AVCJ Private Equity Forum Australia & New Zealand 2024
Four Seasons Hotel, Sydney and Online
07
Mar
LP spotlight: In search of performance
With longstanding tailwinds becoming less pronounced, the gap between outperforming and underperforming managers is expected to widen. Moreover, there is no guarantee that what worked in the last cycle will be equally effective in the next. These factors make GP selection increasingly important – it is not just about momentum plays that allow LPs to put large amounts of capital to work. Our panel of seasoned investors explains where they are putting their money and why.
- Have LPs redrawn their pacing models and revised assumptions on distributions?
- What questions are being asked of GPs that weren’t being asked two years ago?
- To what extent have fund terms and conditions swung back to favour LPs?
- How prevalent are ESG and DEI in allocation decisions?
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SpeakersBen Hart Partner & Head of Investor Relations (Asia) ADAMS STREET PARTNERS
Nick Milnes Director, Asia & Europe Private Equity METLIFE INVESTMENT MANAGEMENT
Stephen Whatmore Head of Private Equity QIC
Rachael Lockyer Portfolio Manager MLC PRIVATE EQUITY
Glenn Riley Head of Private Markets COMMONWEALTH SUPERANNUATION CORPORATION
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Ben focuses on the development of institutional client and consultant relationships and works with other members of the investor relations team to serve the needs of Adams Street Partners’ clients.
Prior to joining the firm, Ben worked at Capital Dynamics as Managing Director and Chief Operating Officer of Asia, overseeing the firm’s business development efforts in Asia and North America.
Before Capital Dynamics, Ben served as Managing Director at Aircom International, focused on improving regional business performance. He also held senior business development 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
Nick is based in London and is responsible for the management of the Asia and Europe portfolios. Prior to joining MetLife, Nick was Founding Partner at Integrity Capital Partners, a Beijing-based Private Equity firm focused on making cross-border direct private equity investments between China and Europe. Previously he was Vice President in the Beijing office of Schroder Adveq, the PE investment arm of Schroders PLC, focusing on primary, secondary fund investments and co-investments. Nick began his career in Schroder Adveq's Swiss headquarters where he covered European investments. Nick holds an MBA from HKUST Business School, Hong Kong, an MPhil in Finance from Cambridge University, UK, and a BEng in Electronic Engineering from Cardiff University, UK. He is a CFA and CAIA charterholder. In 2023, Nick was included on PEI’s annual 40 under 40: Future Leaders of Private Equity list.
Stephen joined QIC and the Private Equity team in 2008. As a Principal, Stephen established the office in San Francisco and led the team focusing on all North American investment strategies, including venture capital, buyouts, co-investments for 10 years before becoming Head of Private Equity and relocating to Australia in 2020. Stephen is a member of the Private Equity Investment and Management Committees and well as QIC Executive Commitee.
Stephen was very involved in the Institutional Limited Partners Association (ILPA), the global industry body for institutional investors in Private Equity and was the Vice Chair of ILPA for a number of years along with the founding Chair of the Industry Affairs Committee
Previously Stephen was Head of Global Private Equity at MLC Ltd, focused on global buyouts. He also worked at Lend Lease Corporation working on Infrastructure investment and Project Finance and previous to this worked at Schroders Australia focusing on Project Financing. He has also spent time Deloitte and Haskins & Sells in a Tax Advisory role.
Rachael is a Portfolio Manager at MLC Private Equity, where she leads investments into Australian private equity funds and co-investments alongside private equity funds globally. MLC has one of the most long established private equity programs in Australia, having invested consistently in the asset class for over 25 years. Rachael has over 17 years of experience in Australia, the United States and New Zealand, working throughout the private equity value chain, including nine years of investing directly in mid-market opportunities at private equity funds L Catterton and Ironbridge Capital. She has spent time within portfolio companies in operational roles to accelerate growth initiatives. Rachael was formerly an investment banker advising Macquarie Group’s private equity and infrastructure funds in New York and Auckland. She holds Law and Commerce degrees and is a Graduate of the Australian Institute of Company Directors.
Glenn Riley is the Head of Private Markets at Commonwealth Superannuation Corporation, which provides superannuation services and products for Australian government employees and members of the Australian Defence Force, with funds under management of A$65 billion. Glenn has responsibility for leading CSC’s Private Markets program, which covers all of CSC’s illiquid asset investments across private equity, real estate, and infrastructure.
Glenn joined CSC in 2008 and has 28 years of diverse experience across private markets investment management, real estate funds management, and banking.