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The secondary market began in the 1980s as a method to provide liquidity to investors in illiquid private equity, and other pools of alternative assets. Secondary funds build exposure to illiquid portfolios by acquiring existing positions in single funds or a portfolio of funds from limited partners (“LPs”) seeking early liquidity often at a discount to recent valuations. Investors use these funds to rapidly build up exposure to diversified, seasoned positions in private equity and other alternatives with, potentially, shorter duration and lower correlation to investors’ existing portfolios.
Secondary funds cover traditional private equity, venture capital and hedge fund structures and more esoteric illiquid investments such as private debt, music royalties, and direct / co-investments. They may also cover innovative and complex strategies including GP-led transactions, preferred instruments and fund restructurings.
4:30 PM | REGISTRATION & CHECK IN
5:00 PM | OPENING REMARKS
Stephan Connelly, CFA, Director, Star Mountain
5:05 PM | GP PANEL DISCUSSION
Leor Landa, Partner, Davis Polk’s Investment Management/Private Funds Group
Eric Foran, CFA, Partner, Coller Capital
Barry Griffiths, Ph.D., CFA, Partner & Head of Quantitative Research, Landmark Partners
Brett Hickey, Founder & CEO, Star Mountain Capital
Cari Lodge, Managing Director, Commonfund Capital
Victor Wu, Partner, Lexington Partners
5:50 PM | Q&A
6:00 PM | LP PANEL DISCUSSION
Introduced by: Anna Sembos,PhD, CFA, Senior Consultant at CIFC Asset Management
Michael Catts, Managing Director, Evercore
Sander Doucette, CFA, Director of Investments, Hamilton College
Jeremy Klepner, Vice President, Jasper Ridge Partners
Michael Nelson, CFA, CIO, Eagle Bay
6:45 PM | Q&A
6:55 PM | CLOSING REMARKS
Todd Eklund, CFA, CAIA, Co-Chair, Alternative Investments Group
7:00 PM | NETWORKING & CATERED RECEPTION
- Understand the rise of interest in secondaries.
- Understand how asset owners use secondaries to rebalance and optimize returns.
- Understand how secondary managers are finding opportunities in a maturing market by use of size and scale as well as innovative and differentiated strategies.
- Learn about new innovations in the secondary market which have the potential to disrupt and shift the market over the next few years.