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ILPA Virtual Private Equity Legal Conference – October 13-14, 2021

ILPA Private Equity Legal Conference

Register Now! The ILPA Private Equity Legal Conference (LCON) will be going virtual October 13-14 2021. Register now using the registration tab. Please contact Holly Makarchuk for any questions you might have.

LCON provides the opportunity for legal and compliance professionals across ILPA’s diverse geographic reach and LP institutions to meet their peers and learn and discuss trending legal topics in the private equity industry. It is the only conference that unites LP legal professionals across the variety of LP institutions that are our members, including public and private pensions, endowments, foundations, insurers and sovereign funds.

Session Descriptions:

Top Takeaways from the 2021 ILPA Fund Terms Survey:
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This session will share newly released actionable insights from ILPA’s 2021 ILPA Industry Intelligence Report on Private Equity Fund Terms. Panelists from Colmore and K&L Gates will analyze and discuss the survey findings, including where LP counsel can utilize the results to improve their fund negotiation outcomes.

Expecting the Expected - Planning for GP Restructurings:
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Here we will provide a practical guide for LPs preparing to respond to an election notice for a GP-led secondaries transaction. We will take a soup to nuts approach and identify the most important and time critical questions LPs should ask and steps LPs should take in the often very truncated deal timetable in response to a GP issuing an election notice, from receipt of the election notice to evaluating success post-transaction. 

Private Equity Fund Negotiations – Examining the Divergence between
Academic Theory and Economic Reality:
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This conversation will examine whether conventional free-market laissez-faire contractual theory can be relied upon to produce optimal results in the private equity fund industry, consequences for investors and potential implications for policy makers.

Current Issues in Fund Economics:
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This session will discuss current trends in fund economic terms, negotiation strategies and will focus on consideration of the entire economic picture, including management fees and shifting of partnership expenses, the impact of lending facilities on fund economics and fund waterfall structures.

Keynote: What Happens When a Private Equity Firm Falls Apart: A discussion of the Book "The Key Man: The True Story of How the Global Elite Was Duped by a Capitalist Fairy Tale" by Simon Clark and Will Louch:
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A discussion and Q&A with Simon Clark and Will Louch on their recently released book covering the rise and fall of Abraaj Group, a Dubai based private equity firm and its founder, Arif Naqvi, in 2019. The discussion will include some of the lessons Simon and Will learned as journalists investigating Abraaj, and the ramifications of the lack of transparency in the private fund industry for LPs and their beneficiaries.

Making Sense of ESG Regulations, Disclosures and Fund Terms
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Here we will discuss the growing area of ESG reporting and disclosure including where in the LPA and side letter these provisions can be addressed and issues surrounding excuse rights.  We will also review if GPs are or should be disclosing ESG risk, including on Form ADV, in the PPM and their ESG policy statements and how LPs can verify that these representations are accurate.

Manager Due Diligence: What LPs can Learn from the SEC Private Fund Exam Program:
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Join Igor Rozenblit, who previously served as the Co-Head of the Private Funds Unit in the SEC’s Division of Examinations to discuss unique strategies, insights and impressions on the market and the compliance activities of private fund advisers from his time at the SEC, as well as how LPs can learn from the SEC in their due diligence process.  He will be joined by Bob Perez, who represents LPs in their due diligence activities, who will share insights he has learned from being onsite for due diligence from a more direct LP perspective.

Using Fund Leverage: Structural Considerations and Implications for LPs:
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This session will discuss the rapidly changing landscape of fund leverage, including subscription lines, NAV facilities and co-invest facilities, among other innovations.  The panelists will cover the technical aspects of the lending agreements and structures between the GP and the lender, while also sharing what areas are relevant for LPs to review and address in their due diligence and fund terms negotiations. 

Small Group Networking Day 1
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Small Group Networking Day 2
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CLE Credit Information

The workshop sessions at the 2021 Private Equity Legal Conference are applicable for CLE credits.  However, ILPA is not able to issue CLE credits directly. In order to receive CLE credits for applicable programs, members are responsible for filing for their CLE accreditation directly with their state/provincial CLE authority. ILPA will send the presentations for the applicable workshops to all conference attendees after the event.

Each State/Province rewards CLE credit hours differently and have varying approval guidelines. Therefore, it is best to consult your jurisdiction to confirm what is required for you to submit. ILPA is pleased to provide you with any supporting documentation needed during your filing process. Please click here to be directed to your jurisdiction's CLE governing office website.

