risk management symposium · irfan khan is president of the platform and technologies business...

7 – 8 November 2019, Oxford

Risk Management Symposium

PRIVATE EQUITY INSTITUTE2

WiFi

If you would like to use WiFi today, you can connect to SBS-Conf, for which there is no password.

Chatham House Rule

Please note the conference is held under Chatham House Rule.

When a meeting, or part thereof, is held under the Chatham House Rule, participants are free to use the information received, but neither the identity nor the affiliation of the speaker(s), nor that of any other participant, may be revealed.

WWW.SBS.OXFORD.EDU/PEI 3

Welcome to the sixth annual Risk Management Symposium. This year the Symposium is organised by MJ Hudson, Luxembourg, and the Private Equity Institute, Saïd Business School, Oxford.

Private equity’s illiquid nature means it is often perceived as one of the riskiest asset classes. However it is precisely the associated risk premium that attracts institutional investors to private equity. Harvesting the illiquidity risk premium requires specific risk management techniques. Have investors’ risk management capabilities kept pace with their growing exposure to private equity?

The Risk Management Symposium is a unique opportunity for industry stakeholders and academics to discuss the current state of risk management in private equity, and plans for the future. We hope you enjoy the Symposium and look forward to your active participation.

Tim JenkinsonProfessor of Finance and Director, Private Equity Institute, Saïd Business School

Thomas MeyerDirector, MJ Hudson, Luxembourg

Introduction


Your Partner in a New Era of Asset Management

Fortunately, MJ Hudson is here to help. With our experience of acting for GPs, LPs and their advisers, as well as our expertise in law, responsible investment, governance, and operational risk management, we are uniquely qualified to provide insightful analysis and pragmatic advice.

Please contact us for more information about these, or our other services:

Eamon Devlin | Partner | DD: +44 7970 304 542 | [email protected]

The world around us is changing, and private equity is no different. Fund managers have become more complex and the information requirements of institutional investors have grown, in response.

We’d be delighted to talk to you about how we can help you achieve even more.

Institutional Investors We have developed “3DD”, a unique, integrated investment, legal and operational due diligence service. Our approach results in a more comprehensive coverage of risks, giving a full picture of any issues in their proper context.

Private Equity Fund Managers We work with GPs to identify, mitigate and manage operational and related risks. The stamp of approval from our proprietary OQ methodology gives investors confidence that your business is well-structured and professionally managed.


18:30-19:00 Registration and drinks reception

19:00-19:10 Welcome and introduction

Tim Jenkinson, Professor of Finance and Director, Private Equity Institute, Saïd Business School, University of Oxford, with an introduction to the evening by Thomas Meyer, Director, MJ Hudson, Luxembourg

19:10-20:00 Pre-dinner presentation:

Understanding the game – diving deep into data to uncover truths about team sports

Irfan Khan, President, SAP Platform & Technologies

20:00-22:00 Networking dinner Sponsored by LDS Partners, 17Capital and MJ Hudson

Pre-Symposium receptionThursday 7 November 2019

Your Partner in a New Era of Asset Management

Fortunately, MJ Hudson is here to help. With our experience of acting for GPs, LPs and their advisers, as well as our expertise in law, responsible investment, governance, and operational risk management, we are uniquely qualified to provide insightful analysis and pragmatic advice.

Please contact us for more information about these, or our other services:

Eamon Devlin | Partner | DD: +44 7970 304 542 | [email protected]

The world around us is changing, and private equity is no different. Fund managers have become more complex and the information requirements of institutional investors have grown, in response.

We’d be delighted to talk to you about how we can help you achieve even more.

Institutional Investors We have developed “3DD”, a unique, integrated investment, legal and operational due diligence service. Our approach results in a more comprehensive coverage of risks, giving a full picture of any issues in their proper context.

Private Equity Fund Managers We work with GPs to identify, mitigate and manage operational and related risks. The stamp of approval from our proprietary OQ methodology gives investors confidence that your business is well-structured and professionally managed.


