2 AIF Women Investors Forum Tuesday, September 12, 2017 New York, NY Offices of Winston & Strawn 200 Park Avenue (MetLife Building) 45th Floor Luncheon/Executive Panel and Dinner Event: Vanderbilt Suites 200 Park Avenue (MetLife Building) Main Lobby Level The 2017 AIF Women Investors Forum is dedicated to the exchange of ideas, best practices and information among institutional investors, with a specific focus on gender diversity and initiatives for the advancement of women in the alternative investment industry. This engaging forum will highlight speakers from organizations working on key industry initiatives that are making an impact in the financial community as well discuss the latest trends across the investment portfolio. Bringing Investments Thought Leaders to Institutional Investors Globally AIF is an independent economic think tank focusing on institutional investment policy. Its mission is to promote the exchange of best ideas, practices and information among institutional investors globally to help them achieve their investment objectives. A Format that Ensures the Best Ideas, Best Practices, and Best Information AIF s model is to travel to institutional investors and deliver its content free of cost. AIF brings leading investment managers, consultants, and academics together with local institutional investors to dialogue about practical, actionable investment topics and investment policy in a small, controlled roundtable format. No member of the press, service provider, or audience is present, and no selling is permitted at any Regional Roundtable. AIF s content and membership are determined by AIF s four advisory boards, which consist of more than 100 of the world s most influential investment thought leaders. AIF s Board is chaired by Josh Lerner, Ph.D., Jacob H. Schiff Professor of Investment Banking at Harvard Business School. Earn Continuing Professional Education (CPE) Credits Participation in the 2017 AIF Women Investors Forum may qualify for CPE Credits. Participants can earn up to 7.5 CPE credits in Finance and Management Advisory Services fields of study.
3 Our mission is to promote the exchange of best ideas, practices and information among institutional investors globally to help them achieve their investment objectives Forum Participants Investors and Consultants Aflac Elena Boeva, Head of Operational Due Diligence AIG Monika Racz, Managing Director Aksia Samantha Levenstein, Senior Portfolio Advisor Sylvia Owens, Senior Portfolio Advisor Allison Hayford Fahrner, Senior IDD Analyst Lynn O Connell, Senior Analyst Albourne Partners Maureen Hart, Global Head of Client Account Aon Hewitt Karen Rode, Partner Appomattox Advisory, Inc. Susan Webb, CIO AT&T Kimling Fink, Director Bessemer Trust Ilka Gregory, Principal BJC Healthcare Anna Westhoff, Investment Manager Cambridge Associates Meagan Nichols, Partner and Global Head of Real Assets Investment Group Amanda Rohrer, Investment Associate, Real Assets Church Investment Group JoAnn Hanson, President Cigna Investment Management Samantha Herschberger, Fixed Income Director Lori Hopkins, Managing Director Citigroup Cecilia Galliani, Vice President Con Edison Kristina Matwijec, Investment Officer-Alternatives Courtland Partners Gila Cohen, Senior Consultant Dayn Advisors Anna Dayn, Founder Enstar Group Jenna Bussman-Wise, CIO-Bermuda Future Fund Wendy Norris, Head of Infrastructure Investments
4 Hamilton Lane Emily Nomeir, Principal Kingdon Foundation Rosemary Sagar, CIO Maine Community Foundation Elizabeth Hilpman, Trustee Mercer Pam Jeffords, Partner MetLife Investments Agata R. Praczuk, Associate Director Emily Wu National Grid Audrey Kent, Investment Strategist NEPC Catherine Konicki, Partner New Holland Capital Sapna Vir, Senior Portfolio Analyst Tiffany Wetherell, Portfolio Analyst New York State Teachers Retirement System Laura Hotaling, Manager of Private Equity Office of the New York City Comptroller Bureau of Asset Management Yvonne Nelson, Head of Real Estate Petya Nikolova, Head of Infrastructure Investments Funmilayo Lediju, Investment Officer Janet Londoño-Valle,Investment Officer Real Estate/Emerging Managers Office of the New York State Comptroller Sheryl Mejia, Director of Emerging Managers JoAnn Hanson, Member Real Estate Investment Committee Old Farm Partners Nishi Shah, Director of Research Rhode Island Treasury Seth Magaziner, State Treasurer and Trustee, Employees Retirement System of Rhode Island SCS Financial Laura McDonough, Vice President, Private Markets Nina Tannenbaum, Portfolio Manager Segal Marco Advisors Sue Crotty, Senior Vice President Spruceview Capital Partners Hannah Commoss, Partner StepStone Group Lindsay Creedon, Partner Olga Kosters, Director Samar Abbas, Senior Associate The Andrew W. Mellon Foundation Abigail Archibald, Portfolio Manager The Johnson Company Elaine Chan, Senior Investment Officer TIAA Emilia Wiener, Managing Director, Head of Fixed Income
5 Our mission is to promote the exchange of best ideas, practices and information among institutional investors globally to help them achieve their investment objectives Tulane University Investment Office Julia Mord, Director United Nations Joint Staff Pension Fund Roberta Waxman-Lenz, Real Estate Portfolio Manager and Investment Officer Tereza Trivell, Senior Investment Officer Natalie Hong, Investment Officer Elizabeth Caldas, Investment Officer University of Wisconsin Foundation Julie Van Cleave, CIO University of Virginia Investment Management Company (UVIMCO) Melanie Davis, Managing Director Member Firm Session Participants Private Equity Goldman Sachs & Co. LLC Suzanne Gauron, Managing Director KKR Yue Bonnet, Principal Pine Brook Jim Rutherfurd, Managing Director Warburg Pincus John Shearburn, Managing Director Private Credit Audax Group Peter Gummeson, Managing Director Kayne Anderson Capital Advisors Karen Kulvin, Managing Director Medley Management Seer Capital Management Karen Weaver, Head of Market Strategy and Research Hedge Funds MKP Capital Lauren Polen, Head of Macro Trading Perella Weinberg Partners Maria Vassalou, Portfolio Manager, PWP Global Macro Fund Real Estate/Real Assets Ares Real Estate Group Andrew Holm, Partner Avanti Properties Group Donald Loeb, Chairman AXA Investment Managers, Real Assets Aaron Kutner, Director, US Acquisitions Jamestown, L.P. Amy Knopf, Senior Vice President, Assistant Fund Manager Thor Equities Larissa Belova, Senior Vice President
