Sylvan (timber)and Ashmore Group – a major investor in emerging market debt.
And a great line up of private equity clients!
TalkingTOO MUCH CAPITAL?
17.20
Relative Differences Over The Past 10 Years Of PrivateEquity & Venture Capital Investing: How Long HaveWe Been Worrying About "Too Much Capital" & HaveThe Fears Been Justified?● Every year investors say too much money yet asset class
flourishes and deals are being executed - why?● Performance is strong - the larger deals have produced huge
amounts of cash - will this not continue?● Fund size - investors are completely fixate on this - yet GPs
have shown ability to develop and grow and continue toperform
● Investors ask that GP stay focused on deal size, regions andstrategy - yet GPs have shown ability to be opportunistic andapply their models of success to different deals and markets
Moderator: Moose Guen, Founder & CEO,MVISION PRIVATE EQUITY ADVISERSMVision Private Equity Advisers is a leading independent specialisedcorporate finance business providing value-added services to GeneralPartners for fundraising, investor relations and other related activities, ona global basis. Moose has worked in Private Equity for in excess of 15years and has worked on over 100 General Partnerships.
Panellists: Ivan Vercoutére, Partner, LGT CAPITAL PARTNERS Ivan joined LGT Group in 1998 to lead its private equity activities. Priorto joining LGT Group, he was Vice President and investment committeemember of Pacific Corporate Group (PCG), a California-based privateequity advisor and manager, where he was responsible for theevaluation, due diligence, negotiation and monitoring of U.S. andEuropean private equity investments on behalf of major institutionalinvestors, including The World Bank, CalPERS, the State of Oregon, theState of Rhode Island and PCG’s funds of funds. LGT CP is dedicated toproviding value-added private equity and hedge funds investmentmanagement programs and services to institutional investors.
Thomas Kubr, Managing Director & Chief Executive, CAPITAL DYNAMICSThomas has held this position since 1999. Previously, he was the headof private equity at Partners Group. Thomas was a consultant withMcKinsey & Company from 1995 to 1997. He began his career as anaerospace engineer at the Space Division of Oerlikon Contraves.
Dr. Stefan Hepp, CEO, Senior Partner, SCM STRATEGIC CAPITAL MANAGEMENT Stefan is a founding partner of SCM, a leading Europeanadvisor/gatekeeper focused on institutional Private Equity and RealEstate portfolios representing assets under management of about USD4.5 billion. As the CEO of SCM, he directs the development andcontinuous enhancement of the firm’s client services and the expansionof SCM’s franchise among leading institutional investors
Steven Costabile, Managing Director, Head of PrivateEquity Funds Group,AIG GLOBAL INVESTMENT GROUPSteven joined AIG Global Investment Group in 2000 and is the ManagingDirector of the Private Equity Funds Group. His current responsibilitiesinclude overseeing all private equity funds investments in the developedmarkets, as well as sourcing, due diligence, monitoring productdevelopment, and marketing. Steven’s private equity investing andvaluation experience dates back to 1990. Previously, he was a VicePresident at Credit Suisse First Boston (CSFB) in the Private Funds Group.
Stream E
Debt Finance & Distressed
Chaired by: KPMG
15.00
Extracting Value From Distressed Debt Situations ● When a private equity investment becomes distressed:
turning it around and/or exiting ● Buying into distressed situations and turning them around
(operationally/financially) to extract value ● Case studies:
- Restructuring; - Cross border.
● Where do we go from here? Trends and Opportunities in theEuropean distressed market
Marykay Fuller, Director, KPMG in the UKMarykay Fuller is a Director in the Restructuring practice of KPMG in theU.K. Prior to joining KPMG in 2002, Marykay was a banker and principalcreditor with responsibilities ranging from restructuring and workouts tonew deal origination in both in both the U.S.A. and European markets.At KPMG, she specializes in large multi-jurisdictional, multi-partyrestructurings and has sector experience in power/utilities,manufacturing, consumer goods, aviation and financial services.
Angel Martin Torres, Partner, KPMG in SpainAngel Martin Torres is a Partner in the Restructuring practice of KPMGin Spain. He specializes in development and implementation ofturnaround restructuring plans for both corporate and private equityclients. Angel began his career at KPMG in 1986 and has spent the last12 years specializing in restructuring. In addition, he has worked as theassistant finance manager in the Duro Felguera Group in 1996 and 1997.His sector expertise includes capital goods, services and healthcare.
15.20
Hedge Funds: A Creeping Threat To Private Equity?● Hedge funds and PE, overlap, differences in approach and
motivation ● The impact of hedge fund financing on transaction pricing ● Hedge funds and distress: Cause or cure? ● What will happen when the "bubble bursts"?
Hans Albrecht, Managing Director, NORDWIND CAPITAL Prior to founding Nordwind Capital, a private equitycompany which targets mid cap restructuringsinvestments in German speaking Europe, Hans was co-head of Carlyle Europe Partners, the European buyout
fund of The Carlyle Group. Before co-founding Carlyle Europe, Partners in1997, Hans was managing partner of IMM Munich, one of the leadingGerman private equity companies at that time.
TalkingTHE CHANGING ROLE OF
MEZZANINE
15.40
Examining The Changing Role Of Mezzanine In TheCapital Structure● Mezzanine: the amount by which you over-pay - now more
than ever? ● Is mezzanine just another layer in a multi-tiered world? ● Fragmentation in the mezzanine market ● Changing roles, changing providers, changing philosophies,
changing agendas ● Different roles for different situations
Moderator: Robin Doumar, Managing Partner, PARK SQUARE CAPITALPark Square Capital is the largest independent Mezzanine Fund inEurope with €1.05 billion of L.P. commitments. Prior to founding ParkSquare, Robin spent 15 years with Goldman Sachs in London and NewYork. Over that period his responsibilities included: heading GoldmanSachs’ European Mezzanine business, heading European LeveragedFinance and heading the U.S. Workout and Restructuring Advisorybusiness.
Panellists: Martin Stringfellow, Director, INDIGO CAPITAL Martin is a founder and director of Indigo Capital, the leadingindependent European mezzanine provider created in 1999 by theformer directors of Kleinwort Benson Mezzanine Capital unit. Indigo iscurrently investing a €475mn mezzanine fund raised in January 2003,the fourth in a series of funds totalling €1bn. As a founder member ofKleinwort Benson’s European mezzanine team in 1990, Martin hasfocussed on the German-speaking mezzanine market for 15 years.
Nick Petrusic, Director, GSC PARTNERS EUROPE Nick joined GSC Partners in June 2000 as part of the firm’s Europeanexpansion and the launch of its €1 billion European Mezzanine Fund. Hewas previously with National Westminster Bank plc, where his careerincluded relationship banking and various Credit Department rolesinvolving Mid-corporate and Major corporate lending. Nick moved intothe Leveraged Finance market in 1990 when he joined the bank’sAcquisition Finance Department.
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DAY 1 - Tuesday 27th February 2007
SUPERRETURN MAIN CONFERENCEDAY
1
W www.icbi-superreturn.com • T +44 0207 017 7200 • F +44 020 7017 7807 • E [email protected]
Dr. Anthony BunkerTony is a Non-Executive Director of BRIDGEPOINT. He had beenworking with ATCO, a joint venture between ABN Amro Capital and NIBCapital (Alpinvest), since 1995 before joining his former colleagues atthe Bridgepoint Capital Düsseldorf office in January 1997 (Nat WestEquity Partners) where he acted as a director and Geschäftsführer andnow as non-executive director. Prior to this he worked 7 years with aGerman investment bank where in his position as a managing partnerhe took responsibility in the form of managing director in “Mittelstand-companies” for a corporate private equity group.
16.20 Afternoon Tea
16.50
Changes In Mezzanine & Other Debt Markets: HowWill It Impact LBO Performance● What drives the trends in mezzanine and other debt markets? ● The behaviour of institutional lenders compared to bank
lenders; ● Volatility in debt markets and the market cycle; and ● Is there a risk to LBO business destabilisation through an
adverse banking/lending environment?Tom Attwood, Managing Director, INTERMEDIATE CAPITAL GROUP Intermediate Capital Group is the leading independent provider ofmezzanine finance in Europe and Asia. ICG is listed on the London StockExchange. Prior to joining ICG, Tom was a director of James Capel & Co.At James Capel he was responsible for their IPO business as was wellknown as the driving force behind MBO flotations in the UK and inEurope. He worked with ICG’s founders in raising the initial equity forthe company in 1989, became a non-Executive Director in June 1993 andjoined ICG as an Executive Director in 1996.
TalkingANALYSIS OF THE DEBT
MARKETS
17.10
Analysis Of The Debt Markets: How High Can Leverage& Refinancing Risk Go, & What Macro & Micro IssuesThreaten To Destabilise The Business & Hurt PrivateEquity Investments? ● What factors are driving the availability of debt? ● Should GPs worry about who provides the debt and who ends
up holding it? ● Do refinancings sacrifice long term value creation? ● Should GPs be hedging at the fund level? ● Do LPs give enough credit to financial engineering skills?
Moderator: Ian Simpson, Founder, HELIX ASSOCIATESIan co-founded Helix in 1993 and is responsible for relationships in theUK. He has arranged mandates with a number of European and USprivate equity fund managers. Since 1988, he has raised funds from awide range of UK- and US-based institutional investors and large privategroups. In addition, Ian is also responsible for corporate finance workundertaken by Helix.
Panellists: David S. Blitzer, Senior Managing Director,THE BLACKSTONE GROUPDavid is a Senior Managing Director in the Private Equity group. He isbased in London, having established Blackstone’s private equityinvestment efforts in Europe. Since joining Blackstone in 1991, David hasbeen involved in the execution of Blackstone’s investments in SpiritGroup, Sulo, Allied Waste, Aspen Insurance Holdings, Houghton Mifflin,Universal Orlando, Centerplate (formerly Volume Services America),Cadillac Fairview, The Edward J. DeBartolo Corporation, Southern Cross,NHP, and Orangina.
Charlie Botts, Co-Head of the Financial Sponsors Group, Europe,GOLDMAN SACHSCharlie joined the firm in corporate finance in 1986 and transferred to theInvestment Banking Division in 1993. He became a managing director in1993 and a partner in 2000. Prior to joining the firm, Charlie worked as acorporate finance analyst for Morgan Stanley from 1982 to 1984.
Dr. Christian Hollenberg, Founder & Partner,ORLANDO MANAGEMENT Orlando Management is Germany’s leading Special Situations PrivateEquity Fund. Christian has over 15 years of private equity experience invarious settings. He founded the IMM Spezialbau Holding, Planegg nearMunich together with Hans Gottwald. Prior professional experienceincludes the management of a diversified industrial holding group(Robannic Group) with responsibility for buyouts and acquisitions, as wellas three years of Corporate Finance work for J.P. Morgan in Frankfurt andNew York.
Ian Cash, Managing Director, ALCHEMY PARTNERS Ian is Managing Director for the Alchemy Special Opportunities Fund. Heco-founded the Global Special Situations group at Mizuho International in2002 (leaving to run Alchemy Special Opportunities LLP in May 2006).Between 1998-2002, he was a proprietary trader at Salomon SmithBarney (latterly Citigroup) focusing on distressed debt, leveraged debtinstruments and other special situations. He was previously in distressedloan research at Citibank International in London.
