CONFERENCE PROGRAM€¦ · 50 real estate and private equity firms through the varying stages of the fundraising and investor relations processes. Prior to founding KAP, Ms. Hutter

CONFERENCE PROGRAM

Information presented at the conference is general in nature and does not take into account any investor’s particular circumstances. The information is neither an offer to sell, nor a solicitation of an offer to buy, an interest in any investment product. Past performance is not necessarily indicative of future results.

Grosvenor® and Grosvenor Capital Management® are proprietary trademarks of GCM Grosvenor and its affiliated entities. ©2017 Grosvenor Capital Management, L.P. All rights reserved.

WELCOME Welcome to the 2017 Small and Emerging Managers Conference.

This year, the GCM Grosvenor Small and Emerging Managers Conference will celebrate its 11th year, making it one of the longest-running events of its kind. Since 2007, the Conference has gathered and engaged a wide range of profes-sionals specializing in private equity, hedge funds, real estate, infrastructure and real assets. The event has established itself as a premier platform for industry insights by featuring expert panels discussing timely issues faced by alternative investors in the diverse and emerging manager space.

The Conference promises to be full of lively discussions and insightful perspective on the small and emerging manager space. We are honored to have President Barack Obama as our keynote speaker.

We have constructed the conference agenda to be both informative and engaging. It features panel discussions on a variety of topics that are relevant to small and emerging managers and allocators alike. We have also allowed time for networking and socializing with industry colleagues and GCM Grosvenor personnel.

If you have any conference-related questions or concerns, please seek a GCM Grosvenor employee or event staff member.

We are delighted you have chosen to join us. We hope you find the Conference to be a rewarding and enjoyable event.

– GCM Grosvenor

FEATURED KEYNOTE SPEAKER

PRESIDENT BARACK OBAMA

Barack H. Obama is the 44th President of the United States.

Few presidents have walked a more improbable path to the White House. Born in Hawaii to a mother from Kansas and a father from Kenya, Obama was raised with help from his grandparents, whose generosity of spirit reflect-

ed their Midwestern roots. The homespun values they instilled in him, paired with his innate sense of optimism, compelled Obama to devote his life to giving every child, regardless of his or her background, the same chance America gave him.

After working his way through college with the help of scholarships and student loans, Obama moved to Chicago, where he worked with a group of churches to help rebuild communities devastated by the closure of local steel plants. That expe-rience honed his belief in the power of uniting ordinary people around a politics of purpose, in the hard work of citizenship, to bring about positive change. In law school, he became the first African-American president of the Harvard Law Review, then he returned to Illinois to teach constitutional law at the University of Chicago and begin a career in public service, winning seats in the Illinois State Senate and the United States Senate.

On November 4, 2008, Barack Obama was elected the 44th President of the United States, winning more votes than any candidate in history. He took office at a moment of crisis unlike any America had seen in decades – a nation at war, a planet in peril, the American Dream itself threatened by the worst economic calamity since the Great Depression. And yet, despite all manner of political obstruction, Obama’s leadership helped rescue the economy, revitalize the American auto industry, reform the health care system to cover another twenty million Americans, and put the country on a firm course to a clean energy future – all while overseeing the longest stretch of job creation in American history. On the world stage, Obama’s belief in America’s indispensable leadership and strong, principled diplomacy helped wind down the wars in Iraq and Afghanistan, decimate al Qaeda and elimi-nate the world’s most wanted terrorists, shut down Iran’s nuclear weapons program, open up a new chapter with the people of Cuba, and unite humanity in coordinated action to combat a changing climate.

In times of great challenge and change, President Obama’s leadership ushered in a stronger economy, a more equal society, a nation more secure at home and more respected around the world. The Obama years were ones in which more people not only began to see themselves in the changing face of America, but to see America the way he always has – as the only place on Earth where so many of our stories could even be possible.

Barack Obama and his wife, Michelle, are the proud parents of two daughters – Malia, 19, and Sasha, 16.

GCM GROSVENOR5CONFERENCE AGENDA

CONFERENCE AGENDA

TUESDAY, NOVEMBER 7, 201712:00 pm – 1:00 pm Women’s Net working Tea Gold Room

3:30 pm – 4:45 pm LP Only SessionEmerging Manager Guidebook

This session explores the breadth and depth of the emerging manager landscape across four alternative asset types: private equity, hedge funds, real estate and infrastructure.

Using data derived from multiple sources, including meetings with many thousands of fund managers over the past decade, the presentation addresses topics such as how many emerging funds exist, what strategies they pursue, where they come from, and how they are (or not) raising capital.

To provide context to the data, we give an overview of the broader alternatives universe and how emerging managers fit, including with respect to institutional investor allocation trends. Finally, the presentation reviews the universe of emerging manager capital and programs, and explores potential trends for the future.

Art Institute of ChicagoTerzo Piano Restaurant

5:00 pm – 6:15 pm LP Only Dinner Art Institute of ChicagoTerzo Piano Restaurant

6:30 pm – 9:30 pm General Reception Art Institute of ChicagoModern Wing

GCM GROSVENOR6CONFERENCE AGENDA

WEDNESDAY, NOVEMBER 8, 20177:30 am – 8:00 am Breakfast & Conference Kick-Off Imperial Foyer and Ballroom

8:05 am – 8:50 am Panel I Hedge Funds: Generating Alpha, One Trade at a Time: Best Ideas for 2018

Private Equity: FundMe: Innovative Approaches to Fundraising

Infrastructure and Real Assets: Too Big to Fail? Infrastructure Debate: Can a Big Deal Be Too Big?

