14th Annual International Conference on Private Investment Funds

i n t e r n a t i o n a l b a r a s s o c i a t i o n c o n f e r e n c e s up to 12 CpD/CLE HouRS AVAILABLE* 14th Annual International Conference on Private Investment Funds 10–12 March 2013 London, England A conference co-presented by the IBA Private Investment Funds Subcommittee of the IBA Investment Funds Committee and the Subcommittee on Hedge Funds of the Committee on Federal Regulation of Securities Law of the American Bar Association Section of Business Law, supported by the IBA European Regional Forum In its 14th year this leading conference brings together top legal, business and fund professionals from around the globe to analyse the current market and future of private investment funds, and the prospects of changes and updates to regulatory and tax regimes, among other timely topics. This interactive conference will, as always, feature a mix of plenary sessions and focused workshop sessions. PLEnAry sEssIon toPICs InCLudE: • The issues and challenges confronting multinational alternative asset managers • Investor perspectives • Succession issues and spinouts of private equity and hedge fund teams • Therevivalanddevelopmentofcreditfunds • Mainstreaming of the alternative asset management industry • Current trends in incubation/seeding arrangements WorkshoP sEssIon toPICs InCLudE: • Current terms – hedge funds • Current terms – private equity funds • The impact of Dodd-Frank on non-US fund managers • Recent developments in secondary transactions and funds • The impact of the AIFM Directive on non-EU fund managers and non-EU funds • Conflicts and other ethical issues for fund counsel • Update on Volcker Rule implementation Who shouLd AttEnd? Lawyers in private practice, in-house counsel, business executives at investment management firms, accountants, custodians and other service providers in this field. hEAdLInE sPonsors *As per the Solicitors Regulation Authority of England and Wales. The number of CPD points/hours available may vary for other bar associations and law societies depending on their criteria. Programme Conference Co-Chairs Michael a Gerstenzang Cleary Gottlieb Steen & Hamilton, New York; Chair, Private Investment Funds Subcommittee, IBA Investment Funds Committee Paul n roth Schulte Roth & Zabel, New York; Chair, American Bar Association Subcommittee on Hedge Funds organising Committee benjamin aller SJ Berwin, Dubai; Senior Vice-Chair, Private Investment Funds Subcommittee, IBA Investment Funds Committee stephanie r breslow Schulte Roth & Zabel, New York; Vice-Chair, Private Investment Funds Subcommittee, IBA Investment Funds Committee Kees Groffen De Brauw Blackstone Westbroek, Amsterdam Marco V Masotti Paul Weiss Rifkind Wharton & Garrison, New York stephen G sims Skadden Arps Slate Meagher & Flom, London Jeffrey e tabak Weil Gotshal & Manges, New York; Vice-Chair, American Bar Association Subcommittee on Hedge Funds Patricia Volhard P+P Pöllath + Partners, Frankfurt sunday 10 March 1800 – 2000 Cocktail reception Grays Suite, InterContinental London Park Lane Monday 11 March 0800 – 1730 registration 0800 – 0830 Welcome coffee/tea 0830 – 0845 Welcome and Introduction Michael a Gerstenzang 0845 – 1000 PLEnAry sEssIon onE the issues and challenges confronting multinational alternative asset managers Hedge funds and private equity funds have grown in size and expanded their investment horizons over the last decade, investing in multiple developed and developing markets, each raising its own business and regulatory issues. At the same time, regulatory changes in the US, EU and elsewhere have been daunting. This panel will focus on how the general counsels of such organisations deal with these business and regulatory issues. Moderator Jason Glover Simpson Thacher & Bartlett, London Speakers Jeffrey blockinger Och-Ziff Capital Management Group, New York Kathy choi Highbridge Capital Management, New York andrew Kandel Cerberus Capital Management, New York swati Patel Arrowgrass Capital Partners, London 1000 – 1015 Coffee/tea break 1015 – 1130 PLEnAry sEssIon tWo Investor perspectives This panel will explore new sources of capital for private funds and the changing nature of LP/GP relations. Topics will include the rise of sovereign investors, separate managed accounts, funds of funds, and the role of ILPA in shaping fund terms. Moderator Mark o’Hare Preqin, New York Speakers George anson HarbourVest, London stephan Grillmaier MVision, London Janusz Heath Capital Dynamics, London Associate social event sponsors 1130 – 1245 FIrst WorkshoP sEssIons WorkshoP 1 Current terms: hedge funds This workshop will discuss current hedge fund terms, including fee levels and structures, liquidity terms, transparency and reporting standards. It will also address changes to fund terms relating to demands by institutional, strategic and seed investors, and feeder funds. Alternative structures such as managed accounts and customised