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2011 Conference programme - Wednesday 13 April 2011
09.00 Opening remarks from conference chair
Mark Kenderdine-Davies, general counsel and company secretary, CDC Group
09.10 AIFM - ‘Beyond theory' - A look at the practical implications of the directive
With the final text of the Alternative Investment Fund Managers directive now confirmed it is important to look at what the day-to-day implications are for private equity lawyers. Regarded by its many critics as overly politicised and poorly drafted, this directive will be heavily reliant upon ‘level 2' implementation measures. This session will give an insight into how the directive should function in practice and advice on operating under it.
Birdget Barker, partner, Macfarlanes
Frances Watson, Guernsey advocate, speaking on behalf of Guernsey Finance
09.40 US regulation (Dodd-Frank, SEC Registration) - application in tandem with European reform
With the Dodd-Frank Act due to come into force in the US in July 2011, understanding its scope and application is essential. This session will offer advice on how firms affected by both US and European regulation can best handle such a burden. After the US treasury raised concerns over European protectionism, opinions on the feared US ‘backlash', in response to such tendencies, will also be explored.
Stephanie Biggs, partner, Kirkland & Ellis
10.10 Expert panel: Regulator aims and political pressures - sponsored by Ogier
The private equity industry continues to be the focus of intense political scrutiny across the globe. Is increased regulation going to take the fun of out of trying to create value? Will regulation of private equity managers mean less investor due diligence? What will professional investors get out of regulation - peace of mind or increased cost? We examine what it is regulators are actually seeking to achieve and what they perceive their role to be within the industry.
David Barnes, partner, Deloitte
Clive Chaplin, non-executive chair, Ogier
Mark Geday, partner, Herbert Smith
Ian Johnson, tax partner, Ashurst
11.30 Interactive focus groups
A: A look at limited/general partner relationships post financial crisis
The Institutional Limited Partners Association (ILPA) has issued new guidelines and the British Venture Capital Association (BVCA) has set up a new limited partner sub-committee. Is this a sign investors are starting to assert themselves in this market? What is the role of in-house counsel in creating and maintaining solid limited/general partner relationships? This session will offer insight into such questions.
Amyn Hassanally, principal, Coller Capital
Mark Kenderdine-Davies, general counsel and company secretary, CDC
John Daghlian, partner, O'Melveny & Myers
B: Director duties, conflicts of interest and corporate governance - sponsored by Ogier
Increasing scrutiny of private equity structures and a demand for transparency and accountability require those ultimately responsible for managing private equity investment vehicles to be at the top of their game. Employing suitably experienced and qualified decision-makers, adherence to procedures and clear documentation are now more important than ever. Experts in the management of private equity investment vehicles will discuss the requirement to manage private equity funds in a professional manner.
Jane Pearce, partner, Ogier Fiduciary Services
David Smith, managing director and co-head of co-investment, Capital Dynamics
C: Fund structuring for Middle Eastern investors
The Gulf region is a significant source of funds for private equity houses, even more so in a post recession market. Funds investing in compliance with Islamic law are increasingly looking beyond the Islamic world to explore global investment opportunities, gaining greater visibility across the globe. What are the key factors to consider with regard to emerging religious ethics in the Gulf and their interplay with investments? What role does the Shari'ah board play in a fund? How do you structure a deal using debt finance without being in conflict with Islamic law? This session will inform on such questions and other legal issues facing fund managers, with expert opinion, interactive audience discussion and case studies.
Daniel Greenaway, Partner , Pinsent Masons LLP
12.30 Practical and liability considerations for private equity under the new Bribery Act
No-one is refuting that the Bribery Act is a tough piece of legislation - but how will it affect the day-to-day activities of your firm? Could private equity firms face liability for the actions of portfolio companies? This session seeks to answer such questions and also offer advice on how best to mitigate against risks associated with this new legislation.
Neil Gerrard, Joint Global Head of the Litigation and Regulatory group, DLA Piper
13.00 Lunch
14.00 Volcker Rule: impact, opportunity and deal flow
Banks are facing restrictions on their ability to invest in private equity funds under the Volcker Rule recently enacted in the United States, but what will be the real impact on PE businesses in the near and long term? Whilst banks decide whether to keep or spin off their PE arms or curb their investments in PE funds, opportunities may arise for non-captive PE houses. This session will consider a range of areas of potential impact, such as competition within the PE industry, secondary trading in PE funds, deal flow and funding.
Seda Yalçınkaya, general counsel, Citi Venture Capital International
14.30 Expert panel: Private equity in emerging markets
Firms are keen to exploit emerging markets beyond BRIC states. This session looks towards central European, Asian, African, Latin American and Middle-Eastern markets where investor confidence and liquidity are more prevalent. Sourcing the views of experts in a variety of foreign markets, this panel will offer real life examples on the jurisdictional, cultural, political and practical problems in sourcing investment/investing in emerging markets.
Dana Denis-Smith, managing director, MarkerGlobal
Paul Owers, general counsel, Actis
Ian Stoodley, regional counsel-EMEA, Intel Capital
Alastair Vere-Nicoll, partner, Berkeley Energy
15.20 Fundraising
With at least 10 of Europe's largest buyout firms preparing to raise over £30bn in the next 18 months and investors becoming more upbeat, now is a critical time to understand the environment in which fund raising will now take place. What impact will regulatory reform have on fund raising capabilities? Will investor interest be coupled with that vital liquidity necessary for sourcing the cash? This session will offer advice on how best to approach fundraising in these still volatile times and how to gain momentum to achieve a successful first closing.
Jason Glover, partner, Simpson Thacher & Bartlett
John Daghlian, partner, O'Melveny & Myers
16.10 Exits - technique and timing in turbulent times
With exits in a variety of forms on the increase it is important to consider where the liquidity and cash is coming from to facilitate such deals. With the initial public offering (IPO) window starting to open and trade sales on the increase, this session will offer advice on, and examples of, pulling off the perfect exit and maximising returns.
Richard Perris, legal director, CVC Group
Abrielle Rosenthal, general counsel, TowerBrook
16.40 Non-legal keynote - An assessment of private equity today
Jon Moulton, founder and managing director, Better Capital
17.15 Closing remarks from chair
Mark Kenderdine-Davies, general counsel and company secretary, CDC Group
HOW TO BOOK
To reserve your place at the Legal Week Private Equity Forum 2011, download the fax booking form or call Jasmin Sangha on +44 (0)20 7004 7560 or email legalweekconference@incisivemedia.com