2021 Event Details

Date: October 13-14, 2021
Location: Virtual Event Platform - More details coming soon

  • $299 Members
  • $999 Member Group Rate (4 or more attendees)
  • $499 Non-Members
Due to the ongoing developments related to the global coronavirus (COVID-19) outbreak, this event will be virtual.  Click here for the latest information from ILPA or contact [email protected] for more information. The health, safety and well-being of ILPA members and our wider community remains our highest priority.


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October 13, 2021

10:00 – 11:15AM

Opening remarks and Top Takeaways From ILPA’s Industry Intelligence Report: “What’s Market in Fund Terms?

11:15 – 11:30AM


11:30 – 12:30PM

Session 2: Expecting the Expected – Planning for GP Restructurings

12:30 – 1:00PM


1:00 – 2:00PM

Session 3: Comparing Academic Theory With Economic Reality

2:00 – 2:15PM


2:15 – 3:15PM

Session 4: Current Issues in Fund Economics

3:15 – 4:00PM

Small Group Networking

October 14, 2021

10:00 – 11:00AM

Welcome Day 2, Keynote: What Happens When a Private Equity Firm Falls Apart: A Discussion of the Book “The Key Man: The True Story of How the Global Elite Was Duped by a Capitalist Fairy Tale” by Simon Clark and Will Louch

11:00 – 11:45AM

Small Group Networking

11:45 – 12:15PM


12:15 – 1:15PM

Session 5: Making Sense of ESG Regulations, Disclosures, and Fund Terms

1:15 – 1:30PM


1:30 – 2:30PM

Session 6: Manager Due Diligence: What LPs can Learn from the SEC Private Fund Exam Program

2:30 – 2:45PM


2:45 – 3:45PM

Session 7: Using Fund Leverage: Structural Considerations and Implications for LPs

Samantha Anders

Senior Associate, ILPA

Session: Making Sense of ESG Regulations, Disclosures, and Fund Terms

As Senior Associate for ILPA, Samantha supports the ILPA team by creating and reviewing LP-focused proprietary content, including the ILPA Private Markets Benchmark and the annual LP compensation survey. She also manages content for the Document and Research Library and Industry News. Samantha holds a Bachelor of Arts in Economics and a minor in French from Boston University, as well as a Certificate in Social Sciences and Humanities from l’Institut d’Études Politiques de Paris.

Semma Arzapalo

Partner, Pillsbury LLP

Session: Using Fund Leverage: Structural Considerations and Implications for LPs

Semma Arzapalo is the office managing partner of Pillsbury’s Los Angeles office. She represents large institutional investors in negotiating investment terms in commingled private equity, hedge fund and real estate funds, and in restructuring private equity investments and real estate investments. Ms. Arzapalo advises institutional investors in separate account strategies, fund of one strategies, co-investments and direct investments. She advises institutional investors in the sale and purchase of partnership interests on the secondaries markets and was named one of the “Most Influential Minority Attorneys” by the Los Angeles Business Journal. Ms. Arzapalo received her J.D. at the University of Michigan Law School.

Kelley Bender

Partner, Chapman & Cutler LLP

Session: Current Issues in Fund Economics

Kelley Bender is a partner with Chapman and Cutler LLP and is a member of the firm’s Corporate and Securities Department and its Private Funds Group and Investment Management Group. She has practiced law for over 15 years, all of which has been primarily spent representing public pension funds, insurance companies, endowments and other institutional investors in their investments in hedge funds, private equity funds, real estate funds, infrastructure funds, collective investment funds and other private investment funds. Kelley also has extensive experience in the tax issues that arise in private investment fund transactions, having begun her career at Chapman in the Tax Department. She is a frequent speaker at programs covering developments in private funds and partnership and LLC law, and she also frequently publishes articles on these topics. In addition, Kelley is active in the firm’s pro bono and charitable efforts. In particular, she has advised numerous organizations on their formation and qualification as section 501(c)(3) tax-exempt entities. She is also active in the firm's recruiting efforts for its Summer Associate Program and Finance Law Development Program, and she is a former chair of the Firm’s Employment Committee. Kelley currently serves as a member of the firm's management committee.

