The Private Equity Secondaries Conference

November 5 & 6    —    Renaissance Boston Waterfront Hotel




Pre-Conference Workshop — November 5, 2009

Private Equity Secondaries 101
1:00 - 5:00 PM

This workshop is for all Limited Partners, whether or not you are currently ready to enter the secondaries market. Here is your opportunity to learn everything you need to know in order to maximize your returns. Our expert workshop leaders will walk you through the details of preparing for market, assessing potential buyers, pricing considerations, and marketing strategies. You will learn about legal requirements, legal protections and how to avoid legal pitfalls. Both workshop leaders will allow plenty of time during their sessions for informal Q&A, so bring your questions.

  • Evolution of The Secondary Market and Current Market Conditions
  • Secondary Sale Process and Marketing Considerations
  • How Secondary Buyers Price Deals
  • Structured Transactions as Alternatives to Secondary Sales
  • Accessing the Secondary Market as a Non-Traditional Buyer
  • Legal and Tax Issues Particular to the Secondary Market
  • The Process for a Successful Closing

WORKSHOP FACULTY: BILL MURPHY, Cogent Partners; RUFUS C. KING, Goodwin Procter

Friday, November 6, 2009
Registration, Breakfast & Networking
7:30 - 8:30 AM
Current and Emerging Trends in the Private Equity Secondaries Market
8:30 - 9:15 AM
Discussion will start with a look at the dimensions of private equity investing as a whole and then explore the ways relationships between funds, limited partners, and secondary players are changing. Topics include innovations and new developments in secondary market pricing, financing, and structuring.
MODERATOR: PAUL SPRINGER, Contributing Editor, PE Secondaries Alert
PANELISTS: DANIEL BURSTEIN, Millennium Technology Value Partners; JOHN GABBERT, PitchBook Data; JONATHAN GUTSTEIN, Coller Capital; CHARLES F. SMITH, RREEF Alternative Investments
Identifying Secondary Market Investment Opportunities
9:15 - 9:45 AM
Investing in the secondary market begins with identifying the right opportunities. Learn how different investors build their deal pipeline in a competitive market. Is it truly possible to have proprietary deal flow? How can you make sure that you are seeing the best possible secondary opportunities?
SPEAKER: DAVID TOM, VCFA Group
Selling Your Portfolio to the Right Buyer at the Right Price
9:45 - 10:15 AM
The recent financial turbulence has impacted the secondary markets in terms of the composition of the buyer universe, the interest levels for different types of assets or portfolios of assets and the pricing and valuations that can be achieved. Strategies and processes for selling portfolios of private equity assets, be they portfolios of direct private equity assets or fund interests have therefore also had to be adapted. This session will focus on how sellers can identify the right buyers to approach and how to run a sale process to maximize pricing and minimize transaction risk.
SPEAKER: THOMAS LIAUDET, Campbell Lutyens
Networking Break
10:15 - 10:35
Innovations in Deal Structuring
10:35 - 11:05 AM
New deal structures have emerged in the past couple years in response to changes in the market and in the needs of both buyers and sellers. These innovative deal structures have been created to meet the needs of all parties and to address the particular issues that arise in the secondaries market. We will review sample deal structures and how they came about.
SPEAKER: DR. COLIN C. BLAYDON, Tuck School of Business, Dartmouth University
Tax Considerations in the Secondaries Market
11:05 - 11:35 AM
There are special considerations for secondaries market transactions for the both buy-side and sell-side. Secondaries market participants need to understand issues specific to these transactions such as the limitation on losses allowed, taxability of distributions, disguised sale rules, and general tax rules for partnerships and limited liability companies. These issues and other secondaries market tax concerns will be reviewed in this session.
SPEAKER: PATRICIA J. JABAR, PriceWaterhouseCoopers
Valuation Issues in Private Equity Secondary Sales
11:35 - 12:05 PM
Significant growth in the private equity secondaries market has been frustrated by the wide bid:ask spreads. Is this now set to change ? what is happening to discounts at the current time, and what is the short term outlook? How can potential buyers and sellers interpret GPs ? fair value estimates, and how are these evolving? How profitable has investing in secondary interests and secondary funds been for LPs?
SPEAKER: MARK O'HARE, Managing Director, Preqin
Networking Luncheon
12:05 - 1:15 PM
Fundraising Sources, Strategies and Techniques
1:15 - 2:00 PM
As fundraising becomes more challenging, fund managers have had to become more creative in finding sources of funds, marketing themselves as fund managers and building and managing relationships with investors. This panel of industry experts will review some of the new approaches they are observing, particularly by the many new entrants to the secondaries market.
MODERATOR: RUFUS KING, Goodwin Procter
PANELISTS: TERENCE CRIKELAIR, Champlain Advisors; GREGORY GETSCHOW, JP Morgan; CHRISTOPHE NICHOLAS, Morgan Stanley; JOSHUA STERNOFF, Paul Hastings
A New Model: How the Secondary Market for LP Interests Can Benefit Everyone
2:00 - 2:30 PM
There's a clear and unprecedented need for secondary liquidity in private investment vehicles (private equity, hedge funds, real estate, etc.). The entire ecosystem is searching for answers. Incumbents are open to new ideas. Any possible solution has to have the scale to address the vast, complex issues at hand. Private marketplaces might be an answer.
SPEAKER: JEFFREY BOLLERMAN, SecondMarket
Networking Break
2:30 - 2:50 PM
Legal Issues in the Private Equity Secondaries Market
2:50 - 3:35 PM
As experienced by both buyers and sellers, the secondaries market has its own distinct set of legal issues. Lack of awareness of concerns specific to secondaries transactions is an all too common pitfall. The panelists assembled for this discussion have all worked extensively in the secondaries market and will share case studies to serve as examples for buyer and sellers new to conducting secondaries market transactions.
MODERATOR: JENNIFER C. BERRENT, WilmerHale
PANELISTS: EMANUEL S. CHERNEY, Kaye Scholer; SUSAN D. LEWIS, Sidley Austin; JOSEPH A. SMITH, Dewey & LeBoeuf
Alternative Secondary Transaction Structures
3:35 - 4:20 PM
In the current environment, secondary transaction volume is limited due to a persistently large bid-ask spread between the buyers and sellers. A few secondary buyers are using alternative transaction structures to not only bridge this pricing gap, but also address non-economic issues that may be interfering with completed transactions. This panel discussion will explore the situations to which these structures are being applied. In addition, we will discuss the benefits and challenges of their use.
MODERATOR: PHIL TSAI, UBS
PANELISTS: MICHAEL BELSLEY, Kirkland & Ellis; MICHAEL BRANDMEYER, Goldman Sachs; SCOTT CONNORS, Landmark Partners
Interview with Dan Primack, PE HUB
4:20 - 5:00 PM
Dan Primack, Editor of the widely-read daily blog PE HUB, will discuss recent happenings in the secondaries market and the changing dynamics of private equity investing. Paul Springer, Contributing Editor, PE Secondaries Alert will interview Dan, and then Dan will answer questions from the audience.
CONDUCTED BY: PAUL SPRINGER, PE Secondaries Alert
Closing Remarks
5:00 PM

-Audio Kit Available Upon Request-

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