Institutional Investing in Venture Capital and Private Equity

Offering Date: TBD

Seminar Topics

Keynote Address:
The Performance and Outlook for Institutional Alternative Investments, Venture Capital and Private Equity

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Hal Strong, CEO, Frank Russell Capital, Tacoma, WA Hal Strong will present his outlook based on Frank Russell Capital's global private equity longtime presence and experience in private equity investment. Mr. Strong's presentation will include insights gathered from the recently published 2002 Frank Russell-Goldman Sachs Survey of Public Pension Funds Alternative Investment Performance and Outlook, with comparisons back to 1992.

The Outlook for Alternative Investments, Venture Capital and Private Equity From the Viewpoint of International and U.S. Public Pension Funds, and Corporate Investors

•	David Rogers, Vice President, Merchant Banking & Private Placements, Ontario Municipal Employees Retirement System, Toronto, Ontario, Canada David Rogers will address the experience and global investment outlook from the unique viewpoint of a non-U.S. institutional investor, the Ontario Municipal Employees Retirement System, one of Canada's largest institutional investment pool.
•	David Turner, Administrator, Alternative Investments Division, State of Michigan Employees Retirement System David Turner will discuss the experience and outlook of one of the largest investment pools in the U.S., the State of Michigan Employees Retirement System, a leading U.S. public employee retirement system investment pools.
•	Dennis Merens, Director, Corporate Venture Capital, New Businesses, Dow Chemical Company Dennis Merens will present the recent experience and current outlook of Dow Chemical Company, one of the largest corporate direct and portfolio investment pools in the U.S.

New Directions in Venture Capital

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Bob Bozeman, General Partner, SV Angels and Genesis Capital, Palo Alto, CA Bob Bozeman, a highly successful early-stage venture capital investor, will address the changes in the venture capital and private equity businesses which are being brought about by the prolonged slump in global equity markets. These changes concern direct and intermediated investment and the structuring and compensation bases of funds and individual deals.

The Secondary Investment Market: Current Conditions and Outlook

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Brett Gordon, Vice President, HarbourVest Partners, LLC, Boston, MA As the venture capital and private equity markets have changed and churned, transactions in institutional investment positions have become more strategically significant and more complex. Mr. Gordon brings the long secondary market experience of HarbourVest Partners, LLC to bear on the issues involved and a presentation on the characteristics, volume and complexities of the secondary market today and going forward.

Private Investment in Public Equities (PIPE) Market: Fundamentals, Conditions and Outlook

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Brian M. Overstreet, Co-Founder and President, Direct Placement Inc. San Diego, CA Investment in PIPE transactions has become one of the most novel and significant breakthrough in private equity in recent years. Mr. Overstreet, co-founder of DirectPlacements, Inc., will present a detailed analysis of this rapidly growing market. In his outlook, he will demonstrate why PIPEs are expected to become a permanently significant asset class for alternative investors and intermediaries.

Timber Investments in the Alternative Investments Portfolio

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Peter Mertz, Managing Director, UBS Timber Investors, New York, NY Institutional investors have at their disposal a variety of asset classes which come under the heading "Alternative Investments" and which compete with private equity for institutional investment funds. Peter Mertz, Managing Director, UBS Timber Investors, is focused upon one of these - timber investments - and in his presentation will show the investment record of strategic timber investments over the years.

New Tools for Managing and Measuring Private Equity Performance

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Susan Woodward, Founder and CEO, Sand Hill Econometrics, Inc., Menlo Park, CA Susan Woodward, Founder and CEO, Sand Hill Econometrics, Inc., is former Chief Economist of the S.E.C. In her presentation, she will demonstrate econometrics-based methods she has developed through her company for determining risk-adjusted valuation measurement of private equity investments and portfolios and tracking them through the use of the Sand Hill Index of Private Equity Returns.

Quantitative Methods for Analyzing Investment Agreement Structures

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David Brophy and Michael Haessler, University of Michigan David Brophy and Michael Haessler will present options-based approaches to the valuation of structural covenants in investment contracts used in investment agreements for private equity investments and funds. These investment valuation tools have been developed in research carried on through the Center for Venture Capital and Private Equity.

Please contact the Center at 734-936-3528 for more information or e-mail us at CVPUMBS1@umich.edu.

 
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