Staying Competitive in Distressed Investing

The Impact of the U.S. Tax and Legal Environment on Private Capital Competitiveness
11:00 - 12:10 pm

With heightened publicity of private equity general partner profits, U.S. Congressmen seem to have found their latest tax target. This panel will discuss carried interest taxation legislation and how will it affect industry dynamics and fund structures. Amidst the increasing presence of foreign capital, the panel will cover how changes to taxation will affect the competitiveness of domestic private equity. Lastly, the panel will converse on the actions of U.S. legislators and regulators regarding how areas such as national security and securities regulation are affecting market forces and the global ownership of assets.

Panelists:

Thomas Bell, Partner, Simpson Thacher & Bartlett LLP
Mark Heesen, President, National Venture Capital Association
Charles Kingson, Adjunct Professor, NYU School of Law & Lecturer in Law, University of Pennsylvania Law School
Jeffrey Peck, Chairman, Johnson, Madigan, Peck, Boland & Stewart, Inc.

Venture Capital in Healthcare: Maximizing Long Term Value
11:00 - 12:10 pm
Moderated by Andrew Cowherd, Managing Director, Peter J. Solomon Company

This panel discussion will focus on current investment approaches and growth strategies that venture capital and private equity funds in healthcare are utilizing to maximize long term value. The long time horizons and capital requirements of healthcare investments have resulted in a surge of investments in lower risk, growth stage companies. As private investing in healthcare companies continues to grow and evolve, our panel will discuss the key investment themes and industry characteristics in today’s investing environment that will effect maximum long-term value creation. We will address the areas of healthcare investment that will see the greatest outsized returns and the potential exit strategies that will be the most successful over the next five to ten years.

Panelists:

Philippe Chambon, Managing Director & Founder, New Leaf Venture Partners, LLC
Brian Halak, Partner, Domain Associates
Brandon Hull, General Partner, Cardinal Partners
Stephen Sammut, Senior Fellow, Wharton School Health Care Systems and Entrepreneurship & Venture Partner, Burrill & Co
Bryce Youngren, General Partner, Polaris Venture Partners

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The Changing Future of Large Buyouts
11:00 - 12:10 pm
Moderated by Gregory Peterson, Partner , PricewaterhouseCoopers

2007 ended with an uncertain future for large buyouts, as illiquid credit markets severely tightened the once robust supply of available acquisition financing. Smaller deal sizes, the re-emergence of strategic competitors, and the pressure to deploy capital are just a few of the challenges firms are likely to face in the wake of an unprecedented boom in the private equity industry. The intent of this panel discussion is to explore the current environment for large buyouts, how the major players will adapt their investment strategies, and what it will take to successfully compete under these conditions.

Panelists:

Jack Daly, Managing Director, Principal Investment Area, Goldman, Sachs & Co.
Perry Golkin, Partner, Kohlberg Kravis Roberts & Co.
Jordan Hitch, Managing Director, Bain Capital
Greg Mondre, Managing Director, Silver Lake
Richard Schifter, Partner, Texas Pacific Group

International Buyouts in Developed Markets
2:00 – 3:10 pm
Moderated by Berthold Hummel, Partner, Dechert LLP

The panel will discuss challenges, complexities and rewards associated with international buyouts in developed markets, with a particular focus on Europe and Japan. Local regulations, cultural differences and dissimilar business practices impact funds decision to enter and to invest in new markets. Panelists will share their perspectives, ideas and strategies to maximize opportunities in international developed markets and to create a better environment to foster Private Equity investments.

Panelists:

Patrick Dunne, Group Communications Director, 3i
Hiroshi Nonomiya, Representative Director & Managing Director, RHJ International Japan
Vince O’Brien, Director, Montague Private Equity
Colm O'Sullivan, Principal, PAI Partners
Thierry Timsit, Managing Partner, Astorg Partners

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Venture Capital: New Frontiers in Technology Investing
2:00 – 3:10 pm
Moderated by Alain Sherter, Editor, Tech Confidential (publication of ‘The Deal’)

Venture capitalists invested approximately $7.4 billion in 717 transactions in the second quarter of 2007, marking a new 6-year high in VC investments in the US. The Venture Capital: New frontiers in Technology Investing panel offers a window into the major trends that are driving this renewed excitement in Venture Capital and reveals where the new smart bets are in technology investing. Our panelists will discuss the challenges and potential opportunities of an increasingly global technology sector and the rising prominence of consumer-centric products and services versus the more traditional enterprise and IT-related business models. The panel will cover valuation trends and exit strategies (IPO versus M&A) for early and late-stage startups and discuss areas of technological innovation that are attracting VC attention. Finally, our panelists will share one lesson they learned from the tech downturn of 2001 and predict one key trend likely to impact the VC arena in 2008.