6 Agenda at a Glance 8:30 a.m. 10:00 a.m. Registration 9:00 a.m. 9:45 a.m. Portfolio Construction Session Open only to women investors (investment officers, investment consultants, trustees, and academics) Catherine Konicki, Partner, NEPC End of investor-only session. The balance of the day is open to investors and managers. 10:00 a.m. 11:30 a.m. Women s Initiatives across the Industry (Women only) Melanie Davis, Managing Director, University of Virginia Investment Mgt. Co. (Moderator) Alisa A. Wood, Member, Client and Partner Group, KKR (Moderator) Camille Asaro, Partner, KPMG Seema Hingorani, Founder, Girls Who Invest Samantha Levenstein, Senior Portfolio Advisor, Aksia Roberta Waxman-Lenz, Real Estate Portfolio Manager and Investment Officer, United Nations Joint Staff Pension Fund Kelly Williams, Senior Advisor, GCM Grosvenor and Member of the Board of Directors, Private Equity Women Investors Network 11:45 a.m. 1:30 p.m. Luncheon, Executive Panel and Group Discussion (Co-ed) Lisa M. Lee, Managing Director, Business Development, Providence Equity (Moderator) Hon. Seth Magaziner, Treasurer, State of Rhode Island Pam Jeffords, Partner, Mercer Kathryn Swintek, Managing Partner, Golden Seeds 1:30 p.m. 2:15 p.m. Private Equity Session (Co-ed) Karen Rode, Partner, Aon Hewitt 2:30 p.m. 3:15 p.m. Private Credit Session (Co-ed) Sylvia Owens, Senior Portfolio Advisor, Aksia 3:30 p.m. 4:15 p.m. Hedge Funds Session (Co-ed) Sue Crotty, Senior Vice President, Segal Marco Advisors Agata R. Praczuk, CAIA, Associate Director, Head of Hedge Funds, MetLife 4:30 p.m. 5:15 p.m. Real Estate/Real Assets Session (Co-ed) JoAnn Hanson, President, Church Investment Group; Member, Real Estate Advisory Committee, New York State Common Retirement Fund Meagan Nichols, Managing Director and Global Head, Real Assets Investment Group, Cambridge Associates Roberta Waxman-Lenz, Real Estate Portfolio Manager and Investment Officer, United Nations Joint Staff Pension Fund 5:15 p.m. 6:15 p.m. Reception (Co-ed) 6:30 p.m. 8:30 p.m. Dinner and Leadership Workshop (Women Only) Valia Glytsis, CEO and Founder, The Paradox of Leadership
7 Our mission is to promote the exchange of best ideas, practices and information among institutional investors globally to help them achieve their investment objectives Comprehensive Agenda and Curriculum Tuesday, September 12, 2017 Registration 8:30 a.m. 10:00 a.m. Portfolio Construction Session (Open only to women investors investment officers, investment consultants, trustees, and academics) 9:00 a.m. 9:45 a.m. Session Leader Catherine M. Konicki, CFA, CAIA Partner NEPC Cathy s investment and consulting career began in 1980, and she joined NEPC in At NEPC, Cathy is a senior consultant to primarily endowment, foundation and healthcare clients and is the team leader for the endowment/foundation consulting group. She is also a member of NEPC s Alternative Assets Due Diligence Committee and a member of the GAA Advisory Group. Cathy s background includes actuarial experience at an employee benefit firm, Meidinger, Inc. (now Mercer), client servicing of performance measurement products at State Street Bank and investment manager research at an independent consulting firm. She is a frequent speaker at industry conferences, where she generally is asked to speak about endowment and foundation trends. Cathy is a member of Phi Beta Kappa and has B.S. and M.B.A. degrees from Boston College (1980 and 1985). Cathy is a CFA charter holder and is a member of the Boston Security Analysts Society and the CFA Institute. Cathy also became a Chartered Alternative Investment Analyst designee in Session Description The post-financial crisis recovery is now behind us with unemployment in the U.S. at pre-crisis levels and the Dow Jones Industrial Average reaching the 20,000 level. At the start of 2017 a big cause of uncertainty is the potential impact of the incoming Trump administration and its effects on tax policy, regulation and efforts to spur economic growth and job creation. So far capital markets are anticipating an upswing in economic growth in the U.S., commensurate with higher interest rates, leading to a bull market in equities, a bear market in bonds, and a stronger U.S. dollar. Outside of the U.S., economic growth remains tepid with ZIRP and NIRP remaining prevalent in most of the developed world. Many emerging countries are experiencing political and economic turbulence along with net capital outflows. The Energy sector stabilized during 2016 after the dislocation of ,
8 Our mission is to promote the exchange of best ideas, practices and information among institutional investors globally to help them achieve their investment objectives as crude oil prices have rebounded to the mid-$50s. Pressure on alternative investment manager fees, particularly by public fund investors, continues to grow along with a desire for more transparency. What are the challenges and opportunities? 1. Asset allocation a. Has the market s reaction to the election results affected your outlook? b. What new asset allocation approaches or technologies are you considering? c. Have you made any changes to your overall asset mix return assumptions? d. Are you favoring traditional or alternative investments? e. How do you model illiquid investments, particularly with respect to rebalancing? 2. Implementation a. What is your outlook for private equity considering today s valuation and leverage multiples? b. Where are we in the credit cycle? Is the Energy distress trade already over? c. What is the role of hedge funds in your portfolio, and has the recent underperformance caused this to change? d. Is the 2/20 hedge fund fee model broken? What will be the standard fee structure in 5 years? e. How can investors optimize a real assets portfolio, particularly if inflation protection is one of the primary objectives? f. Will we see a reversal in the switch from fossil fuels to renewables that was encouraged by the outgoing Obama administration? g. What will be the impact of changes to tax rates on corporations and carried interest? 3. Fees and Reporting a. Is pressure on fees justified, or should investors only focus on net returns? b. What are the implications of improved transparency in reporting and fees? 4. Governance a. What will be the implications of regulatory changes under President Trump? b. What is the proper role of the fiduciary board with respect to overseeing a program s investment strategy? c. What are investors seeing with respect to ESG related issues? Has ESG become mainstream? End of investor-only portion of the day. The balance of the day is open to investors and managers. Break 9:45 a.m. 10:00 a.m.