SymposiumFriday 8 November

08:00-08:30 Registration and welcome coffee

08:30-08:35 Welcome and introduction

Thomas Meyer, Director, MJ Hudson, Luxembourg

08:35-09:30 Presentation: Portfolios of private equity funds – securitisation as a risk management perspective

Alastair Sewell, Head of Fund and Asset Manager Ratings EMEA & Asia-Pacific, Fitch Rating

09:30-10:15 Presentation: Risk models and model risks for private debt portfolios

Alan Picone, Partner, Risk Advisory Service Line, KPMG Luxembourg

10:15-10:45 Coffee break

10:45-11:15 Presentation: Alignment of interest – perceptions and reality

Odi Lahav, CEO, MJ Hudson Allenbridge

11:15-12:00 Presentation: Disentangling the value created by private equity managers

Jeroen Cornel, Director, BlackRock Private Equity Partners


12:00-13:00 Lunch

13:00-14:00 Panel Discussion: The new model for private equity – how ESG is changing the way private equity invest

Moderator: Erin Sarret, Director, StepStone Group

Panellists: Mark Eckstein, Co-Director ESR team, CDC Group Hugh Wheelan, Managing Editor, Responsible Investor Olivia Yedikardachian, Head of Unlisted Assets, Caisse des Dépôts

14:00-14:30 Coffee break

14:30-15:15 Presentation: Short-term risks of long-term investments

Philippe Jost, Principal and Head of Solutions, Capital Dynamics

15:15-15:30 Conclusion and remarks

Tim Jenkinson, Professor of Finance and Director, Private Equity Institute, Saïd Business School, University of Oxford

16:00 Networking reception


Portfolio fi nancing options

When it comes to your success, we have a very di� er ent perspective. We have spent the past 12 years pioneering the provision of fl exible and non-dilutive capital to successful private equity investors.

Our focus is to help you build on your achievements, whether it is funding new investments, sending dividends to shareholders, optimising your capital structures or exploring something entirely diff erent.

From pioneer to market leader we have the scale and strength to help you reach new heights.

17Capital.com

Helping you reach new heights in private equity investment

17Capital LLP is authorised and regulated by the Financial Conduct Authority


Biographies

Jeroen Cornel

Jeroen Cornel, Director, is a member of Private Equity Partners (PEP) within BlackRock Alternative Investors. He is responsible for quantitative research, model development and providing quantitative investor solutions to clients globally.

Mark Eckstein

Mark Eckstein joined CDC in 2013 and is a co-director of the ESR team, along with Ritu Kumar. CDC’s mission is to support the building of businesses throughout Africa and South Asia, to create jobs and make a lasting difference to people’s lives in some of the world’s poorest places. CDC is the UK’s development finance institution, wholly owned by the UK government. CDC has a dual objective: to support growth and jobs that lift people out of poverty, and to make a financial return, which is invested in more businesses. In this way, CDC uses their capital over and over again to help create the jobs and economic stability that will enable countries to leave poverty behind.

Under Mark and Ritu’s leadership, the ESR team has grown to be a strong and widely respected part of CDC’s value proposition. In addition to an important compliance function, the team plays a key role in delivering additional value from E&S improvements across CDC’s portfolio.

Prior to joining CDC, Mark was Managing Director of the WWF US International Finance program. He worked across the WWF network on the promotion of sustainable lending and investment practices with banks, private equity firms and other parts of the finance sector. He developed international partnerships with Credit Suisse and Rabobank, and worked closely with a range of emerging market financial institutions. Mark has also worked with the IFC as an environmental and social (E&S) adviser and with Sustainable Finance Ltd, a consultancy that provided support to a range of financial institutions globally.


Tim Jenkinson

Tim Jenkinson is Professor of Finance at Saïd Business School. One of the leading authorities on private equity, IPOs, and institutional asset management, his research is widely quoted and has been published in the top academic journals.

Tim is Director of the Private Equity Institute, University of Oxford and is one of the founders of the Private Equity Research Consortium. Tim is a renowned teacher and presenter, and teaches executive courses on private equity, entrepreneurial finance, and valuation.

Outside of academe he is a partner at the leading economics consultancy Oxera, specialising in financial regulation, asset management and the cost of capital.

Tim joined Oxford Saïd in 2000. He previously worked in the economics department at the University of Oxford, which he joined in 1987. He studied economics as an undergraduate at Cambridge University, before going as a Thouron Fellow to the University of Pennsylvania, where he obtained a Masters in Economics. He then returned to the UK and obtained a DPhil in Economics from Oxford.

