15
Oct
Institutional investor panel – tackling shifting GP- LP dynamics
Given the current muted private equity dealmaking outlook, lack of distributions and continued macroeconomic and geopolitical uncertainties, it comes as no surprise that the GP-LP dynamic has shifted in the past few years. LPs are adjusting their strategies and becoming more selective with their managers, with some even choosing to reduce allocations to the asset class. Is this trend set to continue? Our panel of leading regional allocators will discuss their strategies and how they plan to navigate the year ahead.
- How are LPs tackling manager selection in today’s environment, and how can GPs ensure that they shine amongst the crowd?
- Given current market conditions, are LPs seeking better fund terms for themselves? Will bargaining power continue to swing in favour of LPs in the year ahead?
- Has there been a shift away from private equity towards other asset classes, or do LPs still remain committed to the asset class?
- What is the outlook for the year ahead?
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SpeakersStephen Cammock Managing Director, Private Equity Investments GCM GROSVENOR
Josh Garcia Investment Director ALLOCATEScott Ramsower Head of Private Equity Fund Investments TEACHER RETIREMENT SYSTEM OF TEXAS
Rorie Norton Editor-In-Chief PRIVATE EQUITY LAW REPORT
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Mr. Cammock focuses on private equity investment activity. Mr. Cammock has expertise in underwriting primary funds, middle market buyout co-investments, secondary opportunities, and direct investments. Mr. Cammock has a particular focus on engagement with diverse sponsors and managers, with a heightened focus on emerging and next generation talent. Throughout his career he has evaluated and transacted across buyout, special situations, growth equity, and venture capital, including seed investment opportunities. Mr. Cammock is a leader in deal sourcing and client relationship management and services a variety of institutional clients across North America and Western Europe. Prior to GCM Grosvenor, Mr. Cammock worked at Credit Suisse in the Customized Fund Investment Group where he engaged in similar investment activities. Mr. Cammock is a recipient of the 2015 National Association of Investment Companies (NAIC) Rising Star Award. Mr. Cammock received his Bachelor of Arts in History from Yale University.
Josh is an Investment Director with a decade of experience in private market fund and co-investments. At Allocate, Josh leads investment efforts across venture, growth equity, and buyout strategies. His responsibilities include portfolio construction and management of commingled and custom vehicles, manager sourcing and diligence, and serves a pivotal role in client experience and educational efforts.
Scott Ramsower leads the Private Equity Funds Team at the Teacher Retirement System of Texas (TRS). Through his role at TRS, Scott has oversight responsibilities for the group’s approximately $33 billion private equity fund investment portfolio. In addition, he is a member of the Private Equity Investment Committee and Management Committee, through which he assists in the strategy and development of the overall private equity team and portfolio. Scott is also a member of the ILPA Board of Directors and an ILPA Faculty Member, helping to educate fellow practitioners in the private equity industry.
Prior to joining TRS in 2010, Scott was in the New York office of AlpInvest Partners, a leading private equity investor with over €35 billion in AUM. At AlpInvest, Scott focused on evaluating new private equity fund commitments to various strategies around the globe. Prior to AlpInvest, Scott was an associate in the equity research department of Morgan Stanley. Previously, he also worked in the consulting practice at PricewaterhouseCoopers.
Scott received a BBA, Finance from Texas A&M University.
Rorie is the Editor-in-Chief of the Private Equity Law Report who uses his legal background and experience in the private funds industry to help private fund managers mitigate their operational risks and navigate an evolving compliance landscape. He began his legal career as an associate attorney at Ropes & Gray representing private equity funds, both on the debt financing and equity sides, in portfolio company acquisitions. Prior to joining the PELR, Rorie was an associate attorney at Kleinberg Kaplan where he advised private fund managers on structuring, launching, offering and administering fund vehicles.
Rorie received his bachelor’s degree with a double major in political science and international studies from the University of Richmond, and his J.D. from the Fordham University School of Law. He graduated magna cum laude from both institutions.