9 Women s Initiatives across the Industry (Women-only session) 10:00 a.m. 11:30 a.m. The opening panel session will highlight current women s initiatives making an impact across the alternative investment industry. Introduction by Melissa Waller, President, AIF Institute and Former Deputy Treasurer, State of North Carolina. Moderators Melanie Davis, CFA Managing Director University of Virginia Investment Management Company (UVIMCO) Melanie Davis is a Managing Director at the University of Virginia Investment Management Company (UVIMCO). UVIMCO invests the endowment and other long-term funds held by the University of Virginia and the University s related foundations, with assets under management of more than $8.5. billion. Melanie is responsible for UVIMCO s marketable alternatives, credit and fixed income portfolios. She serves as a member of UVIMCO s Investment Committee and its Risk Committee, and is involved in all aspects of the investment process. Melanie joined UVIMCO in May Prior to joining UVIMCO, Melanie was Head of Alternative Investments, Equity and External Mandates at AIG, with responsibility for the firm s private equity and hedge fund portfolios, as well as third-party manager mandates across all asset classes. Melanie also spent 15 years in fixed income markets, specializing in structured products. Before moving into alternative investments, she was Head of US Structured Products for AIG, leading portfolio management, research and trading for RMBS, CMBS, CLO and ABS. Before joining AIG, she was a member of the structured products portfolio management team at TIAA-CREF, and began her career as an analyst at the Federal Reserve Bank of New York. Melanie holds an MBA in Finance from the Stern School of Business at New York University and a BA in Economics magna cum laude from Tufts University. She is a CFA charterholder. Alisa A. Wood Member, Client and Partner Group KKR Alisa A. Wood (New York) joined KKR in 2003 and is a member of the Client and Partner Group. She has been actively involved in the Firm s global capital raising and business development activities, along with the creation of new products across the KKR platform. Currently, she leads the product specialist area globally for all private markets businesses, including private equity, growth equity, energy & infrastructure and real estate. Prior to joining KKR, Ms. Wood was with Deutsche
10 Our mission is to promote the exchange of best ideas, practices and information among institutional investors globally to help them achieve their investment objectives Bank s Private Equity Group where she worked on the institutional placement and structuring of private equity, venture capital, real estate, and securitized debt products. Alisa holds a B.A. from Columbia College and an M.B.A from Columbia Graduate School of Business. Ms. Wood currently sits on the Columbia Business School Private Equity Board, the Columbia College Board of Visitors, the Convent of the Sacred Heart Board of Trustees, the Sloane Hospital for Women s Advisory Committee, the PE-WIN s (Private Equity Women Investor Network) Steering Committee and the Nantucket Historical Association Board of Trustees. Panelists Camille Asaro Partner KPMG Camille is an audit partner with KPMG s New York Financial Services practice with a focus in the alternative investment industry. She has more than 27 years of experience of audit, accounting, and strategic planning in the asset management industry. She specializes in the asset management industry and is responsible for audit engagements of private equity funds, hedge funds, funds of funds, and broker dealers. Camille has provided professional audit services to many private investment companies from emerging entities to fund complexes with $140 billion of assets under management. She has extensive knowledge of the accounting and regulatory aspects of many types of structures in the alternative investments sector, including master-feeder, side by side, funds of funds, multi-tiered partnership structures, managed account platforms and seed deals. Camille has experience with a wide spectrum of financial products used in private funds, including equities, bonds, debt, futures, swaps, convertible securities, non-exchange traded products such as high-yield and distressed fixed income securities, asset-back securities, complex derivatives, and private investments. In addition, she has a broad based knowledge of the pricing methodologies of illiquid financial instruments including the market, income and asset valuation approaches. Camille has been invited to present at various association conferences related to the Private Investment Company Industry. She has provided training to audit practice professionals in the Asset Management sector. Seema Hingorani Founder Girls Who Invest Seema R. Hingorani is the founder and chief investment officer of SevenStep Capital, an opportunistic alternatives seeding platform that has a focus on investing in women and minority portfolio managers. Seema is also a senior advisor at Crestview Partners. Seema served until June 30, 2014, as chief investment officer for the New York City Retirement Systems, which had assets of $160 billion.
11 Previous to this appointment, Seema was interim chief investment officer and before that head of public equities and hedge funds for the pension funds. Under Seema s leadership, the pension fund was named Hedge Fund Manager of the Year - Large Public Pension Plans by Institutional Investor. Prior to Seema s four years of public sector experience, she served as global director of Fundamental Research at Pyramis Global Advisors; a general partner, portfolio manager and senior equity analyst with hedge fund Andor Capital Management; a general partner and senior equity analyst at hedge fund Pequot Capital Management; co-founder of hedge fund Mirador Capital Management; and an equity analyst with T. Rowe Price. Seema is the founder and chair of Girls Who Invest, a nonprofit organization dedicated to transforming the asset management industry by bringing more women into portfolio management and leadership. She was honored as the 2016 Woman with Impact by the Connecticut Women s Business Development Council, Wall Street Women Entrepreneur of the Year in 2015 by Traders magazine and received the 2015 Women in Finance Achievement award from MarketsMedia for her work with Girls Who Invest. Seema served as a member of the National Finance Committee of Secretary Clinton s 2016 Presidential Campaign. She is an active member of The Economic Club of New York and 100 Women in Finance and also served for eight years as a member of the Board of Directors of Project Enterprise, a nonprofit microfinance organization dedicated to supporting and developing entrepreneurs and small businesses (most of which were women and women-owned) in under-resourced communities in New York City. Seema earned a B.A. in psychology/philosophy from Yale College and an M.B.A. in finance from The Wharton School at the University of Pennsylvania. Samantha Levenstein Senior Portfolio Advisor Aksia Samantha s primary role as a Senior Portfolio Advisor involves managing the firm s relationships with current and prospective institutional investors throughout North America. Samantha advises a number of Aksia s relationships on their hedge fund programs, providing customized investment recommendations based upon individual allocators portfolio needs and risk targets. In 2010, Samantha launched Aksia s Lunch & Learn Series, a weekly educational teach-in, where Aksia s staff and the investor community at large are invited to participate. Prior to joining Aksia in 2009, she worked at Gottesman Consulting, Inc., where she conducted research and analysis for corporate development. Samantha graduated with distinction from the University of Florida in 2005 and earned her Juris Doctor from New York Law School in In 2013, she was recognized as a Rising Star of Public Funds by Institutional Investor s Money Management Intelligence and as a Rising Star of Hedge Funds by Institutional Investor Magazine.