Matthew Cavanagh

Senior Legal Counsel, Qatar Investment Authority (QIA)

Session: Expecting the Expected – Planning for GP Restructurings

Matthew Cavanagh is Senior Legal Counsel (funds specialist) at sovereign wealth fund, the Qatar Investment Authority, with almost two decades of experience as an international lawyer in the investment management and finance industry in both private practice for leading international law firms in London and New York (Skadden Arps; Linklaters; and as a partner at SJ Berwin (King & Wood Mallesons)) and as general counsel of investment manager Christofferson, Robb & Company (London and New York), across all aspects of investment funds structuring, regulation and practice including PE, RE, hedge, infrastructure/alternatives and credit. Academics: Master of Laws (LLM), LLB (Hon) and BA(Chinese) from The University of Queensland. Qualified: Australia, England & Wales and Ireland.

Jennifer Choi

Managing Director, Industry Affairs, ILPA

Session: Using Fund Leverage: Structural Considerations and Implications for LPs

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.

Simon Clark

Journalist and Author, Wall Street Journal

Session: Keynote: What Happens When a Private Equity Firm Falls Apart: A Discussion of the Book “The Key Man: The True Story of How the Global Elite Was Duped by a Capitalist Fairy Tale” by Simon Clark and Will Louch

Simon Clark is a Wall Street Journal reporter based in London. His investigative reporting has led him to the poppy fields of Afghanistan, the copper mines of Congo and to many banks in the City of London. He was nominated for a Pulitzer Prize in 2016.

William Clayton

Associate Professor of Law, BYU J. Reuben Clark Law School

Session: Comparing Academic Theory With Economic Reality

Professor William Clayton joined the BYU Law faculty in July 2018. Prior to coming to BYU, he was an Executive Director of the Yale Law School Center for the Study of Corporate Law. His research interests are in the areas of investment funds, contracts, corporate governance, and securities law, and he teaches courses on contracts, business organizations, and corporate finance. Professor Clayton is the director of the BYU Law Deals Academy, an annual M&A negotiation simulation and career experience held in New York City for first-year law students. Professor Clayton holds a J.D. from Yale Law School, an M.B.A. from Stanford Graduate School of Business, and a B.A. from Stanford University.

Sarah de Ste. Croix

Partner, Stephenson Harwood LLP

Session: Making Sense of ESG Regulations, Disclosures, and Fund Terms

Sarah is a Partner in the Stephenson Harwood private equity team specialising in the establishment, operations and investments into closed-ended investment funds. She is unusual in her experience having worked in a GP-focused fund formation practice, in-house with a private equity fund manager, in industry as private funds specialist at EY and now in Stephenson Harwood’s private equity team. Sarah brings this experience to bear in her broad practice, advising both general partners on the establishment and day-to-day operation of private investment funds as well as institutional investors in relation to the successful deployment of capital and activist investor actions. Sarah is also an experienced advisor on managed accounts and co-investment platforms as well as fund restructurings, roll-overs, secondaries sales and GP-led liquidity solutions.

Connor Grady

Associate, ILPA

Session: Expecting the Expected – Planning for GP Restructurings

In his role as a Research Associate for ILPA, Connor works alongside members of the ILPA team to develop proprietary content for LPs. Connor also assists in promoting best practices across the industry and in advancing advocacy efforts for LPs. Connor holds a Bachelor of Arts in Political Science and a minor in Writing from the University of Michigan.

Kari Grant

Director, Strategic Communications, ILPA

Session: Current Issues in Fund Economics

Kari Grant, Director, Strategic Communications at the Institutional Limited Partners Association (ILPA), is responsible for developing and executing communications strategies that elevate the perspectives of LPs globally and strengthen ILPA’s value proposition for members by ensuring that they receive valuable and compelling content. Prior to joining ILPA, Ms. Grant worked in strategic and policy communications for the financial services industry in the US, at the Securities Industry Financial Markets Association (SIFMA) and Hamilton Place Strategies (HPS) and in the UK, at the Confederation of British Industry (CBI). While serving members at these leading trade associations, Kari delivered strategies and content that enhanced the reputation of the sector and added value to members in their professional roles. As a consultant Ms. Grant has led campaigns that effectively positioned client’s priorities before US, EU and UK government officials, media and external stakeholders. Ms. Grant holds a MA in International Economic Relations from American University’s School for International Service (SIS) and a BA in Economics from the University of Georgia.

Won Han Cheng

Partner, K&L Gates LLP

Session: Top Takeaways From ILPA’s Industry Intelligence Report: “What’s Market in Fund Terms?