Stream F
Latest Update on Secondaries
Chaired by: GREENPARK CAPITAL
15.00
What Are The Main Developments In The IncreasinglyActive Secondaries Market? Covering Buyers, Sellers,Investors & GP Angles ● Secondaries' buyers and their positioning in the market ● Update on sellers' perspectives ● Should investors still invest and why? ● GPs views on the use of the secondaries market ● Outlook for the next few years Marleen Groen, CEO, GREENPARK CAPITAL Marleen is the principal founder and CEO of Greenpark Capital Limited, aglobal private equity secondaries investment adviser based in London.Marleen has spent nearly 11 years in the secondaries industry, prior towhich she spent a decade in senior corporate finance positions at leadingEuropean banks.
TalkingPRIMARY VERSUS
SECONDARIES INVESTMENTS
15.20
Primary Versus Secondaries Investments: Converging?Being Stapled? ● When is a primary a secondary and vice versa? ● Stapled transactions: how / when appropriate? ● New challenges? Skill sets required? ● Conflicts of interests?
Moderator: Marleen GroenCEO, GREENPARK CAPITAL (For bio see above)
Panellists: Elly LivingstonePartner, PANTHEON VENTURESElly is a senior member of Pantheon Ventures’ European investmentteam. He leads Pantheon’s global secondary investment activity and is amember of the firm’s Investment Management Committee. He joinedPantheon in 2001, having worked previously for Accenture and PWC on awide range of international consulting and corporate finance advisoryengagements. Prior to joining Pantheon, Elly was an investment managerat CDC Capital Partners, an emerging market private equity fund, ondirect private equity investments.
Oliver GardeyPartner, ADAMS STREET PARTNERSOliver is involved in all aspects of the Firm’s partnership investmentactivities, including sourcing, analysing, investing in and monitoring bothprimary and secondary private equity partnership investments. Prior toAdams Street, Oliver was a partner at Five Arrows Capital, the privateequity investment vehicle wholly owned by the Rothschild Group.
Dr. Olaf NeubertFounder & Managing Partner,HEDGES CAPITALHedges Capital is an Alternative Asset investment firm focused onprivate equity secondaries, distressed debt and restructurings for privateequity investors. Prior to Hedges Capital, Olaf was a Managing Directorwith Citibank in international postings in Corporate Finance andInvestment Banking. He also served as Chairman of Citibank AG inAustria, and as Managing Director of Citibank Germany in Frankfurt.
16.00
Interactive Q&A Session
16.20 Afternoon Tea
16.50
How Attractive Is The Use Of Leverage In Secondaries?● Suitability of leverage for different types of secondaries
transactions ● Hedge fund financing versus bank financing? ● How to deal with dangers and pitfalls ● Expectations for the use of leverage going forward given
economic outlookAnthony Giliker, Director - Fund Management, CIB, THE ROYAL BANK OF SCOTLAND Anthony heads the team focussing on equity bridging/leverage to majorglobal PE funds - primary, secondary and fund of funds. He is alsoresponsible for strategy and the structuring of leverage in secondaryportfolio acquisitions. Prior to joining RBS in 2001, Anthony wasresponsible for business development at Lloyds TSB Corporate coveringmajor European financial institutions.
TalkingPORTFOLIOS OF DIRECTS
17.10
Portfolios Of Directs - Where Next? ● Main challenges for portfolio transactions: - pre closing - post
closing ● Attraction of incumbent management team vs team for hire,
GP terms ● Structuring, tax and pre-emption issues ● Projections for the portfolios of directs market
Moderator: Brian Wright, Partner, POMONA CAPITALBrian has been responsible for Pomona’s European activities since 1998.He was formerly a Director at the Hambro Private Equity Group, havingbegun his career in private equity at Schroder Ventures. Founded in 1994,Pomona Capital is a global private equity investment firm focused on thepurchase of primary and secondary interests in top performing venturecapital and buyout funds and currently manages over $3.4 billion.
Panellists: Kenneth Sawyer, Managing Director, SAINTS CAPITAL Before founding Saints in 2000, Kenneth was formerly the Head ofMergers and Acquisitions of Prudential Volpe Technology Group, adivision of Prudential Securities. From 1996 to 1999, Mr. Sawyer was theHead of Strategic Advisory Services and Mergers and Acquisitions atVolpe Brown Whelan & Co., a privately held investment bank focused onemerging growth companies in technology and healthcare and lateracquired by Prudential Securities in December of 1999.
Olav Ostin, Managing Partner,TEMPO CAPITAL PARTNERSOlav co-founded Tempo in early 2006 when the venture division of NovaCapital Management was de-merged to form Tempo. At Nova, he was aDirector and Joint Head of Ventures having joined Nova in January 2004to lead their activities in the venture market alongside David Tate.Between 2000 and 2004, he was a Managing Director of the ETF Group,a venture capital company, where he was responsible for sponsoring andmanaging all investments in the UK and the Nordic region.
Mark Burch, Managing Partner, ARCISMark is based in London. He manages the Group's UK operations andactivities. Mark was at ING Barings for thirteen years in corporate financein the UK and US, becoming Co-Head of Corporate Finance for Europe in1998. He was then appointed Head of ING Barings’ captive private equitybusiness in London.
17.50 - 18.50
Networking Champagne RoundtablesThese informalroundtables provide theideal opportunity forNETWORKING –a mainpriority at SuperReturn.Take full advantage ofthis opportunity to talkface-to-face with someof the conference’skeynote speakers, and toraise any specific issues
with them that you didn’t get a chance to hear about during theirpresentations. This is the time to find the solutions to your mostpressing personal challenges, and to form strategic relationshipswith industry players in a relaxed and informal atmosphere, overa chilled glass of champagne.
1. European Investor Requirements: How The Market IsChanging Josyane Gold, Partner, SJ BERWIN LLP
2. Mid Versus Mega FundsJon Moulton, Managing Partner, ALCHEMY PARTNERS
3. Distressed Debt Opportunities Howard Marks, Chairman, OAKTREE CAPITAL PARTNERS
4. Making This The Decade Of The European Venture CapitalistsAnne Glover, CEO, AMADEUS CAPITAL PARTNERS
5. The Truth About Private Equity ReturnsGuy Fraser-Sampson, Author, "PRIVATE EQUITY AS AN
ASSET CLASS"
6. Small Is BeautifulKathleen Bacon, Managing Director, HARBOURVEST
PARTNERS (UK)
7. Outlook for Private Equity & Venture Capital In China Martin Haemmig, Adj. Professor, Globalisation of VentureCapital, CeTIM
8. Analysis Of The Debt MarketsDavid Blitzer, Senior Managing Director, THE BLACKSTONE GROUP
9. Main Developments In The Secondaries MarketMarleen Groen, CEO, GREENPARK CAPITAL
10. Hedge Funds: A Creeping Threat To Private Equity? Hans Albrecht, Managing Director, NORDWIND CAPITAL
19.00 - 20.30
Evening Networking Cocktail Party
Sponsored by
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Main Conference Day Two
Wednesday 28th February 2007
07.50 Registration & Coffee
08.20
Chairman’s Welcome: Derek Zissman, Advisor - Private Equity Group,Vice Chairman, KPMG In The UK
Executive OutlookTHINK GLOBALLY, ACT
LOCALLY
08.30
Going Global - Building The Next Wave Of Success(Think Globally Act Locally)● Back to the future - It is still about management and
execution● Building an international presence is not a future event - it is
a startup issue● The next wave of success in our industry will be built the
old fashioned way - we will earn it.Joe Schoendorf, Venture Partner, ACCEL PARTNERSAccel now has four centres of on the ground early stageventure teams working in China, Israel, Europe and theUS, managing three independent funds - totalling overone billion dollars - all raised in 2005. Accel has also
just completed a very successful IPO on NASDAQ of RiverbedTechnology - an old fashioned data communications technologycompany (went public last month at 9 now at 21 - market cap is over$1.2B. We are in year 24 of our firm.
Insights OnDISTRESSED DEBTOPPORTUNITIES
08.50
Distressed Debt Opportunities & How They Get ThatWay● Building potential supply - the unwise extension of credit● Turning it into actual supply - the "igniter"● Learning from past cycles● Default rates and investment opportunities● Current situation and outlook
Howard Marks, Chairman, OAKTREE CAPITAL MANAGEMENT Since the formation of Oaktree in 1995, Howard has been responsible for ensuring the firm’s adherence to itscore investment philosophy, communicating closely withclients concerning products and strategies, and managing
the firm. From 1985 until 1995, Mr. Marks led the groups at The TCWGroup, Inc. that were responsible for investments in distressed debt,high yield bonds, and convertible securities. He was also ChiefInvestment Officer for Domestic Fixed Income at TCW and President ofTCW Asset Management Company, the largest of the TCW companies.
InsightsFROM AN INDUSTRY GURU
09.10
The Similarities & Differences Between The TechBubble Burst Of 2000 & The Current Private EquityMarkets: Are We On The Verge Of A PE Bubble Burst? ● Equity capital, debt capital, deal velocity, deal size, purchase
price multiples – all are now at record levels● The feeling of inevitable – and quick - success in P.E. is
pervasive – failure is not widely viewed as a possibility● Similar feeling (and deal dynamics) occurred in the Pre-
bubble tech burst period of 1999-2001● Is history repeating itself in PE? Or is PE so different from
tech that a bubble burst is not likely to occur or somethingto worry about (and plan for)?
David Rubenstein,Founder & Managing Director,THE CARLYLE GROUP David co-founded the firm in 1987. Since then, Carlylehas grown into a firm managing more than $40 billionfrom 24 offices around the world. From 1975-76 David
served as Chief Counsel to the U.S. Senate Judiciary Committee’sSubcommittee on Constitutional Amendments. From 1977-1981, duringthe Carter Administration, David was Deputy Assistant to the Presidentfor Domestic Policy. After his White House service and before co-founding Carlyle, David practiced law in Washington with Shaw,Pittman, Potts & Trowbridge (now Pillsbury, Winthrop, Shaw Pittman).
09.40
ELECTRONIC POLLINGSESSION Compare Your Views To Those Of Your Peers: GiveYour Responses To Industry Questions & See TheGeneral Consensus On The Screen In 10 Seconds –Hear Commentary From A Panel Of OutspokenIndustry Figureheads
Moderated by:Jon Moulton, Managing Partner, ALCHEMY PARTNERS Alchemy is a UK-based private equity firm, which hasinvested £1.6 billion of equity with an emphasis ondealing with troubled companies. It is currentlycompleting the raising of a £300m European distressed
debt fund. Jon previously worked with Citicorp Venture Capital in NewYork and London, Permira and Apax. He has been a director of five publiccompanies, numerous private companies and is currently a director of theUS-based Irvin parachute business, the Cedar IT business, Sylvan (timber)and Ashmore Group – a major investor in emerging market debt.
