2nd Private Markets Summit
14 May 2024
Amora Hotel Jamison Sydney
Agenda
09.00-09.10 // Welcome and conference opening
09.10-09.55 // Moving up the value chain
Many investors are expanding private market investment functions from fund of fund investments into co-investments and direct investments, both locally as well as overseas. This session will discuss the practical implications and how best to set up the private markets function to be able to manage for additional complexity:
- Scaling up: the operational implications
- Data, systems and technology
- Talent, roles and responsibilities
- Going global: risk management, regulation and resourcing
Scott McNally
Senior Portfolio Manager – Private Equity,
Australian Retirement Trust
09.55-10.40 // Effectively challenging valuations under SPG530
Valuation governance has become a primary consideration under SPG 530, in particular the requirement to be able to ‘effectively challenge’ valuations on a quarterly basis. This session will discuss how different investment managers have amended valuation governance frameworks, committees, policies and procedures in response to the new requirements:
- Defining ‘effective challenge’
- Independence and expertise: building skillsets outside of the investment functions
- Best practice valuation committees
Mike Wright
Manager – Private Markets Valuations,
Aware Super
10.40-11.10 // Refreshments and networking
11.10-11.40 // Managing for increased valuation frequency: a case study
APRA has made it clear that it expects to see quarterly valuation updates at a minimum; however while certain situations will warrant out-of-cycle valuations, there is also room for less frequent valuations should this be appropriate. This presentation will feature an asset owner case study:
- What factors inform valuation frequency?
- Out-of-cycle valuations: trigger selection and monitoring
- Valuer selection: internal; external desktop valuation; or full valuation?
11.40-12.30 // Cashflow forecasting, liquidity risk management and the broader portfolio
This session will discuss best practice liquidity risk management and cashflow forecasting to ensure liquidity needs can be met in times of stress:
- Best practice cashflow modelling
- Scenario analysis and liquidity stress testing
- Minimising cash drag: what high quality liquid assets are available and how best to manage these assets?
- Liquidity management tools
Josh Gan
Head of Investment Risk,
Cbus Super
12.30-13.30 // Lunch & networking
13.30-14.15 // Calibrating private market data
This session will discuss how different investment managers cleanse, normalise and calibrate private market data sets to improve comparability and provide internal consistency across broader portfolios: including listed markets, unlisted fund of fund investments and direct investments.
- Normalising data: identifying bias, gaps and errors in private market data sets
- Streamlining security identification to improve consistency and facilitate automated mapping
- The bigger picture: fitting unlisted data into the broader data system architecture
14.15-15.00 // Navigating the private markets technology landscape
As investment managers branch out into different private market investment categories, the need for technology solutions expands. However, private market assets differ greatly and there is no one size solution that fits all requirements. This session will discuss how different investors approach technology selection in private markets; the key decision factors and how to ensure a seamless integration into broader operating frameworks.
15.00-15.30 // Refreshments and networking
15.30-16.15 // Unlisted risk analytics: a peer perspective
Risk modelling unlisted assets is significantly different from listed assets, which poses challenges for fund managers keen to look at risk on a whole-of-portfolio basis. This session will discuss how different investment managers approach the unlisted risk analytics challenge:
- Risk modelling tools and methods
- The whole of portfolio perspective
- YFYS benchmark challenges
16.15-17.00 // Trust but verify: tooling up for increased fee transparency
Allocations to private markets seem to continue growing, while funds are becoming more complex and regulators require additional transparency around costs and returns.
This session will discuss how funds can ensure appropriate oversight, management and reporting of charges and fee structures.
17.00-18.00 // Networking reception, drinks and canapés