Schedule

Thursday, March 30

The Carolina Inn
211 Pittsboro Street
Chapel Hill, NC
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9:00 amBreakfast
9:45 - 10:00 am
Hill Ballroom
Welcome
Prof. Greg Brown, Research Director, Institute for Private Capital
10:00 – 11:30 am
Hill Ballroom
The Role of Alternative Investments in Endowments
Lawrence Kochard, CEO / CIO, UVIMCO
Private Equity: A Frontier or Nearing Center Stage?
Eli Talmor, Founder, Coller Institute of PE, London Business School
Investment Environment for Long/Short Equity
Lee Ainslie, Founder & Managing Partner, Maverick Capital
11:30 - 11:45 amBreak
11:45 – 1:15 pm
Chancellor’s Ballroom
Real Estate in Pension Portfolios: The Power of Principal Investing
Ash Williams, Executive Dir. & CIO, Florida SBA

Luncheon, Keynote:
Strategies to Identify Emerging Managers
Patricia Miller Zollar, Northbound Emerging Managers PE Fund, Neuberger Berman
1:15 - 1:30 pmBreak
1:30 – 2:30 pm
Hill South
Panel Discussion Session I: Beyond Traditional Asset Allocation: Investing in a Low Return, High Risk Environment
This session will focus on tools beyond traditional asset allocation that institutional investors can use to move closer to achieving their investment return objectives at reasonable levels of risk. The panel will discuss and debate: active vs. passive, pros and cons of hedge funds, the use of other alternative strategies in portfolio construction, governance and other related topics.

Moderator: Kristen Doyle, Partner & Head of Public Funds, Aon Hewitt
Carla Brooks, Managing Dir., Commerce Street Investment Mgmt
Robert Burd, Deputy CIO, Maryland State Retirement & Pension System
Pete Keliuotis, Senior Managing Director, Cliffwater
Julia Wittlin, Director, Blackrock
1:30 - 2:30pm
Hill Central
Panel Discussion Session II: Credit
Credit continues to be an important asset class with strong historical performance. However, policy, growth, and regulatory uncertainties pose new challenges and opportunities. Join our experts as they discuss the current environment for credit and strategies for investing at attractive rates of return.

Moderator: Ken Monaghan, Portfolio Manager, Amundi Smith Breeden
Michael Becker, Partner & Co-founder, Plexus Capital
Tarik Dalton, Director of Multi-Strategy, NC State Treasurer
Tom Loughrey, Analyst, Silverback Asset Management
Douglas Vaughn, Sr. Managing Dir. & CAO, Triangle Capital Corporation
1:30 - 2:30 pm
Hill North
Roundtable Discussion Session I: Real Estate
Investing in real estate remains attractive. Although highly competitive, strong fundamentals and improving valuations continue to support incremental investment. Join our roundtable to evaluate the outlook for real estate, discuss the impact of economic conditions and interest rates and consider emerging strategies for new investment.

Moderator: Greg MacKinnon, Dir. of Research, Pension RE Association
Simon Allen, Senior Portfolio Manager, Amundi Smith Breeden
Tom Arnold, Head of Americas - Real Estate, ADIA
Joseph Fadel, Chief of Staff Americas/Investment Governance & Ops., TH Real Estate
Lee Roberts, Managing Director, SharpVue Capital
Prof. Jacob Sagi, UNC Kenan-Flagler Business School
Ira Shaw, Managing Director, Landmark Partners
Ash Williams, Executive Dir. & CIO, Florida SBA
2:30 - 2:45 pm
Colonnade
Break – Refreshments Available
2:45 – 3:45 pm
Hill South
Panel Discussion Session III: Quantitative and Factor Strategies
There has been a recent surge in interest in quantitative investments strategies and alternative risk premia. The panel will explore the evolution of the quant space, the slippery distinction between alpha and alt beta, approaches to risk premia extraction and portfolio construction, the connection between macroeconomic variables and risk premia, the extent to which risk premia can be timed, the role of “big data” and machine learning in the development of quant strategies, and other related topics.

Moderator: Josh Shapiro, MD, UNC Investment Strategy & Risk Mgmt
Prof. Michael Brandt, QMS Capital and Duke University
Prof. Sid Browne, Credit Suisse and Columbia Business School
2:45 – 3:45 pm
Hill Central
Panel Discussion Session IV: Private Equity
Private equity returns have exceeded public market equity returns over a long horizon. Are large capital inflows, fee compression, historically low interest rates and high valuations going to challenge the opportunity in private equity going forward? What techniques or factors are being developed to preserve private equity outperformance? From a new investments perspective, what opportunities do you see that are most actionable today? Against this background, this panel will discuss the implications for long-term investment strategies, aiming to develop appropriate tactical responses for portfolio allocators.