Panellists: Christopher Spray, Senior PartnerATLAS VENTUREChristopher is a Senior Partner in the technology sectorand invests in software and services companies. Heestablished Atlas Venture's Boston office in 1986 andwas responsible for US operations until 1998. Since
then he has been based in the firm’s London office and is currentlyChairman of the Management Committee which guides the firm’soverall strategy and business operations. Christopher also has primaryresponsibility for the firm’s Limited Partner relationships. He began hisventure capital career in 1983 when he joined the firm now known asCINVen, a leading European private equity firm, and subsequentlymoved to the US in 1985 as Investment Director of CIN InvestmentCompany.
Christopher Damico, Group PresidentALCENTRAAlcentra’s focus is on sub-investment grade debt in areassuch as high yield, leveraged finance and M&A, withoperations in both the United States and Europe.Alcentra was formed in 2002 through the buyouts of
Imperial Credit Asset Management and Barclays Capital AssetManagement. In January 2006, Alcentra became a subsidiary of the Bankof New York and is today a part of their asset management platform.Alcentra manages over $10 billion of assets across 20 separateinvestment vehicles including a mezzanine LP fund, total return / hedgefunds, and CDOs. Prior to forming Alcentra, Christopher was a ManagingDirector within Morgan Stanley’s European Financial Sponsors Group.
Sanjay Patel, European Co-Head, GOLDMAN SACHS CAPITAL PARTNERS Sanjay is Co-Head of the private equity investing effortswithin the Principal Investment Area (PIA) in Europewhere he sits on the investment committee. He joinedGoldman Sachs in New York in 1983 where he held a
number of positions in M&A, Leveraged Buyout and Principal InvestmentArea. He was then with GSC Partners, a $7 billion private equity firm from1998 to 2005, after which he re-joined Goldman Sachs.
Chris Masterson, CEO, MONTAGU PRIVATE EQUITY Chris became Managing Director in 2000 and in 2003led the Montagu Private Equity buyout from HSBCwhere he is now CEO. He joined HSBC Private Equityin 199. Prior to that, he was Executive Director of
Castleforth Fund Managers Limited playing a major role in the creationof a portfolio of medium sized investments and the formation of asuccessful BES Fund and advisory business.
10.25 Morning Coffee
10.55
Chairman: James Moore, Managing Director, Head of InternationalDistribution, Private Funds Group, UBS INVESTMENT BANK LONDON James joined the firm in 1994 and co-founded the Private Equity FundsGroup in 1999. Prior to joining UBS, he spent five years with the BritishArmy after which he set up and ran an oilfield services company in theRepublic of Yemen.
11.00
Exploring The Increasing Impact Of CompetitionIssues On Investment Strategy ● European Commission versus national authorities:
compulsory or voluntary notification ● Getting the deal cleared ● Substantive competition concerns arising from strategic
investmentsTom Usher, Partner, SJ BERWIN LLPTom became a partner in the EU and Competition department in 1999.He advises clients in a number of industries on all aspects of EC lawand UK competition law. He has a particular interest in advising clientsin intellectual property based industries including the music, films andpharmaceutical industries, where legal issues arise from the inherenttension between competition law and the monopoly rights conferred byintellectual property.
Special Joint Presentation:INSIGHTS FROM THE
EVCA CHAIRMEN FROM 1998 AND TODAY
11.20
Private Equity 1997 – 2007: What Were The Big Issues 10Years Ago Compared With Today - A View from EVCA
Javier Loizaga, CEO & Managing Partner,MERCAPITALChairman, EVCA, 2006 – 2007Mercapital was established in 1985 and focuses on midmarket buyouts in Iberia, and has around Eur 1 billionunder management. Prior to joining Mercapital, Javier
worked as Investment Director at Compagnie de Suez in París, and as aSenior Consultant at the Information and Management Consulting Divisionof Arthur Andersen & Co. in Madrid. He has been involved with the workof EVCA, the European Private Equity and Venture Capital Association, formany years, and is currently EVCA Chairman for 2006–2007.
Paul Waller, Managing Partner, 3iChairman EVCA, 1998 - 1999 Paul is Managing Partner responsible for 3i's fundmanagement business. He is a member of the 3i GroupManagement Committee and chairman of theInvestment Committee. Paul was Chairman of the EVCA
Investor Relations Committee from 1995-98 and of EVCA 1998-99.
InsightsFROM AN INDUSTRY LEADER11.50
How Big Is Too Big? How Big Can Deals, Financings,Funds and Fees Get? Is There A Natural Limit?
Guy Hands, Chief Executive Officer & Founder,TERRA FIRMA CAPITAL PARTNERSGuy founded Terra Firma in 2002 which raised €2 billion forTFCP II; the largest amount ever raised by a fund seekingexternal investors for the first time. Guy sits on TerraFirma's Investment Advisory Committee and the General
Partners' boards and is involved in all major commercial issues, in particularthose concerning acquisitions, exits and portfolio business strategy.
Special Guest Presentation INSIGHTS FROM AN
ADVENTURER 12.10
Be A Balloonist In Your Business● Comparing balloon flight with business life● Dealing with the unknown and moments of crisis ● The importance of teamwork● The winds of life - how to deal with circumstances that are
out of our control Bertrand Piccard, SCIENTIST, ADVENTURER,PSYCHIATRIST & AERONAUTBertrand is a psychiatrist and aeronaut who combinesscience and adventure to explore the human soul. Hestudied medicine, became a senior consultant in a
psychiatric hospital, and specialised jointly in psychiatry and psychotherapyfor adults and children. After qualifying as a balloon pilot, and after threeattempts, he succeeded in completing, with the Englishman Brian Jones,the first (and as of today the only) non-stop round-the-world balloon flight.They achieved the longest flight in terms of both duration and distance inthe history of aviation: 45,755 kilometres in 19 days, 21 hours and 47minutes (capturing a total of 7 world records). Together with his co-pilotand their sponsor, Breitling, he created the Winds of Hope humanitarianfoundation destined to use the financial and media impact of the round-the-world flight to fight forgotten and neglected causes on our earth.Bertrand deals with his ballooning experience from the point of view ofmotivation and adventurous spirit, the psychology of communication andteam working, management of stress and the unknown.
13.10 Lunch
Sponsored by
Debunking Myths WITH AN INDUSTRY GURU
14.40
Five Myths Of Private EquityJonathan Nelson, CEO & Founder,PROVIDENCE EQUITY PARTNERSJonathan is Founder of Providence Equity Partners, aprivate equity firm that manages approximately $9 billionof committed capital and specialises in equityinvestments in media and communications companies in
North America and Europe. He has been investing in private equitytransactions for 24 years, focusing on media, telecom and entertainment.
DAY2
DAY 2 - Wednesday 28th February 2007
SUPERRETURN MAIN CONFERENCE
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DAY 2 - Wednesday 28th February 2007
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TalkingTHE PIONEERS OF PRIVATE EQUITY
15.00
The Pioneers Of Private Equity”- Reflections On ThePast 10 Years And Crystal Ball Predictions On WhoWill Be The Future Pioneers● What are the greatest challenges you have overcome?● What will the new frontiers for pioneers be?● What will the most interesting risk-takers look like?
Moderator: Carol Kennedy,Senior Partner, PANTHEON VENTURES Carol is one of the three Senior Partners jointly responsiblefor the leadership and direction of Pantheon. Pantheon is aglobal private equity fund of funds provider with some
$12bn under management on behalf of a worldwide client base. Since2004 Pantheon has been wholly owned by Russell Investment Group.Carol is a member of the GIPS (Global Investment Performance Standards)Executive Committee of the CFA Institute (formerly AIMR) and chairs. Shechairs the GIPS Investors/Consultants and Promotion and AwarenessSubcommittees. Carol joined Pantheon in 1990 after 4 years making directinvestments with Prudential Venture Managers.
Panellists: Sandra Robertson, Co-Head Portfolio Management,THE WELLCOME TRUSTSandra is Co Head of Portfolio Management in the Investment Divisionof the Wellcome Trust. The Wellcome Trust is the world’s largestmedical research charity, whose investment asset base is approximately£13.0 billion. The portfolio management team are responsible formanaging all of the Trust’s investment assets, including real estate,infrastructure, equities, buyouts and venture. Prior to this Sandra wasresponsible for building & managing the Trust’s Private Equity, Directand Hedge Fund Portfolios. She is a member of the InvestmentCommittee for the Wellcome Trust.
Marleen Groen, CEO, GREENPARK CAPITAL Marleen is the principal founder and CEO of GreenparkCapital Limited, a global private equity secondariesinvestment adviser based in London. Marleen has spent
nearly 11 years in the secondaries industry, prior to which she spent adecade in senior corporate finance positions at leading Europeanbanks.
Joanna James, Managing Director, ADVENT INTERNATIONAL Joanna has overall responsibility for Advent's investmentactivities in Central and Eastern Europe. She has over 20years of private equity experience, with a strong focus
on buyouts and growth equity investments. Prior to joining Advent,Joanna worked for Kleinwort Benson Development Capital, where shewas responsible for investments in the U.K. and also developed thefirm's private equity activity in Spain. She began her career with 3i, theU.K.'s largest venture capital firm.
Josyane Gold, Partner,SJ BERWIN LLP Josyane is a partner in the Private Equity Team, aposition she has held since joining the firm in 1988.Josyane specialises in advising private equity, venturecapital and other fund managers on the establishment
of investment funds in the UK and many other countries across Europe.She also advises on the creation of investment managementcompanies and carried interest and other incentive arrangements. Shehas extensive experience in private equity financing and other corporatefinance and commercial work. Josyane has been appointed to aEuropean Commission expert panel advising on private equity. Thepanel’s report will feed into the Commission’s white paper oninvestment funds, due to be published in October 2006.
TalkingSTRATEGIES IN ADOWNSWING
15.45
Private Equity On A High: What Strategies Are In PlaceTo Deal With A Future Of Difficulties In A Downswing?
Moderator: Hanneke Smits, Partner, ADAMS STREET PARTNERS Hanneke is Head of Global Partnership Investments atAdams Street Partners. In addition to managing theLondon office, she is responsible for formulating globalinvestment strategy; identifying investment opportunities;
with a focus on European and Asian opportunities. She joined AdamsStreet Partners in 1997 from Pantheon Ventures and has fourteen yearsexperience in Fund investment. Prior to that, she worked in Hong Kongand Amsterdam for multinational companies including Philips China HongKong Group.
Panellists: Bjorn Saven, Chairman & CEO, INDUSTRI KAPITAL Industri Kapital is a European private equity firm withNordic roots, managing close to 4 billion euros in fundcommitments. Previous work experience includes 12
years in various managerial positions within the Esselte Group inSweden, the UK and the US.
Rick Hayes, Managing Partner, OAK HILL INVESTMENT MANAGEMENT Rick is focused on managing the assets for a selectgroup of ultra-high-net-worth families and global financialinstitutions. Prior to Oak Hill, Rick was the Senior
Investment Officer for the CalPERS Alternative InvestmentManagement Program. CalPERS is the nation’s largest pension fund,with roughly $200 billion in assets. Rick & his team built and managed a$20+ billion portfolio of private equity and hedge fund investments, thelargest in the world. From 2000-2004, Rick served as the electedChairman of the ILPA.