Gold Room

International Ballroom

State Room

8:05 am – 9:50 am Panel IReal Estate: State of Affairs: The Current State of the Real Estate Emerging Manager Market

Rouge Room

8:50 am – 9:00 am Break: Hedge Funds, Private Equity, and Infrastructure & Real Assets

9:00 am – 9:45 am Panel II Hedge Funds: One-on-One on the Richter Scale

Private Equity: Winter is Coming: Managing the End? Strategies and Opportunities for End-of-Life Funds

Infrastructure and Real Assets: Labor Day: The Important Role of Organized Labor in Infrastructure Investing

Gold Room


State Room

9:45 am – 10:10 am Break: Hedge Funds, Private Equity, and Infrastructure & Real Assets

9:50 am – 10:10 am Break: Real Estate

10:10 am – 10:55 am Panel III Hedge Funds: What’s the Want with Quant? Understanding Quantitative Investing

Infrastructure and Real Assets: You Can Get There from Here: Fundraising Techniques

Gold Room

State Room

10:10 am – 11:05 am Panel III Private Equity: Real Performance vs. “Alternative Facts”: Evaluating Manager Performance in Today’s PE Market


10:10 am – 11:45 am Panel IIReal Estate: Round-Robin: A Three-Track, Interactive Session on Fund Marketing

• Fundraising Fallacies• Developing Your Deck• Showcasing Your Track Record Effectively

Rouge & Cuvee Room

10:55 am – 11:15 am Break: Hedge Funds and Infrastructure & Real Assets

11:05 am – 11:15 am Break: Private Equity

11:15 am – 12:00 pm Panel IVHedge Funds: The ABC’s of ODD

Private Equity: Once Upon Time…: A Story About Investing with Emerging Managers

Infrastructure and Real Assets: What’s Hot and What’s Not: Evolving Themes in Today’s Infrastructure Market

Gold Room


State Room

11:45 am – 12:20 pm Break: Real Estate

12:00 pm – 12:20 pm Break: Hedge Funds, Private Equity, and Infrastructure & Real Assets

12:20 pm – 2:00 pm Luncheon & Keynote Imperial Ballroom

2:00 pm – 3:30 pm Closing Net working Reception International Foyer

RE AL ESTATE GCM GROSVENOR8

RE SCHEDULEPANEL I8:05 AM - 9:50 AM | ROUGE ROOM

State of Affairs: The Current State of the Real Estate Emerging Manager MarketAs is tradition, we kick things off with a data-filled presentation on trends and activity among real estate emerging managers. Hosted by Peter Braffman, a member of GCM Grosvenor Private Markets Investment Committee and head of Real Estate Invest-ments, the session highlights the strategies, manager types and asset classes that are (and are not) raising capital, the level of institutional appetite, and the latest in fund terms.

New this year are mapping of, and in-depth analysis of the grow-ing number of funds targeting debt and credit strategies. The presentation culminates with our exclusive look at performance, along with extensive analyses of the J-curve and strategies to mitigate the impact of the gross-to-net spread.

Presenter: Peter Braffman, Managing Director, GCM Grosvenor

PANEL II10:10 AM - 11:45 AM | ROUGE ROOM & CUVEE ROOM

Round-Robin: A Three-Track, Interactive Session on Fund MarketingThis new session allows attendees to participate in each of the three presentation/discussion sessions. Led by the KAP Group, a leading fundraising and investor relations provider, and the GCM Grosvenor Real Estate team, discussions include:

• Fundraising Fallacies: The more meetings, the better…the best meetings are those in which you don’t even open the book…investors will commit to your next fund before you return any capital! Well, no. Fundraising may be an art, but it is also a science. This discussion addresses manag-ers’ mistaken assumptions and shares tips for avoiding common traps.

• Developing Your Deck: Every firm needs a marketing deck that showcases what makes their platform special. What should yours look like? How long should it be, what content is key, and how should it be constructed? This discussion explores these questions and presents best practices in marketing presentation preparation.

• Showcasing Your Track Record Effectively: A track record is more than a series of numbers on a page. It is a story that needs to reflect not only what a platform has achieved, but also what it may achieve for investors in the future. This presentation dissects typical track record issues and discusses specific ways to highlight performance and value creation.

Facilitators: • Christina Anzel, Project Manager, KAP Group• Jen Hutter, Chief Executive Officer, KAP Group• Erin Roeder, Principal, KAP Group

RE AL ESTATE GCM GROSVENOR9

PETER BRAFFMANMANAGING DIRECTOR, GCM GROSVENOR

Mr. Braffman is a Managing Director at GCM Grosvenor, where he is a member of the Private Markets Investment Committee and serves on the Global Investment Council. He leads the real estate invest-ment practice and is responsible for real estate sourcing and underwriting activities.

CHRISTINA ANZELPROJECT MANAGER, K AP GROUP

Ms. Anzel is a Project Manager at the KAP Group. Prior to joining KAP, she served as the primary con-tact for over 100 limited partners, managing teams responsible for all ongoing client relationships and communications, material generation, and marketing initiatives.

JEN HUT TERCHIEF EXECUTIVE OFFICER, K AP GROUP

Ms. Hutter a co-founder and CEO of the KAP Group. Since its founding in 2008, KAP has advised over 50 real estate and private equity firms through the varying stages of the fundraising and investor relations processes. Prior to founding KAP, Ms. Hutter was a Vice President in the Real Estate Private Fund Group at Credit Suisse, raising capital from institutional investors. She has also advised and prepared real estate managers through each stage of the capital raising process, including opportu-nities representing over $5 billion in equity raised.

ERIN ROEDERPRINCIPAL, K AP GROUP

Ms. Roeder is a Principal of the KAP Group. Prior to joining KAP, she was a Vice President at Met-ropolitan Real Estate Equity Management (since acquired by The Carlyle Group), where she was responsible for articulating the firm’s market view, investment thesis, and competitive advantage and enhancing the firm’s status as a thought leader in the investment community.

