09
Mar
LP perspectives: Remaining active for the right reasons
The way institutional investors approach the current investment environment is dictated to a large extent by portfolio maturity, strategic objectives, and risk appetite. Following two years dominated by re-ups and budgetary constraints as GPs returned to market at ever shorter intervals, now overallocation and macroeconomic pressure are primary concerns. There is a need to be defensive yet opportunistic, diversified yet aware of specific pockets of opportunity. Our panellists explain how they find the right balance.
- What is the biggest issue impacting allocation decisions?
- How is the LP-GP power dynamic evolving?
- Under what circumstances would LPs back a first-time fund?
- How are LPs responding to questions on ESG and portfolio valuations?
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SpeakersBen Hart Partner & Head of Investor Relations (Asia) ADAMS STREET PARTNERS
Jenny Newmarch Senior Portfolio Manager and Head of Private Equity AWARE SUPER
James Lilico Senior Portfolio Manager AUSTRALIAN RETIREMENT TRUST
Marina Pasika Head of Growth Alternatives REST
Doug Bell Director, Investment Strategy NZ SUPER FUND
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Ben Hart is a Partner and Head of Investor Relations (Asia) at Adams Street Partners, where he focuses on the firm’s institutional and private wealth relationships across the region. Ben is a 25-year Asia resident with over 20 years’ experience in the venture-backed tech and private equity markets.
Prior to joining Adams Street, Ben worked at Swiss-based private equity firm Capital Dynamics, where he served as Managing Director and COO, Asia, overseeing the firm’s business development efforts in Asia and North America.
Before joining Capital Dynamics, Ben spent over a decade working with VC and PE-backed tech firms in China and across Asia on their market development strategies. He served as Managing Director, Asia, at Aircom International, and also held senior positions at Convergys Corporation, Alliance Digital, Inc., and the JM Network.
Education:
University of Colorado, BBA
Investment/operational experience: 21 years
Languages: English, Mandarin Chinese
Jenny Newmarch is a Senior Portfolio Manager and Head of Private Equity at Aware Super, one of the largest profit for-member Superannuation Fund in Australia with over AUD $150billion in funds under management. Aware Super’s private equity portfolio is over AUD 9 billion and is invested globally in a concentrated portfolio of funds and co-investments in strategies ranging from venture capital to buyouts. Jenny has over 15 years experience in private equity as an asset allocator and adviser and has over 20 years experience in the investment field having started her career as an investment consultant and actuary in the UK.
Jenny is a graduate of Imperial College London, a Fellow of the UK Institute of Actuaries and a Graduate of the Australian Institute of Company Directors.
James Lilico is a Senior Portfolio Manager at Australian Retirement Trust, a $300 billion profit-for-members superannuation fund, of which private equity represents a $19 billion portfolio. His role encompasses portfolio strategy and management, investment and manager selection, and ongoing investment management of fund, co-investment and direct assets in Australia and offshore.
ART’s private equity portfolio consists of primary funds, secondary funds and direct co-investments across the buyout, venture/growth and distressed/special situations areas. James represents Australian Retirement Trust on various advisory boards in Australia and overseas.
James has over 20 years’ experience in investment management and financial markets. Prior to ART, he was at RMB Capital Partners and Grant Samuel. He has a Bachelor of Science in Finance and a Master of Science in Decision and Information Sciences from the University of Florida.
Marina is the Head of Growth Alternatives at Rest, covering private equity and alternatives. She joined Rest in 2020 to build out the Private Equity capability and investment portfolio. More recently Marina has reshaped the Rest Alternatives strategy to a thematic completion portfolio and is building out that strategy investing in themes such as food and sustainability, natural capital and climate.
Prior to joining Rest, Marina worked in the private equity team at the Future Fund for 9 years, where she invested in private equity funds and co-investments.
Marina previously worked in the Investment Banking Division of Goldman Sachs, where she advised Australian corporations on mergers and acquisitions and financing transactions.
She has a Bachelor of Commerce and Bachelor of Laws (Honours) degree from the University of Melbourne.
Doug joined the Guardians of NZ Super in 2018 and is the strategy lead for a variety of asset classes including Private Equity and Hedge Funds as well as having a particular focus on climate solutions. His role straddles asset allocation and portfolio management, with the application of a total portfolio approach being a key focus.
Doug’s career spans over 24yrs where he has held a variety of buy-side and sell-side investment roles. He was Head of Equities for ANZ Private Bank (NZ) before moving to Hong Kong with HSBC (2013-2018) where he spent much of his time in the Global Research division (part of Global Banking & Markets) helping to establish and run their research offering to wealth clients. Originally from the UK, Doug started his career in the technology field.
Doug holds a Bachelor of Science (Honours) in Physics from the University of Manchester, UK and an MBA (dist.) from the University of Canterbury.