Won-Han focuses her practice on federal, state, and international tax issues for both foreign and domestic clients, including public and private corporations, partnerships, and limited liability companies. In the last ten years, she has worked extensively in the area of alternative investments, assisting institutional investors with tax and economic issues related to investments in commingled pooled investment funds, including private equity funds, hedge funds, venture capital funds, and real asset funds. Won-Han has also worked on structuring significant and unique relationships with investment managers.

Chris Hayes

Senior Policy Counsel, ILPA

Session: Top Takeaways From ILPA’s Industry Intelligence Report: “What’s Market in Fund Terms?

Christopher Hayes currently serves as the Senior Policy Counsel of the Institutional Limited Partners Association (ILPA) and leads day-to-day advocacy efforts for the organization in the United States & Europe. The ILPA is the primary association of institutional investors investing in private equity, including public and corporate pensions, insurance companies, endowments and family offices, while and representing over $2 trillion in assets globally. In addition to his advocacy role, Chris leads the ILPA limited partnership agreement simplification project. Prior to ILPA, Chris served as the chief legal officer, leading legislative & regulatory advocacy efforts in the U.S. for the members of the Small Business Investor Alliance (SBIA), a trade association representing private equity fund managers, as well as small business investment companies (SBICs) and business development companies (BDCs). Earlier, Chris worked as a securities regulatory counsel at a trade association representing broker-dealers and investment advisers, served as a capital markets regulator at the Financial Industry Regulatory Authority (FINRA), and worked in private practice at a civil litigation firm in Los Angeles. During law school, Chris worked in the Enforcement Division of the SEC and also on staff of the Banking Committee in the United States Senate during the writing of the Dodd-Frank financial reform legislation. Chris received his law degree from the School of Law at the University of San Diego and his undergraduate degree from the University of Massachusetts, Amherst. He is a member of the Exchequer Club and serves on the University of San Diego Law Alumni Board. Chris is admitted to practice law in California and the District of Columbia.

Heather Heys

Senior Associate, Colmore

Session: Top Takeaways From ILPA’s Industry Intelligence Report: “What’s Market in Fund Terms?

Heather Heys, Senior Associate at Colmore, is responsible for assisting with the legal aspects of the business, including FAIR and the development and launch of Ethos. Prior to joining Colmore, Heather worked for a number of leading international law firms in London, Beijing and Tokyo with her career to date focusing on private equity, including the review of LPAs and ancillary documents for clients, and international mergers and acquisitions. She has experience working with a diverse range of stakeholders on complex multi-jurisdictional transactions and has become somewhat of a China expert having worked and studied in China for over a decade; in recent years she was tasked with growing a global law firm’s UK-China practice, as well as acting as an adviser to trade delegations while seconded in China.

Brian Hoehn

Senior Associate, ILPA

Session: Expecting the Expected – Planning for GP Restructurings

Brian Hoehn is Senior Industry Affairs Associate at the Institutional Limited Partners Association. Brian assists the Industry Affairs team in engagement with external industry stakeholders, advocacy efforts, as well as efforts to establish and promote industry best practices. Brian holds a Bachelor of Arts in International Affairs and a minor in Business Administration from the George Washington University.

Amy Johnson-Spina

Partner, Torys LLP

Session: Current Issues in Fund Economics

As a long-time adviser to many leading global institutional investors and fund sponsors, Amy has extensive experience in U.S. and international private equity and other alternative asset transactions. She has a loyal following of clients whom she provides ongoing strategic advice on their investments across the alternative asset class in a variety of sectors (including buyout, venture capital, distressed debt, mezzanine, hybrid, mortgage debt, and real estate private investment funds, as well as hedge funds and funds of funds) through pooled and separate account structures. Capitalizing on her experience with current market terms based on her extensive representation of investors, Amy also represents fund sponsors on a broad range of issues relating to the forming of their private investment funds, including the structuring of their funds, regulatory compliance and best practices. During the course of multiple economic cycles, Amy has advised companies on their reorganizations and other general corporate matters. Amy is also a regular presenter at ILPA conferences.