12 Our mission is to promote the exchange of best ideas, practices and information among institutional investors globally to help them achieve their investment objectives Roberta Waxman-Lenz Real Estate Portfolio Manager and Investment Officer United Nations Joint Staff Pension Fund Roberta Waxman-Lenz serves as a Portfolio Manager and Investment Officer for the United Nations Joint Staff Pension Fund in the Investment Management Division. She holds joint responsibility for management and strategy oversight of the UN Pension Fund s global real assets portfolio, including real estate, infrastructure, timber and agriculture investments. She conducts due diligence on investment opportunities, evaluates management teams for recommendation, and negotiates deal terms for closing into commingled funds. She serves on over 20 real estate advisory committees of portfolio funds around the globe. Previously at the Townsend Group, Roberta advised on discretionary and non-discretionary capital of pension plans totaling greater than $10 billion invested in real estate funds, recapitalization facilities and separate accounts. She provided strategy consulting, investment planning and portfolio monitoring and underwrote investment opportunities. She also jointly managed an emerging manager program for one of her clients. As a manager of a large-scale project for Ernst & Young in Kazakhstan, Roberta oversaw a team responsible for privatization of state enterprises. Her work in Kazakhstan also entailed establishing a program to train company directors in corporate governance. Her time at the Export-Import Bank, U.S. Department of Treasury and the World Bank entailed evaluation of private and public sector creditworthiness, writing risk analysis reports for Board lending policy decisions, modeling country financial flows, and leading fact-finding missions to East Central Europe. While at the Export-Import Bank, she co-authored a chapter on funding cross-border transactions in the book, International M&A, Joint Ventures & Beyond. Roberta has served on the Selection Committee for BGV, a micro-lending organization focused on funding women-owned start-ups in the Greater Cleveland area. She is currently a member of the Global Exchange Council with the Urban Land Institute, Pension and Real Estate Association (PREA) and WX, an association of executive women in diverse real estate fields. Roberta earned her MA from the Johns Hopkins School of Advanced International Studies (SAIS) and a BA from Wesleyan University. Kelly Williams Senior Advisor, GCM Grosvenor and Member of the Board of Directors Private Equity Women Investors Network (PEWIN) Ms. Williams is a Senior Advisor to GCM Grosvenor with a focus on diversity and corporate social responsibility. Ms. Williams joined GCM Grosvenor in 2014 and served until June 2015 as President of GCM Grosvenor Private Markets, where she was also a member of its Management Committee and a member of its Investment Committee. Prior to joining GCM Grosvenor, Ms. Williams was a Managing Director and the Group Head of the Customized Fund Investment Group of Credit Suisse Group
13 AG from 2000 to Ms. Williams joined Donaldson, Lufkin and Jenrette (acquired by Credit Suisse in 2000) as a Director of the Customized Fund Investment Group. She was with The Prudential Insurance Company of America from 1993 to She was an Executive Director with Prudential s private equity group, where she was a founder of the Customized Fund Investment Group in Prior to joining Prudential, Ms. Williams was an associate with Milbank, Tweed, Hadley & McCloy LLP, where she specialized in global project finance. She graduated magna cum laude from Union College in 1986 with a Bachelor of Arts degree in Political Science and Mathematics and received her Juris Doctor from New York University School of Law in She is a member of the New York Bar. Ms. Williams was appointed in 2015 to the Board of Directors of The Greenbrier Companies (GBX). Ms. Williams has served as a mentor to fellows of the Robert Toigo Foundation since 2006 and was the 2010 recipient of its Leading by Example award and joined its board in She was elected to the YWCA Academy of Women Leaders in 2007 and is the founding board chair of the Private Equity Women Investor Network (PEWIN). In addition, she is chair of the LP Advisory Board for the Sponsors for Educational Opportunity Program and received the SEO Leadership Award in She also served on the advisory board of the Association of Asian American Investment Managers (AAAIM) and is the 2013 AAAIM Trailblazer Award Recipient. She was the recipient of the 2016 Award of Excellence from the National Association of Investment Companies. Ms. Williams is a member of the Metro Chapter of the Young Presidents Organization, Senior Advisor to the Emerging Markets Private Equity Association (EMPEA) and a member of the Board of Trustees of Union College where she is a member of the Executive Committee, Investment Committee, Audit Committee and also chairs the Finance Committee. Ms. Williams is a board member of the Nantucket Historical Association. She is also a member of the Board of Commissioners of the Smithsonian American Art Museum and the Olana Partnership. Ms. Williams also serves as a member of the Investment Committee of the Alfred P. Sloan Foundation and a board member of All In Together. Ms. Williams was recognized by the New York Chapter of the National Organization for Women in 2012 with its Women of Power and Influence Award. She was also named in 2011, 2012, 2013 and 2014 as one of The Most Powerful Women in Finance by American Banker Magazine. Break 11:30 a.m. 11:45 a.m. AIF s content and membership are determined by AIF s four advisory boards, which consist of more than 100 of the world s most influential investment thought leaders.
14 Our mission is to promote the exchange of best ideas, practices and information among institutional investors globally to help them achieve their investment objectives Luncheon, Executive Panel and Group Discussion (Co-ed session) 11:45 a.m. 1:30 p.m. Location: Vanderbilt Suites 200 Park Avenue (MetLife Building) Main Lobby Level Introduction by Melissa Waller, President, AIF Institute and Former Deputy Treasurer, State of North Carolina. Moderator Lisa M. Lee Managing Director, Business Development Providence Equity Lisa Lee is a managing director based in our New York office, where she focuses on business development activities. Prior to joining Providence in 2015, Ms. Lee was a managing director at CVC Capital Partners where she was responsible for managing the firm s North American investor relations and fundraising activities. Before CVC, Ms. Lee worked at Merrill Lynch, first in the mergers & acquisitions group in New York and then in the private equity funds group in London where she was responsible for origination and distribution of alternate asset funds in Europe. Ms. Lee started her career with A.T. Kearney where she worked across North America and South Korea. Ms. Lee received a Master of Business Administration from Harvard University and a Bachelor of Arts from Stanford University. Featured Speakers Seth Magaziner Treasurer State of Rhode Island Seth Magaziner was sworn in as General Treasurer for the State of Rhode Island on January 6, 2015 and is committed to using the Treasurer s office to promote economic growth and financial stability for all Rhode Islanders. Seth was born and raised in Bristol, Rhode Island, and began his career as a public elementary school teacher in rural Louisiana during the aftermath of Hurricane Katrina. After returning home to Rhode Island, Seth worked as a vice president at Trillium Asset Management, a socially responsible investment firm with more than $1 billion of assets under management. In his first months in office, Seth successfully championed legislation establishing new green infrastructure programs at the Rhode Island Infrastructure Bank. These new programs will put tradesmen and women back to work on energy efficiency and renewable energy projects across the state, helping Rhode Islanders save on energy costs while reducing our state s carbon footprint.
15 In May of 2015, Seth launched his Transparent Treasury initiative to help Rhode Islanders access information about how their public funds are managed. Among other features, the initiative includes a new investment policy stating that Rhode Island will only invest with fund managers that agree to full public disclosure of performance and fees, and a new online investment information center where all Rhode Islanders can see how their funds are invested. Seth also worked with a bipartisan group of legislators to design and pass the 2015 ABLE Act, which will establish tax-efficient savings accounts for the families of disabled children. Seth holds a bachelor s degree in history from Brown University and a master s degree in business administration from Yale University. Prior to his campaign for General Treasurer, Seth served as the treasurer of Rhode Island s Marriage Equality campaign, and as a board member of Common Cause of Rhode Island, Serve Rhode Island, and the Bristol Fourth of July Committee. Seth lives in Providence and serves on the board of Crossroads Rhode Island, the state s largest provider of services to the homeless. Pam Jeffords Partner Mercer Pam Jeffords is a partner at Mercer and a global expert on diversity and inclusion in the workplace. She advises global employers on how they can break through the inertia and drive progress with their gender diversity initiatives. She has been featured in numerous publications, including the National Association of Corporate Directors, Fortune magazine and was a contributor to Mercer s research When Women Thrive, Businesses Thrive. Pam is a member of the Global Leadership Council for Colorado State University s College of Business, a member of the NACD, a Limited Partner in The JumpFund, and has served as Chair of Women United for the Mile High United Way where she received the prestigious Frances Wisebart Jacobs award for philanthropy. Pam holds an undergraduate degree from Louisiana State University and a Master s in Business Administration from Georgia State University. Pam lives in Denver, Colorado with her husband and four children. Kathryn Swintek Managing Partner Golden Seeds Kathryn Swintek is a board director and business leader with wide-ranging international financial services experience. She is a Managing Partner and member of the Investment Committee of Golden Seeds Fund 2 which invests in U.S. based early stage companies founded and managed by women in the healthcare, technology, SaaS and consumer/e-commerce sectors. Ms. Swintek serves as a Director of Strata Skin Sciences, Inc. (Chair, Audit Committee), Turtle & Hughes, Inc. (Chair, Audit Committee), Open Road Integrated Media, Inc., Oculogica, Inc. and is Chair of the Board of American Bank of Investments. She is a former Chair of
