AIC

Agenda

 

Thursday, March 21

8:00 AM-9:00 AM

Check In & Breakfast – Colonnade

9:00 AM-9:15 AM

Welcome – Hill Ballroom

 
SPEAKER

Greg Brown

Distinguished Professor of Finance & Sarah Graham Kenan Distinguised Scholar, UNC Kenan-Flagler Business School; Founder & Research Director, Institute for Private Capital
9:15 AM-11:00 AM

Keynote Addresses – Hill Ballroom

Mapping Private Equity’s Gender Gap

 
SPEAKER

Michael Ewens

David L. and Elsie M. Dodd Professor of Finance, Columbia Business School

Keynote

 
SPEAKER

Drew Conway

Head of Data Science, Two Sigma

Keynote

 
SPEAKER

Ashley Lester

Chief Research Officer, MSCI
11:30 AM-12:50 PM

Luncheon Keynote – Chancellors’ Ballroom

Hotter Days, Power Plays, and the Conflict Maze: Geopolitical Insights for
Strategic Investment

 
SPEAKER

Michelle DiGruttolo

Founder & Principal Advisor, Sage Raven Advisors
1:00 PM-1:50 PM

Session I

Panel IA: The Private Markets Investing Landscape - Hill South

The macro backdrop for private assets has been volatile in recent years: with investors facing disrupted supply chains to surging inflation, valuation swings and liquidity constraints. Is 2024 a classic inflection point, marking the year things return to “normal”? Or will the effects of these disruptions have more lasting effects? Will Fed cuts and lower costs of capital offer a boost to private assets? How do allocators and investors think about these issues?

 
MODERATOR

Christian Lundblad

Richard "Dick" Levin Distinguished Professor of Finance & Senior Associate Dean for Faculty and Research, UNC Kenan-Flagler Business School
 
PANELISTS

Dominic Garcia

Chief Pension Investment Strategist, CBRE

Elizabeth Weindruch

Managing Director, Barings

Joseph Zidle

Senior Managing Director & Chief Investment Strategist, Private Wealth Solutions, Blackstone

Panel IB: Middle Markets - Hill North

A panel discussion focusing on middle markets, a market that has traditionally been more insulated from the competition and valuation risks seen elsewhere. Market fragmentation, lack of institutional capital backing, and less access to debt have provided sustainable barriers to entry.  However, investors must balance the advantages of investing in this market with certain inherent risks often present–less developed management teams, risks to exogenous shocks, customer concentration, and more.  This panel will consider the opportunities inherent in middle markets investing.

 
MODERATOR

Alexandra Arnsberger

Executive Director, SBIA

Roundtable I: Private Equity - Hill Central

This roundtable will discuss the dynamics expected to shape the sector this year. What does our panel of experts believe are the trends that could transform the PE landscape? And what do they see as appropriate portfolio responses?

 
PANELISTS

Peter Cornelius

Managing Director, Chief Economist, AlpInvest Partners / The Carlyle Group

Craig Demko

Director, Private Equity, NC Department of State Treasurer

Steven Wacaster

Managing Partner and Co-Founder, Warren Equity Partners

Applied Research I: Performance Analysis - Alumni Room

“Calculating Outperformance in Dollars: Introducing the Excess Value Method”

Authors: Avi Turetsky, Ares Management; Matthew Pyrz, Ares Management (presenting); Barry Griffiths, Private Market Metrics; Joaquin Lujan, Cliffwater; Isaac Beckel, Missouri State Employees’ Retirement System.

“To Roll or not to Roll (Forward): LP NAV Estimation for Private Equity and Real Estate”

Author: Aili Chen, PGIM Institutional Advisory & Solutions (presenting)

 
SPEAKER

Aili Chen

Vice President, Institutional Advisory & Solutions, PGIM

Matthew Pyrz

Vice President, Quantitative Research Group, Ares Management
2:05 PM-2:55 PM

Session II

Panel IIA: Privates for the Public - Hill South

This panel will discuss the evolving role of individual investors in a traditionally institutional space. As access is “democratized” what are the educational, regulatory, product, and technology considerations that participants should take into account? Join the panel of experts as they identify both challenges and the opportunities.

 
MODERATOR

Claudia Harper

Director, Private Investments, Vanguard
 
SPEAKER

Mark Robillard

Vice President, Research Analyst, Fidelity

Shane Clifford

Managing Director, Head of Private Wealth Strategy, Carlyle

Panel IIB: Liquidity Management and Evolving Exits - Hill North

How are investors thinking about managing portfolio liquidity, and how are exit strategies evolving? Whether through secondary buyouts, IPOs, and strategic sales, investors have a need for adaptability in a rapidly changing market. Are there unique strategies to that are being developed to help address some of these challenges (continuation funds, minority sales, NAV loans, fund securitization, etc) – and what role could those play in a well-diversified portfolio?

