2023 AIF Institute Private Capital Investing Symposium
November 9 | One Vanderbilt | New York City
On behalf of AIF Global, we hope you will join us for the inaugural AIF Institute Center for Private Capital Investing (PCI Center) Symposium to be held on November 9th, 2023 in New York City. This in-person Symposium will bring together esteemed academic board members, key asset owners, and faculty member firms to discuss important themes and trends in private equity, real assets, and private credit in-depth.
The PCI Center is the perfect complement to AIF’s traditional, roundtable asset class discussions. It enables AIF to follow the themes discussed at AIF Forums to their natural conclusions. It also informs the agendas of AIF’s roundtable discussions. It serves as a continuous, free resource to institutional asset owners who wish to share ideas with their peers or otherwise seek to access the subject matter expertise of the AIF community.
Agenda at a Glance
Thursday, November 9
8:00–8:30 a.m.
Registration and Continental Breakfast
8:30–8:45 a.m.
Welcome & Symposium Overview
Presenters:
- Andrew Messer, Executive Director, AIF Global and the AIF Institute
- Melissa Waller, President, AIF Global and the AIF Institute
8:45–9:30 a.m.
The Evolving Role of Private Capital in Portfolios
Presenters:
Randy Cohen, Senior Lecturer, Harvard Business School
- André Perold, George Gund Professor of Finance, Emeritus, Harvard Business School and Founder, Managing Partner and CIO, HighVista Strategies
9:45–10:45 a.m.
Research Overview and Panel Discussion: Seeing the Future? Modeling Cash Flows in Private Markets
Presenter:
- Josh Lerner, Ph.D., Jacob H. Schiff Professor of Investment Banking, Harvard Business School
Panelists:
- Michael Elio, Partner, StepStone Group
- Steve Moseley, Managing Director, Wafra
- Michael Skelly, Principal, Lexington Partners
11:00 a.m.–12:00 p.m.
The Growth of Private Credit in Institutional Portfolios Post GFC
Primer and Moderator:
- Patrick Adelsbach, Co-Head of Advisory Americas, Aksia
Panelists:
Elizabeth Caldas, Senior Investment Officer, Credit & Opportunistic/ARS, New York State Common Retirement Fund
Jana Markowitcz, Partner, COO of US Direct Lending, Ares Management
12:00–1:00 p.m.
Luncheon
1:00–2:00 p.m.
Panel Discussion: Practitioners’ Perspective on the Present and Future of Private Credit in Institutional Portfolios
Moderator:
- Richard Grimm, Managing Director, Cambridge Associates
Panelists:
- Chris Hentemann, Managing Partner and CIO, 400 Capital Management
- Mark Jenkins, Managing Director, Head of Global Credit, The Carlyle Group
- Jay Ramakrishnan, MD, Head of Originations, AB Private Credit Investors
- Tina Suo, Head of Alternative Credit, New York City Retirement System, Office of the New York City Comptroller
2:15–2:30 p.m.
Primer: The Role of Real Assets in Institutional Portfolios
- Dominic Garcia, Chief Pension Investment Strategist, CBRE Investment Management and former CIO, New Mexico Public Employees Retirement Association
2:30–3:15 p.m.
Panel Discussion: The Role of Real Assets in Institutional Portfolios - Real Estate Equity
Moderator:
- Dev Subhash, Partner, StepStone Group
Panelists:
- Peter Braffman, Managing Director, Real Estate Investments, GCM Grosvenor
- Danita Johnson, Managing Director- Real Assets, Maryland State Retirement and Pension System
3:30–4:15 p.m.
Panel Discussion: The Role of Real Assets in Institutional Portfolios–Infrastructure Equity
Moderator:
- Lars Pace, Principal, Real Assets Investments, Hamilton Lane
Panelists:
- James Celestine, Director of Real Assets, New York State Common Retirement Fund, New York State Office of the State Comptroller
- Jeff DeBlock, Managing Director, CBRE Investment Management
- Luke Taylor, Senior Managing Director, Co-COO, Stonepeak
4:30–5:30 p.m.
Research Overview and Panel Discussion: How Do Returns (and Risk) Change as Private Equity Funds Get Larger?
Presenter:
- Tim Jenkinson, Professor of Finance, Said Business School, University of Oxford
Panelists:
- TJ Carlson, CIO, Missouri State Employees’ Retirement System (MOSERS)
- Dominic Garcia, Chief Pension Investment Strategist, CBRE Investment Management and former CIO, New Mexico Public Employees Retirement Association
- Perry Golkin, Trustee, University of Pennsylvania
5:30–6:30 p.m.
Closing Remarks and Reception
2023 AIF Institute Private Capital Investing Symposium Faculty and Participants
Investor, Consultant and Finance Academic Participants
Alaska Permanent Retirement Fund Corporation
Gabrielle Rubenstein, Vice Chair, Board of Directors
Aksia
Patrick Adelsbach, Partner
American Equity Investment Life
Ashok Vishnubhakta, Head of Middle Market
Arch Capital
Shanshan Qian, Vice President
Cambridge Associates
Richard Grimm, Managing Director
Dan Lax, Investment Director
Nicholas Youngberg, Investment Analyst
Drexel University
Catherine Ulozas, CIO
Hamilton Lane
Lars Pace, Principal
Harvard Business School
Randy Cohen, Senior Lecturer
Josh Lerner, Ph.D., Jacob H. Schiff Professor of Investment Banking and Chair, AIF Advisory Boards
Maryland State Retirement and Pension System
Danita Johnson, Managing Director-Real Assets
Minnesota State Board of Investment
Samir Zahar, Senior Investment Analyst, Private Markets
Missouri State Employees Retirement System
TJ Carlson, CIO
New Jersey Division of Investment
Kevin Higgins, Head of Real Estate
New York City Retirement System
Tina Suo, Head of Alternative Credit
New York State Common Retirement Fund
Elizabeth Caldas, Senior Investment Officer, Credit & Opportunistic/ARS
James Celestine, Director of Real Assets
StepStone
Michael Elio, Partner
Dev Subhash, Partner
University of Oxford
Tim Jenkinson, Professor of Finance, Said Business School
University of Pennsylvania
Perry Golkin, Trustee
Wafra (investing for the Public Institution for Social Security of Kuwait)
Steve Moseley, Managing Director
Willett Advisors
Jeffrey Saret, Managing Director