Ed Klees

Partner, Hirschler Fleischer PC

Session: Expecting the Expected – Planning for GP Restructurings

As co-leader of Hirschler’s Investment Management Practice Group, Ed Klees leads the firm’s representation of public pension plans, endowments, foundations, family offices and outsourced chief investment officers. He has more than 25 years of experience in investment management, regulatory oversight, risk management, operations, compliance and ethics programs for both institutional investors and investment advisors. Ed also has extensive experience preparing, reviewing and negotiating a variety of banking contracts and advising institutional investors on key aspects of banking law, including custody, brokerage and prime brokerage agreements, as well as negotiating and responding to requests by private fund managers seeking investor support with creditors for subscription financing. Ed is chair emeritus of the American Bar Association’s (ABA) Institutional Investors Committee and is on the investment committee of the National Association of Pension Plan Attorneys as well as a key advisor to the Institutional Limited Partners Association. He is a frequent speaker on institutional investment issues at legal and investment conferences. He has been an adjunct professor at the University of Virginia Law School where he and a tax professor taught a course on Private Equity and Hedge Funds. He is the author of “How Safe Are Institutional Assets in a Custodial Bank’s Insolvency?”, the leading paper on bank custody law, and the co-author, with Nobel Prize winner H. Robert Horvitz, Ph.D., of Connecting with Companies: A Guide to Biomedical Consulting Agreements (2nd ed., 2014). He has also written for the ABA on risks of cyberhacking of investment accounts and for Pension & Investments on SMAs and funds of one. Ed is former general counsel of the University of Virginia Investment Management Company (UVIMCO), where he advised on a range of institutional investment issues. He earned his undergraduate and law degrees from Columbia University.

Adam Lippett

Senior Legal Counsel, Siemens AG

Session: Comparing Academic Theory With Economic Reality

Adam Lippiett is an in-house lawyer working at Siemens where he focuses on the legal aspects to private equity and venture capital fund investments. Adam previously worked for one of the top European law firms acting for GPs, before moving to Siemens in 2010 to work on the LP side.

Denise Lopez

Assistant General Counsel, Teacher Retirement System of Texas

Session: Top Takeaways From ILPA’s Industry Intelligence Report: “What’s Market in Fund Terms?

Ms. Lopez serves as Assistant General Counsel for Teacher Retirement System of Texas and manages the Investments Legal team. Ms. Lopez works extensively on all legal aspects of TRS's investment transactions implementing derivative, external manager, strategic partner, private equity and hedge fund strategies for the $200 billion public fund. Previously, Ms. Lopez worked as senior associate for the tax transactions group at Mayer Brown, LLP in Chicago, IL. Ms. Lopez assisted in structuring real estate and private equity funds on behalf of fund sponsors, as well as structuring investments in such funds for taxable, tax-exempt and foreign investors. In addition, Ms. Lopez advised publicly- and privately-held organizations on taxable and non-taxable mergers, acquisitions, divestitures and other corporate reorganizations. Ms. Lopez received her Juris Doctorate, Cum Laude, from Cornell University, and her Master in Professional Accounting and Bachelor of Business Administration from The University of Texas at Austin. Prior to law school, Ms. Lopez worked as a certified public accountant with the corporate taxation group of Arthur Andersen LLP in Dallas, TX.

Will Louch

Reporter, Bloomberg

Session: Keynote: What Happens When a Private Equity Firm Falls Apart: A Discussion of the Book “The Key Man: The True Story of How the Global Elite Was Duped by a Capitalist Fairy Tale” by Simon Clark and Will Louch

Will Louch is a journalist at Bloomberg News in London. He was previously a Wall Street Journal reporter covering private equity in London and New York. Before that, he was based in Brussels where he wrote about European politics.

Marc Mezey

Principal Counsel, IFC

Session: Making Sense of ESG Regulations, Disclosures, and Fund Terms

Marc is Principal Legal Counsel in the Hong Kong office of the International Finance Corporation (IFC), the largest provider of multilateral financing for the private sector in the developing world. He has primary lawyer responsibility for new, portfolio, and special operations projects in Asia, as well as general legal advice and support to investment and advisory colleagues located in the region. He is leading the asset management and private equity practice area in the region and has special expertise in fund formation work, equity investments, structured finance, corporate lending and financial markets projects. He is the Regional Lead on Environmental and Social matters and Advisory Committee nominee on a number of private equity funds focused on China. Marc joined IFC after a capital markets practice at Cleary Gottlieb in the Hong Kong, London, Washington and Brussels offices. He graduated with a JD degree from the Columbia University School of Law and a BA degree from the Johns Hopkins University. IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. IFC fosters sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. For more information, visit