Roundtable II: Real Assets - Hill Central

Allocations to real asset investments – including real estate, natural resources, and agriculture, among others, have been increasing as investors sought attractive total returns over the long term, while maximizing the potential for real returns in periods of rising inflation. The current inflationary environment, political uncertainty, housing affordability, technology disruption and climate change all pose threats and potential opportunities to a diversified portfolio. This roundtable will review strategies for positioning institutional investor portfolios using real assets.

 
SPEAKER

William Kieser

Principal, Quantitative Research Group, Ares Management

Applied Research II: Current Issues in Private Markets - Alumni Room

“Fees in Private Markets: A Look at Trends, Performance, and Portfolio Construction”

Authors: Lisa Larsson, StepStone (presenting); Qi Liu, StepStone

 
SPEAKER

Lisa Larsson

Managing Director, StepStone
3:10 PM-4:00 PM

Session III

Panel IIIA: AA and Portfolio Rebalancing in Fast Paced Markets - Hill South

The illiquidity and long-term nature of private market investments presents unique challenges to allocators, especially when market volatility increases. Successful portfolio rebalancing involves a careful evaluation of market dynamics, risk factors, and the evolving investment landscape. This panel will discuss how investors approach portfolio composition and realignment in today’s markets – and how they consider these factors within the risk and return objectives of their own investment strategies.

 
MODERATOR

Tobias True

Partner, Investment Strategy and Risk Management, Adams Street
 
SPEAKER

Andrew Spellar

Chief Investment Officer, Fairfax County Employees' Retirement System

Paramdeep Jassi

Managing Director, CPPIB

Panel IIIB: Venture Capital - Hill North

2023 was marked by strong shifts in VC investing worldwide, on both a deal and dollar volume basis. The landscape for technology, startups, and the economy has rapidly changed; competition for investment opportunities has increased, and firms face increased scrutiny from regulators and the public. Do these market shifts represent a cooling off period, or a more permanent change in the market? How should investors and allocators think about the role of VC? Join our panelists for a discussion of the challenges and the opportunities facing venture capital now, and for the years to come.

 
PANELISTS

Mindy lsenstein

Partner, Venture Capital, Andreessen Horowitz

Hunter McCrossin

Managing Director, Columbia IMC

Roundtable III: Credit Strategies - Hill Central

A discussion of the outlook for private debt: an asset class that became the third largest private market strategy supported by positive macro factors such as negative real rates and accommodative monetary and fiscal policy. Our roundtable will discuss the impact of the sharp reversal in those factors in the last few years, as well as discuss the major trends and themes of credit quality, liquidity, and regulation.

 
PANELISTS

Laurence Gottlieb

Chairman, Chief Executive Officer, Fundamental Advisors

Ashok Vishnubhakta

Head Of Middle Market Credit, American Equity

Applied Research III: Portfolio Considerations with Alternatives - Alumni Room

“The Private Equity Premium Puzzle”

Author: Daniel Murphy, Goldman Sachs (presenting)

“A Scalable Approach to Dynamic Asset Allocation with Illiquid Alternative Investments”

Authors: Stephen Boyd, Blackrock; Nicholas Crain, Blackrock (presenting); Mykel Kochenderfer, Blackrock; Xinyang Li, Blackrock; Kunal Menda, Blackrock; Vidy Vairavamurthy, Blackrock; Misha van Beek, Blackrock.

 
SPEAKER

Dan Murphy

Managing Director, Goldman Sachs

Nicholas Crain

Vice President, Quantitative Research, BlackRock
4:15 PM-5:30 PM

Roundtable IV: CIO Discussion – Chancellors’ Ballroom

How have the key risks and opportunities across sectors impacted asset allocation decision making? What key concerns are most frequently voiced from their constituents regarding portfolio investment strategy and performance? Join our roundtable of leading CIOs to discuss the key themes that are driving investment decisions across the portfolio.

 
MODERATOR

Michael Elio

Partner, StepStone Group
 
PANELISTS

TJ Carlson

CIO, Missouri State Employees’ Retirement System

Katherine Molnar

CIO, Fairfax County Police Officers Retirement System

Peter Teuscher

CEO, Zurich Alternative Asset Management

Neal Triplett

President & CEO, DUMAC
5:30 PM-6:30 PM

Cocktail Reception – Hill Courtyard

 
 

INSTITUTE FOR PRIVATE CAPITAL

The Institute for Private Capital improves public understanding of the role of private capital in the global economy. Academic and industry experts work together to generate new knowledge about private capital markets based on objective academic research.

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