Investor Dinner I 

Registration and breakfast snacks

Opening Speech*
Achim Pütz, Chairman, BAI e.V.

Panel 1
Private Equity put to test: Which business model attracts the institutional investor?*

• Was Private Equity successful? Outperformance to Public Equity during the last years. Lessons for the future
• Buy- and exit perspectives for PE funds, market opportunities in the next 12 to 24 months
• Why are Secondaries of interest for investors? 
• Regulatory paradigm shift (AIFM, Solvency II, taxation) and the impact on structuring 
• Successful fundraising: Requirements for GPs and fund of funds

Jan Philipp Schmitz, Managing Director, AXA Private Equity
Uwe Bärenz, Partner, P+P Pöllath + Partners
Robert Nef, Director, Member of Investment Committee for Privat Market Investments, Swiss Re
Heike Findeisen, Director, CACEIS Bank Luxembourg

Moderation: Dr. Dirk Söhnholz, Co-Chairman, BAI e.V.

Boosting returns through private equity investments - but how? Current challenges of institutional investors

• The art of assessing the attractiveness of private equity segments
• Making optimal use of existing resources
• Regulatory requirements and challenges
• Managing risk through monitoring and investment controlling

Dr. Nils Rode, Managing Director, Adveq Management AG

Navigating Complexity: A New Frontier in Outsourcing

• Several factors are driving significant change within the overall investment environment 
• Regulatory change continues apace and regulators, investors, trustees and other stakeholders are demanding unprecedented levels of transparency 
• Asset owners are under pressure to fill funding deficits, while the shift to defined contribution opens up significant opportunities 
• Overall, asset managers face increased complexity, longer fundraising cycles and new regulations designed to support investor protection and limit systemic risk, including Solvency II and the AIFMD
• These market developments, along with the growing importance of integrated and robust data management, are driving asset managers and owners to seek third-party support and consider outsourcing arrangements that extend deeper into their organizations

Maria Cantillon, Senior Vice President, State Street

Coffee-Break in „Ludwig-Erhard-Saal“ (Ground Floor)

Cat Bonds - the "Holy Grail" in the current interest rate environment?
Dr. John Seo, Co-Founder and Managing Director, Fermat Capital Management, LLC for GAM

Insights from 10 years of behavioural finance coaching for hedge fund managers

Simon Savage, Portfolio Manager, GLG Partners

Which ways led in, which ways lead out of the debt crisis?*
Dr. Gerhard Schick, Member of the German Bundestag, Bündnis 90/Die Grünen    

Lunch in „Ludwig-Erhard-Saal”

Investors panel
The world we live in: Where are the opportunities? 

The last several months have reinforced the need to re-evaluate their investment as-sumptions and even their risk tolerances. This panel will provide you with views and needs of different institutional investors.  

• Given the world we live in, where are the best risk-adjusted opportunities to be found? 
• Which strategies will get you to your investment goals and 
• which are to be avoided at present?

Dajana Brodmann, Head of Alternative Investments & Public Equity, Versorgungswerk der Wirtschaftsprüfer und der vereidigten Buchprüfer im Lande NRW
Gerald Alain P. Chen-Young, Chief Investment Officer, UNCF, Inc.
Theodore Economou, CEO, CERN Pensionfonds 
Peter Willner, Head of Hedge Funds, Siemens Financial Services GmbH, Corporate Pensions

Moderation: Rolf Dreiseidler, Co-Chairman BAI e.V., Head Institutional Clients Germany, Man

Infrastructure investments - optimisation through intelligent structuring

• Funds structuring
• Regulatory implications
• Fiscal optimising

Achim Pütz, Partner, Dechert LLP

Real Asset Investments in den USA: Alternative oder Tradition?*

• Gewerbeimmobilien und Timberland – aktuelle Marktchancen
• ALM-Analyse beider Anlageklassen in einem institutionellen Portfolio
• Regulatorische und strukturelle Herausforderungen

David Rückel, Managing Director, Wells Real Asset Management GmbH

Coffee-Break in „Ludwig-Erhard-Saal“

Die Energiewende als Investmentopportunität - Erfolgsfaktoren

• Hoher Investitionsbedarf im Bereich Erneuerbare Energien 
• Langfristig stabile, planbare Renditen für institutionelle Investoren möglich 
• Erfolgreich investieren – auf den Investmentansatz kommt es an

Manfred Kittelmann, Geschäftsführer, Altira Renewables Management GmbH

Hedge Funds: The Good, the Bad and the Ugly*
Michael A. Gaviser, Senior Managing Director – Alternatives, ACMBernstein

Keynote: 
Achieving an efficient regulatory framework for the investment industry*
Laurent Degabriel, Head of Investment and Reporting Division, European Securities and Market Authority (ESMA)

Résumé of the first day
Bundesverband Alternative Investments e. V. (BAI)

Get together in “Ludwig-Erhard-Saal”

Investor Dinner II

Please note that only institutional end investors (pension funds, endowments, Versorgungswerke, insurance companies, single family offices) and one representative of each gold sponsor is allowed to attend the investor dinner II. Please make sure to register before the conference at the BAI office.