Panelists:

Philip Bronner, General Partner, Novak Biddle Venture Partners
Ahmet Ozalp, Partner, Atlas Venture
Ravi Viswanathan, Partner, New Enterprise Associates (NEA)
Bill Wiberg, Partner, Advanced Technology Ventures
Bryan Wolf, Managing Director, Intel Capital

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Staying Competitive in Distressed Investing
2:00 – 3:10 pm
Moderated by George Varughese, Managing Director, Alvarez & Marsal

With the uncertainties in the current credit markets and their effects on traditional buyout activity, the distressed investing space is forefront on the minds of many investors. This panel will discuss the current distressed investing landscape and the effects of the recent shocks to the market. Panelists will assess the similarities and differences of this down cycle versus previous cycles and share their views on how to position themselves in this competitive environment to capitalize on available investment opportunities. This panel will also give insight towards identifying core opportunities in the distressed investing space regardless of the state of the economy. Lastly, each investor will share with the audience their insights on innovation, development and the future of distressed investing.

Panelists:

Ronald Beck, Managing Director & Co-Portfolio Manager, Oaktree Capital Management
Karl Beinkampen, Portfolio Manager, Morgan Stanley Alternative Investment Partners
Maria Boyazny, Managing Director and Portfolio Manager, Siguler Guff
Marc Lasry, Chairman & Chief Executive Officer, Avenue Capital Group
Mark R. Patterson, Chairman and Co-Founder, MatlinPatterson Global Advisors LLC

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Strategies and Opportunities in Emerging Markets
4:00 – 5:10 pm

M&A and investment opportunities in key emerging economies continue to thrill and terrify the investment community. Brazil, Russia, India and China are expected to be a major source of economic growth within the next twenty years and where fast growth companies are providing tantalizing deal flow. This panel will bring together leading investors and dealmakers who have strong presence and significant success in these regions to discuss the issues and opportunities of emerging market investing, the broad themes connecting these types of investments, and strategies for dealing with market idiosyncrasies.

Panelists:

Nikunj Jinsi, Principal Investment Officer, International Finance Corporation
Sandeep Naik, Principal, Apax Partners
Jordan Robinson, Vice President, Global Private Equity Group AIG Investments
Richard Seewald, Partner, ALPHA Associates AG
Juan Pablo Zucchini, Partner, Advent International

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A View from the Top: Limited Partners’ Perspectives on Private Equity
4:00 – 5:10 pm

Limited Partners pursue enhanced returns via pioneering strategies in private equity fund investing, both in the US and globally. This panel will discuss the LP's perspective on the changing landscape in private equity. It will shed light on where they see opportunities and what they consider successful strategies. The discussion will cover the industries and investment sectors which most interest LPs in the current environment. The LPs will discuss what it takes to tackle the ever-changing investment landscape, both in terms of industries and geographies. Panelists will cover current expectations on returns, allocation focus and fundraising efforts in the current cycle and make their predictions for 2008 and beyond.

Panelists:

Brian Buenneke, Principal, Pantheon Ventures Ltd.
Motoya Kitamura, Senior Manager/Vice President, Macquarie Funds Management
Leon Kuan, Managing Director, Fisher Lynch Capital
Sheryl Schwartz, Managing Director, TIAA-CREF
Ravi Vish, Chief Executive Officer, WestLB Mellon Asset Management (USA) LLC

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Middle Market: Calmer Waters or Sea of Competition?
4:00 – 5:10 pm

Middle market focused funds have long-touted that the secret to their success is the proprietary sourcing of transactions rather than maximizing every last dollar of leverage. Could it be that the middle market is relatively insulated from this summer’s credit turmoil? Or is the middle market facing its own challenges as new entrants make differentiation increasingly difficult? This panel will explore possible advantages of middle market investing strategies, the recent change in competitive dynamics, and the way these middle market funds have positioned themselves to better compete in a more crowded marketplace.

Panelists:

Bruce Eatroff, Founding Partner, Halyard Capital
John Mapes, Partner, Aurora Capital Group
David Simon, Managing Director, Littlejohn & Co.
Peter Taft, Partner, Morgenthaler Partners
Sean Traynor, Partner, Welsh, Carson, Anderson & Stowe

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