funds will also be discussed as well as changes to fund structures and terms resulting from recent regulatory developments, market events and changes to tax law. Speakers John broadhurst Shartsis Friese, San Francisco christopher Hilditch Schulte Roth & Zabel, London tatziana Paraguacuto-Maheo Maples and Calder, London John e tavss Seward & Kissel, New York WorkshoP 2 the impact of Dodd-Frank on non-uS fund managers Recent regulatory developments in the United States (including Dodd- Frank) have dramatically altered the activities, operations, and compliance of alternative asset managers. Among other things, this workshop will explore the impact on non-US advisers that are either required to register or will be exempt reporting advisers and will consider the impact of Dodd-Frank on the line of Unibanco rulings. In addition, this workshop will address how practitioners are dealing with Dodd-Frank and the format will encourage a wide-ranging discussion of the extraterritorial reach of Dodd-Frank. Speakers erica berthou Debevoise & Plimpton, New York barrie b covit Simpson Thacher & Bartlett, New York Heather cruz Skadden Arps Slate Meagher & Flom, New York William Jones ManagementPlus Group, Luxembourg leor landa Davis Polk & Wardwell, New York WorkshoP 3 taxation of private funds This workshop will focus on recent tax developments in Europe and North America affecting private funds, including FATCA compliance, changes to the treatment of carried interest, and management fee waivers. Speakers David Huff 3i Group, London Marco de lignie Loyens & Loeff, Amsterdam William Mcrae Cleary Gottlieb Steen & Hamilton, New York Conference reception (10 March) sponsors WorkshoP 4 Recent developments in secondary transactions and funds This workshop will focus on recent developments in the market for secondary funds and secondary transactions. Topics will include the use of secondary techniques to provide liquidity in primary funds, the impact of regulation on secondary funds and transactions, methods of addressing investors’ liquidity concerns and key commercial and legal trends. Speakers Paul Koffel Coller Capital, London tarek Mardini P+P Pöllath + Partners, Berlin luke Powell Macfarlanes, London Joseph a smith Schulte Roth & Zabel, New York WorkshoP 5 update on the uS regulatory climate This workshop will focus on recent regulatory developments in the United States affecting private investment funds and their managers. Topics will include consequences of registration of advisors with the SEC, examinations, Form PF, the Volcker Rule, the impact of the JOBS Act on the marketing of fund interests and developments in CFTC regulations. Speakers barry P barbash Willkie Farr & Gallagher, Washington DC amanda n Persaud Wachtell Lipton Rosen & Katz, New York Mark Proctor Vinson & Elkins, New York WorkshoP 6 Limits on Gp compensation under the AIFM Directive This workshop deals with the restrictions on GP compensation under the AIFMD (including the technical standards set by ESMA), the scope of the new provisions on carried interest, and the potential impact on compensation packages. Speakers Phil bartram Travers Smith, London Gregg beechey SJ Berwin, London benoit le bret Gide Loyrette Nouel, Brussels anne Holm rannaleet IK Investment Partners Limited, London 1245 – 1415 Lunch  Conference luncheon sponsors Programme continued Monday 11 March 1415 – 1530 PLEnAry sEssIon thrEE Succession planning and spinouts of captive private equity and hedge fund teams In this session, panellists will discuss the models private equity and hedge fund firms can use when addressing succession planning, and the issues that may arise. The panellists will also discuss drivers (regulatory and economic) for spinouts from financial institutions and topics such as the financial institution’s on-going involvement, conflicts of interest, seeding, track record, and branding. Moderator charles Parsons Proskauer Rose, New York Speakers John caccia Skadden Arps Slate Meagher & Flom, New York Jonathan Marlow HSBC, London bernard spoor De Brauw Blackstone Westbroek, Amsterdam sue Woodman Equistone Partners, London 1530 – 1700 sECond WorkshoP sEssIons WorkshoP 7 Current terms – private equity This workshop will focus on the current ‘hot topics’ in structuring and negotiating private equity funds in light of the current private equity market, primarily focusing on the current state of certain key terms. Participants will contrast the viewpoints of both limited partner investors and general partner sponsors, including with respect to transparency, offsets, fees and costs, key person provisions, and the role and authority of the limited partner advisory committee. Speakers nigel clark Weil Gotshal & Manges, London John o’neil Kirkland & Ellis, New York Gerard saviola Clifford Chance, London Jedd Wider Morgan Lewis & Bockius, New York WorkshoP 8 the impact of the AIFM Directive on non-Eu fund managers and non-Eu funds The Directive foresees certain minimum