Day One, March 4, 2008
The Roosevelt, New York | March 4 and 5, 2008
11:00 Registration and Networking Luncheon
1:00 Welcoming Remarks
- Jim Beecher, Publisher, Buyouts Magazine
1:10 State of the Market
- Gemma Postlethwaite, Vice President, Investment Banking and Private Equity, Thomson Financial
1:30 KEYNOTE ADDRESS:
- Alison Mass, Co-Head of Financial Sponsors Group, Goldman Sachs
Mass, who co-heads the financial sponsors advisory practice at Goldman Sachs, kicks off the conference with her firm’s view on our evolving industry. With the pace of mega deals slowing, and with the club deals on the wane, how does Goldman see the private equity industry responding, eager as it is to deploy its billions?Goldman, perennially atop advisory league tables, houses what could be the world’s most renowned M&A advisory team, and Mass is a 27-year investment banking veteran.
2:05 Panel 1: Limited Partner Roundtable
Limited partners discuss who's hot and who's not among GPs, talk terms and due diligence, and discuss what to expect in their returns as the LBO world descends from a few years of near perfect conditions. And while middle market firms haven’t been as impacted as their larger counterparts by debt difficulties, other issues loom.
Moderator:
- David Toll, Editor, Buyouts Magazine
Panelists:
- Monte Brem, Founder & CEO, StepStone Group
- Steve Costabile, Managing Director, Global Head of Private Equity Funds Group, AIG
- Scott Higbee, Partner, Partners Group
- Ross Posner, Associate Director, Allstate Investments
2:50 Networking Break
3:20 Panel 2: Middle Market Deals, Exits & Valuations
Smaller markets have outperformed mega markets over the long term. Why? Will it continue? Isn't the market overcrowded? How is this handful of small market experts sourcing deals? Panelists will tackle concerns like how to modify due diligence with a recession looming and how much cash firms should have in reserve for faltering companies.
Moderator:
- Josh Payne, Associate Editor, Buyouts Magazine
Panelists:
4:15 KEYNOTE INTERVIEW
- James Dondero, President, Highland Capital Management
The first of a pair of keynote talks on debt. Highland occupies a spot on the buy side as one of the largest owners of LBO debt in the world. Dondero will analyze the state of the capital markets and forecast what the next year holds. Interviewed by Tim Sifert, Senior Reporter, IFR.
4:55 KEYNOTE INTERVIEW
- Andrew O'Brien, Managing Director, Head Of North American Loan Capital Markets and Sales, J.P. Morgan Securities
Credit markets have melted down, stalling deals and crippling prospects for mega LBOs. Andrew O’Brien, head of one of Wall Street's most prolific debt dealers, paints a picture from the sell side of the debt markets as they are now. Interviewed by Tim Sifert, Senior Reporter, IFR.
5:30 Networking Cocktails
Day Two, March 5, 2008
8:00 ILPA hosted LP-only Breakfast
8:00 Breakfast
9:00 Opening Remarks
- Jim Beecher, Publisher, Buyouts Magazine
9:05 KEYNOTE INTERVIEW
- Bela Szigethy and Stewart Kohl, Co-CEOs, The Riverside Company
The Riverside Company is the undisputed king of the small markets. Shunning the standard trend of migrating from small to large with success, this LBO firm has camped out in the nether regions of the economy for two decades. It now has offices in Asia and throughout Europe, as well as $2 billion under management. Its two founders sit down for a joint interview on the art of the miniature, and how the firm is weathering a cloudier marketplace. Interviewed by Jeremy Harrell, Managing Editor, Buyouts Magazine.
9:40 Panel 3: Grave Dancers: Turnaround Investing In Our Troubled Times
The credit crunch over the summer gave a taste of grimmer times. These counter-cyclists are eager for the mayhem. A few expert restructuring artists and investors talk about building out the skills and strategies to survive when companies go bust.