Philippe Jost

Philippe Jost is a Principal, Head of Solutions and Head of Investment Risk at Capital Dynamics. He has over 10 years of experience in the financial industry, focusing on private assets portfolio and risk management. He has authored and co-authored different research papers in this field. Prior to joining Capital Dynamics in 2011, Philippe was a quantitative researcher at Fundo, where he created dynamic risk management solutions for pension funds. Earlier in his career, he was a researcher at the Swiss Federal Institute of Technology, where he wrote his thesis on sparse approximation. Philippe holds a master’s degree in Communication Systems and a PhD in Signal Processing from the Swiss Federal Institute of Technology.


Irfan Khan

Irfan Khan is President of the Platform and Technologies business within SAP’s Global Customer Operations (GCO) organization, with overall responsibility for revenue associated with all data and analytics assets of the company including; SAP HANA, EIM, Middleware, big data, cloud analytics and innovation technologies. Irfan’s responsibilities also extend to leading SAP’s PaaS business centered around the SAP Cloud Platform solution, which enables customers to implement digital transformation, utilizing modern digital innovations around Blockchain, Machine Learning, artificial intelligence and IoT scenarios.

Prior to his current role, Irfan has been Global Head of SAP’s Database and Data Management go-to-market organization as well as overall SAP CTO for SAP’s field organization.

Irfan joined SAP through the acquisition of Sybase Inc. where he was Senior Vice President & CTO. He spent almost two decades in various executive leadership positions across Engineering, Marketing, and Sales.

Irfan holds a Bachelor of Science degree in Computer Science as well as a Master of Science degree in Advanced Computing from Kings College University of London, UK.

Odi Lahav

Odi Lahav is the CEO of MJ Hudson Allenbridge, the Investment Advisory Division at MJ Hudson. He also acts as an adviser to pension funds, family offices, wealth management firms and charities. Odi is Trustee Director and the Chair of the Investment Sub-Committee of a FTSE250 corporate pension scheme, a Director of a Dutch Private Markets ESG Advisory company and is a Non-Executive Director of a European asset manager. As an investment professional, Odi has over the past several years specialised in alternative investments and their application for institutional investors. More broadly his career has been centred on investment management, risk and governance. He has worked primarily in the private sector, but also spent a number of years in the public sector, in supervision at the Canadian financial regulator OSFI. Prior to forming Allenbridge, he was a Vice President and Head of the Alternative Investment Group at Moody’s Investors Service in London. Odi is an Actuary and Associate of the Institute of Actuaries, and has a BSc in Actuarial Science and Mathematical Statistics.


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LDS PARTNERS, EMPOWERING DATA DRIVEN PRIVATE EQUITY AND VENTURE CAPITAL INVESTORSFounded in 2011, LDS Partners has a wide range of

clients from General Partners to Limited Partners,

Asset Managers, Fund Managers, Pension Funds,

3rd Party AIFMs, Funds of Funds and Development

Finance Institutions.

LDSPartners

LDS Partners serves data-driven investors in private

markets by modelling investment portfolios, both

theoretical and actual.

Our analysis is based on asset-class specific

algorithms as designed, tested and continuously refined

over the last decade.

Our clients are asset managers as well as asset owners

who employ our services and analysis to support for

their decision-making process, in risk mitigation and

to communicate and report to their stakeholders.

Portfolio Management | Private Equity | Risk Management

www.ldspartners.com

LDS-InsertA5-02-PRINT.pdf 1 15/10/18 10:56


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LDS PARTNERS, EMPOWERING DATA DRIVEN PRIVATE EQUITY AND VENTURE CAPITAL INVESTORSFounded in 2011, LDS Partners has a wide range of

clients from General Partners to Limited Partners,

Asset Managers, Fund Managers, Pension Funds,

3rd Party AIFMs, Funds of Funds and Development

Finance Institutions.

LDSPartners

LDS Partners serves data-driven investors in private

markets by modelling investment portfolios, both

theoretical and actual.

Our analysis is based on asset-class specific

algorithms as designed, tested and continuously refined

over the last decade.

