Co-investment forum - Direct Opportunities in Private Capital
Co-Investment Forum DIreCt opportunItIes For prIvate CapItal Melbourne 8 aPril 2011 hilTon on The Park early birD 18 MarCh 2011 Private capital perspectives on co-investing Triumphs and horror stories Club deals vs institutional co-investment Private equity, property and other opportunities The X-factor – sources of deal flow Dis-intermediation – a global trend?
AGENDA IFM have been involved in co- investments in very large deals for Real estate co-investments – lessons and opportunities9.00am some time, and are now looking at using their expertise for deals of all Anthony Kingsley, Morgan Stanley sizes working with private investors Smith BarneyWHAT DOES “CO- as well as institutions.INVESTMENT” REALLY Anthony has significant experience inMEAN? : DEFINITION Australia and around Asia in real estateAND BACKGROUND 10.15am investments, and has worked on large property co-investments with privateAs Co-Investments become more Coffee capital co-investing alongside.popular and more widely available toprivate investors, it is helpful to review PANEL OF JUDGESwhere the concept came from and what 10.45am A panel of investors and theirits original purpose was. representatives will cast a critical THE X FACTOR –For the purposes of this meeting we eye over these presentations, ask THE DEAL FLOW questions and make judgements.also need an agreed definition of Co-investment, which will be laid out in This session will look at a series ofthis session. co-investment projects and where they have been sourced from. We will 12.00pm• History of Co-Investment deals profile a series of hypothetical and• Different Co-Investment structures THE DEVIL IS IN THE real cases and questions will be tabled (alongside funds, direct club deals from our panel of investors and asset DETAIL, ALWAYS… and syndicates) consultants. • A critical look at Co-Investment rights and responsibilities• Asset classes suited to co-investment SHORT PRESENTATIONS (and those that are not) Speaker tbc• Our definition of co-investment for Recent global co-investment this forum case studies in technology and mediaTony Berg AM, Director,Gresham Partners Rajeev Natarajan, Executive Director, Goldman SachsTony Berg is a director of GreshamPartners and Chairman of Gresham Raj has worked on multiple co-Property. Tony has a long history in investment deals for Goldmans duringAustralian business and finance, his tenure there, including recently aincluding being the first CEO of very high profile and complex globalMacquarie Bank (1985-1994) and co-investment deal.CEO of Boral Ltd. (1994-2000). Global family office co-investments9.30am 12.15pm Fintan Maher, Macquarie Private BankWHY AND HOW TO Lunch Fintan spent 8 years managing theCO-INVEST? growth of a large family office basedThis session will focus on two questions in Ireland. During that time the familyand will address each one separately. increasingly focused on largeFirstly, we will discuss the pros and co-investments with other familycons of coinvesting, reflecting on offices around the globe.not only the characteristics of thedeals, but also the investors who Co-investments into SMEs –undertake them. Secondly, we will triumphs and disastersdiscuss the key aspects of undertaking Greg Smith, Champ Venturesco-investments from deal sourcing,to due diligence, to investment, to Greg is a senior participant in themonitoring and then finally to exit. Australian private equity scene and is developing co-investment opportunitiesWayne Phillips,Investment Director, IFM for clients on both sides.
