05
Mar
The big issue: The future is evergreen?
Evergreen structures are increasingly pitched as a route into private equity for individual investors previously held back by long lockups, large upfront commitments, and burdensome capital calls. On one hand, fund-of-funds package up exposure to diversified streams of secondaries and co-investments. On the other, global sponsors offer direct access to their top deals. While the proliferation of evergreens will surely continue, questions can be asked about their composition, distribution, and ability to prevail across cycles.
- Could evergreens become the dominant source of private equity capital?
- What should investors focus on when parsing the detail of these structures?
- In what context does a feeder into a closed-end fund make more sense?
- How significant is the risk of evergreen products being mis-sold?
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SpeakersNavleen Prasad Chief Executive Officer AUSTRALIAN INVESTMENT COUNCIL
Martin Randall Head of Alternatives LGT CRESTONE
Michael Lukin Managing Partner ROC PARTNERS
Markus Egloff Managing Director and Head of Global Wealth Solutions – International KKR
Alex Ovchar Managing Director PACIFIC EQUITY PARTNERS
John Valtwies Principal, Head of Wealth Australia BLUE OWL CAPITAL
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Navleen Prasad is the CEO of the Australian Investment Council, a role she has held since November 2022. As the peak body for private capital, the Council represents private equity, venture capital, private credit, institutional investors such as not for profit superannuation funds and family offices, and the broader ecosystem supporting the industry.
Private capital invests economy wide. As CEO of the Council, Navleen represents an industry that contributes three per cent to Australia’s GDP, is responsible for 600,000 full-time jobs and backs 900 businesses, mainly start-ups and growth businesses. On behalf of members, Navleen and her team advocate for the private capital industry with stakeholders, and provides the platform for building capacity, capability and connection across the industry.
Since joining the Council, Navleen has led: a significant expansion of the Council’s advocacy with stakeholders including government and regulators, the creation of deeper links between Australian fund managers and Asian investors; and a strategic focusing of the Council’s services to members.
Prior to the Council, Navleen spent 19 years at Macquarie Group. Most recently, she led Macquarie’s government engagement function and also held senior corporate affairs roles, specialising in media and reputation.
Navleen started her career in tax advisory, initially with Deloitte and then PwC.
Navleen is also on the board of Sydney Youth Orchestras and Bundanon Trust. In 2022, she was appointed by Treasurer Jim Chalmers as a core member of the Investor Roundtable, advising the Australian Government on meeting nationally significant investment needs.
Martin Randall is responsible for delivering and maintaining LGT Crestone’s investment offering across hedge funds, private equity and real assets. Engaging with local and global alternative asset firms, Martin’s focus is to source, perform due diligence and structure alternative investment solutions for Crestone’s client base. He is also a member of the LGT Crestone Investment Committee and further supports LGT Crestone’s investment offering across separately managed accounts, impact investments and structured products.
Martin joined UBS Wealth Management Australia Ltd in 2014 and transitioned to LGT Crestone at launch in 2016. Prior to that, Martin worked in the UK for EFG Private Bank as Head of Structured Products, having started his career at Kleinwort Benson Private Bank (now Kleinwort Hambros), developing derivative and tax-based structured products for high-net-worth investors. Martin holds a BSc in Computer Science from the University of London.
Mike is the Group Managing Partner of Roc Partners where he is responsible for leading client relationships and investment activities in several markets. Mike was one of the founding partners of Roc Partners following the management buy-out of Macquarie Group’s private markets business unit (“MIMPM”) by its senior executives in June 2014. He currently serves a director of Roc Partners investee companies StoneAxe, Australia’s Oyster Coast, Hirepool, National Dental Care, Infrastructure Advisory Group and Pacific Metals Group.
Mike holds a Bachelor of Science Honours, Applied Mathematics, is a Chartered Financial Analyst (CFA) and Associate of the Institute of Actuaries of Australia.
Markus Egloff (Singapore) joined KKR in 2021 and is a Managing Director on the Global Client Solutions team. He leads the Global Wealth Solutions business for EMEA & Asia Pacific. Mr. Egloff and his team work with private banks, wealth management platforms and family offices to understand and meet their investment needs and deliver KKR private market investment solutions. Prior to joining KKR, Mr. Egloff spent 25 years with UBS Asset Management and Wealth Management and held various leadership and sales positions across Europe and Asia. In his last role with UBS, he served as chairman and head of UBS Asset Management, Hong Kong and led their wealth distribution business across Asia Pacific. Mr. Egloff holds a B.S. in Business Administration from Zurich University of Applied Science, Switzerland.
Alex is a Managing Director at PEP and member of the Partner & Client Group. Alex joined PEP in 2011. Alex was an investor in the Private Equity strategy for the first decade, after which he joined the Partner & Client Group. Before joining PEP, Alex was an investment banker with Morgan Stanley in London and prior to then, a management consultant with The Boston Consulting Group in Sydney. Alex received a PLD from Harvard Business School, a Bachelor of Laws (First Class Honours) and a Bachelor of Commerce degree from the University of Adelaide, where he was the Valedictorian.
Mr Valtwies is responsible for Blue Owl’s wealth management business in Australia. He oversees business development and growth of the Blue Owl funds as well as client servicing, and operations for wealth management.
Prior to Blue Owl, John spent over a decade with global fund manager PIMCO as a senior leader of the Global Wealth Management team. During his time there, he managed the firm's private client relationships, focusing on private banks and ultra-high-net-worth advisory groups. John also led the family office business, successfully developing strong relationships with these unique, and sophisticated investors. He also developed growth strategies to expand the firm's semi-liquid alternative solutions for private clients and advisers.
Before joining PIMCO in 2012, he was a senior research analyst at Morningstar. With 23 years of investment experience, he holds a certificate in financial markets from FINSIA and received a Bachelor of Business (Economics & Finance) from Western Sydney University.