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07:45 - 09:15 90 mins
LP only session
LP-only closed door breakfast
  • Led by: Jennifer Choi - Managing Director, Industry Affiars, Institutional Limited Partners Association

Official guidance by ILPA has been credited with helping to bring a true best practice to the private equity industry, including improved communication and alignment of interest between LPs and GPs. In 2018, ILPA will issue a new iteration of the ILPA Private Equity Principles, which will recommend LP and GP responses to developments in the industry. Join our discussion to have your say about how LPs can work together to bring these ideas to life in the marketplace, including:

  • How can LPACs become a more useful mechanism for fund governance and what can non-LPAC members do to facilitate that?
  • Can and should LPs work together to strengthen alignment in fund documents, and how?
  • Is collusion an illusion or a credible threat? What impact do evolving confidentiality provisions have on LPs’ ability to coordinate?
  • What are some approaches to maximizing an LP’s negotiating position in today’s fundraising environment?
08:45 - 09:10 25 mins
Main agenda
09:15 - 09:20 5 mins
Main agenda
Chairperson's introduction
  • Chair Mark C. Boyle, Industry Veteran
09:20 - 10:00 40 mins
Main agenda
Key performance stats and drivers of co-investments
  • Presenter Rob de Jong - Managing Director, AlpInvest Partners
  • Interviewer Richard Allsopp - Managing Partner, Campbell Lutyens

To what extent do co-investments outperform fund investments and what is the difference in performance between co-sponsored, co-underwrittten and post deal co-investments? Is there evidence of adverse selection and negative selection bias? Are LPs choosing the best deals out of those they are offered?

Presentation followed by interview

10:00 - 10:25 25 mins
Main agenda
Co-investments and the LP/GP & LP/LP relationship
  • Moderator Colin Burrow - Senior Investment Manager, Aberdeen Asset Management
  • Panellists Erik Nobel - Investment Director, Sixth Swedish National Pension Fund
  • Luiz Felipe Andrade - Partner, Pragma Patrimonio
  • Iain Leigh - Managing Director, Global Private Equity, APG Asset Management US Inc.

What is the impact of co-investing on LP/GP relations? Examining the trend towards GPs charging fees and carried interest: what are LPs’ reactions to this and how can conflicts of interest be overcome?

10:25 - 10:50 25 mins
Main agenda
Co-investments: GPs speak out
  • Moderator Nick Warmingham - Investment Director, Cambridge Associates
  • Panellists Carl Nauckhoff - Senior Principal, Head of Investor Relations, Investindustrial
  • Ivan Massonnat - Partner, PAI Partners
  • Laura Coquis - Partner, Head of Investor Relations Management, BC Partners

Why do GPs co-invest? What value do LPs bring to the table in co-investment deals and what other sources of equity capital are they competing with? How are GPs managing the increasing demand for co-investments from their LPs and how do they decide which co-investment deals to offer to which LPs? How have recent SEC investigations impacted this process?

10:50 - 11:10 20 mins
Main agenda
Morning coffee
11:10 - 11:30 20 mins
Main agenda
Fireside chat: international best practice in building a co-investment programme
  • Interviewee Simon Marc - Managing Director, Private Equity, PSP Investments
  • Interviewer Mark C. Boyle, Industry Veteran

How do you ensure you have the deal flow and capacity to generate a diversified co-investment portfolio? What are the risks inherent in a co-investment programme and how are these best managed? What does a diversified portfolio of co-investments look like and how do you deal with volatility?

11:30 - 12:00 30 mins
Main agenda
Accessing co-investment deals
  • Moderator Mei Friedman - Managing Director of PE Fund and Direct Investments, BlackRock
  • Panellists Kevin McDowell - Senior Principal, Alberta Teachers' Retirement Fund
  • Morgan McCormick - Managing Director, OPTrust Private Markets Group
  • Richard Damming - Senior Investment Manager, Schroder Adveq

LP perspectives why are you only seeing post-deal opportunities? What do LPs need to demonstrate in order to be offered co-sponsor deal flow?

12:00 - 12:20 20 mins
Main agenda
Data: co-investment in the mid-market: performance, portfolio perspective and pitfalls
  • David Smith - Managing Director, Co-head of Co-investment, Capital Dynamics
12:20 - 12:50 30 mins
Main agenda
Co-investments in the lower mid market
  • Moderator David Smith - Managing Director, Co-head of Co-investment, Capital Dynamics
  • Panellists Viktor Speckinger - Partner - Private Equity, Akina Ltd.
  • Miguel Zurita - Managing Partner & Co-Chief Investment Officer, Altamar Capital Partners
  • Roberto Pilotto - Founder, The Blue Rider

With pressure on fund size, how is the opportunity set for mid market co-investments evolving? How attractive is this segment and how does it differ from larger deals?

12:50 - 13:50 60 mins
Main agenda
13:50 - 14:50 60 mins
Closed door boardroom session
All LPs are equal, but some are more equal than others. No Press
  • Leaders Erik Nobel - Investment Director, Sixth Swedish National Pension Fund
  • Allen MacDonell - Managing Director, Teacher Retirement System of Texas
  • Kevin McDowell - Senior Principal, Alberta Teachers' Retirement Fund

No Press.  Closed door boardroom session: no pre-registration required. First come first served. Spaces are limited!  Run strictly under the Chatham House rule, what is said in this closed-door discussion cannot be attributed to any individual, encouraging participants to speak more openly on the topics that really matter.  

  • How are GPs managing their fiduciary duty to the fund and the co-investment partner? How do they manage issues around governance and alignment & what happens when things go wrong?
  • How are terms, conditions and fees being structured in co-investment deals? What new trends are we seeing? To what extent are GPs ratcheting up the economics? To what extent do LPs demonstrate an entitlement mentality?
  • Competition from LPs: As more LPs are going direct, how does this impact the private equity industry?
  • What happens if co-investors need to liquidate their positions?
  • What happens in a downturn? How well prepared are co-investment partners for losses and write-downs? What lessons can be learned from previous cycles?                
14:50 - 14:50 0 mins
Main agenda
Close of SuperInvestor 2017