Peter Mixon

Partner, Nossaman LLP

Session: Making Sense of ESG Regulations, Disclosures, and Fund Terms

Peter H. Mixon is a partner at Nossaman, LLP. He has more than twenty years’ experience advising public pension plans and other institutional investors on investments, operations, and legal compliance. As a member of the Public Pensions and Investments Group, he concentrates on investment transactions, trust law (including fiduciary obligations) and investments, and funding issues. Mr. Mixon also has extensive experience advising public boards and committees on governance issues. Mr. Mixon is a well-known speaker on public pensions and has testified in state court as an expert on public pension fiduciary standards. Before joining Nossaman, Mr. Mixon served as General Counsel for the California Public Employees’ Retirement System (CalPERS) for 11 years. In this position, Mr. Mixon provided counsel to the Board and Chief Executive Officer on all aspects of investments and governance. As General Counsel, he helped draft California legislation regulating placement agent disclosure requirements and fee limits. He also provided legal advice on the Board’s Corporate Governance Program, effectively guiding engagement on majority voting, proxy access, and other governance issues. He also served as Chair of the Investors Committee for the New York Stock Exchange Commission on Corporate Governance.

Steve Nelson


Session: Opening remarks

With more than two decades of institutional investment experience, Steve Nelson joined ILPA in March 2018 as Chief Executive Officer. He is responsible for leading the growing organization in the realization of its mission to engage, empower and connect limited partners on a global basis. Prior to his role at ILPA, Steve built his career at Cambridge Associates where he served most recently as Board Member, Partner and Chief Operating Officer based in C|A’s Arlington, Virginia office. In that role, Steve was responsible for the day-to-day operations of the firm, overseeing a staff of approximately 500 in Investment Operations, Portfolio Services, Information Technology, Human Capital and Administrative Services. He also served as a member of the C|A Risk Governance Committee and Compensation Committee. Steve held a number of senior leadership positions with C|A including co-Head of Global Consulting from 2008-2013, where he was responsible for resource planning, training, staffing, communications, and oversight of C|A investment teams. This work spanned the core client-facing advisory activities of the firm, delivered by a team of over 300 investment professionals operating from 8 offices. Earlier in his career with C|A, Steve was the Head of Asia Pacific where he established firm’s first office in the region, with responsibility for cultivating a network throughout Asia Pacific consisting of institutional investors, investment managers, legal advisors, regulators, industry associations and the press. From 2002 to 2004, Steve was a member of the Financial Services Committee with the Singapore chapter of the American Chamber of Commerce and is currently a member of the Board of Trustees for the Loudoun Country Day School located in Northern Virginia. Steve is a graduate of the Carroll School of Management Honors Program at Boston College.

Margaret Niles

Partner, K&L Gates LLP

Session: Top Takeaways From ILPA’s Industry Intelligence Report: “What’s Market in Fund Terms?

Margaret Niles has a domestic and international business transactions practice centering on alternative investments and joint ventures for investors. She focuses on representing public pension funds, university endowments, sovereign wealth funds and other institutional investors in private equity funds, hedge funds, and other commingled funds of all kinds. Margaret also works with bespoke investment vehicles for her clients, such as funds-of-one and separately managed accounts. With her clients, she focuses on all aspects of fiduciary duties in the investment context. Her experience includes significant work on public disclosure requirements and other regulatory matters applicable to institutional investors. Margaret is nationally ranked in the 2019, 2020, and 2021 Chambers USA publication for her work in the “Nationwide Investment Funds: Investor Representation” category, and she is recognized in the Best Lawyers in America publication for her work in private funds.

Courtney Nowell

Partner, Morgan Lewis LLP

Session: Current Issues in Fund Economics

The co-leader of Morgan Lewis’s global private funds practice, Courtney Nowell advises global institutional investor clients on the terms of their inbound and outbound investments, including into private equity and other co-mingled open-ended and closed-ended investment funds. She has over 20 years’ experience drafting and negotiating the terms of investment agreements and side letters for clients investing into leveraged buyout, venture capital, distressed debt, special opportunity, real estate, hedge, energy, infrastructure, and credit funds. She also represents investors in opportunity and sidecar funds, co-investment funds and with the drafting and negotiating of funds of one and other bespoke strategic private investment partnerships. Courtney’s clients include sovereign wealth funds and major public and private pension funds, as well as foundations, endowments and family offices.Before joining Morgan Lewis, Courtney was a partner at another global law firm and a member of its global board. She also worked at a national accounting and professional services firm where she advised on tax rulings and tax legislative developments. Courtney is a former member of the board of directors of a foundation that supports a legal fellowship program that awards fellowships to law students who demonstrate a commitment to public service and public policy.