Moderator: Peter Cornelius, Managing Director, AlpInvest / Carlyle
Alex Bean, Principal, Plexus Capital
Jim Burr, Managing Director, Carlyle
Rob Edwards, Partner, Ridgemont Equity Partners
Craig Nickels, Head of US Fund Investment, ADIA
Kevin Tunick, VP & Managing Director - Private Investments, UNCMC
2:45 – 3:45 pm
Hill North
Roundtable Discussion Session II: Hedge Funds
In recent years, the hedge fund industry faced a number of challenges including performance expectations, regulatory changes, operating margin pressure, and reputational risk, among others. This has altered the landscape for both fund investors and managers, both of which must adapt to the changing environment. Fund investors are seeking to identify talented managers that are most likely to succeed. Similarly, fund managers are adapting their strategies and business models to perform in a more competitive industry setting. Join our panel as they explore these issues, and potential solutions, from both the investor and manager perspectives.

Moderator: Mark Corigliano, DUMAC
Noah Funderburk, Portfolio Manager, Amundi Smith Breeden
Prof. Christian Lundblad, UNC Chapel Hill
Rob Mallernee, CEO, Eton Advisors
Ty Powers, Portfoli Manager, NC State Treasury
Bruce Rodio, Managing Director, Waterfall Asset Management
Peter Shepard, Managing Director, MSCI
Rob Sinnott, Portfolio Manager & Research Scientist, AlphaSimplex Group
Toli Xanthopoulos, Senior Associate, Mercer
SJ Zaremba, Director, Ross, Jeffrey & Antle, LLC
3:45 - 4:00 pm
Colonnade
Break – Refreshments Available
4:00 – 5:00 pm
Hill South
Panel Discussion Session V: Responsible Investing
Environmental, Social and Governance (ESG) is a generic term used to describe the non-financial performance and risk factors that allow investors to evaluate corporate behavior and the impact of these factors on public and private markets investments. Responsible investing can span across a range of objectives. At one end of the spectrum is “Socially Responsible Investing”, which focuses on maximizing risk-adjusted returns. At the other end of the spectrum is “Impact Investing”, which prioritizes ethical considerations linked to social outcomes. This panel will explore a range of topics related to pension and endowment fund adoption of ESG investing programs.

Moderator: Sondra Vitols, Investment Consultant, DUMAC
Bret Batchelder, Managing Director, Cherokee
Lee Coker, ESG Officer, Oak Hill Capital Partners
Justin Desrosiers, Dir. of Invts, Investor’s Circle & Principal, PCC Funds
4:00 – 5:00 pm
Hill Central
Panel Discussion Session VI: Energy
Energy sector investors have experienced significant volatility in recent years as a result of commodity price pressures that were driven by a variety of factors. But expectations for higher inflation and growth could foretell a bottoming of the cyclical downturn and an attractive opportunity for investors to increase their exposure to the energy sector. Join our panel as they discuss the outlook for the energy sector and share views on where investors can seek attractive rates of return.

Moderator: Larry Ostema, Ptr. & Co-Chair, Nelson Mullins - Energy
Brian Conner, Managing Director, Jefferies Group
Michael Hennessy, Co-Founder & Managing Director, Morgan Creek
George Strobel, Managing Dir. & Co-Founder, Monarch Private Capital
4:00 – 5:00 pm
Hill North
Roundtable Discussion Session III: Private Equity and Venture Capital
Join leading experts as they discuss current issues in private equity and venture capital investing. Topics will include the outlook for the tech sector, developments in global private equity, raising early-stage capital, the fundraising environment and the prospects of new emerging strategies including direct lending and long-dated funds, among others.

Moderator: Mike Elio, Partner, StepStone
Michael Carroll, Principal, Morgan Stanley AIP
Peter Cornelius, Managing Director, AlpInvest
Paul Finlayson, Senior Vice President, Northern Trust
Barry Griffiths, Partner, Landmark Partners
Kel Landis, Partner and Co-founder, Plexus Capital
Karen LeVert, Chief Executive, Southeast TechInventures
Austin Long, Principal, Alignment Capital Group
Michael Mankowski, COO, Echo Health Ventures
Craig Nickels, Head of US Fund Investment, ADIA
Michael Phipps, Investment Director, Davidson Endowment
Edwin Poston, General Partner & Co-founder, TrueBridge Capital
Nick Purrington, Partner, Purrington Moody Weil LLP
5:00 – 6:15 pmCocktail Reception
6:15 – 8:00 pm
Chancellor’s Ballroom
Dinner, Keynote:
"The Cost of Constraints"
Prof. Myron Scholes, Stanford School of Business & Nobel Laureate-Economics