PARTICIPANT BIOGRAPHIES

GCM GROSVENOR11PRIVATE EQUIT Y

PE SCHEDULEPANEL I8:05 AM - 8:50 AM | INTERNATIONAL BALLROOM

FundMe: Innovative Approaches to Fundraising This session explores various non-traditional and innovative strategies GPs can use as catalysts to raise fund capital creating unique opportunities for LPs differentiating themselves in the marketplace. Discussion topics include direct separate accounts with LPs, sidecar vehicles for specific portfolio companies, co- investment warehousing, joint venture structures, contributing seeded portfolios to a new fund, and other related topics.

Moderator: Lee Brashear, Director/Partner, GCM Grosvenor

Speakers: • Maite Ballester, Managing Partner, Nexxus Iberia• Heather Faust, Partner & Managing Director, Argand

Partners• Brendon Parry, Managing Director The Investment Fund

for Foundations• Russell Valdez. Managing Director, Wafra Investment

Advisory Group

PANEL II9:00 AM - 9:45 AM | INTERNATIONAL BALLROOM

Winter is Coming: Managing the End? Strategies and Opportunities for End-of-Life FundsFund restructurings, “stapled” secondaries and end-of-fund amendments are increasingly common among maturing funds. This panel features GPs and LPs discussing these various scenarios, their increasing prevalence among emerging managers, and their relative impact on GPs and LPs.

Moderator: Brian Sullivan, Managing Director, GCM Grosvenor

Speakers: • Gerald Cooper, Partner, Campbell Lutyens• Aaron Velli, Parter, Cooley LLP• Victoria Sumbs, Investment Associate, Alfred P Sloan

Foundation

PANEL III10:10 AM - 11:05 AM | INTERNATIONAL BALLROOM

Real Performance vs. “Alternative Facts”: Evaluating Manager Performance in Today’s PE Market Join this interactive session to evaluate how manager choices on capital deployment pacing, credit facility use and legal terms impact how the funds perform and are viewed by institutional investors. Also explore how operational due diligence consider-ations may change investors’ views of fund performance.

Moderator: Derek Jones, Managing Director, GCM Grosvenor

Speakers: • Thomas Henley, Senior Managing Director, UAW Retiree

Medical Benefits Trust• Jason Howard, Director/Partner, GCM Grosvenor• Dana Johns, Senior Portfolio Manager, Maryland State

Retirement and Pension System • Scott Ramsower, Senior Investment Manager, Teacher

Retirement System of Texas

PANEL IV11:15 AM - 12:00 PM | INTERNATIONAL BALLROOM

Once Upon Time…: A Story About Investing with Emerging ManagersOne of the distinguishing attributes of an emerging manager is the personal story they tell while building their business. At an established firm, teams recite the legacy of others. But those who are emerging into their own organization are writing their own story. In this discussion, a panel of sophisticated institutional investors, who meet with and evaluate hundreds of established and emerging managers annually, consider which emerging man-agers’ stories have been the most memorable and have inspired confidence beyond the analysis. What made the managers’ drive and inspiration ring true? Hear which patterns our panel has discovered make for true happy endings, rather than just wishful fairy tales.

Moderator: Aris Hatch, Managing Director, GCM Grosvenor

Speakers: • Sylvia Bell, Chief Operating Officer, Managing Director

Emerging Manager Program, Teacher Retirement System of Texas

• Meredith Jones, Partner, Aon Hewitt Investment Consulting• Christine Kelleher, Chief Investment Officer, National

Gallery of Art• Toru Masuda, Corporate Officer, Sumitomo Mitsui Trust

Bank, Limited


MAITE BALLESTERMANAGING PARTNER, NEX XUS IBERIA

Ms. Ballester is a Managing Partner at Nexxus Iberia. Before joining Nexxus Iberia, Ms. Ballester was a senior advisor to TAS focused in Private Equity after 19 years of private equity experience at 3i where she has been Managing Partner in Spain. She has led over 35 investments and 20 divestments including 2 IPOs in both buyouts and minority transactions in Spain, Portugal, Brazil, India and China. She currently is a Director on the Boards of Prisa Radio S.A., and Repsol, S.A. and member of their audit committees.

LEE BRASHEARDIRECTOR/PARTNER, GCM GROSVENOR

Mr. Brashear is a Director/Partner at GCM Grosvenor, where he is a member of the Private Markets Investment Department. He is involved in fund coverage, investment execution and relationship management. Mr. Brashear focuses on equity and mezzanine co-investments, with responsibilities for deal sourcing, structuring and due diligence across diverse industries. Additionally, he serves as a Board Observer or Advisory Board member of several portfolio companies and buyout funds.

SYLVIA BELLCHIEF OPERATING OFFICER, MANAGING DIRECTOR EMERGING MANAGER PROGRAM, TE ACHER RE TIREMENT SYSTEM OF TEX AS

Ms. Bell is the Managing Director of Investment Operations for the Teachers Retirement System of Texas, responsible for all aspects of investment and administrative operations including trade settlement, performance reporting, investment information systems, and budget and financial services. She also serves as the Managing Director of the TRS Emerging Manager Program where she is responsible for a $1.5 billion portfolio of small and diverse managers.

GERALD COOPERPARTNER, CAMPBELL LUT YENS

Mr. Cooper is a partner with Campbell Lutyens, an independent private equity advisory firm that focuses on primary fundraising and secondary transactions in the private equity, infrastructure and energy markets. Mr. Cooper has extensive experience with secondaries; he has worked on over $17 billion in secondary transactions, including both LP focused and GP-led mandates.

