b'9:30 and 11:30am |Choose two of the following: 2:00 and 4:00pm |Choose two of the following:Distribution Waterfalls:Getting Ahead by Getting Along: Checking Your GPs WorkOpportunities for LP Collaboration SPEAKER: Beth Manzi, COO, PEF Services LLCSPEAKERS: Courtney Nowell, Partner, and It is not only extremely important for limited partners toJon Roellke, Partner, Morgan, Lewis & Bockius LLP understand the fees that they are being charged, but investorsLimited partners have long been considered a collaborative should also be able to recalculate and review these fees forgroupofinvestors.Whetheritisdiscussinginvestment reasonableness throughout the life of the fund. This workshopapproachesorsharingbestpractices,theexchangeof willreviewcommonandemergingdistributiontermsofinformation and ideas has historically served our community theLimitedPartnershipAgreement,includingvariationswell. But are we doing enough to optimize our respective inpreferredreturncalculationsandcatchupprovisions,programs and what additional opportunities exist to enhance deferred/waivedfeecomponents,multiplehurdleandourrespectiveexperiences?CounselfromMorganLewis clawback provisions. A review of both European and American&Bockiuswillleadattendeesthroughanexplorationof waterfall steps will be illustrated through the use of examplesopportunitiesforprocompetitivecollaborationamongst while also examining the pros and cons of each. We willLPs, with an in-depth discussion on approaches to aligning also discuss different practical approaches to reviewing thewith like-minded investors to create efficiencies in decision carried interest and expense calculations for accuracy andmaking.Workshopleaderswillshareparametersaround reasonableness through the use of evaluating cash flows andeffective collaboration with peers, including implications for current P&L.GP-LP relationship dynamics and the pros and cons of models such as group purchasing agreements. If the Shoe Fits: Determining andBuy vs. Build: Staffing Strategies for Constructing the Optimal Manager FootprintDirect and Co-Investing SPEAKERS: Toby True, Partner, and Joseph Goldrick, Partner, Adams Street PartnersSPEAKER: Joe Topley, Director, Funds, Ontario Teachers Pension Plan Portfolio construction optimization is a topic that is continuallyThe popularity of direct and co-investing in private equity has top of mind for limited partners. The proper size and diversityexploded as LPs look for opportunities to deploy additional of the private equity footprint is paramount to managing riskcapital while benefiting from lower fees and more intelligent and maximizing returns as it relates not only to the alternativedeal sourcing. Despite its appeal, actually qualifying for and assets category but to the entire investment portfolio as well.makingdirect/co-investmentsworkisfarmorecomplex Yet, determining the optimal footprint is only half of thethan many LPs might initially suspect. A particular challenge equation; successful investors must also develop and executesurrounds the staffing strategies behind these efforts. Much viable strategies to make the necessary and timely shifts tomorethanasideofthedeskinitiative,directandco-the target manager composition. This workshop will discussinvesting staffing requires focus, recruitment and resourcing how periodic reviews of the private equity footprint help toofstaffcapableofrunningthedeal.Andwhilenot best align an investment strategy with 3-5 year performanceimpossible, in-house development of these skills has proven objectives. We will cover best practices to assess risk factorsdifficult for many LPs contemplating programs. This workshop associated with the size and structure of any given portfolio,will examine crucial consideration in building a high-quality offering case studies based on various investor requirements.team of investment professionals to run a successful direct/Approaches to both adding to and culling a portfolio once aco-investment program.footprint change is deemed necessary will be addressed, with a focus on timing, economics, and process. The workshop will also share models to analyze both academic and practical considerations as it relates to the mechanics and execution of a successful footprint strategy . 7'