Conference Program

Lunch

Keynote Address

Professor David Swensen
CIO
Yale University Endowment Fund

Managing Yale's Endowment

Download Audio recording from David's Presentation:
  Click here (6.43mb Windows Media Player 9+)

15.45

Awards Presentation

The Hon Mal Brough MP
Minister for Revenue and Assistant Treasurer
Liberal Party of Australia

Click here to view award winners for 2005

16.15

Institutional Investor Panel Discussion

Download panel discussion points:
  Click here (136kb PowerPoint 2003+)

Moderator:
Urs Wietlisbach Co-Chairman Partners Group
Panellists:
Professor David Swensen CIO Yale University Endowment Fund	Ivan Vercoutere Partner LGT
Stephen M Merlicek Chief Investment Officer TelstraSuper	Jens Bisgaard-Frantzen Managing Partner ATP Private Equity
Anders Stromblad Second Swedish National Pension Fund

Private Equity & Venture Capital:

Return expectations for venture & buyout in mature markets.

• Will weight of money drive down returns?
• Where can the investor expect to get best returns?

How can new investors get access?

• FoF / Advisor? Is access overplayed?
• What are investment options other than private equity funds, such as listed private equity, secondaries and direct investments?

How to achieve consistent and optimized returns?

• How to best minimize the cash dilution and manage level of investments?
• What is the role of asset allocation/top-down strategy vs bottom-up partnership picking?

Are terms getting more investor-friendly?

• What terms & conditions do institutional investors represented on the panel look out for, & what are "deal killers"?

Trends and developments in the area of transparency and corporate governance:

• What is the impact of the latest "New Games" such as mega buyouts in the US?
• Are LPs happy with the new International VC & PE Valuation Guidelines?

Convergence of Hedge funds and Private Equity:

• How much convergence has already happened?
• Are hedge funds taking over portions of the private equity game?
• Have panelists changed their investment strategy in response to these trends?

7.45

Australian & Global Economic Outlook

Moderator:

Vinod Muthanna
Westpac Institutional Bank

Bill Evans
Global Head of Economics
Westpac

Download Bill's PowerPoint presentation:
  Click here (1.8mb PowerPoint 2003+)

Download Audio recording from Bill's Presentation:
  Click here (1.04mb Windows Media Player 9+)

(hot breakfast served from 7.45 - 8.00am. Presentation starts at 7.55am)

9.00

Construction of a private equity program from an LP's perspective

Colin Maltby
Head of Investments
BP Investment Management

9.20

9.35

Partnership Issues

Download the Partnership Issues PowerPoint presentation:
  Click here (129kb PowerPoint 2003+)

Download Audio recording from the Panel Presentation:
  Click here (3.44mb Windows Media Player 9+)

Moderator:
Quentin Jones Executive Director Equity Partners
Panellists:
Colin Maltby Head of Investments BP Investment Management	Ovidio Iglesias Wilshire Australia
Ivan Vercoutere Partner LGT	Fred Middleton Managing Director  Sanderling

Captives vs Independents – do LPs have a preference?

• When does a captive work – what do the GPs and the LPs need to get out of the structure?
• When is a first fund not a first fund? Who backs first funds?

The House vs the Individuals – issues for LPs:

• What/who are the LPs backing?
• What do they like to see in succession plans? Transition period? % ownership.
• Team stability – how much of an issue is this?
• Has the current team proved up in all cycles?
• Can the old guns who have had success repeat it, and are they still hungry enough?

Transfer of “Goodwill”

• Is there any, or is the house just a “platform”? (eg if the GP’s can raise a fund without a departing GP, then does that departing GP have a right to any goodwill?)
• Examples of effective transition – who and why?

Morning Tea

Early Stage Breakout

Download the Early Stage Breakout Presentation:
  Click here (296kb PowerPoint 2003+)

Download Audio recording from the Panel Presentation:
  Click here (11.50mb Windows Media Player 9+)

Moderator:
Brigitte Smith Managing Director GBS Ventures
Panellists:
Phillip Wing  Partner  Technology Venture Partners	Anthony Clarke Managing Director London Business Angels
Fred Middleton Managing Director  Sanderling	Greg Sands Managing Director Sutter Hill
David Douglass GP Delphi Ventures

How do firms make a transition as they develop from small seed stage managers to managers with much larger funds under management?

• Do you change the way you invest?
• How much do you plan to invest per company, and how much do you put into the first round of funding?
• How much of a factor does market structure play?
• What can growing Australian managers learn from the US experience

Angel Investing

• How is the role of Angel investors changing?
• How do you make money as a seed investor as the gap between seed investing and mature venture managers grows?
• What can early stage Australian managers learn from the UK experience?

Venture Capital Business Models in 2005

• Are today’s managers looking for a couple of “fund making” investments and a high rate of write offs, or a more even return profile?
• How much of a role does portfolio construction play in your investment decision making
• What can Australian (ICT) managers learn from today’s US market?

Where are the exits coming from?

• Are US VC’s investing in the IPO rounds of their portfolio companies?
• Is an IPO an exit, or a funding mechanism?
• What can Australian (life science) managers learn from today’s US market?

Early Stage Lunch

(Casual buffet poolside)

MBO Luncheon Address

Brad Stanius
Gravograph-Technifor Group

Lessons from a Private Equity CEO

Download Brad's PowerPoint presentation:
  Click here (144kb PowerPoint 2003+)

Afternoon Tea & Meet the speakers

Pre dinner cocktails

poolside with live entertainment

19.15-
23.00

AVCAL Annual Dinner

Guest Speaker:

Jost Stollmann
CEO
MoneySwitch

Download the Panel discussion PowerPoint slides:
  Click here (596kb PowerPoint 2003+)

7.30

AVCAL 2005 Golf Championship

18-Hole Ambrose Competition