HEATHER FAUSTPARTNER & MANAGING DIRECTOR, ARGAND PARTNERS

Ms. Faust is a Partner and Managing Director of Argand Partners, a private equity firm that specializes in industrial investments, and is a member of the firm’s Management and Investment Committees. Prior to joining Argand, she was a Managing Director at Castle Harlan and a management consultant at McKinsey & Company.



ARIS HATCHMANAGING DIRECTOR, GCM GROSVENOR

Ms. Hatch is a Managing Director in GCM Grosvenor’s Business Development Department. She has 18 years of alternative assets expertise with a focus in private equity. Prior to joining GCM Grosvenor, she was a Managing Director with HarbourVest Partners, leading the firm’s global Custom Solutions business.

THOMAS HENLEYSENIOR MANAGING DIRECTOR, UAW RE TIREE MEDICAL BENEFITS TRUST

Mr. Henley is Senior Manager Director of Strategic Opportunities for the UAW Retiree Medical Benefits Trust (the “Trust”), the largest non-governmental purchaser of retiree healthcare benefits in the U.S. Mr. Henley manages the Diversity and Emerging Manager Initiatives , and also leads the Trust’s efforts in Co- Investments and In-state investments, Strategic Partnerships and other initiatives including ESG.

JASON HOWARDDIRECTOR/PARTNER, GCM GROSVENOR

Mr. Howard is a Director/Partner at GCM Grosvenor, where he is a member of the Private Markets Investment Department. Mr. Howard focuses on client portfolio management and private equity fund investments, as well as private equity co-investments and secondary fund purchases.

CHRISTINE KELLEHERCHIEF INVESTMENT OFFICER, NATIONAL GALLERY OF ART

Ms. Kelleher is chief of investments for the National Gallery of Art, overseeing the museum’s endowment. Prior to joining the museum earlier this year, she was a managing director with Avec Capital, leading that firm’s investment strategy, sourcing and evaluation efforts. Ms. Kelleher also spent several years as senior investment officer for Georgetown University, managing its endowment and retirement plan.

DANA JOHNSSENIOR PORTFOLIO MANAGER, MARYL AND STATE RE TIREMENT AND PENSION SYSTEM

Ms. Johns is a Senior Portfolio Manager in the Private Equity Group for the Maryland State Retirement and Pension System. Ms. Johns is a member of PEWIN and serves on the Regional Events Committee for the Mid-Atlantic. She has been a speaker at industry conferences including the Women’s Private Equity Summit, Markets Group Private Equity US Forum, Kayo Private Equity Conference, Consortium East, and NVCA.

MEREDITH JONESPARTNER, AON HE WIT T INVESTMENT CONSULTING

Ms. Jones is a partner at Aon Hewitt Investment Consulting, focused on emerging and diverse manager research and responsible investing strategies. She is an internationally recognized researcher, writer, blogger speaker and expert in the alternative investment industry, and was named as an Inc. magazine’s “17 Inspiring Women to Watch in 2017.”


DEREK JONESMANAGING DIRECTOR, GCM GROSVENOR

Mr. Jones is a Managing Director at GCM Grosvenor, where he is a member of the Private Markets Investment Committee and serves on the Global Investment Council. He leads the co-investment team and the diverse managers practice. His responsibilities also involve relationship management, deal sourcing and conducting due diligence.

TORU MASUDACORPORATE OFFICER, SUMITOMO MITSUI TRUST BANK, LIMITED

Mr.Masuda is Head of Private Equity for Sumitomo Mitsui Trust Bank. Prior to joining to the team in 2000, Mr.Masuda was based in London, where he managed the Bank’s corporate and emerging market investment portfolio

BRENDON PARRYMANAGING DIRECTOR THE INVESTMENT FUND FOR FOUNDATIONS

Brendon Parry joined TIFF in 2011. He performs investment research and selects and monitors external investment managers, secondary interests, and co-investments, focusing on TIFF’s private investments program. Prior to joining TIFF, Mr. Parry spent two years as a Senior Associate at Providence Equity Partners and worked for three years in the consulting group at Cambridge Associates. Mr. Parry holds an AB in economics from Brown University, holds an MBA from Harvard Business School, and is a CFA charterholder. He serves as a trustee of the Belmont Day School and chairman of its Investment Committee.

SCOT T RAMSOWERSENIOR INVESTMENT MANAGER, TE ACHER RE TIREMENT SYSTEM OF TEX AS

Mr. Ramsower is a Senior Investment Manager in the Private Equity Group at the Teacher Retirement System of Texas, with primary responsibility for the group’s $4 billion credit / special situations portfolio and its $2 billion European middle-market buyout portfolio. He also assists in the strategy and development of the venture/growth, global buyout and Emerging Manager portfolios.

VICTORIA SUMBSINVESTMENT ASSOCIATE, ALFRED P SLOAN FOUNDATION

Ms. Sumbs is an Investment Associate at the Alfred P. Sloan Foundation. Prior to joining the Foundation, she was a member of the private investments team at DUMAC, Inc., Duke University’s investment office.

BRIAN SULLIVANMANAGING DIRECTOR, GCM GROSVENOR

Mr. Sullivan is a Managing Director at GCM Grosvenor, where he is a member of the Private Markets Investment Department. He leads the secondaries investment vertical and is also involved with deal sourcing, due diligence on secondary fund investments, and building and managing client relationships. Mr. Sullivan holds the Chartered Financial Analyst® designation.