T.J. Maloney,PresidentLINCOLNSHIRE MANAGEMENT, INC Lincolnshire Management is a leading middle-marketprivate equity investment firm with more than $1billion inassets under management. Prior to becoming President of
Lincolnshire in 1998, Mr. Maloney served as a Managing Director ofLincolnshire beginning in 1993. Before joining Lincolnshire, Mr. Maloneypracticed merger, acquisition and securities law.
Patricia M. Cloherty, Chairman and Chief Executive Officer,DELTA PRIVATE EQUITY PARTNERSPatricia is also manager of the U.S. Russia InvestmentFund and Delta Russia Fund, L.P., two venture capital
funds. She is former Co-Chairman, President and General Partner ofApax Partners, Inc. She is a past President and Chairman of the NVCA.In 1991, President George H.W. Bush appointed her to chairman of anInvestment Advisory Council to revamp the Small Business InvestmentCompany program of the U.S. Small Business Administration. From1977 to 1978, Patricia was Deputy Administrator, U.S. Small BusinessAdministration, appointed by President Carter. In 2004, she was namedBusinessperson of the Year by the American Chamber of Commerce inRussia.
Jeremy Greenhalgh, Partner, CHARTERHOUSE CAPITAL PARTNERS Jeremy spent five years in corporate finance beforejoining Charterhouse in 1990. He has been responsiblefor originating ten transactions in a variety of sectors
and led the Firm's €1.4 billion acquisition of Coral Eurobet. Hespecialises in the leisure, support services and healthcare sectors andhas extensive boardroom experience as a non-executive director,including a period in which he performed the role of chairman at CoralEurobet.
16.30 Afternoon Tea
Stream A
Speaker Hall Of Fame
Chaired by: OAKTREE CAPITAL
Special Q&A Session: 17.00
A Solar Future: Flying Around The WorldWith No Fuel And NO Pollution
Bertrand Piccard, SCIENTIST, ADVENTURER,PSYCHIATRIST & AERONAUT
Special Q&A Session:17.20
WithJonathan Nelson, CEO & Founder,PROVIDENCE EQUITY PARTNERS
Special Q&A Session: 17.40
WithDavid Rubenstein, Founder & Managing Director,THE CARLYLE GROUP
Stream B
New Directions In Buyouts
Chaired by: Tim Wright, Partner, SJ BERWIN LLP
TalkingPRIVATE EQUITY IN THE
LISTED DOMAIN
17.00
Assessing The Pros & Cons Of Private Equity In TheListed Domain ● Managing liquidity in a listed vehicle● Information, valuations, the J curve and the market● Investors and market liquidity● Regulation
Moderator: Andrew Lebus, Managing Partner,PANTHEON VENTURESAndrew is a senior member of Pantheon’s investment team. Pantheonis one of the worlds leading private equity fund-of-funds, with over£6bn under management. Andrew is responsible for co-ordinating theactivities of Pantheon International Participations PLC (“PIP”). PIP hasassets of £440m and has been investing in private equity since itslaunch in 1987 as the first UK listed private equity fund-of-funds. PIPenables investors to access many of the best private equity managersglobally, while reducing risk through diversification by manager, maturityand stage. PIP invests by committing both to new private equity fundsand by buying secondary interests in existing funds.
Panellists: Peter McKellar, Investment Director, STANDARD LIFE INVESTMENTS (PRIVATE EQUITY) Peter is a member of the Investment Committee, and undertakes bothfund and co-invest direct investments. He also manages the day to dayactivity of Standard Life European Private Equity Trust, Standard Life’s€250 million private equity trust. Standard Life Investments currentlymanages in excess €3.7billion of private equity money on behalf ofaround 60 clients world-wide.
Alice Todhunter, Investor Relations Director, SVG CAPITALAlice is responsible for the investor relations and corporatecommunications for SVG Capital plc and all of its fund advisoryproducts. She joined SVG Capital’s fund advisory business in 1999, priorto which she worked at Ludgate Communications where she wasresponsible for the investor and public relations for a wide variety ofpublicly quoted companies, including SVG Capital plc. SVG Capital is thesecond largest London Stock Exchange listed private equity investor,with a portfolio of 18 private equity funds, the majority of which areadvised by Permira, one of Europe's leading private equity firms.
Piers Dennison, Managing Director, CANDOVERPiers runs Candover’s investor relations programme, with responsibilityfor managing relationships with existing and potential limited partners,and for raising Candover’s funds. He is a member of the firm’sExecutive Committee, and is also head of operations, with responsibilityfor Candover’s non-investment activities. Piers joined Candover in 2003from the Boston Consulting Group, where he worked for seven yearsas a management consultant, specialising in the retail andtelecommunications sectors.
Marc Boheim, Head of Private Equity Group, Europe,GOLDMAN SACHS ASSET MANAGEMENT Marc is a Portfolio Manager focusing on primary, co-investment, andsecondary investment opportunities, and is also a member of theInvestment Committee. Prior to joining the Private Equity Group, heworked in Goldman Sachs' Investment Banking Division, in theCorporate Finance, Leveraged Finance, and Communications, Mediaand Entertainment Departments. Previously, he worked in GoldmanSachs' Advisory Group in London.
17.40
Allocations To Infrastructure● A look at investing in the infrastructure asset class ● Risks and opportunities ● Choosing the right infrastructure investment for your
organisation Jake Elmhirst, Managing Director, Global Head ofOrigination, New York,UBS INVESTMENT BANK Jake is a founder member and head of origination within UBS InvestmentBank’s Private Funds Group and has over 12 years of experience ofproviding advice on the formation and restructuring of investment funds.Having joined UBS Investment Bank in 1996, Jake helped establish thePrivate Funds Group in 1999 and relocated from London to the US in2000 to assist in the build out of the Private Funds Group's US platform.Currently he has primary responsibility for screening and securing newfundraising mandates for the Private Funds Group.
18.00
A New Paradigm? And I Am Not Talking AboutSecondariesJeremy Coller, CEO,COLLER CAPITALJeremy founded Coller Capital in 1990. Prior to this, he spent five yearsat Imperial Chemical Industries (ICI) Investment Management, wherehe pioneered the acquisition of private equity secondaries. Jeremy wasrecently named one of the ten most influential people in private equityby Financial News.
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Stream C
Academic Perspectives On Private Equity
Chaired by: Eric Warner, Worldwide Partner, MERCER HUMAN RESOURCE CONSULTING
Don’t Miss!NEW ACADEMIC RESEARCH
EXCLUSIVELY FORSUPERRETURN 2007
17.00
Private Equity: Are We Watching The X-Men1 OrJurassic Park?A study of the evolution of private equity eco system in the last10 years of investing, drawing out lessons learned andassessing what the future may hold…● There appear to be some parallels to be drawn between the
dinosaurs and the increasing size of PE funds (size, scavengers,cannibalisation, extinction of things that get too big)…
● …and with the X Men (superior capabilities/talents): someordinary mortals (regulators, PLCs etc) fear them
● It is paramount for private equity to look at the big picture toavoid being just the flavour of the month and to use its abilityto attract superior talent to make a lasting impact.
● [1] “The X-Men”: a film about fictitious creatures who, as aresult of a sudden leap in evolution, are born with latentsuperhuman abilities. Many ordinary people fear and/ordistrust them as they are regarded as the next step inevolution and are thus widely viewed as a threat
Professor Eli Talmor, Founding Academic Director, PRIVATE EQUITY INSTITUTE, LONDONBUSINESS SCHOOL Eli was previously a professor of finance at the University ofCalifornia (Irvine and UCLA), the Wharton School (University
of Pennsylvania), Tel Aviv University and the University of Wisconsin atMadison. He serves on the advisory boards of the African Venture CapitalAssociation, ETV – a leading European venture lender, and was on the Boardof Governors of London Business School. During his term in California,Business Week listed Eli among the Outstanding Professors in its “Guide tothe Best American Business Schools.”
HelpingPORTFOLIO COMPANIESWITH INTERNATIONAL
EXPANSION17.40
How Can General Partners Really Help PortfolioCompanies With International Expansion?International expansion is becoming an increasingly importantchallenge for fast-growing and established firms in a privateequity firm’s portfolio. Often, returns can be boostedsignificantly by successful entry into a new market or by smartoutsourcing. This panel will examine what a general partner cando to help a portfolio company with international expansion.● Examining the rationale for international expansion: access to
new markets versus access to different resources● Planning and executing a successful international expansion
strategy at a portfolio firm● How international does the private equity firm itself have to
be to help with international expansion?● Red flags: curbing or redirecting an international expansion
strategy
Moderator: Dr. Walter Kuemmerle, Former Professor, HARVARD BUSINESS SCHOOLDr Kuemmerle is one of the world’s leading experts on internationalentrepreneurship and private equity. He serves as a researcher, lecturer,board member and consultant at leading institutions of higher learning,companies and private equity firms around the world. He was aprofessor at Harvard Business School for over 10 years, with a jointappointment in the Entrepreneurial Management and Technology &Operations Management faculty groups. At Harvard Business School hedeveloped a popular MBA course titled “International Entrepreneurship.”Many of the case studies in this course involve private equitytransactions. He is the author of numerous articles and a pioneeringcasebook on the topic of international entrepreneurship.
Panellists: Chris Puscasiu, Co-Founder & Partner, PRIDES CAPITALChristian Puscasiu is a co-founder and Partner at Prides Capital, a $500 millioninvestment firm focused on public strategic block and private equityinvestments. At Prides, he has primary responsibility for the firm’s privateinvestments, Pegasus Solutions Inc., the world-leading provider of technologyto the hospitality industry and SanuWave, a global leader in orthopedicshockwave therapy. Prior to co-founding Prides Capital, Mr. Puscasiu was amember of the investment teams at Blum Capital and AEA Investors.
Jonathon Bond, Managing Partner, ACTISJonathon is responsible for Actis’s global fundraising and investorrelations activities. In addition, he is also a member of our ManagementCommittee and Investment Committees for Africa, Asia Pacific, Energy,South Asia, and Malaysia. Jonathon joined CDC Capital Partners in 2001,prior to the creation of Actis in 2004, with the responsibility for settingup and managing a fundraising team. From 1994 to 2001, Jonathon wasa Director at HSBC Private Equity, Asia.
Greg White, Managing Director, Investor Relations,THOMAS H LEE COMPANYGreg started his career on Wall Street with Morgan Stanley & Co. and SmithBarney, Harris Upham. In 1990 he started his private equity career with UNCVentures in Boston. In 1994 he was appointed the Executive Director at theMassachusetts Pension Fund and then in 1997 returned to the private equityworld with TA Associates. In 2004 he joined Thomas H. Lee Partners, L.P.and is the initial interface with the Firm’s Limited Partners.
