Alternative Investments, Virtual Events & Programming

Second Annual Secondaries Outlook

October 14, 2020 | 2:30 PM - 5:20 PM

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Overview

The secondary market began in the 1980’s 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 in these secondary funds find this dynamic attractive as a method to rapidly build up exposure to seasoned positions in private equity and other alternatives in a highly diversified manner all while potentially exhibiting shorter duration and low correlation to their existing portfolio.

This market has grown and matured at a shocking pace over the past few decades to now be considered a differentiated investment strategy for investors as well as a regular portfolio management tool to rebalance alternatives exposures and either reallocate proceeds into newer fund vintages or lock in realized gains. Originally viewed as a nascent industry only needed during periods of distress and significant market volatility, it has grown into a more institutionalized market covering generally every alternative category. Today’s secondaries transactions cover more traditional private equity, venture capital and hedge fund structures as well as more esoteric illiquid investments such as private debt, music royalties, and direct / co-investments. As the secondary industry and market have grown significantly in size, so have the use of innovative and complex strategies employed by various participants to provide new flavors of exposure including GP led transactions, preferred instruments and fund restructuring.

Agenda

2:30 PM | OPENING REMARKS

Stephan Connelly, CFA, Director, Star Mountain Capital, LLC

2:35 PM | PANEL 1 : PERSPECTIVE ON SECONDARIES FROM THE LP/ALLOCATOR/ CONSULTANT STANDPOINT

Moderator

Darren Schluter, Principal, PJT Partners

Panelists

Karim Ahamed, CFA, Partner & Investment Advisor, Cerity Partners

Shane Kokitus, CFA, Investment Associate, Franklin Park LLC

Abraham Tiamiyu, Principal, Portfolio Manager (Secondaries), APG

Bill Thatcher, CFA, CAIA, Portfolio Manager, AZ Public Safety Personnel Retirement System

3:25 PM | Q&A

3:35 PM | BREAK

3:45 PM | PANEL 2: PERSPECTIVE ON SECONDARIES FROM THE GP / BUYER STANDPOINT

Moderator

Andrew Gulotta, Managing Director, Sixpoint Partners 

Panelists

Brett Hickey, Founder & CEO, Star Mountain Capital

Rikesh Mohandoss, Managing Director, Glendower Capital

Michael Skelly, Vice President, Lexington Partners

Derek Snyder, Managing Director, Altamar Capital Partners

4:20 PM | Q&A

4:35 PM |  CLOSING REMARKS & ADJOURNMENT

Thomas Brigandi, CFA, Chair – Board of Directors, CFA Society New York; Founder, Asset Owner Series

4:40 PM | VIRTUAL COCKTAILS

Additional Details

Learning Outcomes

  • Understand the meteoric rise of interest in secondaries.
  • Understand how asset owners are approaching the secondary market either as a tool for portfolio rebalancing or return optimization in addition to investing in secondary managers to generate attractive returns in a seemingly uncorrelated manner.
  • 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.

Sponsorship Overview

For over 80 years, CFA Society New York—formerly known as New York Society of Security Analysts (NYSSA)—has been a leading forum for the exchange of information among investment professionals. Our mission is to raise standards of practice in the industry for the ultimate benefit of society. Towards that goal, CFA Society New York content is curated by volunteer practitioner interest groups that strive to shape the future of the industry. A bold line exists between the financial support by organizations to maintain the quality of our programming and the selection of speakers who contribute to dialogue in our community. To that end, a ceaseless commitment to transparency is something we consider foundational to our cause.

Please be advised of the following information related to Society sponsorship and support:

Through financial support and other means of in-kind support, each event sponsor, event partner, event co-host and organizational partner of CFA Society New York plays a valuable role in the furtherance of the range of forward-thinking initiatives that underpin the Society’s values, and toward our mission to deliver Society content and programming of the highest quality and standard.

CFA Society New York thanks all of its sponsors, event-related affiliates and organizational partners for helping us continue to shape the conversation of the investment community.

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CFA Society New York, Inc. (“CFA NY”) is not a Registered Investment Advisor, Broker/Dealer, Financial Analyst, Financial Bank, Securities Broker, or Financial Planner. While CFA NY seeks to present accurate and reliable information, CFA Society New York does not endorse, approve, or certify such information, nor does it warrant or guarantee the accuracy, completeness, efficacy, timeliness, or fitness of such information for any particular purpose. Information presented may or may not be current as of the date of the presentation, and CFA Society New York has no duty to update and maintain the information, reports, or statements made during events.

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