thanK You1.30pm 2.40 pm We would like to thank the followingfaMilY office coffee individuals and organisations for theirperspective: hoW assistance in organising this forum:far shoulD We 3.00pm River Capital, Gresham Partners, Myer Family Company, Industry FundsDisinterMeDiate? Management, Champ Ventures,• Are club deals the best way for social investMent Morgan Stanley Smith Barney, family offices to invest? case stuDY Mathew Jeremy of Caravel Consulting Services, Goldman Sachs and many• How much in-house expertise do Increasingly, philanthropically minded others who have assisted in the we need? private investors are engaging in co- production of this event. investments into social enterprises and • Institutional co-investing – does it other activities with social impact. suit family offices? about this foruM• What about property? 3.25pm Dealers’ Groupspeaker tbc the Deal floW #2: Dealers’ Group is a multi-disciplinary Where are the next membership group for family offices1.50pm co-investMent and their key advisers. We facilitate the sharing of knowledge and insightsfaMilY offices: lessons opportunities through a network of peers.froM co-investinG coMinG froM? There is limited space available at thisOur panel of private investors share In this session we invite all participants forum and a number of places aretheir own stories and lessons learned to submit co-investment opportunities reserved for large family offices andfrom successful and less successful in advance of this forum. We will review other Dealers’ Group members. Weco-investment deals. the deals and present a selection of apologise in advance if we are unable them, with names changed if preferred. to accommodate your attendance.• Club deals versus private equity fund Attendees will have the opportunity to co-investments Dealers’ Group ask questions directly or anonymously. MeMbership• Change in environment for illiquid investments post-GFC benefits incluDe: 4.00pm preferred pricing:• Difficulty of competing for deals where there are institutions also sesion tbc Discounted attendance to all events bidding private client adviser newsletter: Technical monthly newsletter• All Family Offices want to pick and choose but with different structures; 4.30pm Dealers’ Group website access: private investors are no longer happy Drinks and canapés Access to papers, research, to invest in a “cash box” unless it’s a presentations and audio files REALLY special manager Webinars:• Stick to areas where you have Monthly webinars direct to your some knowledge or competence desktop private lunch meetings:• The need for direct holdings and Held quarterly in each state adequate control trusted adviser peer exchange• Are pooled unit trusts for illiquid programme: assets dead? Is an active learning program for advisors to wealthy families, familybarry carp, Managing Director, offices and high net worth individualsriver capital Membership is open to familypeter hodgson, ceo, offices and their key advisers.Myer family company For more information contactbyron Ko, alter Ruth McKenzie on 02 9555 4203 or firstname.lastname@example.org
to RegisteR R egistRation FoRmWeb www.dealersgroup.com.auFax 02 9810 6746 yes, please RegisteR memail Dealers’ Group 212A Darling Street melbourne 8 April 2011 Balmain NSW 2041 eaRly biRd Rate – book & Pay before 18 march 2011enquiRies Dealers Group Members $ 695 + GST = $764.50 Single registration $ 795 + GST = $874.50RegistRationsZaf makdum Table of 4 $2300 + GST = $ 2530Tel 02 9555 4203 Table of 8 $4000 + GST = $ email@example.com membership is open to private client advisers & family offices only. i am interested in becoming a member of Dealers’ Group.membeRshipRuth mcKenzie standaRd Rate – book & Pay after 18 march 2011Tel 02 9555 firstname.lastname@example.org Dealers Group Members $ 795 + GST = $874.50 Single registration $ 895 + GST = $984.50sponsoRship Table of 4 $3300 + GST = $ 3630Kate Radcliffe Table of 8 $5000 + GST = $ 5500Tel 0418 513 email@example.com please completeVenue Mr/Ms/Miss Given Nameshilton on the park, melbourne192 Wellington parade SurnameMelbourne ViC 3002Tel 03 9419 2000 Company/Organisation position Address City postcode phone Fax Email method of payment Cheque – please make cheque payable to Dealers’ Group pty ltd Book and pay securely online by credit card using paypal at www.dealersgroup.com.au Visa MasterCard AMEX Name of cardholder Card Number Expiry date / Signature Total $ Delegates will receive an email confirmation letter and tax receipt once registered. i am interested in future Dealers’ Group events i do NOT wish to have my details made available to other organisations cancellation policy Should you be unable to attend a substitute delegate is always welcome at no extra cost. Alternatively a full refund, minus 50% (incl. GST) service charge will be made for cancellations received in writing up to one month prior to the event. regrettably, no refund will be given for cancellations received later than one month prior to the event. However, a full credit note will be issued.the Dealers’ Groups reserves the right to privacy The information you have given will be recorded in our delegate database. Dealers’ Group may also sharechange the programme without notice. this information with our event partners. please tick the appropriate box if you DO NOT wish to receive furtherabN 78 117 870 943 correspondence.