Richard Wilson, Partner, APAX PARTNERS Richard leads the Tech & Telecom team in Europe and sits on Apax’sInvestment and Exit Committees. Apax deals include TDC, Inmarsat,Mobifan , Jazztel and Automony He joined Apax in 1995 and priorexperience includes Scientific Generics and Marconi Space Systems
Stream D
Opportunities In Emerging Markets
Chaired by: CHRYSCAPITAL
Leading Insights ON ASIA
17.00
Investing In Asia: Global Versus Local● How do global firms compete in Asia ● Leveraging global industry expertise ● Delivering operational value-add to companies
Joseph Bae, Partner, KKRJoseph is also the Managing Partner of KKR Asia Limited.Since joining KKR in 1996, he has been actively involved inmany of the firm’s investments in the media and retailindustries, including Panamsat, Visant, Yellow Pages Group,Shoppers Drug Mart and Primedia. In 2005, Mr. Bae moved
to Hong Kong to lead KKR’s expansion to Asia. Prior to joining KKR, Mr. Baeworked for two years at Goldman Sachs & Co in its Principal Investment Area where he was involved in a number of merchant banking transactions.
17.20
Examining Infrastructure Opportunities In India ● Infrastructure - the key bottleneck to India's growth ● Generating Private Equity returns from Indian infrastructure ● Where the opportunity liesLuis Miranda, President and CEO,IDFC PRIVATE EQUITYLuis set up IDFC Private Equity which manages two funds focused oninfrastructure with commitments of $630 million. He was earlier a GeneralPartner at ChrysCapital. Prior to that, he was a key member of the team thatset up HDFC Bank, India’s leading private sector bank. He has also worked atHSBC Markets and Citibank. Luis is currently a Member of the Advisory Boardof the Emerging Markets Private Equity Association (EMPEA). He is a Trusteefor the Akanksha Foundation and chairs the Asia Cabinet of the GlobalAdvisory Board of the Graduate School of Business, University of Chicago.
17.40
India – The Awakening Of A Giant● India - the macro outlook ● Where are the opportunities? Examining sectors, India
advantage, success stories● The evolution of Private Equity: local vs buy out, money
raised ● Where are the challenges? Examining fiscal deficit, weak
infra, public market exuberance● Regulatory challenges (slow reforms, 100% FDI not involved,
slow legal recourse especially minority investment)Ashish Dhawan, Senior Managing Director, CHRYSCAPITAL Ashish is the Co-founder of ChrysCapital, a private equity fund thatmanages approximately $1 billion and has offices in New Delhi, India.Ashish previously worked in the Proprietary Investment Group atGoldman Sachs in New York. He was formerly at GP Investments, a $1.5billion private equity fund in Brazil and prior to that worked at McCownDe Leeuw & Co., a $1.2 billion private equity firm in the U.S.
18.00
Emerging Markets Have Exciting Growth, But DoesThat Come With Dangerous Volatility? And, Can TheseMarkets Absorb The Capital They Are Attracting?● Many emerging markets have had cycles of boom and bust;
will private equity in these markets suffer from that cyclicality?● Are there enough first rate GPs to invest with in these
relatively less mature private equity markets?● Will the top GPs be able to maintain their high returns in
more efficient markets with more capital available?● Are there enough attractive deals for all the capital that has
been raised -- particularly in China?Steven Cowan, Managing Director,PCG INTERNATIONAL LLCPCG is an alternative assets specialist. A subsidiary of PCG, PCGInternational focuses exclusively on select markets outside the US andWestern Europe. Prior to forming PCG International, Steven wasDirector, Private Equity in the Investment Funds Department of theOverseas Private Investment Corporation.
19.00 - 20.30
Evening Networking Cocktail Party
Sponsored by:
Main Conference Day Three
Thursday 1st March 2007
08.00 Registration & Coffee
08.30
Chairman’s Welcome: Les Brun, Chairman & CEO, SARR GROUP, Chairman of the PrivateEquity Management Group, FORTUNE MANAGEMENT, INC.SARR is an investment holding company for Les’
personal investments, principally automotive dealership assets, includingreal estate and investments in the print media arena. Prior to SARR, Lesfounded and was Chairman Emeritus of the Hamilton Lane,
Keynote AddressHEDGE FUNDS & PRIVATE EQUITY08.40
Competition Or Partnership? The Convergence OfHedge Funds And Private Equity● What is driving this trend - the dynamics of convergence?● What are the synergies/divergences between hedge fund
and private equity models?● Does it represent diversification or pose additional risk?● What are the effects on returns and the advantages for investors?
Thomas H. Lee, President, LEE EQUITY PARTNERSPrior to forming LEP, Thomas served as Founder andPresident of Thomas H. Lee Partners and itspredecessors, which he established in 1974. Thomas H.Lee Partners has invested more than $10 billion of capital
in over 100 transactions. Prior to founding Thomas H. Lee Partners,Thomas was with the First National Bank of Boston.
Insights FROM AN INDUSTRY GURU
09.00
Private Equity & The Public GoodSir Ronald Cohen, Chairman, BRIDGES COMMUNITY VENTURES, THEPORTLAND TRUST & PORTLAND CAPITAL Sir Ronald was the founding partner and former chairmanof Apax Partners. Founded in 1972, Apax Partners is one ofthe world’s leading private equity investment groups,
advising and managing funds of over $20 billion. Sir Ronald is currentlychairman of the Social Investment Task Force and the Commission onUnclaimed Assets. He has been chairman of the DTI “Tech Stars” SteeringCommittee and a member of the DTI UK Competitiveness Committee.
09.20
Rounding Up Interview with Thomas H Lee & Sir Ronald Cohen: What Do The Industry Veterans SeeAs The Future For Private Equity? led by: Les Brun, SARR GROUP, & FORTUNE MANAGEMENT
TalkingANALYSIS FROM THE
DINOSAURS09.40
SuperReturn 10 Years On - How Those SuperReturnsHave Grown: An Analysis Of Private Equity Investing,Past & Future, From The "Dinosaurs" Of The Industry● Have we really learnt anything from our mistakes?● Have we adapted sufficiently over time to make returns in
relevant ways in today's markets?● Have we managed to attract the right people for the right
reasons over time to create the right teams?● Have we overcome the early external image of the industry?
Moderator: John Singer, Managing Director,ADVENT INTERNATIONAL John joined Advent in 1993 and is a member of Advent'sExecutive Committee. He has more than 19 years ofprivate equity experience and has served as Chairman ofEVCA. Prior to joining Advent, John was managing
director of Granville Europe AG, a subsidiary of investment bankGranville Holdings. Before that, he was group director of finance andadministration at Central & Sherwood plc.
Panellists: Jonny Maxwell, Chief Executive,Private Equity, STANDARD LIFEINVESTMENTS (PRIVATE EQUITY) Jonny has overall responsibility for the strategicdevelopment, investments and managing and marketing ofSLIPE. SLIPE currently manages in excess €3.7billion of
private equity money on behalf of around 60 clients world-wide. Jonny joinedThe Standard Life Assurance Company, Europe’s largest mutual company in1989, & in January 1993 he assumed responsibility for the entire portfolio,then comprising over 70 private equity funds and direct investments.
DAY 2 & DAY 3 - Wednesday 28th February & Thursday 1st March 2007
SUPERRETURN MAIN CONFERENCEDAY2&3
W www.icbi-superreturn.com • T +44 0207 017 7200 • F +44 020 7017 7807 • E [email protected]
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DAY 3 - Thursday 1st March 2007
SUPERRETURN MAIN CONFERENCEDAY
3
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Nigel McConnell, Managing Partner, COGNETASNigel joined the business which is now Cognetas LLP in1991, having previously been a Director with PrudentialVenture Managers for six years and, prior to that, he spent
two years in Coopers & Lybrand’s Corporate Finance department advisingMBO teams. A Chartered Accountant, Nigel has a BSc(Econ) Hons fromQueens University, Belfast.
Walter Butler, President, BUTLER CAPITAL PARTNERSButler Capital Partners is a leading European independentprivate equity firm, investing in special situations such asturnarounds or workouts as well as in management buy-outs and management buy-ins. Prior to founding Butler
Capital Partners in 1991, Walter was Executive Director in the InvestmentBanking Division of Goldman Sachs. From 1986 to 1998, he was in chargeof privatisation in the media sector, within the French Government. Waltersits on the Board of several European companies and is the chairman of theBuyout Committee of the European Venture Capital Association (EVCA)
Thomas Puetter, CEO, ALLIANZ CAPITAL PARTNERS Thomas has been Chief Executive, Allianz Capital Partners GmbH, Munich, Since 1998, and is responsiblefor the Direct Private Equity activities of Allianz Group. Heis also Managing Director, Allianz Alternative Assets
Holding GmbH, Munich, the Allianz Group’s Holding Company for itsalternative asset investment activities. Prior to joining Allianz, he wasExecutive Director, Goldman Sachs International, responsible for theGerman-speaking region’s Private Equity Business and InvestmentBanking Services in London, and Chief Financial Officer of the Matuschka Group. Thomas also currently serves as Chairman of the BVK.
10.25 Morning Coffee
EXECUTIVE OVERVIEW10.55
The Need For The PE Industry To Better Present ItsValue To The Global Economy & To Local Economies
Jonathan Russell, Managing Partner, 3iJonathan joined 3i in 1986. He became responsible for theEuropean buyout business and joined the 3i GroupManagement Committee in 1999, having previously run theinvestment offices in Southampton and Leeds. Jonathanhas led the strategic and operational changes which havetransformed the performance of 3i's buyout business.
Today, he is Managing Partner and has day-to-day responsibility for thedirection of 3i Buyouts and its investment strategy. He chairs the BuyoutInvestment Committee. Jonathan is a former Chairman of the EuropeanPrivate Equity and Venture Capital Association Buyout Committee.
Special Guest PresentationECONOMIC OVERVIEW
11.15
Analysis Of The Global Economy: A Political &Economic Forecast Over The Next 10 Years:Implications For Investment Strategies● US economic overview ● Political stability in the Middle East ● Oil supplies and the Persian Gulf● China - outlook over the next 5 years ● India - the new China? ● Terrorists to strike again
Marvin Zonis,Professor, Graduate School of Business, UNIVERSITY OF CHICAGO Marvin teaches courses on International PoliticalEconomy, Leadership, and Business Strategy in the Eraof E-Commerce. He also develops and presents
executive training programs for senior business leaders and is one ofthe leading speakers on both the international political economy andleadership at corporate meetings and conferences around the world.What sets Marvin apart from his contemporaries is his awareness of theintersection of politics, economics and emerging technologies. He "gets"the big picture and explains what is going on in the world and whatdifference it makes to business. He understands and talks about howtechnology and globalisation are permanently transforming business. Heexplains and analyses the transformations in the social, political andeconomic environment worldwide and the implications for business andpublic policy, giving business executives the tools to be able to decidewhat they must do to stay competitive in the global market.
TalkingCURRENT BUSINESS ISSUES
12.15
Examining The Most Up To Date Business IssuesAffecting The Private Equity IndustryThe Private Equity industry is constantly innovating and evolving,and new issues arise every day. In order to ensure that theprogramme for SuperReturn is as fresh and original as possible,the delegates will be asked to choose the topic for this paneljust before the event takes place. This will guarantee a focus onthe most current and pressing business issues affecting theindustry TODAY.