16 Our mission is to promote the exchange of best ideas, practices and information among institutional investors globally to help them achieve their investment objectives C200 ( a former Director of the Women s Forum of New York and a former Trustee of the College of Mt. St. Vincent. She is a Director of the award winning MINT Theater Company (NYC), a member of the National Council of Graywolf Press (Minneapolis), and a member of Women Corporate Directors (WCD). Ms. Swintek was a senior executive in investment banking in New York and London at the leading global banking firm BNP Paribas. Over a 20-year period at the bank, she held leadership roles including: Global Head of the High Yield Bond Group; Head of the U.S. Structured Finance Group; Head of North American Leveraged Finance, and Co-Head of the Global Sponsor Coverage Group. Prior to BNP Paribas, she worked at Irving Trust Company (now BNY Mellon) as Banking Officer in the Middle East & Africa Division, Representative for France based in Paris, and Senior Vice President and Head of the Acquisition Finance Division. Ms. Swintek holds a B.A. in Economics from the College of Mt. St. Vincent and an MBA in Finance from New York University. Fluent in French, she is a dual citizen of the United States and France. Session Description The keynote luncheon panel will include executives who have actively advocated for diversity within their organizations and beyond, and will also highlight recent data from Mercer. The panel will be followed by Q&A discussions. In 2016, Rhode Island launched the toughest boardroom diversity policy among state pension plans. Under this policy, the state of Rhode Island pension system votes against all board nominees at companies in which the pension system invests if election of the nominee will result in less than 30% of the company s board seats being held by women or people of color. Since this policy went into effect, Rhode Island has voted against board nominees at hundreds of publicly traded companies, and has engaged in meaningful and impactful conversations on issues of diversity and board composition with leadership at dozens of publicly traded companies. Private Equity Session (Co-ed session) 1:30 p.m. 2:15 p.m. Session Leader Karen Rode Partner Aon Hewitt Karen Rode is head of the firm s global private equity and infrastructure research group. With 21 years of professional experience, she manages global private equity consulting assignments for several retainer and project clients. Prior to joining Aon Hewitt Investment Consulting, Inc., Karen was a Senior Managing Director for GE Equity, the private equity arm of GE Capital, where she
17 managed a team of 18 professionals, a $2.2 billion portfolio of global limited partnership investments with 250+ private equity sponsors and a $600MM direct co-investment portfolio. She was also President and CEO of Global Fund Partners, GE s fund of funds, and Practice Director of the Healthymagination Fund, GE s internal healthcare growth equity fund. Previously, Karen held several roles within Heller Financial, Inc. (later acquired by GE Capital) where she led the underwriting and syndication of over $1.2 billion of highly leveraged debt facilities supporting middle market private equity owned companies. Karen began her career as an auditor with Ernst & Young. Karen is a member of the CFA Society of Chicago and a Certified Public Account. Her degrees include a B.S. in finance and accounting from Indiana University and an M.B.A. in finance and marketing from the University of Chicago Booth School of Business. Session Description Coming into 2017, we have a difficult 2016 to surpass. Deal activity and pricing in private markets remained at near record levels. Fundraising remained strong for GPs with about $345 billion raised globally. Institutional appetite continued to favor the asset class with 79% of investors including private equity in their portfolios. Coupled with prior year fundraising successes, over $2.8 trillion has been raised with dry powder topping out at $1.4 billion (not including coinvestment capital.) The dry powder has been shifting to the larger fund managers that are expected to be able to pivot when the bull run finally reaches its end during their investment periods. However, a few things did change. Infrastructure funds had a banner fundraising year, while natural resources and private debt struggled to match their prior year success. Outside PE monetary policy waned with fewer bullets in the gun to deliver global growth; the focus shifted to fiscal policy. The wave of anti-establishment culminated in some key events Brexit, the election of Donald Trump as well as votes in the Netherlands and France. These events have impacted investment positioning and resulted in the Trump Bump in public markets. The impact of these events are starting to wane as optimism is succumbing to the realities of the political process. How should investors position themselves in these uncertain markets? Private market investors have been tackling some consistent themes in their allocation process, including: Continued slow global growth Commodity Pricing (Strong Dollar) Productivity declines Tax / regulatory Changes Elections / Trade Protectionism Geographical opportunities Portfolio Construction (Return Expectations): Many institutional investors are quietly revisiting their target allocations to private equity and lowering return expectations. Many view allocation target reductions as a cyclical event given existing high levels of dry powder plus high valuations. At the same time, surveys indicate expectations of 5% annual growth in private equity as an asset class. Given already high levels of dry powder, where will the supply of deals and the investor demand come from?
18 Our mission is to promote the exchange of best ideas, practices and information among institutional investors globally to help them achieve their investment objectives Since 2000 PE has become a much larger part of the global asset markets, with NAV now north of $2 trillion. If a passive investor just invests in listed stocks, is s/he missing an important part of the world equity market? Why have GP return expectations on a deal by deal basis not declined? (Terms): The industry appears once again to be awash with institutional capital. How do you see this affecting limited partners ability to influence terms and other types of customized structures from the firms that they back? Is the pendulum of influence swinging back to the GP? Why or why not. Are there certain shifts in terms that are here to stay and if so which ones? (Allocation): The denominator effect and commitment pacing were strong drivers of the time frame; what did you take from that experience and what are you doing differently now with your allocations? Have LPs improved their coordination in a tough fundraising environment? Is there too much capital? Performance (Credit Lines): A growing LP concern is the burgeoning use of credit facilities. The idea is to borrow as much as possible without triggering unrelated business taxable income (UBTI) so that the usual capital calls occur at longer intervals than usual, thus managing the LPs IRRs. This could raise a number of issues including the lack of capital deployment by the LP, potential liquidity issues and performance manipulation. How have you addressed this phenomenon within your portfolio? (Valuations): What has been the impact of FAS 157? It was billed as being an important step in giving PE investors a better understanding of their investments -- how is that working out? Do investors believe their NAV statements now more than they did 10 years ago? Structures (SuperAnnuation): There is increased interest in the use of alternative assets products, specifically private equity, in defined contribution plans. Many are looking to superannuation funds as a model. Given the liquidity requirements of the defined contribution market, what is the real probability of true alternative assets structures being available as an option to DC managers and investors? (Secondaries): In the midst of these moving priorities of investors, the secondary market has seen considerable activity in both fundraising and transaction volume. Where have you seen recent peaks or troughs of private equity interest from your perspective? What can be done in the secondary market to allow for more efficient rebalancing or clean-up of mature portfolios? (Coinvestments): The underlying tone from LPs has been one of control and risk measurement in portfolio construction during a frothy market. Are co-investments a reasonable approach to lower costs and produce better net returns? To what extent is investor demand for direct access to deals (either in the form of co-investments or on their own) impacting the way that GPs raise and manage their funds? What challenges does it present for GPs? How about for LPs?