Our clients are asset managers as well as asset owners

who employ our services and analysis to support for

their decision-making process, in risk mitigation and

to communicate and report to their stakeholders.

Portfolio Management | Private Equity | Risk Management

www.ldspartners.com

LDS-InsertA5-02-PRINT.pdf 1 15/10/18 10:56

Thomas Meyer

Thomas Meyer is Director of MJ Hudson in Luxembourg.

He was responsible for the creation of the European Investment Fund’s risk management function and was a Director of EVCA (now Invest Europe). He was the Secretary of the EVCA Private Equity Risk Measurement Group, co-directed the limited partner course delivered by the Private Equity Institute at Saïd Business School, University of Oxford, that led to the EVCA awarded CIPEI. Thomas is a Shimomura Fellow of the Development Bank of Japan and was a visiting researcher at Hitotsubashi University in Tokyo. Other career stations include Intelligence Officer in the German Air Force and as CFO of Allianz Asia Pacific in Singapore.

Thomas published several books on investment strategies and risk management for real assets. He authored ‘Private Equity Unchained’ (2015, Palgrave MacMillan) and is the co-author of ‘Beyond the J Curve’ (2005, translated into Chinese and Japanese), ‘J Curve exposure’ (2007)

‘Mastering Illiquidity’ (2011), all published by John Wiley & Sons.

Alan Picone

Alan Picone is Partner of KPMG’s Risk Advisory Service Line in Luxembourg. He holds a PhD in theoretical physics and is graduated from Ecole Polytechnique in Paris.

As a Risk and Asset Management subject-matter expert with cross-sectional command of the regulatory and structural evolution of the financial sector, Alan helps his clients safeguard, optimize and enhance their business value by providing solutions all across the cycle. These include the implementation, maintenance or transformation of operating models which are driven towards sustainability and regulatory compliance. He helps Asset Managers, of which particularly those running alternative strategies, navigate the complexity of the AIFM/UCITS regulatory landscape and ever-increasing substance or technical requirements, from the strategic consideration of their set-up until the implementation of effective operations on the ground.

Alan is a regular speaker at industry events, commentator and author of numerous published articles, particularly on risk and asset management, operational oversight, governance and valuation.


Erin Sarret

Erin Sarret is a specialist in investor relations across both public and private markets.

Currently a Director at StepStone Group and part of the ESG Committee, she covers France, Belgium and Monaco. StepStone is a global private markets firm providing customised investment and advisory solutions with more than US$255 billion of total capital allocations, including over US$51 billion in assets under management, covering the spectrum of opportunities in private markets; integrating primary fund investments and secondary investments, as well as co-investments across private equity, real estate, infrastructure and private debt.

Following more than a decade as an attorney in both the USA and France, Erin became a matchmaker, helping to navigate the regulatory landscape and create sustainable solutions for asset owners. Bilingual with both French and American citizenship, she holds a Bachelor of Arts from the University of California, Berkeley (double major in History and French) as well as a Juris Doctor from the McGeorge School of Law. She has been an active member of the State Bar of California since admission in 1994.

Alastair Sewell

Alastair Sewell is Head of Fund and Asset Manager Ratings EMEA & Asia-Pacific at Fitch Ratings. In this role he has overall responsibility for all ratings and research published on funds and investment managers in these regions. He is a widely quoted commentator on developments spanning all areas of investment management. His role extends to securitisations of private equity funds, including the ratings of the Temasek-backed Astrea deals.

Prior to his current role, Alastair was an analyst in Fitch’s structured finance division, covering CDOs, CLOs and CFOs. He began his career at a UK local authority.

Alastair earned an MBA with distinction from the University of Bath and a BSc from the University of Bristol. He is a CFA charterholder. Alastair is based in London.


Hugh Wheelan

Hugh Wheelan is Managing Editor at Responsible Investor. Responsible Investor is the only dedicated news and events service covering responsible investment, ESG and sustainable finance for institutional investors globally, focusing on business-critical news and data.