Moderator:
- Erin Griffith, Associate Editor, Buyouts Magazine
Panelists:
- Karl Beinkampen, Portfolio Manager, Morgan Stanley Alternative Investment Partners
- Kevin Feinblum, Principal, Sun Capital Partners
- Raquel Palmer, Partner, KPS Capital
- Mark E. Toney, Managing Principal and Pracitce Co-Leader, Corporate Advisory and Restructuring Services, Grant Thornton LLP
10:15 Networking Break
10:45 Panel 4: New Kids On The Block: Spin-outs And Fundless Sponsors
Separation from the herd is a source of anxiety for some. These guys make their living that way. An investor, a fundless sponsor and a spinout chief talk about doing deals either without a high roman numeral on your fund name, or without a fund altogether.
Moderator:
- Josh Payne, Associate Editor, Buyouts Magazine
Panelists:
- Michael Carrazza, Founder and CEO, Solaia Capital Management
- Andrew Heyer, Founder, Mistral Equity Partners
- Kevin Kester, Managing Director, Siguler Guff & Co.
- David Nussbaum, Chairman of the Board, EarlyBirdCapital Management
- Douglas Ellenoff, Partner, Ellenoff Grossman & Schole
11:25 KEYNOTE INTERVIEW
- William Clark, Director, State Of New Jersey Division Of Investment
Clark represents one of the largest limited partners on East coast, overseeing the state's $92.8 billion in assets under management, a chunk of which backs LBO funds. Here, Clark talks about what kinds of funds he likes backing most, and how his own view of private equity markets have evolved since the downturn began over the summer. Interviewed by Mark Cecil, Events Editor, Buyouts Magazine.
12:00 Networking Lunch
1:00 Panel 5: The Great Debates
Carried interest, peaking multiples, executive compensation, returns: sharp minds and wits expound on the hot button issues du jour.
Moderator:
- Dan Primack, Founder, PEHub, Editor-at-Large, Buyouts Magazine
Panelists:
- Victor Fleischer, Professor, University of Illinois
- Stephen Lerner, Director, Service Employees International Union Private Equity Project
- Robert Stewart, Vice President, Public Affairs, Private Equity Council
- Carl Thoma, Founder, Thoma Cressey Bravo
1:45 Panel 6: Deal Financings
Where’s the money coming from? Are hedge funds still filling the gap traditional lenders left open? Meanwhile, a shakeout is underway among mid-market lenders. Who are GPs turning to now for the capital?
Moderator:
- Jeremy Harrell, Managing Editor, Buyouts Magazine
Panelists:
- Ivan Zinn, Founder, Atalaya Capital
- Steven Gruber, Managing Partner, Oak Hill Capital Partners
- William Hughes, Head of U.S. Loan Syndicate, Lehman Brothers
- Randy Schwimmer, Senior Managing Director, Head of Capital Markets, Churchill Financial
2:30 KEYNOTE ADRESS
- Tom Marshella, Managing Director, Moody's Investors Service
Pundits have predicted that the current era of low default rates could soon come to an abrupt end. Are they right? LBO firms have saddled companies with unprecedented levels of debt in the last few years. Will those companies collapse? Mr. Rowan, who heads up Moody’s Global Corporate Finance Group, weighs in on the “L” in LBO.
3:00 Networking Break
3:30 Panel 7: Where Do We Go From Here?
The proverbial 10,000 foot view. Big names answer big questions about a bigger and bigger LBO industry. Crystal balls required.
Moderator:
- Mark Cecil, Event Editor, Buyouts Magazine
Panelists:
- Tom Lister, Managing Director and Head of New York Office, Permira
- John Morris, Managing Director, HarbourVest
- Steve Owens, Managing Director, The Carlyle Group
- Nathan Sleeper, Partner, Clayton Dubilier & Rice
4:30 KEYNOTE ADDRESS
- Carl Icahn, Chairman, Icahn Enterprises, L.P.
One of the most celebrated investors of our time. A can't miss. Interviewed by Dan Primack, Founder, PEHub, Editor-at-Large, Buyouts Magazine. Thirty minute audience Q&A included.
5:30 Buyouts Awards Dinner Cocktails and Gaming Night
Co-sponsored by: 
7:00 Buyouts Annual Awards Dinner
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