19 (Separate Accounts): Over the past several years large separate accounts have become more popular among institutional LPs, particularly the biggest ones. How are GPs managing the potential conflicts among investors in these accounts and ones that are in the comingled funds? What questions or issues, if any, is it creating? (Long Dated Funds): Recently, we ve seen some firms pitching funds with much longer time frames than the traditional 10-year plus two extension fund life What kinds of issues do these types of funds present for firms that also manage traditional comingled funds? Does a longer timeframe appeal to LPs? If so, which ones and why or why not? What is the average time frame that investors typically hold their investments in the companies they back? What kind of tensions, if any, arise if some backers want to exit a company and others don t? Are there generally specific liquidation agreements that are negotiated up front? Geographies (Emerging Markets): With the large mid-market and US energy potential, and the desire to avoid currency risk, many LPs have underweighted emerging markets. Though many global investors focus on US investing, how are you incorporating the exposure into your portfolios? What is your appetite or hesitation in emerging markets? (Europe): What do you think about PE investing in Europe? Lots of interesting challenges, such as banking initiatives on the one hand and the stability of the euro on the other. Looks like we had extraordinary returns to European buyout in late 90s and early 00s, but commitments rose and alphas declined. What s next? (Currency Exposure): How do you think about FX exposure as a PE investor? Traditionally it s been hard for PE groups to actively manage their FX exposure, due to illiquidity and high cost of capital. Has that changed? Strategies (Timing): Early on in our careers, we are told that we shouldn t try to time the private equity market. Commitments need to be made long in advance of the opportunity appearing. However, there have been strategies that have come in and out of favor, from the venture bubble to more recent interest in Energy and European Credit. What strategies are you underweighted, and conversely, what strategies are under-fished and can provide strong risk adjusted returns to the savvy investor? (Venture): Where s venture investing going? Many have abandoned the space (or relegated to opportunistic ). On the one hand, we have a rise in micro-vc; on the other we have a rise in unicorns not going public. Is there still a role for the mid-size VC group? (Current Focus): In what asset classes, geographies, strategies do you feel private markets are underallocated? Over-allocated? Tax Regulatory (Administration): What are your thoughts about the impact of proposed tax changes on PE investing? On the one hand, changing the deductibility of interest may hurt buyouts; on the other hand, cutting the tax on repatriated profits might help venture.
20 Our mission is to promote the exchange of best ideas, practices and information among institutional investors globally to help them achieve their investment objectives (Regulation): The SEC has increased its scrutiny over private equity in the past 2-3 years. How significant will the impact of these efforts be on the ability of institutions to maximize the value of their private equity portfolio? How has SEC scrutiny of fees and expenses altered or influenced the fees that GPs are charging or the way that they are allocating expenses, if at all? Transparency/Other Any thoughts on the new transparency initiatives furthered by EVCA, ILPA, AltXchange and others? Has anyone implemented any of them? Break 2:15 p.m. 2:30 p.m. Private Credit Session (Co-ed session) 2:30 p.m. 3:15 p.m. Session Leader Sylvia Owens Senior Portfolio Advisor Aksia As a Senior Portfolio Advisor specializing in private credit and opportunistic strategies, Sylvia is primarily responsible for working with institutions on the construction, implementation, and day to day management of their private credit and opportunistic investment programs. Prior to joining Aksia in July 2016, Sylvia held senior client relationship roles across distressed credit, private equity and long/short equity, working with a broad base of institutional investors. Sylvia also spent more than 14 years at Goldman Sachs primarily focused on convertible bonds. Sylvia earned a B.A. in Economics and East Asian Studies from the University of Southern California in 1992 and an MBA in Finance from the University of Chicago Graduate School of Business in Sylvia is a founding board member of the Private Equity Women Investor Network (PEWIN). Session Description Private or illiquid credit investments into performing securities have become an area of increased focus for many institutional investors. How do investors think about the role private credit will play in their portfolio? What returns does it need to deliver? What duration? Interest rate and inflation sensitivity? Is private credit about alpha, or beta? If both, to what degrees?
21 Who manages the private credit exposure? Is it part of fixed income, or illiquid investments? To what extent do you/would you like to co-invest in private credit? Is the choppiness in credit markets from high yield and energy affecting investment opportunities or existing portfolios? Should credit investors be concerned about the prevalence of covenant-lite financing and overall credit quality? What differentiates different managers in private credit? What do investors look for? How do GPs differentiate themselves? Given that private credit managers have arisen during a seven-year period of historically low rates and volatility, how do you evaluate historical performance, given the current market volatility and expectation of rising rates? What trends are driving interest/avoidance of the US versus Europe? Bank loans versus high yield? BDCs versus CLOs? Hedge Funds Session (Co-ed session) 3:30 p.m. 4:15 p.m. Session Leaders Sue Crotty Senior Vice President Segal Marco Advisors Ms. Crotty has been an investment professional for thirty years. Prior to joining The Marco Consulting Group (now Segal Marco Advisors) in 2010, she began her investment career as a financial analyst for GTE and subsequently General Motors in the management of the hourly and salaried employees pension funds. Thereafter she was an investment consultant working with multi-employer, foundation, corporate, and other pension plans in the management of their funds. She spent 12 years providing advice on asset allocation, manager selection, and investment performance for Hamilton & Company in New York. At Callan Associates, she was a member of the management committee and worked in the investment management division as well as an Alternatives Practice Leader before joining a hedge fund of funds. Ms. Crotty was a member of the New Jersey State Investment Council for six years, providing oversight on policy and management to the $70 billion New Jersey State Pension Fund. She is also a member of the Investment Committee of Church of Christ the King and Homeless Solutions in Morristown, New Jersey. Ms. Crotty received her M.B.A. in finance from the University of Connecticut and her B.S. from Boston College.
22 Our mission is to promote the exchange of best ideas, practices and information among institutional investors globally to help them achieve their investment objectives Agata R. Praczuk, CAIA Associate Director, Head of Hedge Funds MetLife Agata R. Praczuk joined MetLife in August Agata has over a decade of experience working in the hedge fund industry. In her current role, she oversees a diverse portfolio of hedge fund investments on behalf of MetLife s general account and international subsidiaries. She also leads the monitoring and due diligence process on behalf of the Firm s subsidiary groups including fund-ofhedge-funds and direct lending strategies. She is a senior member of a 6-person team performing due diligence on managers for the Firm s venture capital and private equity portfolios. Agata began her career in 2004 at BNP Paribas managing hedge fund client relationships. From 2005 to 2009 she worked as a hedge fund research analyst for the Millburn Ridgefield Corporation, a boutique alternative investment firm. Agata received her BS in Business Administration with concentrations in Finance and International Business from Northeastern University and her MBA from the NYU Stern School of Business. She is a Chartered Alternative Investment Analyst (CAIA). Session Description 2016 saw overall sub-par returns for the hedge fund industry but also pockets of attractive non-correlated returns could represent a break from an environment plagued by low volatility, low dispersion and elevated governmental involvement in market outcomes both on a macro and micro level also saw the continued evolution of GP/LP relationships as LPs continued to move towards fewer but larger manager relationships and better alignment of interest via funds-of-one, strategic partnerships and evolved commingled structures. Also broad changes in the financial services industry and technology continue to impact how GPs source talent and intertwine technology into their investment methods. Many GPs also have, or will soon, navigate leadership succession. How should LPs and GPs position themselves for 2017 and beyond? One thing most participants in the hedge fund industry can agree on is that markets going forward will not feel like the past few years. Possible reflation, rising interest rates, fiscal stimulus, central bank policy dispersion etc. How are GPs and LPs thinking about positioning for 2017 and beyond? Where might the next big trend, short or long, be? In the past many hedge fund managers benefited from shorting telecom (2001/02), shorting mortgages (2007/08), shorting energy (2014/15), going long structured credit (2010/14), and long bonds (2008/15). What might the next big one be? The talent and technology game evolves. Given diminished bank trading activity, where are the next generation of PMs and analysts coming from? How are the data explosion and electronic trading affecting how managers implement their strategies? Will emerging markets continue to work for hedge funds? Volatility and dispersion, while notably absent in developed markets, has been available in developing markets and many GPs have profited either via sub allocations of larger strategies or more focused funds. But there are considerable liquidity risks, how are managers addressing these?