RUSSELL VALDEZMANAGING DIRECTOR, WAFRA INVESTMENT ADVISORY GROUP

Russell J. Valdez, J.D., is a Senior Managing Director in Wafra’s Alternative Investments Division. His responsibilities include overseeing the division’s various private investment activities and overall management. Mr. Valdez leads anchor investments in emerging managers, minority stake investments in alternative managers and other negotiated transactions. He serves on the board of directors of LOGIX Communications, Suntex Marinas and other portfolio investments.

AARON VELLIPARTER, COOLEY LLP

Mr. Velli represents emerging growth companies and investors in those companies in various corpo-rate and securities transactions. He has particular expertise in the formation and operation of private equity investment partnerships. Mr. Velli’s experience includes venture capital financings, private and public securities offerings, mergers and acquisitions, real estate transactions and credit finance.

HEDGE FUNDS GCM GROSVENOR17

HF SCHEDULEPANEL 1 8:05 AM - 8:50 AM | GOLD ROOM

Generating Alpha, One Trade at a Time: Best Ideas for 2018The panelists of this session are presented with a challenge: convince our discerning audience that their investment idea is the best for 2018. Reflecting the unconstrained nature of hedge fund investing, the panelists present wide-ranging investment ideas across asset classes and geographies. Attendees will listen to the pitches and decide whose is best.

Moderator Jeremy Joseph, Managing Director, GCM Grosvenor

Speakers: • Rory Doyle, Executive Director, J.P. Morgan Private Bank• David Erhardt, Senior Associate, Mercer• Samantha Greenberg, Managing Partner & Chief

Investment Officer, Margate Capital Management LP• Kamran Moghtaderi, Chief Investment Officer, Eversept

Partners LLC• Hope Pascucci, President, Rose Grove Capital• Matt Stone, Managing Director, The University of Chicago• Arthur Young, Managing Partner, Tensile Capital

Management LLC

PANEL II9:00 AM - 9:45 AM | GOLD ROOM

One-on-One on the Richter Scale David Richter, chair of GCM Grosvenor’s Public Markets Invest-ment Committee and Co-head of Public Markets Research, hosts a one-on-one discussion with a prominent hedge fund manager. This session features an industry trailblazer who will provide current macro and investment views and discuss how he grew a firm from a small manager into one of the largest in the industry.

Fireside ChatKenneth Griffin, Founder & Chief Executive Officer, Citadel & David Richter, Managing Director, GCM Grosvenor

PANEL III10:10 AM - 10:55 AM | GOLD ROOM

What’s the Want with Quant? Understanding Quantitative Investing What exactly is quant investing and why has it become so popular? The panelists of this session discuss different approaches to quantitative investing and provide insights into how to best underwrite a quantitative hedge fund given the perception of lower transparency and higher complexity. We cover the adoption of new data, technology and techniques, and touch upon the increase in quantitative investing and potential related risks.

Moderator Jen Stack, Managing Director, GCM Grosvenor

Speakers: • Ken Armstead, Founding Partner, BHC Marco Investment, LLC• Tim Garry, Chief Investment Officer, Pelorus Jack Capital• Katina Stefanova, Chief Executive Officer & Chief

Investment Officer, Marto Capital LP• Mika Toikka, Managing Member, AlphaCrest Capital

Management LLC

PANEL IV11:15 AM - 12:00 PM | GOLD ROOM

The ABC’s of ODDOperational due diligence is a key component to manager selection, so setting up institutionally-credible operations is critical for newly minted hedge funds. In this session, members of GCM Grosvenor’s Operational Due Diligence team, represen-tatives from an emerging hedge fund manager, and key ODD service providers discuss challenges that small and emerging managers must consider in developing internal control structures consistent with the expectations of institutional investors and regulators.

Moderator Ivaldo Basso, Managing Director, GCM Grosvenor

Speakers: • Nick Batinich, Partner, ACA Compliance Group• Devi Koya, Principal, Koya Law• Chris Sandberg, Vice President, GCM Grosvenor• Jim Sweeney, Chief Operating Officer & Chief Financial

Officer, Tor Asset Management


KEN ARMSTEADFOUNDING PARTNER, BHC MARCO INVESTMENT, LLC

Mr. Armstead is portfolio manager for macro hedge fund strategies at Breton Hill, and is Co-Founder of BHC Macro Investment, LLC. He has over 20 years of trading and risk management experience in fixed income, commodities and FX derivatives.

IVALDO BASSOMANAGING DIRECTOR, GCM GROSVENOR

Mr. Basso is the Chief Financial Officer at GCM Grosvenor, where is a member of the Operations Committee. He is a Certified Public Accountant and a member of the American Institute of Certified Public Accountants and the Illinois CPA Society.

NICK BATINICHPARTNER, ACA COMPLIANCE GROUP

Mr. Batinich is a Partner with ACA Compliance Group, which provides regulatory and compliance products and solutions, among other services, to firms in the financial services industry. Mr. Batinich co-heads ACA’s Hedge Fund Practice and manages its Chicago office. He has performed over 200 mock SEC audits and compliance program reviews for clients.

RORY DOYLEEXECUTIVE DIRECTOR, J.P. MORGAN PRIVATE BANK

Mr. Doyle is an Executive Director in J.P. Morgan Private Bank’s Alternative Investments Group, which oversees the Event Driven & Diversified hedge fund platform. His team sources investment oppor-tunities and monitors existing managers in equity special situations, distressed/credit, activism, multi-strategy and fund of funds.

TIM GARRYCHIEF INVESTMENT OFFICER, PELORUS JACK CAPITAL

Mr. Garry is the Chief Investment Officer, Portfolio Manager and Managing Partner of Pelorus Jack Capital, L.P., which he founded in late 2016. Prior to founding Pelorus Jack, Mr. Garry was Co- Portfolio Manager of Passport Capital’s Long Short and Liquid Long Short strategies, and also led Passport’s Portfolio Construction, Risk and Quantitative Strategies (PRQ) team, was Co-Chaired the firm’s Risk Committee and served as Vice-Chair of the Investment Committee.