Hugh has written on investment, corporate and sustainability issues for national newspapers including The Observer and The Financial Times. He won the respected Aon Consulting award for European Pensions and Investment Journalist of the Year in 2006. In 2010 he won the PIRC Responsible Investment Journalist of the year award and in 2011 the Asian Sustainable Finance Association Best Finance Journalist award. From 2004 to 2007 he was Paris Correspondent and prior to that Fund Management Editor at Financial News. Prior to that he was Political and Economic Advisor to Irene Khan, Secretary General of Amnesty International. From 1997 to 2003 he worked at Investment & Pensions Europe (IPE) magazine where he held the position of Deputy Editor, launch Editor of IPE Real Estate and launch Editor of IPE.com. Hugh trained in journalism as a reporter on the Peterborough Herald & Post and worked part time for the Liverpool Echo.

Olivia Yedikardachian

Olivia Yedikardachian is Head of Unlisted Assets at the Caisse des Dépôts. The Caisse des Dépôts and its subsidiaries form a public long-term investor group serving the general interest and economic development of local areas. It combines five areas of expertise: pensions and professional training, asset management, monitoring subsidiaries and strategic shareholdings, business financing (with Bpifrance) and Banque des Territoires. It has been financing France’s economic development for over 200 years and takes into account environment, social and governance (ESG) issues, including issues related to climate change, as an integral part of the investment policy and acts alongside other major investors to leverage influence to encourage financial system participants involved in the investment process to develop robust ESG policies and practices.


Name

Nauman AhmedNeroli AustinKajal BatabyalAlessandro BianchiMatteo Botto PoalaJenya BrownRoss ButlerGiulia CampagnoliAndrea Carnelli DompeJeroen CornelLauren Chung Philippe DefreynEamon DevlinLouis DouvilleMark EcksteinJack EdmondsonBart ElemaMirela EneKieran FarrellyPete FlynnLaura FritschJulien GanterPierre GarnierJohn Gilligan Anne GloverDan GreeneDidier GuennocJohan HaneveerMiles Harkness

Affiliation

University of OxfordEYIFMGoldman SachsPSP InvestmentsLinear B MediaPartners GroupPantheon VenturesBlackRockPAI PartnersLDS PartnersMJ HudsonCDC Group CDC Group Oxford University Endowment ManagementWaterland Private Equity InvestmentsLDS PartnersStepStone Real EstateCandela Capital University of OxfordKPMG Luxembourg17CapitalUniversity of OxfordAmadeus Capital Partners

LDS PartnersWaterland Private Equity InvestmentsArdian

Participants


Affiliation

Playmaker Consulting GroupUniversity of OxfordUniversity of Oxford University of OxfordHBORCapital DynamicsBride Street CapitalSAPBaltCapHermes GPECDC Group MJ Hudson Allenbridge CapMan Sogne StrategiesAkin GumpUniversity of OxfordUniversity of Oxford Alumnus University of OxfordCapEosMJ HudsonAvantia LawDEG- Deutsche Investitions und Entwicklungsgesellschaft MultiConcept Fund Management S.A. (Credit Suisse)University of OxfordCapManEuropean Investment FundUniversity of OxfordUniversity of Oxford

Name

Dennis HuangCiara HurleyOlivia Jaeger Tim JenkinsonMarija JerkicPhilippe JostPaul KennedyIrfan KhanMartin KodarElias KorosisRitu KumarOdi LahavMikko LähteenmäkiPeter LarssonMary LavelleWayne LimLorenz LinnLaurie LiuKristof LommersEric MaillebiauThomas MeyerKatherine MurrayGerhard NeubauerArndt NicolausArunma OtehJussi ParonenNitan PathakDaniel PeschLudovic Phalippou


Name

Alan PiconeKathleen PlunkettMariana PopaJames RangerJohn RenkemaAlex RogersFrançois RozonErin SarretJoachim SchumacherAlastair SewellNatalia SigristTait SimpsonChris Smart Andrew SmithMichael SuchaneckiChole TaysomMassimiliano TerziSimon ThorntonYana TongOrla Walsh Hugh WheelanSam WoodwardHakan YarOlivia YedikardachianJason ZibarrasKristian Zimmermann

Affiliation

KPMG LuxembourgFitch Rating TPGLloyds Banking APGHarbourVest PartnersPSP InvestmentsStepStone GroupDEG- Deutsche Investitions- und EntwicklungsgesellschaftFitch Rating UnigestionBlackstoneBritish Patient CapitalGlentaffe CapitalUSS Investment ManagementOxford University Endowment ManagementEuropean Bank for Reconstruction and Development PEARonlinePING ANStepStone GroupResponsible Investor USS Investment ManagementBC Partners Lux Management Caisse des DépôtsArgo Infrastructure Partners Temasek


Executive Finance Programmes

Oxford’s executive education programmes in finance provide the industry leaders of today and tomorrow with an opportunity to come together with peers from across the sector and around the world to develop their strategic knowledge with renowned professors.

