07-11-2019 Private Equity & Real Assets Symposium

A CFALA & CAIA Sponsored Event
 

4:30 pm - 5:15 pm Private Equity: Investing in the Lower Middle Market Panel:

Investment interest in the lower middle market (commonly defined as EBITDA under $50m) grew significantly since the Great Financial Crisis. LMM investing can offer appealing economic returns and diversification compared to liquid markets. But it is a space that is fragmented with limited information, requiring extensive due diligence with often small capital investments across many companies. This experienced panel will discuss the opportunities and risks of private equity investing in LMM, including fund of funds structures.

5:15 pm - 6:00 pm Eclectic Real Assets Panel:

Real asset PMs will cover asset classes such as infrastructure, timber, farmland, and other eclectic real assets. How do these fit in a portfolio? Can they be accessed through liquid vehicles? What are the drivers of returns and risk? How do institutions view these real assets? The PMs will discuss the opportunities they see and why these real assets often get ignored despite offering some attractive diversification characteristics.

Private Equity: Investing in the Lower Middle Market Panel:

MODERATOR:
David Konop | David Konop is a Managing Director in the Valuations Services Practice at KPMG and the lead partner in charge of the Western Financial Services Practice. With over 20 years of financial analysis experience, his work at KPMG focuses on alternative investments, financial services, asset managers, and the valuation of complex and illiquid financial instruments. Prior to joining KPMG, David worked in the derivatives industry as a risk manager/trader and in the banking industry.Back To Top ^^

PANELISTS:
Audie Apple | Audie Apple leads the client coverage and investor relations efforts for DWS Private Equity in the Americas. In his role he works closely with the investment team in sourcing and underwriting fund investment opportunities and collaborating with investors in the syndication of co-investment opportunities. Audie brings over 20 years of investment experience in a variety of roles spanning portfolio management, marketing, sales, and multiple leadership roles managing teams focused in the U.S. as well as globally. Audie has extensive public speaking experience having addressed audiences of institutional investors as well as investment management and research professionals around the world. Audie speaks Spanish and Portuguese and holds a Master (honors) from Ohio University and a BBA (honors) from Millsaps College.Back To Top ^^

 

David Marcus | David Marcus Based in New York, He is responsible for supporting the US direct investment and fund investment teams in all aspects of the investment process.

David joined Caspian Private Equity, a predecessor to Flexstone Partners, in 2011. Prior to Caspian, he was a Senior Associate at Continental Entertainment Capital, where he focused on sourcing investments and advising on capital raising in the media industry. Prior to Continental Entertainment Capital, David  was a Director at Drum Capital Management, where he focused on distressed debt and turnaround opportunities, both domestic and in emerging markets. Prior to Drum Capital Management, he was an Associate at Bassini Playfair & Associates, LLC, where he focused on private equity and credit opportunities in Latin America.

David Marcus holds an MBA from the Fuqua School of Business at Duke University and a BA Economics from Franklin & Marshall College.

He serves as a board observer for several portfolio companies of funds managed by Flexstone Partners.Back To Top ^^

Eclectic Real Assets Panel:

MODERATOR:

James Rice | James Rice is a Principal Investment Officer at the Los Angeles County Employees Retirement Association.  He oversees LACERA’s $1B+ hedge fund program and its real assets program (excluding real estate).  Prior to joining LACERA, Jim was a Vice President at Wilshire Associates.  As an Investment Consultant there, he advised public and corporate pension plans and foundation and endowment clients on their investment programs.  Jim worked as a Treasury Director at Computer Sciences Corporation (CSC), where he oversaw $4 billion in Defined Benefit and Defined Contribution Plan assets and advised on benefits-related financial matters.  During the early part of his career at Atlantic Richfield Company (ARCO), Jim worked in a number of financial evaluation and treasury roles.

Jim received a Masters of Business Administration degree from the University of California, Los Angeles and a Bachelors of Science, Mechanical Engineering from Rice University.Back To Top ^^

PANELISTS:

Ben Rotenberg, CFA, CAIA | Ben Rotenberg is a Portfolio Manager for Portfolio Strategies, a specialized boutique that engages in the created of asset allocation solutions. In this role, he is responsible for conducting research, assessing risk, and making relative value decisions relating to specific aspects of the Dynamic Outcome strategies. Ben has over 20 years of industry experience. Before joining Principal, he was a Managing Director with Cliffwater LLC, an independent investment consulting firm specializing in alternative asset classes and strategies. There, he was a member of the firm's Investment Oversight and Risk Committee responsible for investment manager due diligence and assisting clients with asset allocations, manager selection, and portfolio construction. Prior to joining Cliffwater, Ben was Director of Research with National Fiduciary Advisors, an investment consulting firm in Los Angeles, where he was responsible for conducting investment manager due diligence across multiple asset classes. Ben began his investment career at Wilshire Associates, providing services to investment consultants in their Cooperative Universe Service division. Ben has earned the right to use the Chartered Financial Analyst and Chartered Alternative Investment Analyst designations and is a member of the North Carolina Society of Financial Analysts.Back To Top ^^

Casey Frazier, CFA | Casey Frazier is a founding partner of Versus Capital Advisors LLC (the "Versus Capital"), and has been the Chief Investment Officer since inception. Versus Capital, headquartered in Greenwood Village, CO, is a boutique asset management firm that specializes in real asset investing with over $4.2B in AUM. In this role, Mr. Frazier is responsible for the development and implementation of Versus Capital's investment activities for its real estate and real assets strategies. In addition to strategically designing the portfolios, Mr. Frazier is also responsible for identifying and evaluating investment opportunities, conducting due diligence on potential investments, negotiating structures and terms, and portfolio modeling on Versus Capital's existing investments. Previously, Mr. Frazier served in various product development and due diligence roles for asset management firms and broker-dealers. Mr. Frazier received a Bachelor of Arts degree in American Political Economy from The Colorado College, and has earned the right to use the Chartered Financial Analyst designation.Back To Top ^^

Jennifer Gandin | Jennifer Gandin is a Principal in the Investments Group. She is actively involved in the investment management process across CIM's platforms and serves on the Investment Committee. Prior to joining CIM Group in 2003, Ms. Gandin worked in acquisitions for the private equity firm Gores Technology Group; as an investment banker for Donaldson, Lufkin & Jenrette; in equity research covering stocks traded in the Stock Exchange in Thailand; and as a CPA at PricewaterhouseCoopers. Ms. Gandin earned a Bachelor of Science degree in Business Administration from the University of California, Berkeley and a Master of Business Administration degree from Columbia Business School.Back To Top ^^