23 Academic studies of institutional investor behavior typically illustrate momentum behavior to the detriment of investors. The hedge fund has seen positive strategy returns correlated with subsequent inflows which are correlated with trailing 2 year strategy underperformance. How are LPs and GPs affected by these flows and how should they resist them. Alignment of interest - how is the GP/LP relationship evolving? What types of structures do LPs find attractive? What types of structures better offer alignment, transparency and stability? Will funds-ofone, managed accounts and strategic partnerships continue to grow? What has been the impact of broad financial industry regulations on the hedge fund industry and what kinds of returns created by bank regulations are likely to persist? As LP s increasingly allocate to less liquid credit opportunities how are GP s evolving their businesses models to address this? Break 4:15 p.m. 4:30 p.m. Real Estate and Real Assets Session (Co-ed session) 4:30 p.m. 5:15 p.m. Session Leaders JoAnn Hanson President, Church Investment Group (CIG); Member, Real Estate Advisory Committee, New York State Common Retirement Fund JoAnn is the President of the non-profit Church Investment Group (CIG). CIG enables Episcopal entities to realize the benefits of investing at scale and encourages the adoption of Environmental, Social and Governance investing approaches. Prior to CIG, JoAnn was a founder of Avanti Investment Advisors, which managed over $1.2 billion for institutional investors. Earlier investment management roles included serving as managing director of Lazard Freres & Co. and a Vice President of J.P. Morgan Investment Management, Inc. She currently serves on the Real Estate Advisory Committee of the New York State Common Retirement Fund and the Advisory Board of the Alternative Investment Forum. She assists the United Nations Climate Change Support Team as part of the Cities Climate Finance Leadership Alliance. Ms. Hanson has a BA from Yale University (Summa cum Laude) and an MBA in Finance from Wharton Business School, University of Pennsylvania.
24 Our mission is to promote the exchange of best ideas, practices and information among institutional investors globally to help them achieve their investment objectives Meagan Nichols Managing Director and Global Head, Real Assets Investment Group Cambridge Associates Meagan is a Partner of the firm, the Global Head of the Real Assets Investment Group, and the chair of the Real Assets Investment Committee. She has 20 years of investment experience and is located in Boston. In addition to having management responsibilities, Meagan focuses globally on real assets investment strategy, portfolio management, and manager research. Meagan co-authored the Time to Get Real About Real Assets paper and regularly authors topical research on real assets. She is located in Boston and has been with Cambridge Associates for ten years. Meagan is a frequent presenter at industry events, including PREA, MIPIM, PERE, Institutional Investor, and Women in Alternative Investments. She is the co-chair of Women in Real Estate s Boston chapter. Before joining CA, Meagan was an investment advisor in the Private Wealth Management division at Morgan Stanley. Before that, she was head of the Capital Markets division at mycfo Investment Advisory Services and a member of the Alternative Assets Committee, starting at the company as an equity trader. She started her career at Goldman Sachs. Meagan s education and professional credentials include an MBA from the Tuck School of Business at Dartmouth College and a BA in political science from Providence College. Roberta Waxman-Lenz Real Estate Portfolio Manager and Investment Officer United Nations Joint Staff Pension Fund Roberta Waxman-Lenz serves as a Portfolio Manager and Investment Officer for the United Nations Joint Staff Pension Fund in the Investment Management Division. She holds joint responsibility for management and strategy oversight of the UN Pension Fund s global real assets portfolio, including real estate, infrastructure, timber and agriculture investments. Roberta conducts due diligence on investment opportunities, evaluates management teams for recommendation, and negotiates deal terms for closing into commingled funds. She serves on over 20 real estate advisory committees of portfolio funds around the globe. Session Description How can real estate and infrastructure help investors achieve their objectives in a challenging investment landscape? Can real estate/real assets deliver return in a low yield and low growth environment? Can they provide a safe harbor in the context of a challenging political landscape and unexpected election results? The Real Estate and Real Assets panel will explore investment strategies and trends in light of current challenging market conditions. Return expectations. Are real estate/real assets overheating, or can they still deliver an attractive return? And how should investors define attractive (i.e., on an absolute basis or relative to other
25 investment sectors)? What component of return is most important to investors today, current cash flow or long term capital appreciation? Changing political landscape. First Brexit, then Donald Trump. No matter your political stripes, election results will change government policies. Will these changes unleash and stimulate economies, or sink us into recession? How will either scenario impact real estate or real assets? How should you invest to capitalize on change while mitigating risk? Property fundamentals. Many markets appear to have too many construction cranes. Which markets would you avoid as an investor today? Which sectors are most attractive? Office? Retail? Industrial? Residential? Where is demand outstripping the supply of space? Can landlords still push rents to increase return on investment? Changing spaces. Perhaps more than at any time in history, macro factors are changing the type of space that users need: open office concepts and creative office space, sticks and bricks retail versus e-tailing, urban living versus suburban commutes, rental housing for special demographics (seniors, workforce, students). Do traditional investment managers have the expertise to navigate these changing dynamics? What investment strategies capitalize on the increasing pace of obsolescence? ESG. What are investors and managers doing to capitalize on opportunities created by the environmental, social and governance movements? What makes a building Green... and does Green make for higher returns? What are investors and managers doing to make their buildings more sustainable? How are investors incorporating social policies into their investment mandates? Global investing. How will Brexit impact demand for space in the UK and the European Union? Will China turn its economy around? Is Latin America doomed by political uncertainty? Where can investors look overseas for attractive risk adjusted returns in real estate and other real assets? What can investors realistically do to minimize the impact of currency on their overseas investments? Debt and financial leverage. Debt is still attractively priced... if you can get it. What sources of lending are truly available for most real assets investors today? Are banks a viable source of capital, or will private lenders need to fill the void. Owners of hard assets have benefited from a record low cost of capital is the tide finally turning? What will the next buyer do when they have to borrow at higher rates in the future? Governance rights. Investors in real estate have options when it comes to investment structures: direct separate accounts, open-end funds, closed-end funds and real estate securities. How much liquidity do these structures really offer when you need it? Are any of them truly investor friendly? What are the key issues to address to make commingled funds work better for GPs and LPs alike? Reception (Co-ed reception and networking) 5:15 p.m. 6:15 p.m.
