Private capital perspectives on co-investing Triumphs and horror stories Club deals vs institutional co-investment Private equity, property and other opportunities The X-factor – sources of deal flow Dis-intermediation – a global trend?

Co-Investment ForumDIreCt opportunItIes For prIvate CapItal

Melbourne 8 aPril 2011 hilTon on The Park

early birD 18 MarCh 2011

9.00amWHAT DOES “CO-INVESTMENT” REALLY MEAN? : DEFINITION AND BACKGROUND

As Co-Investments become more popular and more widely available to private investors, it is helpful to review where the concept came from and what its original purpose was.

For the purposes of this meeting we also need an agreed definition of Co-investment, which will be laid out in this session.

• History of Co-Investment deals

• Different Co-Investment structures (alongside funds, direct club deals and syndicates)

• Asset classes suited to co-investment (and those that are not)

• Our definition of co-investment for this forum

Tony Berg AM, Director, Gresham Partners

Tony Berg is a director of Gresham Partners and Chairman of Gresham Property. Tony has a long history in Australian business and finance, including being the first CEO of Macquarie Bank (1985-1994) and CEO of Boral Ltd. (1994-2000).

9.30amWHY AND HOW TO CO-INVEST?

This session will focus on two questions and will address each one separately. Firstly, we will discuss the pros and cons of coinvesting, reflecting on not only the characteristics of the deals, but also the investors who undertake them. Secondly, we will discuss the key aspects of undertaking co-investments from deal sourcing, to due diligence, to investment, to monitoring and then finally to exit.

Wayne Phillips, Investment Director, IFM

IFM have been involved in co-investments in very large deals for some time, and are now looking at using their expertise for deals of all sizes working with private investors as well as institutions.

10.15amCoffee

10.45amTHE X FACTOR – THE DEAL FLOW

This session will look at a series of co-investment projects and where they have been sourced from. We will profile a series of hypothetical and real cases and questions will be tabled from our panel of investors and asset consultants.

SHORT PRESENTATIONS

Recent global co-investment case studies in technology and media

Rajeev Natarajan, Executive Director, Goldman Sachs

Raj has worked on multiple co-investment deals for Goldmans during his tenure there, including recently a very high profile and complex global co-investment deal.

Global family office co-investments

Fintan Maher, Macquarie Private Bank

Fintan spent 8 years managing the growth of a large family office based in Ireland. During that time the family increasingly focused on large co-investments with other family offices around the globe.

Co-investments into SMEs – triumphs and disasters

Greg Smith, Champ Ventures

Greg is a senior participant in the Australian private equity scene and is developing co-investment opportunities for clients on both sides.

Real estate co-investments – lessons and opportunities

Anthony Kingsley, Morgan Stanley Smith Barney

Anthony has significant experience in Australia and around Asia in real estate investments, and has worked on large property co-investments with private capital co-investing alongside.

PANEL OF JUDGES

A panel of investors and their representatives will cast a critical eye over these presentations, ask questions and make judgements.

12.00pmTHE DEVIL IS IN THE DETAIL, ALWAYS…• A critical look at Co-Investment

rights and responsibilities

Speaker tbc

12.15pmLunch

AGENDA

Dealers’ Group

Dealers’ Group is a multi-disciplinary membership group for family offices and their key advisers. We facilitate the sharing of knowledge and insights through a network of peers.

There is limited space available at this forum and a number of places are reserved for large family offices and other Dealers’ Group members. We apologise in advance if we are unable to accommodate your attendance.

Dealers’ Group MeMbership

benefits incluDe:

preferred pricing: Discounted attendance to all events

private client adviser newsletter: Technical monthly newsletter

Dealers’ Group website access: Access to papers, research, presentations and audio files

Webinars: Monthly webinars direct to your desktop

private lunch meetings: Held quarterly in each state

trusted adviser peer exchange programme: Is an active learning program for advisors to wealthy families, family offices and high net worth individuals

Membership is open to family offices and their key advisers. For more information contact Ruth McKenzie on 02 9555 4203 or ruth@dealersgroup.com.au

We would like to thank the following individuals and organisations for their assistance in organising this forum: River Capital, Gresham Partners, Myer Family Company, Industry Funds Management, Champ Ventures, Morgan Stanley Smith Barney, Mathew Jeremy of Caravel Consulting Services, Goldman Sachs and many others who have assisted in the production of this event.

thanK You

about this foruM

1.30pmfaMilY office perspective: hoW far shoulD We DisinterMeDiate?• Areclubdealsthebestwayfor

familyofficestoinvest?

• Howmuchin-houseexpertisedoweneed?

• Institutionalco-investing–doesitsuitfamilyoffices?

• Whataboutproperty?

speaker tbc

1.50pmfaMilY offices: lessons froM co-investinGOurpanelofprivateinvestorssharetheirownstoriesandlessonslearnedfromsuccessfulandlesssuccessfulco-investmentdeals.

• Clubdealsversusprivateequityfundco-investments

• Changeinenvironmentforilliquidinvestmentspost-GFC

• Difficultyofcompetingfordealswherethereareinstitutionsalsobidding

• AllFamilyOfficeswanttopickandchoosebutwithdifferentstructures;privateinvestorsarenolongerhappytoinvestina“cashbox”unlessit’saREALLYspecialmanager

• Sticktoareaswhereyouhavesomeknowledgeorcompetence

• Theneedfordirectholdingsandadequatecontrol

• Arepooledunittrustsforilliquidassetsdead?

barry carp, Managing Director, river capital

peter hodgson, ceo, Myer family company

byron Ko, alter

2.40 pmcoffee

3.00pmsocial investMent case stuDY

Increasingly,philanthropicallymindedprivateinvestorsareengaginginco-investmentsintosocialenterprisesandotheractivitieswithsocialimpact.

3.25pmthe Deal floW #2: Where are the next co-investMent opportunities coMinG froM?

Inthissessionweinviteallparticipantstosubmitco-investmentopportunitiesinadvanceofthisforum.Wewillreviewthedealsandpresentaselectionofthem,withnameschangedifpreferred.Attendeeswillhavetheopportunitytoaskquestionsdirectlyoranonymously.

4.00pmsesion tbc

4.30pmDrinks and canapés

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