March 16, 2012
Private Equity Industry Leaders and Academics Gather for Second Annual UCLA Anderson Summit
Discussed key issues facing investors
LOS ANGELES -- The Fink Center at UCLA Anderson School of Management recently hosted 80 of the world's most influential private equity investors, academics, and consultants at its annual Private Equity Summit, the second annual conference focused on furthering discussions and examining critical questions facing the industry, such as how to improve the study of private equity from largely anecdotal to an increasingly scientific approach.
"The purpose of the Summit is to discuss key issues facing investors and to facilitate the evolution of private equity by exploring the latest research," said Jonathan Rosenthal, the Summit Founder/Co-Chair and Co-Managing Partner at Saybrook Capital. It is designed to spur dialogue between industry thought leaders and institutional private equity investors, many of whom were in attendance at this year's event, including Washington State Investment Board, Meketa Group and chief investment officer of Fire and Police Pension Commissioners of the City of Los Angeles.
According to UCLA Anderson Associate Professor and Summit Co-Chair Mark Garmaise, the Private Equity Summit is a unique event. "Here leading academics and investors are able to consider the future of private equity by wrestling with hard data," he said. "The industry has been the subject of close attention in the last few months, but many of the popular descriptions are catchy sound bites rather than considered judgments. The PE Summit delves into the nuances of private equity from a research-based perspective."
Andy Rice, Chairman of the Association for Corporate Growth and a Senior Vice President at The Jordan Company, echoed Professor Garmaise's observations. "The PE Summit is different, almost entirely focused on building better partnerships between limited partners, managers, and the academic researchers who study the industry, "he said. "This effort could do much to improve the long term return for investors and result in more private capital for growing companies."
Summit presentations covered a variety of critical topics ranging from the current state of raising funds in the private equity sector and the effects private equity has on employment to challenges of complying with the Dodd-Frank Wall Street Reform and Consumer Protection Act. Among the presenters were Harvard Professor Josh Lerner, who delivered the keynote with his research on private equity's impact on employment.
Mark O'Hare, CEO of Preqin, the industry's leading data provider, lead a discussion on the creation of a private equity index, which may help investors assess the role and performance of private equity in their portfolios, supporting the trend towards increased allocations and returns. Purdue Professor Mara Faccio presented evidence that returns to private equity in Europe are significantly higher than returns to publicly traded equity. University of Virginia Professor David Smith examined the ramifications of leverage on private equity sponsored companies.
"This is the kind of dialog private equity professionals ought to be engaged in," said Tim Recker, chairman of the Institute of Limited Partners Association (ILPA). "I am looking forward to participating next year."
About Laurence D. and Lori. W. Fink Center for Finance & Investments
The Fink Center represents a true unification of research and practice in the field of finance. This center sponsors research, teaching and the application of financial knowledge in the global corporate and investment community. With acclaimed faculty, extensive information resources, dedicated alumni and corporate alliances, the Fink Center offers the finest opportunities available anywhere for transforming fundamental knowledge into applicable practices within the global economy.
About UCLA Anderson School of Management
UCLA Anderson School of Management is among the leading business schools in the world. UCLA Anderson faculty members are globally renowned for their teaching excellence and research in advancing management thinking. Each year, UCLA Anderson provides a distinctive approach to management education to more than 1,800 students enrolled in its MBA, Fully-Employed MBA, Executive MBA, Global Executive MBA for Asia Pacific, Global Executive MBA for the Americas, Master of Financial Engineering, doctoral and executive education programs. Combining selective admissions, varied and innovative learning programs, and a world-wide network of 37,000 alumni, UCLA Anderson develops and prepares global leaders. Follow UCLA Anderson on Twitter at http://twitter.com/UCLAAnderson, or on Facebook at http://www.facebook.com/uclaanderson
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