Paul O’Shea

Senior Vice President, Colmore

Session: Top Takeaways From ILPA’s Industry Intelligence Report: “What’s Market in Fund Terms?

Paul O’Shea, Senior Vice President, Head of Fee Services and Operational Due Diligence at Colmore is responsible for managing and developing Colmore’s Fee Validation, Term Benchmarking and ODD product lines. Prior to this Paul created Colmore’s FAIR program, an industry leading fee validation platform for LPs. Prior to working for Colmore spent seven years at the Fund of Fund GP Capital Dynamics as a Vice President of Reporting and before that Paul spent four years working within Global Markets at BNY Mellon. Paul holds in Bachelor’s degree in Management Studies from the University of Leeds, UK and hold the Chartered Alternative Investment Analysts designation from the CAIA organization.

David Parrish

Partner, DLA Piper

Session: Using Fund Leverage: Structural Considerations and Implications for LPs

David B. Parrish focuses on alternative investments, including fund formation and investment matters. He represents domestic and foreign investors in reviewing and negotiating investment documentation including limited partnership agreements, subscription agreements, and private placement memoranda, and in negotiating and preparing side letters. In addition, David advises investors in co-investments, GP removal matters, acquisitions of manager stakes, advisory board matters, single investor funds, fund dissolution and secondary transactions. David’s experience involves all types of alternative investment strategies including buyout, credit, real estate, venture capital, growth, energy, real estate, timber and infrastructure.

Robert Perez

Principal and Executive Committee Member, Foster Garvey

Session: Manager Due Diligence: What LPs can Learn from the SEC Private Fund Exam Program

Bob has more than two decades of experience representing institutional investors in domestic and international alternative investments, including fund formation and a wide range of investment matters. Bob co-chairs the firm's Investment Management practice. His deep investment experience includes public and private investing, private equity funds, hedge funds, investment management agreements, co-investments, secondaries and disposition transactions. Bob regularly provides educational presentations to public pension funds and their boards regarding fiduciary, policy and other alternative investment matters. He is a frequent speaker at industry conferences focused on alternative investments and related matters. Additionally, Bob counsels organizations of various types and sizes – from start-ups to Fortune 500 companies to non-profit and tax-exempt entities – on general corporate, business and other legal matters on an ongoing basis, with respect to their organization, capitalization, regulatory compliance, contract negotiation, licensing, marketing, liability, investments, and mergers and acquisitions.

Steven Richman

Co-Vice Chair, Seyfarth Shaw LLP

Session: Expecting the Expected – Planning for GP Restructurings

Steven serves as investment counsel to institutional investors such as large public pension funds, private pension funds (large and small), and family offices. In that role, Steven represents clients in connection with their investments in private equity (both traditional private equity and real estate focused opportunities), hedge funds, direct equity, separate accounts, club deals, fund of funds, and other pooled investments. The investments cover all sectors and include both domestic and off-shore transactions. In 2020, Steven was recognized by The Legal 500 as a “Next Generation” partner in the Investment Fund Formation and Management: Private Equity space.

Jason Risica

Managing Director, SVB

Session: Using Fund Leverage: Structural Considerations and Implications for LPs

Jason Risica is a Managing Director on Silicon Valley Bank’s Global Fund Banking Team based in Northern California. In this role Jason oversees SVB’s Global Fund Banking portfolio management team in the western region. Prior to joining SVB in 2018, Jason held various credit focused positions at Citigroup, most recently as Director and team lead of Citi’s Sponsor Finance western region. Jason holds a Bachelor’s degree in Business Economics from UCLA and a Master of Business Administration from the Tepper School of Business at Carnegie Mellon University.