Oxford Private Equity Programme

8 – 12 June 2020 £7,500

Provides a deep understanding of the industry, with access to world class research, renowned Oxford faculty and unrivalled business networks.

• Gain a comprehensive framework for assessing opportunities and trends in this key asset Class

• Examine the main structures and transactions, leverage, fund selection, performance measurement, building dealflow, raising funds, accessing emerging markets and successful exit strategies

• Incorporating research from the Private Equity Institute and insights from senior industry Figures

www.sbs.oxford.edu/pe

Oxford Chicago Valuation Programme

27 April – 01 May 2020, Oxford £7,500

Offered jointly with Chicago Booth, with tuition by top professors from both sides of the Atlantic, and in-depth analysis of transactions by executives from international banks and funds.

• Acquire a wealth of experience in valuing complex investments across geographies, sectors and asset classes including corporate mergers and acquisitions, LBO, venture capital, growth capital, distress, infrastructure and real estate.

• Detailed discussions and analysis of transactions delivered by senior partners working at top banks and private equity firms including Rothschild, Centerview, Goldman Sachs, Commerzbank, Bridgepoint and Patron Capital.

www.sbs.oxford.edu/ocvp


Oxford Real Estate Programme

23 March – 27 March 2020 £7,500

The heart of this 5-day programme is the application of research-based knowledge to advance strategic thinking in modern real estate enterprises. Participants benefit from a series of challenges about the way their firms operate in order to:

• Develop a strategic view of the current challenges and opportunities of Real Estate investment based on analysis of current issues facing the sector; including technology, urbanisation, demographics, globalisation and developments in capital markets

• Design a real estate investment proposition and present it to industry funders

• Discuss strategic trends and ideas with expert panels from the London market and professional peers from around the world

www.sbs.oxford.edu/orep

Contact us

If you would like further details on any of these programmes, or would like to discuss your learning needs in more depth please contact Steve Brewster on +44(0)1865 422727 or email [email protected]


Notes


Private Equity InstituteSaïd Business SchoolUniversity of OxfordPark End StreetOxford, OX1 1HPUnited Kingdom © 2019 SAID BUSINESS SCHOOL

Private Equity Institute

The Private Equity Institute was founded in 2009 to provide a forum to promote research, education, and networking, in private equity. Oxford Saïd ran its first private equity elective in 2000 and introduced the Private Equity Forum in 2006.

Together with the Oxford Saïd Finance Lab which began in 2012 and a leading global executive education programme, the Private Equity Programme, the Private Equity Institute offers unprecedented access to top private equity practitioners and research.

The Institute maintains an authoritative, independent and unbiased perspective on the private equity industry, aiming for the highest standard of academic integrity associated with the University of Oxford. Our research often involves working closely with industry practitioners and is aimed at the top peer-reviewed academic journals as well as more policy and practice-oriented publications.

We produce research that is equally important to investors (Limited Partners, or LPs, in funds), private equity fund managers (General Partners,

or GPs), advisors, banks, and companies, as well as entrepreneurs attracting the attention of private equity funds.

Our expertise is reflected in both our programmes for students and in our executive courses for professionals around the world. We connect theory with practice, developing courses and case studies with leading practitioners.

In addition to research and education, the Institute encourages and supports a number of network initiatives, including the Private Equity Forum, Hermes GPE Private Markets Challenge, Rothschild Global Advisory Challenge, Morgan Stanley Investment Banking Challenge, and the Oxford Global Private Equity Challenge. Through these events, the Institute fosters the exchange of views between academics, students, alumni, and professionals.

risk management symposium · irfan khan is president of the platform and technologies business...

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