requirements for managing and marketing funds (AIFs) by non-EU managers (AIFM). Some member states have gone beyond such requirements and may impose additional conditions. This workshop will discuss the impact of such new requirements on cross-border structures where either the fund or the manager is located outside of Europe. Participants will discuss obstacles and potential structuring opportunities of such cross-border structures. Speakers tom alabaster The Carlyle Group, London christopher crozier Permira Advisers, London sally Gibson Debevoise & Plimpton, London tim lewis Travers Smith, London WorkshoP 9 Conflicts and other ethical issues for fund counsel This workshop will address the conflicts of interest affecting counsel, such as the question of who does counsel represent (the sponsor, the fund and/ or the management entities), how interests can diverge and create conflicts for counsel, and how a law firm can represent multiple parties. Speakers Kelli Moll Akin Gump Strauss Hauer & Feld, New York Michael schmidtberger Sidley Austin, New York caroline Williams Walkers, Cayman Islands WorkshoP 10 update on Volcker Rule implementation This workshop will focus on Volcker Rule implementation, including an update on key issues in the rulemaking process, a discussion of banks’ approaches to conformance and the status of conformance efforts, and a discussion of alternative structures for fund activities that would comply with the Volcker Rule. Speakers emma bailey Barclays Capital, New York Katherine carroll Cleary Gottlieb Steen & Hamilton, Washington DC chris o’Dell Morgan Stanley Investment Management, New York WorkshoP 11 the impact of Dodd-Frank on non-uS fund managers Recent regulatory developments in the United States (including Dodd-Frank) have dramatically altered the activities, operations, and compliance of alternative asset managers. Among other things, this workshop will explore the impact on non-US advisers that are either required to register or will be exempt reporting advisers and will consider the impact of Dodd-Frank on the line of Unibanco rulings. In addition, this workshop will address how practitioners are dealing with Dodd-Frank and the format will encourage a wide-ranging discussion of the extraterritorial reach of Dodd-Frank. Speakers erica berthou barrie b covit Heather cruz William Jones leor landa 1700 – 1900 Cocktail reception The Cookbook Café, InterContinental London Park Lane Exhibitors tuesday 12 March 0800 – 1730 registration 0800 – 0830 Welcome coffee/tea 0830 – 0945 PLEnAry sEssIon Four the revival and development of credit funds This panel will discuss developments in the fixed income area, including the structure and terms of the various funds and other vehicles that invest in fixed-income instruments, and considerations in choosing among them. Moderator Mark Mifsud Kirkland & Ellis, London Speakers Jeff bronheim Cheyne Capital, London susanne clark Centerbridge Partners, New York fred fogel Silver Point Capital, Greenwich, Connecticut Joseph D Glatt Apollo Investment Corporation, New York 0945 – 1030 kEynotE sPEECh alan Waxman Managing Partner, Chief Investment Officer, TPG Special Situations Partners, San Francisco 1030 – 1100 Coffee/tea break 1100 – 1215 PLEnAry sEssIon FIVE Mainstreaming of the alternative asset management industry AUM for alternatives have reached record levels, having grown at a five-year rate of over seven times that of traditional asset classes. Growth is expected to continue, fuelled by increasing allocations by institutional investors and the movement of alternatives into the retail investment mainstream. This panel will focus on the enormous opportunity that this presents for alternative asset managers as well as the issues and challenges that will likely result. Moderator adam smith KKR Capital Markets, New York Speakers thomas H bell Simpson Thacher & Bartlett, New York noah Greenhill Highbridge Capital Management, New York bryce Klempner McKinsey & Co, Cambridge stephen robinson Macfarlanes, London 1215 – 1345 Lunch 1345 – 1500 PLEnAry sEssIon sIX Current trends in incubation/seeding arrangements In this session, panellists will explore developments in incubation and seeding arrangements including market trends and the impact of regulation in driving these arrangements. They will also look at the impact of regulation on structuring considerations and an analysis of the different players both in terms of emerging/developing managers looking for seeding, emerging sources of seed capital for sector-specific funds through family offices and practical issues in negotiating incubation/seeding arrangements. Moderator Marco V Masotti Speakers celia felsher Reservoir Capital Group, New York Peter Koffler Blackstone Alternative Asset Management, New York David s Plutzer Goldman Sachs & Co, New York ashar Qureshi Naya Management, London Michael treisman Tiger Management, New York 1500 – 1515 remarks Paul n roth ... - tailieumienphi.vn