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Last Updated: 11/30/2022

Tenth Annual Private Equity Conference

The Federal Reserve Bank of Chicago hosted its Tenth Annual Private Equity Conference. The theme of the conference was The New World Order of Private Equity.

Global private equity (PE) assets under management now stand at over $2 trillion, with committed but undeployed capital exceeding $1 trillion. However, standard industry activity indicators, such as fundraising, deal flow and liquidity events through public markets or merger and acquisition (M&A) activity, have remained restrained. The economic downturn has impaired the availability of credit and the financial condition of industry participants. Reduced limited-partner investment capacity, diminished prospects at portfolio companies and fewer potential lenders have inhibited general partners. Secondary market funds were the only subsector that prospered in 2009, with record capital committed. However, consummated transactions remained limited, as large bid-ask spreads dampened optimism for deals. Private equity firms are now spending more time than in past years with their portfolio companies, bankers, limited partners and advisors, focusing on how to "survive rather than thrive."

Refinancing risk from leveraged buyouts has placed stress on portfolio companies, lenders and PE investors and sponsors. The buyout boom produced excesses such as subdued interest rates, weak covenants and abnormally high borrowing multiples. Rapidly escalating through 2014, a looming 'Wall of Debt' presents a challenge for portfolio companies as Private equity is already feeling the effects of increased government involvement. Investment opportunities in many sectors are shaped by regulation or taxation. Possible changes in how compensation is taxed and regulatory efforts to foster transparency in the PE industry have also captured the attention of PE insiders. However, the specter of financial reform has generated the most concern and is projected as the most potentially disruptive of government actions.

Private equity observers expect to see the roster of participating firms shrink, as continuing fundraising challenges force marginal PE firms in need of capital to either close or merge with other firms. This trend could be even more pronounced in the venture sector, with one-third of these firms expected to leave the market. Overall, the current climate will continue to provide numerous challenges but, if the economy continues to stabilize and credit becomes more available, 2010 could prove more fruitful, even in the new world order of private equity.

This conference was not open to the media or the general public. Participants were requested to use discretion in sharing the content of the conference with professional colleagues.

Tuesday, 07/20/10
2:00 PM
Pre-Conference Workshop
Private Equity – International
N Bulent Gultekin, Associate Professor of Finance, The Wharton School, University of Pennsylvania
Ammar A Alkhudairy, Chief Executive Officer and Managing Director, Amwal AlKhaleej Investment Company
5:00 PM
Wednesday, 07/21/10
8:00 AM
Conference Kickoff
Carl R Tannenbaum, Senior Vice President – Supervision & Regulation, Federal Reserve Bank of Chicago
8:15 AM
Opening Keynote
The Art of Investing in the Financial Sector
Mark K Gormley, Partner, Lee Equity Partners
9:15 AM
Plus ça Change, plus c’est la Meme Chose – Private Equity’s Evolving Role in the Economy and in Investor Portfolios
Mark O'Hare, Founder and Managing Director, Preqin Ltd.
Paul J Carbone, Director, Baird Private Equity
John Crocker, Partner, Atlantic-Pacific Capital
William B Franklin, Managing Director, Conversus Asset Management
Greg Uebele, Director-Private Equity, Boeing Company
Wilson S Warren, Partner, Lexington Partners
10:30 AM
10:45 AM
Breaking the Wall of Debt – the Leveraged Loan Market
Meredith W Coffey, Senior Vice President of Research, Communication and Membership, Loan Syndications and Trading Association
11:45 AM
Interactive Discussion
When Legislation and Private Equity Collide: The Aftermath
William Y Mark, Lead Examiner - Private Equity Merchant Banking Knowledge Center, Federal Reserve Bank of Chicago
12:30 PM
Luncheon Keynote
The Daily Grind: The Altered State of Private Equity
Glenn Hutchins, Co-Founder and Co-Chief Executive, Silver Lake
2:00 PM
Minute to Learn It: Trends and Lessons Learned in Private Equity
Steven J Pinsky, Founder, Sutton Advisory Group
Warren H Feder, Partner, Carl Marks Capital Advisory Group
Thomas W Janes, Founder and Chief Executive Officer, Kerry Capital Advisors Inc.
Joseph C Linnen, Principal, The Jordan Company, LP
James P Marra, Director of Business Development, Blue Point Capital Partners
3:15 PM
3:25 PM
Private Equity Compensation
Steven N Kaplan, Neubauer Family Professor of Entrepreneurship and Finance, University of Chicago Booth School of Business
4:25 PM
4:35 PM
The Limited Partner Perspective: Passive No More
John K Kim, Partner, Court Square Capital Partners
Stephen H Can, Managing Director, Credit Suisse Strategic Partners
David Fann, President and Chief Executive Officer, Pacific Corporate Group Asset Management
John P Rompon, Managing Partner, McNally Capital
Greg Turk, Director of Equity Investments, Teachers' Retirement System of Illinois
5:50 PM
Third Floor Conference Center
Thursday, 07/22/10
8:30 AM
The Global Venture Capital Model
Randy Mitchell, International Trade Strategist for Private Equity and Senior Advisor for Entrepreneurship, U.S. Department of Commerce
Robert R Ackerman, Managing Director and Founder, Allegis Capital
Susan E Boedy, Principal, Knightsbridge Advisers
Victor W Hwang, Managing Director and Co-founder, T2 Venture Capital
Matthew B McCall, Partner, New World Ventures
John S Taylor, Vice President–Research, National Venture Capital Association
10:10 AM
Keynote Interview
When Legislation and Private Equity Collide: Predictions and Preparations for the Future of Private Equity
Richard M Cashin, Managing Partner, One Equity Partners
William Y Mark, Lead Examiner-Private Equity Merchant Banking Knowledge Center, Federal Reserve Bank of Chicago
11:00 AM
Private Equity Risk Management in the 21st Century
Timothy G Kelly, Partner, Adams Street Partners
Frederick W Eubank II, Managing Partner, Pamlico Capital
Edward Hortick, Managing Director, VCFA Group
Christopher S Laursen, Senior Consultant, NERA Economic Consulting
Pierre-Yves Mathonet, Head of Risk Management – Venture Capital, European Investment Fund
12:35 PM
Luncheon Keynote
Ethical Behavior and Private Equity
Georg Kell, Executive Director, United Nations Global Compact
2:00 PM

 Tour of the Federal Reserve Bank of Chicago to follow.





2:00 PM

Last Updated: 07/16/2010

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