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Module 3: LP Diligence

This ILPA Institute Level II Module 3 is highly interactive, case-based course designed to provide participants with advanced study of the practical techniques of implementing a portfolio construction framework. Topics include an overview of leading quantitative and qualitative diligence techniques, performance benchmarks, and valuation methodologies for investment monitoring purposes. In addition, a co-investment and secondary transaction will be considered. The program will include discussions, lecture, practical case work and exercises, and participants will be equipped with select usable tools and takeaways.

Course Dates and Fees
January 16-17, 2019 (San Francisco, CA)

Member early bird rate: $1,499
Member regular rate: $1,999
Non-Member rate: $3,499

Course Overview

Module 3 of the ILPA Institute Level II will provide participants with an opportunity to discuss and examine the detailed roles and responsibilities of a limited partner practitioner while participating in a more rigorous application of particular methodologies and processes. Specifically, attendees are expected to gain hands-on practical training in return attribution deconstruction, reference checks, benchmarking, and active ongoing portfolio management.

Key Learning Objectives

  • Develop a due diligence framework based on ratio analysis to expose trends and aid in the development of specific fact-based due diligence questions.
  • Deconstruct a manager’s historic performance into components, including operational (revenue and margin growth) and financial (multiple expansion and leverage).
  • Apply different reference call strategies and discuss some practical tips and tricks.
  • Benchmark manager returns against industry standard benchmarks and discuss the limitations and trade-offs of different benchmarks.
  • Develop a manager monitoring plan based on the key issues that arise in manager due diligence.
  • Review the tools of active portfolio management, including secondaries and co-investments.


WHO SHOULD ATTEND: Experienced investment professionals working at many different organization types can benefit from the Level II program. Past participants have included representatives from public and corporate pension funds, family offices, foundations, endowments, insurance companies and government organizations who are investing or considering investing in private equity.

PRE-REQUISITE: Three or more years of experience directly managing and monitoring a private equity program. Applicants with less than 3 years of experience are required to have completed the ILPA Institute Level I program and submit a letter of endorsement on company letterhead (sample letter available here). The letter of endorsement will establish that the applicant exhibits managerial and leadership potential. They must also demonstrate a level of professional poise and financial acumen necessary to contribute to a senior learning environment. Candidates will be accepted based on availability and subject to ILPA review.

PRE-READING: Reading materials will be sent to participants prior to the start of the session. These will include 4-6 hours of required case preparation, reference calls, group work and 1-2 hours of suggested readings.


CREDIT: Earn 14 CPE Credits

CPE Sponsors logo

Institutional Limited Partners Association is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website:


January 16, 2019 - January 17, 2019
Event Categories:
ILPA Institute, North America




Grand Hyatt San Francisco
345 Stockton St, San Francisco, CA 94108 United States
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+1 415-398-1234

Grand Hyatt San Francisco – 345 Stockton Street, San Francisco, CA 94108

Jefferson Stone

Director , Axiom Asia

Jefferson Stone is currently a Non-Executive Independent Director of Axiom Asia, a private equity asset management firm based in Singapore. Jeff is also an active volunteer in humanitarian relief work, focused on the refugee crisis where he is involved in field work in refugee camps in France, Greece and Macedonia. From 2006 to 2015, Jeff served as the Director of Investments and Research for the Hewlett Foundation, where he had primary responsibility for the research process underlying every investment in the portfolio. His work included the oversight of the due diligence, legal review, and monitoring efforts across all asset classes. Before joining the Foundation in 2006, Jeff was a Vice President with Probitas Partners, an alternative investment advisory firm in San Francisco, where he led the Liquidity Management practice. Earlier in his career, Jeff worked as a Manager with Siebel Systems, and as an Associate with Pacific Corporate Group.

Jeff earned his a BA in History from UC San Diego, where he graduated magna cum laude, and his MBA from The Wharton School at the University of Pennsylvania, where he was both a Palmer Scholar and a Siebel Scholar.

The course will be held at the Grand Hyatt San Francisco hotel (345 Stockton Street). The ILPA block of rooms has sold out, however, the hotel still has availability at a higher rate. For more information, please click here:

The Grand Hyatt is located in the Union Square district of San Francisco – a popular neighborhood with various hotel options.

Dhvani Shah, Chief Investment Office and GVP, JM Family Enterprises, 2010-2011 Education Committee Chair-ILPA
Dhvani Shah, Chief Investment Office and GVP, JM Family Enterprises, 2010-2011 Education Committee Chair-ILPA
“The vision for the institute has now become a reality in providing a comprehensive suite of programs that delivers executive level education that uniquely caters to LPs. The Comprehensive and Intensive programs provide a wide-ranging perspective, new thoughts about investing and valuable peer contacts. Each Level II module is designed to ensure that the content is meeting the needs of senior investment professionals and provides tools that can be readily applied. The ILPA Institute serves as a valuable training platform for anyone investing in private equity.”
Mark Burbach, Chief Investment Officer, Abu Dhabi Retirement Pensions & Benefits Fund
Mark Burbach, Chief Investment Officer, Abu Dhabi Retirement Pensions & Benefits Fund
“The program was interactive, engaging and challenging. The deconstruction of aggregated information was invaluable as was running through the whole case. It provided an in-depth overview of what is needed for due diligence as an LP..”
(2012 ILPA Institute Level II Module 3 participant)