DAVID ERHARDTSENIOR ASSOCIATE, MERCER

Mr. Erhardt is a Senior Associate in the Alternatives Research Boutique at Mercer, responsible for hedge fund manager due diligence for both direct and fund of hedge fund investments. He also serves as Co-Lead Researcher for Global Macro strategies and is a voting a member of the Macro Ratings Review Committee.



SAMANTHA GREENBERGMANAGING PARTNER & CHIEF INVESTMENT OFFICER, MARGATE CAPITAL MANAGEMENT LP

Ms. Greenberg is Managing Partner and Chief Investment Officer of Margate Capital, a catalyst-driven long/short equity fund founded in 2016. Her investing expertise focuses on companies in the TMT and consumer industries. Ms. Greenberg has been named to the Hedge Fund Journal’s “50 Leading Women in Hedge Funds” and Institutional Investor’s “2016 Hedge Fund Rising Stars.”

KENNETH GRIFFINFOUNDER & CHIEF EXECUTIVE OFFICER, CITADEL

Mr. Griffin is CEO of Citadel, which he founded in 1990.Citadel is recognized as one of the most respected and successful investment firms in the world, and manages over $27 billion in capital for its partners.

JEREMY JOSEPHMANAGING DIRECTOR, GCM GROSVENOR

Mr. Joseph is a Managing Director at GCM Grosvenor, where he is member of the Public Markets Research Team and serves on the Global Investment Council. He is the Strategy Head of equity and event-driven strategies. He holds the Chartered Financial Analyst® designation.

DEVI KOYAPRINCIPAL, KOYA L AW

Ms. Koya is a Principal and Founder at Koya Law, a boutique law firm that now represents over 100 hedge funds, where she focuses on representing her clients in negotiating and managing their financing and trading relationships. She was previously a partner at 2 major law firms; Baker Mckenzie and McDermott Will & Emery. Before joining Baker, Ms. Koya was also partner at a 14 billion dollar asset manager responsible for its operations, accounting and finance teams.

K AMRAN MOGHTADERICHIEF INVESTMENT OFFICER, E VERSEP T PARTNERS LLC

Mr. Moghtaderi is Chief Investment Officer if Eversept Partners LLC, a global life sciences investment manager, which manages the Eversept Global Healthcare Fund, L.P., a long/short global healthcare equity fund launched by Mr. Moghtaderi in 2011. Mr. Moghtaderi has 15 years of healthcare sector investment experience.

HOPE PASCUCCIPRESIDENT, ROSE GROVE CAPITAL

Ms. Pascucci is the President and Principal of Rose Grove Capital Management, LLC, which manages fixed income credit hedge funds focused on the preferred stock/hybrid niche. Prior to Rose Grove, Ms. Pascucci was a Managing Director and the Global Co-Head of Capital Markets at Deutsche Bank in London, where she was responsible for the underwriting and syndication of all equities, invest-ment grade and high yield debt and syndicated loans.


CHRIS SANDBERGVICE PRESIDENT, GCM GROSVENOR

Mr. Sandberg is a Vice President at GCM Grosvenor, where he heads the Operational Due Diligence Team. Mr. Sandberg is primarily responsible for operational due diligence matters, including the operational and internal controls review and ongoing operational monitoring of investment manag-ers. He is a Certified Public Accountant and a member of the American Institute of Certified Public Accountants.

JEN STACKMANAGING DIRECTOR, GCM GROSVENOR

Ms. Stack is a Managing Director at GCM Grosvenor, where she is the Head of Public Markets Risk Management and serves on the Global Investment Council. Ms. Stack and her team are responsible for independently reviewing each potential investment manager, assessing the risk in portfolios in conjunction with the Public Markets Portfolio Management Team, and working with the Information Technology Team to build and deploy analytical tools.

MAT T STONEMANAGING DIRECTOR, THE UNIVERSIT Y OF CHICAGO

Mr. Stone is the Managing Director for the public markets and absolute return portfolios at The University of Chicago. He oversees a team responsible for investment decisions in public equities, hedge funds, private debt, fixed income and credit. He is a Chartered Financial Analyst® charterholder.

DAVID RICHTERMANAGING DIRECTOR, GCM GROSVENOR

Mr. Richter is a Managing Director at GCM Grosvenor, where he is Chair of the Public Markets Investment Committee, is Co-Head of Public Markets Research and serves on the Global Investment Council. He is also a member of the Special Opportunities Investment Committee. Mr. Richter approves public markets portfolio allocations and shares responsibility for the evaluation, selection and monitoring of various investment strategies and investment managers.

K ATINA STEFANOVACHIEF EXECUTIVE OFFICER & CHIEF INVESTMENT OFFICER, MARTO CAPITAL LP

Ms. Stefanova is the CEO and CIO of Marto Capital, a global, systematic absolute return strategy that trades in many diversified markets including FX, rates, equities and commodities. Ms. Stefanova frequently speaks at conferences and events on topics including investing, technology, and entrepre-neurship and is a thought leader on disruption in the asset management industry.

JIM SWEENEYCHIEF OPERATING OFFICER & CHIEF FINANCIAL OFFICER, TOR ASSE T MANAGEMENT

Mr. Sweeney is the COO and CFO at TOR Asset Management. He has over 25 years of experience in finance and investment management. Prior to joining TOR, Jim was the CEO of Boyer Allan Investment Management, a Hong Kong-based investment management firm and Chief Operating Officer at Artradis Fund Management in Singapore. Before Artradis, he was a Managing Director at Credit Suisse, where he ran the Fund Linked Products Group in New York.