Igor Rozenblit

Managing Director, Iron Road Partners

Session: Manager Due Diligence: What LPs can Learn from the SEC Private Fund Exam Program

Igor is a leading expert in financial regulation who helped shape the U.S. Securities and Exchange Commission’s regulatory approach to the private capital markets. Igor focuses on helping clients successfully navigate a broad range of challenges stemming from regulatory examinations, investigations, litigation, disputes and other crisis scenarios. Igor’s unique combination of investing experience, due diligence expertise and decade of service as the SEC’s primary private markets expert allows him to provide insightful and practical guidance to clients grappling with complex regulatory and operational issues. While at the SEC he held various leadership positions including, Fellow in the Division of Enforcement’s Asset Management Unit, founder and co-head of the Division of Examinations’ Private Funds Unit and co-lead for the agency’s inter-divisional Private Fund Specialized Working Group. Igor completed and supervised more than 250 examinations and dozens of enforcement investigations resulting in many seminal enforcement actions. His significant docket of cases, investigations and examinations included issues related to breaches of fiduciary duty, violations of the Investment Advisers Act’s anti-fraud provisions, valuation, fee and expense allocation, fund restructurings, stapled secondary transactions, manipulated auctions, insourcing, real estate/real assets issues, carried interest calculations, co-investment policies, private credit conflicts, related party transactions, cap table manipulation, structured products, ESG, Business Development Companies and Real Estate Investment Trusts. Igor trained SEC staffers, including examiners, investigators and rule makers on the private markets and provided training outside the agency including to FBI agents, IRS agents, prosecutors from the Department of Justice and examiners from the Small Business Administration. Before joining the SEC, Igor held various senior investment roles. He headed the North American private market investment activities for Amundi Asset Management where he invested in and performed due diligence on hundreds of private equity investment managers. Before Amundi, Igor was a private equity investment professional completing equity, debt and structured investments in healthcare and industrial companies. Igor holds a Master of Business Administration with Honors from the University of Chicago’s Booth School of Business and a Bachelor of Science in Computer Science from the University of Michigan.

Jody Shaw

Deputy Counsel, Maryland State Retirement Agency

Session: Opening remarks

Through the Maryland Office of the Attorney General, Jody Shaw serves as a Deputy Counsel for the Maryland State Retirement and Pension System. In that role, he advises the System on investment-related transactional, regulatory, and other legal matters. Since 2014, he has worked closely with the System’s investment staff and outside counsel to negotiate contractual arrangements for a wide variety of private fund matters, including primary investments, co-investments, and secondary transactions. Jody is also the current chair of ILPA’s Legal Advisory Committee. Prior to joining Maryland, he practiced corporate and securities law at Hogan Lovells, and, before that, was a law clerk to U.S. District Judge Hardy Mays of the Western District of Tennessee. Jody holds a J.D. from Vanderbilt University Law School (Order of the Coif) and a B.S. in international affairs from Georgia Institute of Technology (highest honor).

Matt Schey

Senior Director, ILPA

Session: Making Sense of ESG Regulations, Disclosures, and Fund Terms

Matt Schey, Director, Strategic Projects at the Institutional Limited Partners Association (ILPA), is responsible for partnering across each of ILPA’s priorities (Education, Events, Industry Affairs & Standards, Research & Content) to manage and advance key strategic and operational initiatives that better position ILPA to deliver value for its members. Prior to ILPA, Matt was a Manager in CrossCountry Consulting’s Business Transformation practice. In this role, he specialized in providing organizational change management, process, and technology recommendations designed to streamline and enhance his clients’ operating capabilities. Matt began his career at Cambridge Associates as an analyst with the firm’s Performance Reporting function. He ultimately served as a manager in Cambridge Associates’ Singapore office, where he oversaw the day-to-day operations of the firm’s Global (ex-US) Performance Reporting team.Matt holds a BA in International Business & Management from Dickinson College and an MBA from the University of North Carolina Kenan-Flagler Business School.

Heather Traeger

General Counsel & CCO, Teacher Retirement System of Texas

Session: Manager Due Diligence: What LPs can Learn from the SEC Private Fund Exam Program

Heather L. Traeger serves as the Chief Compliance Officer and Compliance Counsel for the Teacher Retirement System of Texas -- one ofthe largest public pension plans in the country. Ms. Traeger has significant experience advising a variety of financial institutions. Prior to joining TRS, she was a partner in the Financial Services Practice at O'Melveny & Myers LLP; served as Associate Counsel at the Investment Company Institute; and worked for the U.S. Securities and Exchange Commission as Senior Counsel to Commissioner Campos, Counsel to Commissioner Hunt, and Senior Counsel in the Division of Market Regulation.

Joshua Underhill

Director, Legal, , Future Fund

Session: Current Issues in Fund Economics

Josh is Director, Legal at the Future Fund – Australia’s sovereign wealth fund. Josh works closely with the investment teams across all asset classes of the Fund’s $180bn assets under management, and prior to joining the Future Fund was at King & Wood Mallesons in Melbourne and Beijing.