Moderator: Richard Allsopp,Managing Director, Global Head of PrivateFunds Group, London,UBS INVESTMENT BANK Richard is head of UBS Investment Bank’s Private FundsGroup and is based in London. He started the Private
Funds Group in 1999 and has been involved in a number of majortransactions including Blackstone Capital Partners IV, the Candover 2001Fund, Gores Capital Partners, JW Childs Equity Partners III, PequotPrivate Equity Partners III, Pacific Corporate Group Special Situations I,Swander Pace Capital III, Sterling Investment Partners, Warburg PincusPrivate Equity VIII and 3i Eurofund IV. Prior to joining UBS he worked atING Baring Securities Ltd.
Panellists: Marc Lasry, Founder and Managing Partner,AVENUE CAPITAL GROUPAvenue Capital Group is a fund focusing on specialsituations with assets totaling over $12 billion. Prior toAvenue Marc managed capital for Amroc Investments
LP, a partnership affiliated with the Robert Bass Group. Marc previouslywas Co-Director of the Bankruptcy and Corporate ReorganizationDepartment at Cowen & Company. Prior to that time, he served asDirector of the Private Debt Department at Smith Vasiliou ManagementCompany.
Jos van Gisbergen, Senior Strategist Alternative InvestmentsMN SERVICESJos was groups-controller for The Citco Group where hewas closely associated with the expansion of theirbanking activities, the European and Asian expansion of
the company, hedge fund administration services as well as directparticipations/ take-overs. After 3 years he moved over to became co-manager of a Brussels based family-office. From 1993 onwards Jos wasat Intercapital (which became part of Alpinvest in 1998). He has been inhis current role since September 2000.
13.00 Lunch
Stream A
Adding Value & Performance
Chaired by: PROBITAS PARTNERS
Special Q&A Session: Analysis Of The Global Economy14.30
With Marvin Zonis, Professor, Graduate School of Business, UNIVERSITY OF CHICAGO
14.50
Adding Value To Private Equity Through The EfficientAdministration Of Private Equity Products● The role & responsibility of the custodian● Pricing structures of a private equity fund● Operational flows● How to optimise the risks linked to a private equity
product● How to organise "drawdowns"● The valuation process and reporting of such fundsVincent Beaujeu-DumontelSales Manager, CACEISCACEIS is the Securities Services business line of the Crédit Agricoleand Caisse d'Epargne groups and, as sales manager, Vincent's mainfocus is the business development of CACEIS' Alternative Investmentproducts. Prior to this role, Vincent directed the product development ofthe group's hedge fund business.
15.10
Delegate Networking Afternoon Tea Within The Stream Sessions
15.40
Successfully Improving The Performance & Value OfCompanies Through Responsible Entrepreneurship:Reality Or Illusion?● Improving performance and value of privately owned
companies through additional attention to corporate governanceand transparency
● Determining the success and value of companies● Dealing with an increasing number of codes for governance, risk
management, accountancy and corporate social responsibility● How does responsible entrepreneurship improve the
performance and value of non-listed companies? Jean-Pierre Sweerts, Head of Sustainable Developments, RABOBANKJean-Pierre joined Rabobank in 1998 and is in charge of corporateresponsibility strategy and performance. Prior to this, he hadmanagement and marketing functions at Delft Hydraulics, where hestarted in 1990. He developed the Responsible EntrepreneurshipStrategy to improve the capacity, performance and value of privateequity financed companies, which is currently applied in all investeefunds of Robeco Sustainable Private Equity Fund of Funds.
Special Interactive Panel With Audience Participation
16.00
Where Do We Stand And Where Are We Going:Investor Viewpoints On The MarketA discussion amongst investors from a cross section ofinvestors active in the market on where they stand, withaudience participation. ● What sectors do you plan to pursue this year? And what
sectors aren’t you interested in? ● Where do you think 2007 Vintage returns will end up? ● What are your fears for the market at the moment? Moderator: Jonathan Leinmuller, Director, PROBITAS PARTNERS Jonathan is responsible for alternative investment fund placement,relationship management and liquidity management. Prior to joiningProbitas Partners, he was Managing Director of Matrix Private FundsGroup, a London based specialist placement agent focused onfundraising for international private equity groups. Panellists: David Seligman, Managing Director,EDMOND DE ROTHSCHILD PRIVATE EQUITY SELECTBefore joining LCF Rothschild in 2002, Mr. Seligman worked for 25years at SG Warburg and its successor firms. In 1990 he formed thesponsor coverage group: sponsor selection was critical in establishingthe group as a leading adviser to European private equity firms.
Billy Gilmore, Investment Director, Private EquitySCOTTISH WIDOWS INVESTMENT PARTNERSHIP
Peter Keehn, Head of Alternative Investments,ALLSTATE INVESTMENTS LLC
Ahmad Ali, Director, Private Equity,CORNELL UNIVERSITY - OFFICE OF UNIVERSITYINVESTMENTS
Francesco di Valmarana, Investment Director, Private Equity, UNIGESTION
Stream B
Latest Developments In The Mid Market
Chaired by: PALAMON CAPITAL PARTNERS
14.30
What Are The Recent Trends & Developments In TheEuropean Mid Market Sector?Michael Hoffman, Managing Partner, PALAMON CAPITAL PARTNERS, LLCMichael co-founded Palamon Capital Partners in 1999 and is a ManagingPartner. Before founding Palamon, Michael was with Warburg Pincus foreleven years, having established the firm’s London office in 1987. Prior tojoining Warburg Pincus, Mr Hoffman had a fifteen-year career as amanagement consultant with McKinsey & Co, Arthur D. Little, and Booz,Allen & Hamilton.
Keynote Address14.50
How To Differentiate Yourself In The European Mid-Market?● How To Add Value – Case Examples
Ian Armitage, CEO, HgCapitalIan has led HgCapital since 1990 having joined in 1988.He previously spent 10 years with 3i plc, in London andDublin. Ian has made over forty investments across awide range of industries, including the buy-out of NTL.Ian served as chairman of the Investor Relations
Committee of the British Venture Capital Association and is a frequentspeaker on private equity. He has a degree in Politics, Philosophy andEconomics from Oxford University.
15.10
Delegate Networking Afternoon Tea Within The Stream Sessions
"SuperReturn is the one conferencethat private equity professionals can't
afford to miss."
Ian Simpson, Founder,
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TalkingWHAT KEEPS MID MARKET
PLAYERS AWAKE?15.40
What Keeps European Mid-Market Players Awake?● Deal pricing developments ● Competition for deals and competitive differentiation● Evolving role of intermediaries● U.S. players entering the space—mid-market globalisation● Pan-Europeanization—is it happening/are firms successful ● Risk/reward in the mid-market
Moderator: Daan Knottenbelt, Partner, PALAMON CAPITAL PARTNERSDaan joined Palamon Capital Partners in February 2000 and became aPartner in January 2002. He came to Palamon with six years’ experiencein management consulting with McKinsey & Co, having worked in theUK, the USA, the Netherlands and Belgium.
Panellists: Gustav Öhman, Partner, INDUSTRI KAPITALGustav has been with IK since its inception in 1989. From 1994 he wasresponsible for IK’s Benelux activities. In 2006 he was made responsiblefor the Northern Region, jointly with Michael Rosenlew. Prior to IK heworked for Economics and Business Administration for the StockholmSchool of Economics.
John Hartz, Managing Partner, INFLEXION PRIVATE EQUITY John co-founded Inflexion and is a member of the InvestmentCommittee. In 1998 he was recruited to co-found Daiwa Europe’sPrivate Equity group, before spinning it out, in partnership with SimonTurner, to found Inflexion. Prior to this he spent four years at ApaxPartners where he was a founder member of the buyout group, workingalongside Jon Moulton. During this period John led or co-led a numberof transactions, including the group’s first public to private and the firsthigh-yield recapitalisation of a private equity investment in Europe.
Edoardo Bugnone, Partner, ARGOS SODITICEdoardo is one of the founders of Argos Soditic and has been involvedwith all aspects of the firm since 1989. Investor relations is one of thekey responsibilities that he holds within the firm. Previously, Edoardoworked for SG Warburg Soditic where he was involved in a number oftransactions including capital investments. Edoardo was Chairman of theEVCA during 2001/ 2002. At EVCA he also chaired the two Committeesthat were responsible for formulating and issuing the "Reporting andValuation Guidelines".
Christophe Hemmerle, Founding Partner & Managing Director,FINATEM BETEILIGUNGSGESELLSCHAFT GmbHChristophe founded Finatam in 2000. Prior to this he was ManagingDirector at Halder in Frankfurt from 1994 – 1999. Before this, he wasHead of Mergers & Acquisitions for Société Générale, in Frankfurt, andpreviously he worked in Paris for JGP Consultants.
TalkingOUTLOOK FOR MID MARKET
16.20
What Is The Outlook For The European Mid-Market?● Can country funds can survive against pan-European
competition?● The impact of globalisation on the mid-market industry● The need for increasing fund size versus sticking to existing
strategy● The outlook for increasing specialisation ● Where the mid-market “fits” into the LPs plans● Growth capital versus traditional buyouts-trends and expectations
Moderator: Vincent O’Brien, Director, MONTAGU PRIVATE EQUITYVince joined us in 1993 from Coopers & Lybrand and has worked in theprivate equity industry for more than 15 years. An Oxford graduate inModern History and a qualified Chartered Accountant, Vince isresponsible for fund raising and all aspects of investor relations. He isImmediate Past Chairman of the British Venture Capital Association.
Panellists: Hanneke Smits, Partner, ADAMS STREET PARTNERS Hanneke is Head of Global Partnership Investments atAdams Street Partners. In addition to managing theLondon office, she is responsible for formulating globalinvestment strategy; identifying investment
opportunities; with a focus on European and Asian opportunities. Shejoined Adams Street Partners in 1997 from Pantheon Ventures and hasfourteen years experience in Fund investment. Prior to that, sheworked in Hong Kong and Amsterdam for multinational companiesincluding Philips China Hong Kong Group.
Javier Loizaga, CEO & Managing Partner,MERCAPITALMercapital was established in 1985 and focuses on midmarket buyouts in Iberia, and has around Eur 1 billion undermanagement. Prior to joining Mercapital, Javier worked asInvestment Director at Compagnie de Suez in París, and as a
Senior Consultant at the Information and Management Consulting Division ofArthur Andersen & Co. in Madrid. He has been involved with the work ofEVCA, the European Private Equity and Venture Capital Association, for manyyears, and is currently EVCA Chairman for 2006–2007.
Jennifer Dunstan, Partner, 3iJennifer joined 3i in June 2005 after spending nine yearsat Terra Firma Capital Partners and Nomura's PrincipalFinance Group (PFG), where she was a ManagingDirector. She also led the team responsible for
negotiating and executing the spinout of PFG from Nomura in 2001 tocreate the new private equity company, Terra Firma. Before PFG/TerraFirma, Jennifer started her career as a solicitor for Allen, Allen &Hemsley in Sydney and London.
Stream C
Emerging Markets
Chaired by: ASIA ALTERNATIVES
TalkingCENTRAL EUROPE
14.30
Examining Current Trends In Central EuropeanLeveraged Buyouts: The Practitioners’ View ● The rise of leverage in Central and Eastern Europe - how the
increasing availability of debt will impact Central and EasternEuropean buyouts
Moderator: Thierry Baudon, Managing Partner, MID EUROPA PARTNERSThierry is a founding Partner of Mid Europa Partners and oversees theinvestment strategy and portfolio management policy of the firm. Priorto founding Mid Europa Partners, he was CEO of EMP Europe for sixyears. Previously, he headed the International Finance Division of theSUEZ Group and held senior positions with the EBRD and the WorldBank/IFC Group.