MIK A TOIKK AMANAGING MEMBER, ALPHACREST CAPITAL MANAGEMENT LLC

Mr. Toikka founded AlphaCrest Capital Management LLC (“AlphaCrest”), which specializes in quantitative research and trading of global liquid markets, in 2013. Prior to forming AlphaCrest, Mr. Toikka was a Managing Director at Credit Suisse where he headed the Systematic Trading Group for Credit Suisse Asset Management and was responsible for the development and management of statistical arbitrage, volatility and CTA hedge fund strategies.

ARTHUR YOUNGMANAGING PARTNER, TENSILE CAPITAL MANAGEMENT LLC

Mr. Young is Portfolio Manager and Co-founder of Tensile Capital Management LLC (“Tensile”), an investment firm founded in 2012 that manages a concentrated portfolio of long-term public equity investments and select private investments. Mr. Young leads the firm’s trading, as well as portfolio and risk management, and focuses on sourcing, researching and monitoring public investments.

GCM GROSVENOR23INFR ASTRUCTURE

In SCHEDULEPANEL I8:05 AM - 8:50 AM | STATE ROOM

Too Big to Fail? Infrastructure Discussion: Can a Big Deal Be Too Big?Against the backdrop of a recently announced $40 billion infra-structure fund, two teams of investors face off in a moderated debate about transaction size in the real asset market. The audience is invited to pose questions during the debate, then ultimately decide which team offered the more persuasive argument.

Moderator: Michael Rose, Director/Partner, GCM Grosvenor

Speakers:• Matthew Fedors, Director, John Hancock• Julio Garcia, Head of Infrastructure, North America, IFM

Investors• Andrew Marino, Co-head of Carlyle Global Infrastructure

Opportunity Fund, Carlyle• Carolyn Pearce, Director, Infracapital

PANEL II9:00 AM - 9:45 AM | STATE ROOM

Labor Day: The Important Role of Organized Labor in Infra-structure InvestingVikram Bhaskar, a member of GCM Grosvenor’s Private Markets Investment Committee and Head of Infrastructure Investments, and a guest speaker discuss the role of labor in the context of infrastructure and real assets. Focusing on organized labor’s objectives and potential contributions, they also explore the importance (and challenges) of impact investing / ESG consider-ations in generating compelling investment returns.

Fireside Chat: Tim Barron, Chief Investment Officer, Segal Marco Advisors and Vikram Bhaskar, Managing Director, GCM Grosvenor

PANEL III10:10 AM - 10:55 AM | STATE ROOM

You Can Get There from Here: Fundraising TechniquesLP Panelists explore current trends in GP fundraising, focusing on the myriad of tools that emerging managers may use to differentiate themselves during the process. Panelists discuss the efficacy of preferred economics, co-investments, seed deals and other tactics, with the objective of giving emerging managers a roadmap to help navigate the sometimes difficult path to a successful fundraise.

Moderator: Ravi Parekh, Director, GCM Grosvenor

Speakers:• Eric Lang, Senior Managing Director of External Private

Markets, Teacher Retirement System of Texas• Reynold Martin, Managing Principal, Allstate Insurance

Company• Rakesh Saraf, Head of Private Investments, Alberta

Teachers’ Retirement Fund

PANEL IV11:15 AM - 12:00 PM | STATE ROOM

What’s Hot and What’s Not: Evolving Themes in Today’s Infrastructure MarketLP panelists discuss relevant issues in the infrastructure market and identify how GPs can adapt to current themes in their efforts to raise and deploy capital and generate attractive returns. Among the topics: fundraising; the expanding definition of “infrastructure;” US and European markets; open-ended versus closed-ended fund strategies; and exit markets.

Moderator: Akhil Unni, Director/Partner, GCM Grosvenor

Speakers:• Tara Davies, Managing Director, KKR• Marc Ganzi, Chief Executive Officer, Digital Bridge

Holdings, LLC• James McMillan, Senior Vice President, Courtland Partners• Howard Stern, Managing Director, Northwestern Mutual

GCM GROSVENORINFR ASTRUCTURE 24

TIM BARRON

CHIEF INVESTMENT OFFICER, SEGAL MARCO ADVISORS

Mr. Barron is the Chief Investment Officer of Segal Marco Advisors, where he manages the firm’s Research Department and oversees all investment activities. He chairs Segal Marco Advisors’ Invest-ment Committee and is on the Governing Committee of the Global Investment Research Alliance.

VIKRAM BHASK ARMANAGING DIRECTOR, PRIVATE MARKE TS INVESTMENT COMMIT TEE MEMBER

Mr. Bhaskar is a Managing Director at GCM Grosvenor, where is he is a member of the Private Markets Investment Committee and serves on the Global Investment Council. He leads the infrastructure investment team and is involved in relationship management, deal sourcing and conducting due diligence on private equity and infrastructure investments. Mr. Bhaskar is a qualified chartered accountant from the Institute of Chartered Accountants of India.

TARA DAVIESMANAGING DIRECTOR, KKR

Ms. Davies is a Managing Director at KKR, where she is the Head of the KKR European Infrastruc-ture Team. Ms. Davies has spent over 18 years in the global infrastructure industry working in both Sydney and London. Prior to joining KKR, she was a senior managing director and head of mergers and acquisitions for Macquarie Group’s infrastructure advisory arm in London (having also spent a number of years in the infrastructure funds division). Ms. Davies is currently on the board of directors of Calvin Capital, a U.K.-based gas and electricity smart metering business.

