b'JUNE 5 WORKSHOPS9:30 and 11:30am| Choose two of the following:The (Economic) Times They Are A-ChanginCommitment and Cashflow Modeling: SPEAKERS: Austin Kimson, Director, Senior Economist,Planning for Uncertainty and Graham Rose, Partner, Bain & CompanySPEAKER: Barry Griffiths, Partner, Landmark Partners The macro economic environment is shifting in uncertain waysInvestors in private equity typically have several objectives a recession will come, but the scope, duration and depth willthat can create tension due to uncertainty about the future depend on many variables. The consensus is that an LPs PEcourse of the financial markets. There is a need to meet alloca-portfolioby nature of long-time horizons and diversificationtion targets when the market goes up, but a desire to not over-can be well positioned for economic slowdowns. However,shoot when the market goes down. Investors seek a higher recessions do tend to break things in unexpected waysinrate of return when times are good, but require liquidity when Buffets words only when the tide goes out do you discovertimes are bad. In this workshop, we will investigate the tools who has been swimming naked. How will the next macrothat are available to address these competing priorities and scenarios impact LPs and how can they position themselvesmarket timing issues, discuss how investors can anticipate for future success? In this workshop, we will understand andand insulate themselves against the worst downsides of these assess various drivers affecting the global economy includingsituations and, in particular, examine the uses of scenario risinginterestrates,digitaldisruptionandautomation.analysis to foster optimal decision making. Further, well explore how LPs can identify GPs that will win in the next investment cycle, which will look very different fromBuilding the Ladder: Designing and the last cycle.Implementing Emerging Manager Programs SPEAKERS: Renae Griffin, Director, and Navigating GP-Led Secondaries:Aris Hatch, Managing Director, GCM GrosvenorPerspectives from Both Sides of the TableAs the private equity market continues its evolution, more SPEAKER: Henry Zhang, Founding Partner,and more investors are considering emerging managers as Morningside Capital Managementviablestewardsoftheircapital.First-timefundmanagers GP-led transactions are becoming a more prominent featurehave become increasingly attractive to many LPs who are of todays booming PE secondaries market. While many LPsnoticingtheirhistorically-higherrisk-adjustedreturnsand survived challenged fund restructurings in the depths of thestrong potential for aligned interests. In this workshop we last financial crisis, fewer have direct experience with thiswill explore best practices for LPs to consider as it relates to emerging class of solutions-oriented transactions, which of- investment strategies and due diligence evaluation of emerg-tentimes includes a primary capital or dry powder component.ing managers. We will provide a framework and toolkit for With experiences in GP-Led secondaries both as a LPAC mem- sourcing,evaluatingandmonitoringemerging,first-time ber and a buyer, Morningside Capitals founder Henry Zhangand diverse managers, with the goal of optimizing efficien-will lead an in-depth discussion of the various forms thesecy and effectiveness, while mitigating the unique challenges deals can take and where to focus your limited time and atten- of this up-and coming cadre of GPs. Well also debunk some tion in evaluating both a transaction process and the proposal .commonmythsincludingmisconceptionslikeFirsttime managers take on higher risk, and all emerging managers only want LP capital. Lastly, we will discuss ways to measure a programs long term success and how expectations may or may not differ from legacy funds.6'