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ILPA Town Hall: Glass Half Full? Capital Calls, Cash Flow and Liquidity in Uncertain Times

Speakers:Aaron Daley, Gbenga Oladeji, Luis O'Shea, Jen Choi

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To continue the conversation around the current COVID-19 crisis affecting the LP community, please join us on ILPA Connect:


ILPA members have indicated a range of experiences with the pace of capital calls since the onset of the COVID-19 crisis, with mixed visibility into whether calls relate to prior deals, new opportunities in the current environment, or shifts in the use of subscription lines. Coupled with expectations for slowing distributions, LPs are revisiting their models to inform decisions about the ability to make planned or opportunistic investments over the balance of this year. Members are also in dialogue with their GPs as to the liquidity needs of existing portfolio companies and contemplating the source of that financing—be it broader recycling provisions, raising additional capital including preferred equity or exploring other creative solutions.

Join us for an interactive discussion about how LPs are navigating a number of variables in managing their liquidity and commitment pacing in these uncertain times.

Participants will have the opportunity to pose questions, share ideas and respond to polling questions around LP experiences in managing liquidity. Questions we’ll tackle include: 

  • What are the true drivers for any uptick in capital calls that LPs have experienced? Will this trend moderate over time?
  • How are LPs modeling out the impact of COVID-19 on capital calls this year? What additional information are they requesting of GPs to more accurately project their own liquidity?
  • What conversations are taking place with GPs about providing additional needed support for existing portfolio companies?
  • How do LPs feel about the various approaches by GPs to managing liquidity, e.g., pre-emptive drawdowns of subscription lines or extending cleandown periods, broader recycling provisions or the raising of additional capital to support portfolio companies? What are the implications for concentration limits?

Aaron Daley

Investment Officer, Washington State Investment Board

Aaron Daley joined the Washington State Investment Board in 2017 as an Investment Officer on the private equity team. He previously worked with Professor Oliver Gottshalg as a PE research assistant at HEC Paris and the fund analytics provider PERACS. Aaron began his career in private equity at Capital Group Private Markets, the global emerging markets private equity fund manager that is part of The Capital Group Companies. Aaron graduated summa cum laude with a B.S. in Accounting from Brigham Young University and with honors from the HEC Paris MBA program.

Gbenga Oladeji

Managing Director, Investments, Johnson & Johnson Pension Trust

Gbenga Oladeji oversees Global Private Markets for Johnson & Johnson Benefits Investment team. He leads the Private Market team in shaping the strategic direction of the program, plays an active role in sourcing, monitoring of investments and serves on various underlying partnership advisory boards. Gbenga is also a voting member of the Plan’s Manager Underwriting Committee which reviews all investment recommendations. Prior to joining Johnson & Johnson, Gbenga held various investment roles at Casey Family Programs, JP Morgan, William Penn Foundation and Morgan Stanley. Gbenga is a CFA and CAIA charter holder and holds an MA in International Economics and Finance from Brandeis University and a BSc in Agricultural Economics from the University of Ibadan, Nigeria. Gbenga is passionate about raising awareness to find a cure for Sickle Cell disease. He is on the Advisory Board of Youth Leadership Development Program (YLDP).

Luis O'Shea

Head of Applied Research, Burgiss

Luis is head of the Burgiss Applied Research team. He has over 15 years of experience in quantitative research and modeling in finance. Luis started his career at McKinsey & Co in Madrid. Before joining Burgiss, he was also a Director at BlackRock where he focused on modeling alternatives, a Director at Axioma, and he headed the US Research group at RiskMetrics. Luis holds a Ph.D. in Mathematics from Cornell University.

Jen Choi

Managing Director, Industry Affairs, ILPA

As Managing Director of Industry Affairs for the Institutional Limited Partners Association (ILPA), Jennifer Choi directs the association’s engagement with external industry stakeholders to inform and enhance ILPA’s education, research, membership and advocacy platforms. Ms. Choi also leads the implementation of ILPA’s responses to emerging issues impacting the asset class, including efforts to establish and promote industry best practices. Prior to joining the ILPA, Ms. Choi served as Vice President of Industry and External Affairs for the Emerging Markets Private Equity Association (EMPEA), where she led the association’s member and industry engagement activities, including efforts to encourage policy frameworks that support the growth of the asset class. As EMPEA’s Research Director, she built the industry’s first global database of private equity activity in the emerging markets. A frequent speaker and commentator on the industry, Ms. Choi also oversaw the association's media communications and global institutional partnerships. Previously, Ms. Choi was a consultant with Boston-based Stax Inc., leading due diligence engagements and providing advisory services for the U.S. private equity and venture capital industry. Jennifer holds a Masters in Law and Diplomacy from the Fletcher School at Tufts University and a B.A. summa cum laude in Economics and Political Science from Augustana College.