MAT THEW FEDORSDIRECTOR, JOHN HANCOCK

Mr. Fedors is a Director in John Hancock’s Power & Infrastructure Group, where he is responsible for origination and execution of private equity and debt investments. Mr. Fedors has over thirteen years of experience in the power, energy, and infrastructure sectors and total transaction volume of $75 billion in principal and advisory roles.

MARC GANZICHIEF EXECUTIVE OFFICER, DIGITAL BRIDGE HOLDINGS, LLC

Mr. Ganzi is the Co-Founder and CEO of Digital Bridge Holdings, a leading global investor and owner in wireless infrastructure assets and businesses. Formerly, Mr. Ganzi was the Founder and Chief Ex-ecutive Officer of Global Tower Partners, responsible for all fundraising, banking and M&A activities. He has enjoyed a successful career as a real estate and telecommunications entrepreneur.

JULIO GARCIAHE AD OF INFRASTRUCTURE, NORTH AMERICA, IFM INVESTORS

Mr. Garcia Head of Infrastructure - North America for IFM Investors. He is responsible for IFM Investors’ infrastructure investment business in North America and manages the New York infra-structure team. Mr. Garcia’s experience includes senior roles in deal sourcing, investment evaluation, transaction execution, asset management, investment banking and strategy.



ERIC L ANGSENIOR MANAGING DIRECTOR OF EX TERNAL PRIVATE MARKE TS, TE ACHER RE TIREMENT SYSTEM OF TEX AS

Mr. Lang is responsible for formulating and directing the investment strategy and portfolio construction for the Trust’s allocations to Real Assets, 1Private Equity, and Energy and Natural Resources). He is co-chair of the TRS IMD Management Committee and a member of the TRS Investment Committee.

REYNOLD MARTINMANAGING PRINCIPAL, ALLSTATE INSURANCE COMPANY

Mr. Martin is a Managing Principal in the Infrastructure and Real Assets Group where he is responsi-ble for direct and fund investments within the Infrastructure and Energy sectors. Mr. Martin joined Allstate in 2000 and previously spent five years as a member of Allstate’s Private Equity group and six years as a member of Allstate’s Private Placement Group. Within those groups, Mr. Martin has been responsible for the underwriting and managing of a portfolio of private equity/mezzanine funds and co-investments, private placement loans, and bank loans including the utilities and energy sectors.

JAMES MCMILL ANSENIOR VICE PRESIDENT, COURTL AND PARTNERS

Mr. McMillan is a Senior Vice-President with Courtland Partners, where he has been involved in underwriting five significant OECD infrastructure investments as well as provided prudent person opinions on a number of other major infrastructure investments. He previously held a broad range of operating and planning positions with British Petroleum (BP) in their downstream business for over 23 years.

ANDREW MARINOCO-HE AD OF CARLYLE GLOBAL INFRASTRUCTURE OPPORTUNIT Y FUND, CARLYLE

Mr. Marino is the Co-Head of Carlyle Global Infrastructure Opportunity Fund. Previously, Mr. Marino was the Chief Operating Officer of Carlyle’s Natural Resources group, focusing on investments and strategy in the Energy and Natural Resources sectors. He serves on the investment committee of Carlyle International Energy Partners, Carlyle Power Partners II and NGP Natural Resources XI.

RAVI PAREKHDIRECTOR, GCM GROSVENOR

Mr. Parekh is a Director at GCM Grosvenor, where he is a member of the Private Markets Investments Department and focuses on investments in energy, infrastructure and renewables. He is responsible for deal sourcing, investment due diligence and execution, and client relationship management. Mr. Parekh’s experience includes investments in conventional and renewable power generation, regulated utilities, energy infrastructure, water, waste, parking, and PPP/PFI projects across North America, Europe and Asia.


CAROLYN PEARCEDIRECTOR, INFRACAPITAL

Ms. Pearce is a Director with Infracapital a European infrastructure investor that is part of Prudential Plc. Infracapital focuses on economic infrastructure, investing across both larger and mid-market assets in the brownfield and greenfield space. Ms. Pearce is a member of the Funds investment committee, and leads the firm’s responsible investing initiatives.

MICHAEL ROSEDIRECTOR/PARTNER, GCM GROSVENOR

Mr. Rose is a Director/Partner at GCM Grosvenor, where he is a member of the Private Markets Investment Department and specializes in energy, infrastructure and real assets, primarily in North America. He is involved in client relationship management, deal sourcing and conducting due diligence on private equity and infrastructure investments.

RAKESH SARAFHE AD OF PRIVATE INVESTMENTS, ALBERTA TE ACHERS’ RE TIREMENT FUND

Mr. Saraf is the Head of Private Investments for the Alberta Teachers’ Retirement Fund Board (ATRF), responsible for developing the strategic growth plan and implementation of ATRF’s private equity and infrastructure investment portfolios. Mr. Saraf participates in asset allocation decisions and helps manage ATRF’s overall investment portfolio as a senior member of the investment team.

HOWARD STERNMANAGING DIRECTOR, NORTHWESTERN MUTUAL

Mr. Stern manages the Infrastructure Equity and Project Finance platforms at NM Capital. He is responsible for fund investing, direct and co-investment deal underwriting, and executing project finance transactions. He currently manages a total portfolio of $3.9 Billion. Mr. Stern has over 30 years of experience investing in infrastructure.

AKHIL UNNIDIRECTOR/PARTNER, GCM GROSVENOR

Mr. Unni is a Director/Partner at GCM Grosvenor, where he is a member of the Private Markets Investments Department. He is involved in relationship management, deal sourcing and conducting due diligence on private equity and infrastructure investments.

Documents

CONFERENCE PROGRAM€¦ · 50 real estate and private equity firms through the varying stages of the fundraising and investor relations processes. Prior to founding KAP, Ms. Hutter