Panellists: Marisa Drew, Managing Director & Head of EuropeanLeveraged Finance OriginationCREDIT SUISSEIn addition to her Leveraged Corporate Finance responsibilities, Marisaalso has relationship account coverage of a number of European Mediaaccounts, including the cable sector. Prior to joining Credit Suisse, shewas a Managing Director at Merrill Lynch, responsible for the originationand execution of Leveraged Finance transactions and restructurings forEuropean corporates and financial sponsors.
Dariusz Greszta, PartnerCMS CAMERON MCKENNA, POLANDIn addition to public market transactional experience, Dariusz frequentlyadvises clients on mergers, acquisitions and corporate restructurings.His clients include major Polish and international corporates, venturecapital and private equity funds and Polish and international financialinstitutions such as banks and insurance companies..
Janusz Arciszewski, CEOASTER GROUPIn 1996, Janusz launched an independent telecommunication companythat became part of Vivendi holdings in Poland in 1999. With Vivendi’sdivestiture in 2003, he remained as head of the Aster cable group thatwas sold to a consortium of HMTF, EMP and Argus Capital. In March2006, the Aster Group was sold to a consortium composed of MidEuropa Partners-a leading Central European-focused private equity house-and the company’s management team, where Janusz continued as CEO.
David Lindstrom, DirectorMETLIFE INVESTMENTS Based in London, David Lindstrom leads MetLife’s private equityactivities outside the United States and also below investment gradefixed income investment activities in Europe. He initially joined MetLife’sUS private equity investment unit in 1996. In 1998 he joined MetLifeInvestments Limited, the UK investment advisor to MetLife.
15.10
Delegate Networking Afternoon Tea Within The Stream Sessions
TalkingINVESTING IN ASIA
15.40
Do Investors Need To Be Putting Capital to Work InAsia Now? What is the Appropriate Allocation &Approach, & What Are Return Expectations In Asia?● From both LP and GP perspectives, do global private equity
investors NEED to be in Asia NOW or is a “wait and see“approach more appropriate?
● Which investment approach will maximize returns – pan-asiavs country-specific? Opportunistic vs portfolio approach?Alpha-oriented vs geographic diversification?
● Can investors make appropriate risk-adjusted returns relativeto the US/Europe? What are realistic return expectationsfrom LP perspective? GP perspective?
● From a return and deal flow perspective, if this current cycledifferent from prior historical experience in Asia? How andwill this translate into greater and more stable returns?
Moderator: Melissa Ma, Co Founder & Managing Director, ASIA ALTERNATIVES MANAGEMENT COMPANYFounded in 2006, Asia Alternatives is a fund-of-funds platform dedicatedto helping institutional investors make fund investments in private equityand other alternative asset classes across Asia. Prior to starting AsiaAlternatives, Melissa was a Director at Hellman & Friedman LLC, a SanFrancisco-based private equity firm with $8 billion of committed capital.Melissa was responsible for sourcing and monitoring the Firm’sinvestments in financial and professional services and for the Firm’sLimited Partner relationships and fundraising. Previously, Melissaworked at McKinsey & Co, Inc. and Goldman, Sachs & Co.
Panellists: Kathy Xu, Founder & Managing Partner, CAPITAL TODAY GROUPCapital Today is one of the first independently founded private equityfirms solely focused on investing in China. Capital Today manages atotal capital of US$280 million and focuses on expansion and growthopportunities led by mainland Chinese entrepreneurs who arecapturing the emergence of booming middle class and the creation ofglobally competitive products with Chinese brands. Before foundingthe Capital Today Group, Kathy was previously a Managing Directorand China Country Head of Baring Private Equity Asia Limited. Kathywas nominated as “ One of the 25 Most Influential People In Asia”—“2004 STARS OF ASIA” by Business Week, as well as one of the ten“ Most Influential Venture Capitalists In China” by Capital Magazine(March 2005).
Derek Murphy, First Vice President, Private Equity, PSP INVESTMENTS Derek joined PSP Investments in March 2004. From 1998 to 2004, hewas President and Chief Executive Officer, as well as founder, ofBarnridge Inc., a private investment company. Prior to Barnridge, heworked in the investment banking sector from 1986 to 1997 for suchcompanies as J.P. Morgan and Swiss Bank Corporation Warburg.
Michael Kim, Founder, MBK
Rahul Bhasin, Managing Partner,BARINGS PRIVATE EQUITY PARTNERS (INDIA)Rahul is a Senior Partner of BPEP International and is also a member ofthe Investment Committee of The Baring Vostok Private Equity Fund.He has also been a member of ING’s India Advisory Board. He workedfor eight years with Citicorp, ending his tenure as Vice President –Global Asset Management. At the time of leaving Citibank, he was theFund Manager of Citibank Global Asset Management in London wherehe was involved in asset allocation on a sectoral and regional basis for alltheir global portfolios.
Sameer PatelMETLIFE INVESTMENTS LIMITED
TalkingINDIA
16.20
India: Essential Investment Opportunity Or Over-Hyped?
Moderated by: Christoph Rubeli, Partner, Head Markets Asia / Mid-East,PARTNERS GROUPChristoph is responsible for deal and manager origination and clientrelationships in the Asia-Pacific and the Middle East region. In addition,he is a member of the private equity investment committee. Previously,he was head of the private equity investment management businessgroup, where he was responsible for the firm's private equitypartnership, direct and secondary investment activities.
Panellists: Pavan Gupte, Investment Director,GARTMORE PRIVATE EQUITY.Pavan joined Gartmore Investment Management Plc in 2003 to assumeresponsibility for investment analysis particularly in the Europeanbuyout market. Pavan is now an Investment Director at GartmorePrivate Equity responsible for fund investments and co-investments inthe Buyout and Expansion Capital space in Europe and Asia as well asleading the internal quantitative analytical process. Prior to GartmorePrivate Equity, Pavan worked at Adams Street Partners, London from2000 onwards as a Principal responsible for covering Private Equity andVenture Capital Managers primarily in Asia and on a secondary basis, inEurope.
JM Trivedi, India Partner, ACTIS INDIA JM joined Actis in 1997 and has been part of the investment team sincethen, as the head of Mumbai office. Before Actis, JM was one of thefounders of Gujarat Venture Finance (GVFL) in Ahmedabad. His careerincludes 15 years in the private equity industry.
Ashish Dhawan, Senior Managing Director, CHRYSCAPITAL Ashish is the Co-founder of ChrysCapital, a private equity fund thatmanages approximately $1 billion and has offices in New Delhi, India.Ashish previously worked in the Proprietary Investment Group atGoldman Sachs in New York. He was formerly at GP Investments, a$1.5 billion private equity fund in Brazil and prior to that worked atMcCown De Leeuw & Co., a $1.2 billion private equity firm in the U.S.
17.00
Close of Conference
DAY 3 - Thursday 1st March 2007
SUPERRETURN MAIN CONFERENCEDAY
3
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W www.icbi-superreturn.com • T +44 0207 017 7200 • F +44 020 7017 7807 • E [email protected] 17
The fundamentalobjective of SJBerwin LLP is toprovide outstanding
legal advice. We take pride in our ability to deviseinnovative and commercially viable solutions tocomplex problems, and we are proud to havehelped our clients to achieve their business goalsthrough original, practical thinking.
SJ Berwin has one of the largest dedicatedprivate equity teams in Europe offering the fullrange of private equity services. Our leadingposition in the buy-out, public to private andventure capital market is complemented by ourmarket leadership in private equity fundestablishment, which encompasses primaryfunds, funds of funds, secondary funds andportfolio acquisitions.Recent accolades include• Fund Formation Team of the Year 2006
(Private Equity News Awards for Excellencein Private Equity Advisory Services)
• Law Firm of the Year 2004 - 2006 (EuropeanVenture Capital Journal Private EquityAwards)
• Best Law Firm Fund Formation 2002 - 2006(Private EquityOnline and Private EquityInternational)
• UK Firm of the Year 2005 (Legal Week Awards)• Law Firm of the Year 2004 and 2005
(EVCA/Real Deals Private Equity Awards) T +44 (0)20 7111 2222 www.sjberwin.com.SJ Berwin LLP or an affiliated undertaking hasan office in Berlin, Frankfurt, London, Madrid,Milan, Munich, Paris and Turin.
Proskauer’s Private Investment Funds Groupconsistently ranks as one of the top tier privateequity law practices. With lawyers who haveestablished themselves as leaders in the privateequity sector practicing in strategic officelocations, we actively represent sponsors andinstitutional investors worldwide in a broad rangeof activities, from fund formation, internalgovernance and succession planning, investmenttransactions, acquisition or sale of interests on thesecondary market, liquidity events, distributions,tax planning, regulatory compliance, portfoliocompany dispositions through mergers andacquisitions or initial public offerings,management buyouts and leveragedrecapitalizations, to compensation and estateplanning for partners. Because we believe it’simportant to be involved in the issues that affectour clients and their industry, our team of privateequity lawyers serve on advisory boards to privateequity trade associations and panels, contribute topublications and provide counsel to regulatoryauthorities on issues affecting the industry.www.proskauer.com.
Thomas H. Lee Partners is one ofthe oldest and most successfulprivate equity investment firms inthe United States. The firmidentifies and acquires
substantial ownership positions in growthcompanies through leveraged acquisitions,recapitalizations and direct investments. Since itsfounding in 1974, it has invested in over 100businesses with aggregate purchase price ofover $90 billion, built companies of lasting value,and generated superior returns for its investorsand operating partners. The Firm has raised andmanaged over $17 billion in six buyout fundssince its inception.
Oaktree Capital Management Limited is asubsidiary of Oaktree Capital Management,LLC ("Oaktree"), a firm providing highlyprofessional, risk controlled asset managementin a small number of sophisticated investmentspecialities. Oaktree is involved exclusively ininefficient markets and alternativeinvestments. Oaktree specializes in high yieldand convertibles securities, distressed debt,principal investments for control, real estate,power infrastructure, emerging markets andmezzanine debt investments.
Lincolnshire Management was founded in1986, as a private equity firm focused onacquiring and growing middle marketcompanies. Headquartered in New York, withregional offices in Los Angeles, Chicago,Atlanta, and Boston, the firm pursuesacquisitions, corporate divestitures,management buyouts, and mergers of privateand closely held public, small and middlemarket companies. Lincolnshire managesover $1 billion of private equity and recentlyclosed a $435 million Fund III. The firm hasinvested in a wide variety of industriesthrough more than 50 acquisitions over thepast 20 years, and it has been verysuccessful working with both unique andstandard buyout situations
The dedicated Private Equity Practices of Marsh andMercer provide collaborative capabilities to supportthe deal community; offering strategic advice, duediligence and transactional resources throughout thelifecycle of a private equity investment.