Registration and breakfast snacks

Workshop for institutional end investors only*

*Participation in the workshop is only possible for institutional end investors (endowments, insurance companies, Versorgungswerke, single family offices, pension funds). Registration prior to the event is necessary.

Opening remarks
Prof. Dr. Luise Hölscher, Secretary of State, Ministry of Finance Hessen

Asset Allokation innerhalb von Private Equity: Warum Harry Markowitz nicht weiter hilft – Einblick in den „Expected Shortfall“ Ansatz

- Aufbau eines risikooptimierten, diversifizierten Private Equity Portfolios
- Warum traditionelle Risikomasse und Optimierungsansätze nicht weiterhelfen
- Der „Expected Shortfall“ Ansatz als interessante Alternative
- Praktisches Beispiel einer Portfoliooptimierung unter Verwendung des „Expected Shortfalls“
- Konkrete Empfehlungen in Abhängigkeit der Risikotoleranz des Investors

Dr. Hanspeter Bader, Managing Director, Unigestion S.A.

Panel 3: Risk Management of Hedge Funds- Anybody still out there against transparency and liquidity? Experiences from the crisis and its aftermath*

• Requirements for managing risk for hedge funds portfolios 
• Are they principally any different than for other asset classes?
• What we have learnt from the crisis of 2008 
• What institutional investors now should ask for
• Using managed accounts properly
• Are there alternatives to managed accounts?

Dr. Pierre Yves Moix, Chief Risk Officer, Man Investments
Dr. Nicholas Verwilghen, Partner, Chief Product & Solutions Officer, E.I.M.
Prof. Dr. Lutz Johanning, WHU Otto Beisheim School of Management

Moderation: Dr. Lars Jaeger, Partner & CEO, Alternative Beta Partners AG

Increased efficiency, transparency, and returns: Optimisation of real estate investment in times of structural change*

• Increased regulatory requirements and the necessity of structured solutions for real estate investments
• Optimisation of the value-added chain: advantages for investors
• Increased efficiency and transparency through concentration on core competencies
• Investment solutions in Germany and Luxembourg: The right investment vehicle for every purpose
• Market trends: What developments lie ahead for investors and the real estate sector?

Alexander Tannenbaum, Managing Director, Universal-Investment

Private Equity - Market opportunities despite gobal financial crises, and key to success*
Dr. Petra Salesny, Partner, COO, Alpha Associates AG

Lunch in „Ludwig-Erhard-Saal”

An Overview of the Secondary Private Equity Market*

• Strong secondary supply driven by expanding universe of sellers and changing regulatory environment 
• Secondary transaction volumes outpacing secondary fundraising creating attractive supply demand environment
• Historically, periods of market and macro volatility create opportunities for secondary investors to outperform

Tristram Perkins, Managing Director, Neuberger Berman 

Investor speech:
Infrastructure investments, a case study from Canada

Terri Troy, CEO, Halifax Regional Municipality Pension Plan

Panel 4: Infrastructure – what is really behind this asset class?*

• Infrastructure as an asset class: Market overview, pros and cons of this asset class, risk-/return profile 
• Role and function of infrastructure in the investor´s portfolio
• Conceptual design and structuring of infrastructure investments 
  • Consultants and Due Diligence 
  • Brown- vs. Greenfield, direct- vs. fund investments, national vs. international

Dirk Brockhaus, Senior Asset Manager Pension Asset Management, Evonik Industries AG  
Prof. Dr. Wolfgang Schäfers, IREBS International Real Estate Business School, Universität Regensburg 
Robert Massing, Director, Solutio AG
Thomas Reindl, Managing Director, FG Capital GmbH
Terri Troy, CEO, Halifax Regional Municipality Pension Plan

Moderation: Frank Dornseifer, Managing Director Legal and Policy Affairs, BAI e.V.

Closing remarks and résumé of the conference
Bundesverband Alternative Investments e.V. (BAI)