26 Our mission is to promote the exchange of best ideas, practices and information among institutional investors globally to help them achieve their investment objectives Dinner and Leadership Workshop (Women only) 6:30 p.m. 8:30 p.m. Location: Vanderbilt Suites 200 Park Avenue (MetLife Building) Main Lobby Level Session Leader Valia Glytsis CEO and Founder The Paradox of Leadership The Paradox of Leadership is a boutique leadership education firm based in New York City and serving clients globally. As an Executive coach, trainer, and speaker, Valia works with leaders and organizations that yearn for a more meaningful and impactful way of working, communicating, and leading. This talent development work delivers subtle yet profound mindset shifts that revel in the paradox of leadership it all begins within. Valia s passion for leadership is driven by rich professional experience in marketing, branding, and consulting with one common denominator the ability to drive transformational success through a fierce commitment to the human side of business. Valia s clients range across industry and scope with three targeted specialties: High-potentials making a shift from functionally-excellent individual contributors to high-impact leaders of people; Executives on-boarding into a senior management or leadership role; Senior Executives seeking a trusted advisor to help navigate the complexities of their personal and professional worlds. Recent client highlights include: HBO, McKinsey & Company, Digitas, Kiehl s, Soul Cycle, Edelman, New York City Economic Development Corporation, New York University (Stern), Georgetown University. Valia s depth and breadth of experience allow her to bring a fresh, creative, and grounded perspective to all clients. Educational highlights include: Executive MBA, Columbia University; BA in English/Justice & Peace Studies, Georgetown University (Phi Beta Kappa); Professional Coaching Certification, Institute of Professional Excellence in Coaching; Consumer Marketing Strategy Certification, Harvard Business School Executive Education; Energy Leadership Index Master Practitioner Certification; and Myers Briggs Certification. Session Description Personal Leadership through the Lens of Branding Beginning with a quick recap on the core components of a personal brand, this session will explore practical applications of getting your brand out into the world. From making conscious choices and managing your energy (not time) to releasing control and elevating your visibility, participants will receive actionable tips, tricks, and techniques for living your most extraordinary life.
27 About AIF Global AIF is an independent economic think tank focusing on institutional investment policy. Its mission is to promote the exchange of best ideas, practices and information among institutional investors globally to help them achieve their investment objectives. Founder and CEO Brant Maller Founder and CEO AIF Global Brant Maller founded AIF (aifglobal.org) as an independent economic think tank focusing on institutional investment policy after serving on committees that oversaw the investments of the three largest pension plans in the U.S. That service enabled him to appreciate the need for a neutral forum through which the world s largest institutional investors could exchange best ideas, practices and information with each other and with the world s leading investment academics, consultants and managers. Mr. Maller is a member of the Board of Trustees of the National Institute of Public Finance (NIPF) the educational arm of the National Association of State Treasurers (NAST) Foundation and the Chair of the NIPF s Investments and Pensions Track. He has been a member of the California Controller s Advisory Council on Investments and a member of the New York State Common Retirement Fund investment committee. Mr. Maller is Of Counsel to the international law firm of Winston & Strawn LLP. Previously, he was a Partner and the Alternative Investments Team Leader of the international law firm of Pillsbury Winthrop Shaw Pittman. He has repeatedly been ranked a leading lawyer by Best Lawyers in America, Chambers USA/Chambers Global, and Super Lawyers. Mr. Maller received his B.A. from the University of Pennsylvania and his M.C.R.P.-J.D. joint degree from Harvard University-Boston University. President, AIF Institute Melissa Waller President, AIF Institute Former Deputy Treasurer, State of North Carolina Melissa Waller serves as President of the AIF Institute, and is the former Deputy Treasurer and Chief of Staff for the North Carolina Department of State Treasury, where she successfully oversaw Department strategic planning, operations, and public-policy implementation, along with a staff of more than 400 employees. The North Carolina Retirement Systems, the pension fund for the state, is the tenth largest public pension fund in the United States, with assets in excess of $90 billion. Melissa s background includes over 20 years of private and public-sector financial industry experience, including 15 years in the banking sector with Wachovia/Wells Fargo. She currently serves as Executive Program Director for the National Institute of Public Finance, as well as Director of Public and Private Partnerships for the Kenan Institute.
28 Our mission is to promote the exchange of best ideas, practices and information among institutional investors globally to help them achieve their investment objectives AIF Advisory Board Chair Josh Lerner, Ph.D. Jacob H. Schiff Professor of Investment Banking, Harvard Business School Advisory Board Chair, AIF Josh Lerner is the Jacob H. Schiff Professor of Investment Banking at Harvard Business School, and head of the Entrepreneurial Management unit. He graduated from Yale College with a special divisional major that combined physics with the history of technology. He worked for several years on issues concerning technological innovation and public policy at the Brookings Institution, for a public-private task force in Chicago, and on Capitol Hill. He then earned a Ph.D. from Harvard s Economics Department. Much of his research focuses on venture capital and private equity organizations. (This research is collected in three books, The Venture Capital Cycle, The Money of Invention, and Boulevard of Broken Dreams.) He also examines policies on innovation and how they impact firm strategies. (That research is discussed in the books Innovation and Its Discontents, The Comingled Code, and the Architecture of Innovation.) He co-directs the National Bureau of Economic Research s Productivity, Innovation, and Entrepreneurship Program and serves as co-editor of their publication, Innovation Policy and the Economy. He founded and runs the Private Capital Research Institute, a nonprofit devoted to encouraging access to data and research about venture capital and private equity, and serves as vicechair of the World Economic Forum s Global Agenda Council on the Future of Investing. Note: Participation in the AIF Women Investors Forum may qualify for CPE Credits. Please see below. Learning Objectives at this Forum, institutional investor participants will: Discuss and identify solutions for overall portfolio construction with an emphasis on asset allocation and risk management; and Apply those solutions to individual asset class construction, in particular, to alternative asset classes and strategies such as private equity, hedge funds, and real estate and real assets. Registration please register online or contact Melissa Waller at to register. Forum Policies there is no fee charged to institutional investor participants. For more information regarding concerns or cancellation policies, please contact our offices at (212) Conference participants can earn up to 7.5 CPE credits in Finance and Management Advisory Services fields of study. Program Level: overview (no prerequisites or advance preparation required) Delivery Method: Group-Live AI Forum LLC (n/k/a AIF Global LLC and d/b/a Alternative Investments Forum (AIF)) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have the final authority on the acceptance of individual courses for CPE Credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website:
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Gender Lens Investing: Investment Options in the Public Markets Fall 2017 Timeline 25 Years of Gender Lens Investment Opportunities in Public Markets Global Solutions Women's Leadership Fund (GWILX) Gender
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LACERA Board Offsite Retiree Health Care Program Rachel Arnedt Vice President Legal Rachel is a vice president in the Aon Health & Benefits Legal Consulting Group. In this capacity, she consults with clients
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