Whether identifying opportunities, identifying risksassociated with those opportunities, mitigating risk,facilitating the successful completion of atransaction, restructuring a business or exiting aninvestment – our Private Equity Practices marshalexpertise on a geographic, industry-specialised andtime-sensitive basis.
Marsh and Mercer are units of Marsh & McLennanCompanies (MMC). MMC is a global professionalservices firm with annual revenues exceeding $12billion. It is the parent company of Marsh Inc., theworld’s leading risk and insurance services firm;Kroll., the world’s foremost independent riskconsulting company; and Mercer Inc., a major globalprovider of consulting services. Approximately55,000 employees provide analysis, advice, andtransactional capabilities to clients in over 100countries. To learn more, please visitwww.mmc.com
Cognetas is a leading independent private equityinvestment firm with a long track record of investingin the European mid-market. It focuses on Europeanmanagement buy-outs, buy-ins, public to privates,restructurings and complex situations with enterprisevalues up to €500 million.
Cognetas which is owned by its Partners has 30experienced private equity professionals operatingwith a common investment strategy out of offices inFrankfurt, London, Milan and Paris. The firmcurrently advises funds of €2.26bn.
ChrysCapital is a private equity firm managing $1billion of growth capital investing across a breadth ofsectors that leverage growth in the Indian economy.The Fund has a disciplined investment approachfocused on leveraging India. The fund primarilyfocuses on growth capital deals, PIPEs and selectcontrol investments over an investment horizon of 3to 7 years. ChrysCapital has pronged investmentstrategy – to leverage India as an outsourcing hub toserve developed markets and to capitalize on highgrowth in select domestic sectors in India.
The investment philosophy of the Fund will be to builda leadership position in India by demonstrating superiorexpertise/relationships in the target sectors and havingsharper focus on proactive deal sourcing within eachsector. The majority of the portfolio is likely to beinvested in six target sectors: Business Services,Financial Services, Pharma/Healthcare, Industrials,Infrastructure and Consumer Products/Services.ChryCapital’s portfolio companies include Spectramind(sold to Wipro), Transworks (Sold to Aditya Birla Group),Global Vantedge, MPhasis BFL, UTI Bank, Yes Bank,Moser Baer, IVRCL, Gammon and Suzlon.
Our domain expertise, local presence and dealsourcing capabilities puts us in a differentiatedposition vis-à-vis other funds.
The Citco Group is the world’s largest independentgroup of Corporate and Trust companies, with over3,000 employees in 30 jurisdictions. It has been theindustry leader for over 65 years. We offerincorporation, domiciliation, corporate management,company secretarial, accounting and tailor-madesubstance services to real estate holding and financecompanies. Our clients include listed companies,multinationals, real estate investment funds, privateequity investment funds, (investment) banks andwealthy individuals.
Citco’s dedicated Real Estate team, consisting ofpeople from various offices around the world, hasbeen supporting some of the largest property investorsand their professional advisers for many years.
Founded in 2000, BRM Capital is an Israeli venturecapital firm focused on early stage, Israel relatedcompanies in the software, Internet infrastructure,and communications technologies & componentssectors. The team is made up of seasoned andsuccessful entrepreneurs with an unparalleledcommitment to its portfolio. BRM’s approach isbased on the unique skill-set of its team; combiningextensive investment, technological andentrepreneurial expertise to help build qualitycompanies.
With $150M under management, BRM hasdeveloped a healthy portfolio of companies, severalof which have enjoyed noteworthy exits, includingWhale Communications (acquired by Microsoft),Passave (acquired by PMC-Sierra), Oplus (acquiredby Intel Corporation) and HumanEyes.www.brm.com
Baker Capital, founded in 1995, is a New York basedprivate equity firm with $1.5 billion undermanagement. Baker Capital invests in growthcompanies at all stages of development. Thepartners of Baker Capital have extensive privateequity and operational experience allowing the firmto provide its portfolio companies with not onlycapital, but also global strategic thinking andrelationships. To find out more about Baker Capital,visit www.bakercapital.com.
IDFC Private Equity manages acorpus of USD 630 million and isIndia’s largest and most activeprivate equity fund focussed on
infrastructure. The two funds under management areIndia Development Fund and IDFC Private EquityFund II.
IDFC PE was set up in 2002 to manage the IndiaDevelopment Fund, and is a 100% subsidiary ofIDFC. IDFC was set up in 1997 and had a verysuccessful IPO in 2005. It is India’s leadinginfrastructure intermediary.
IDFC PE is managed by professionals with significantdomestic and international experience in privateequity, infrastructure and early stage companies.Members of the team have managed money in thepast for leading global investors.
IDFC PE has been able to leverage the relationshipsof its advisors and IDFC to create and close dealsmore effectively. The portfolio includes GMRInfrastructure, Gujarat State Petronet, HotelLeelaventure (exited), Chalet Hotels, Gujarat PipavavPort, Delhi International Airport, InternationalRecreation Parks, L&T Infrastructure DevelopmentProjects, Manipal Health Systems, HealthCare GlobalEnterprises, Ashoka Buildcon and Manipal UniversalLearning.
White & Case LLP is a leading global law firm withnearly 2,000 lawyers in 36 offices in 24 countries.Our clients value both the breadth of our network anddepth of our US, English and local law capabilities ineach of our offices and rely on us for their complexcross-border commercial and financial transactionsand for international arbitration and litigation.
White & Case LLP offers a fully integrated privateequity and acquisition finance practice. Our team hasin-depth experience acting for sponsors, debtproviders and management in complex domestic andmulti-jurisdictional buy-out transactions.
Our goal is not only to provide legal advice of thehighest quality but also to ensure the timely, efficientand successful consummation of transactions whilstalways safeguarding our clients' interests. Completefamiliarity with market standards and trends is key tothe advice we provide. In an environment where theability to complete transactions in a short time-frameis essential to success or failure, comprehensive andseamless legal advice is a competitive advantagethat we offer to our clients.
IKB Deutsche Industriebank AG is the leadingspecialist bank for long-term corporate financing inGermany. With total assets of EUR 45 billion, andmore than 1,700 staff at 12 domestic andinternational offices, the bank itself is a medium-sized enterprise. Its target clients are innovative,high-growth, medium-sized companies, commercialreal estate investors, as well as foreign companiesand project partners.
At home and abroad, IKB finances corporate buy-outs by private equity investors. Here, the bankpursues a "European platform" strategy with highlyspecialised teams in Frankfurt, Paris, London, Madridand Milan. We focus our arranging and underwritingon transactions priced between EUR40 million andEUR500 million; in lager transactions, we are a co-underwriter or participant.
ABOUT YOUR SPONSORS
Principal Sponsors
Co-Sponsors
German Summit Sponsors
UBS is one of the world's largest wealth managers, a premier investment banking and securitiesfirm, a key global asset manager, and a market leader in Swiss retail and commercial banking,employing around 72,000 people in more than 50 countries.
The investment banking and securities business provides corporate and institutional clients, hedgefunds, banks, brokers and intermediaries with expert advice, leading analytics, superb execution andcomprehensive access to the world’s capital markets. These strengths are augmented by acommitment to providing tailored solutions and building rewarding long-term relationships, to helpclients achieve their goals.
UBS Investment Bank's Private Funds Group (PFG) is one of the leading global placement agents.Offering fundraising knowledge and advice, the team of 40 professionals regularly works with GPsacross a range of disciplines. PFG also advises on secondary transactions and assists LPs seeking tosell, buy or restructure their private equity portfolios.
KPMG firms have a long standing commitment to the global private equity (PE) community. KPMG’s PEGroup includes professionals drawn from KPMG’s Corporate Finance, Transaction Services, CorporateRecovery, Forensic, Corporate Intelligence, Tax and Audit and Risk Advisory Services practices.
Increases in merger and acquisition activity and the number of PE backed institutions have led to alandscape where the ability to buy, own and sell well are evermore crucial. Fundraising requiresdemonstration of these abilities and PE houses must add value above market returns.
KPMG’s PE Group was established to support the link between a PE fund, its managers, thetransactions, the investments and the realization of value. KPMG firms offer a coordinated approachto the PE business to help houses which invest across the middle and large leveraged buy outmarkets with their strategic, deal and portfolio management issues.
www.kpmg.com
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Jon MoultonManaging PartnerALCHEMY PARTNERS
David RubensteinFounder &
Managing DirectorTHE CARLYLE GROUP
Alan PatricofFounder
APAX PARTNERS Founder & Managing
DirectorGREYCROFT PARTNERS
Nigel DoughtyCEO
DOUGHTY HANSON
Sir Ronald CohenChairman
BRIDGES COMMUNITYVENTURES, THE PORTAND
TRUST & PORTLANDCAPITAL
Winning Strategies For Maximising Returns & Creating Value In The Next Wave Of Private Equity & Venture Capital Investing
German Summit Day - Monday 26th February 2007
10th Anniversary
European Private Equity & Venture Capital Summit Organised by www.icbi-superreturn.com
Stephen Schwarzman Chairman & CEOTHE BLACKSTONE
GROUP
Bjorn Saven CEO
INDUSTRI KAPITAL
Scott Sperling Co-President
THOMAS H LEE PARTNERS
Carol KennedySenior Partner
PANTHEON VENTURES
● The BlackstoneGroup
● Wellcome Trust● Partners Group ● The Carlyle Group● 3i ● Industri Kapital● KKR ● Permira ● Alchemy Partners● Texas Pacific Group ● Nordwind Capital● Allianz Private
Equity Partners● Cipio Partners ● Aster Group● HgCapital● Intermediate Capital
Group● HarbourVest
Partners ● Unigestion● BRM Capital● Mid Europa Partners ● Advent International● Barings Private Equity
Partners (India)● Navis Capital
Partners● Goldman Sachs
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Equity GmbH● SARR Group● Argos Soditic● Bridgepoint Capital● Arcis● Butler Capital
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Capital● iD Techventures● Squadron Capital● Delta Private Equity
Partners● Bridges Community
Ventures● Coller Capital ● Clayton Dubilier &
Rice● Monument Group● AIG Global
Investment Group ● PCG International
LLC● Alcentra● Probitas Partners● Halder● Denning & Co LLC● Candover● Wellington Partners● Park Square Capital ● CSFB● ATP Private Equity
Partners● Adams Street
Partners ● Hamilton Lane ● The Royal Bank of
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InvestmentPartnership
● Qualcomm Ventures● Amadeus Capital
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Investment Fund ● Charterhouse
Capital Partners● Greenpark Capital ● Mvision Private
Equity Advisers● Gartmore Private
Equity● Paragon Partners● CeTIM● Goldman Sachs● Inflexion Private
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ManagementCompany
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ManagementLimited
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Europe● Allianz Capital
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School● SVG Capital● MN Services● LGT Capital
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Group● WI Harper Group● Hony Capital● University of
Chicago● Terra Firma Capital
Partners ● Doughty Hanson● CACEIS ● IDFC Private Equity ● Baker Capital
200+OutstandingSpeakers:
Pre Conference German Summit DayMonday 26th February 2007
Main Conference Day 1Tuesday 27th February 2007
Main Conference Day 2Wednesday 28th February 2007
Main Conference Day 3Thursday 1st March 2007
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