The 2007 Yale School of Management Private Equity Conference

Distressed Debt:
Distressed investing primarily refers to investments in the restructuring or turnaround of companies facing financial and/or operational challenges. This panel will focus on why distressed investing can be a profitable investment strategy regardless of the broader market environment. Of course, given the turmoil in the markets as of late, there should be a lively discussion of the current environment as well.

Michael Fineman -Sr. Research Analyst - Third Avenue Management
Daniel Lukas - Managing Director - GSC Partners
Eric Reehl - Managing Director - Plainfield Asset Management
David Wax - Managing Director - WL Ross & Co.
Stan Garstka - Deputy Dean - Yale SOM (Moderator)

Growth Equity:
Growth equity refers to the hybrid stage of PE investing that sits between venture capital and buyouts. This panel will explore the opportunities and challenges of investing growth or expansion stage capital into mature, profitable companies. Whereas most private equity firms focus on the benefits of taking companies private, growth equity firms partner with market leaders to fuel continued expansion and achieve sustainable growth in either private or public markets. The panel will discuss the current market dynamics influencing this trend and what to expect in the future.

Jonathan Korngold - Managing Director - General Atlantic
Jonathan Meeks - Managing Director - TA Associates
Michael Farello - Partner - Catterton Partners
Chris Mitchell - Managing Director - Spectrum Equity Investors
Daniel Primack - Editor-at-Large - Thomson Financial (Moderator)

International:
This panel will focus on how U.S. firms approach investing abroad with a special focus this year on Europe and Asia. Specific areas of discussion will include which markets are attractive and why, differing strategies for approaching investing overseas and specific challenges related to operating in various markets.

John Colby - Managing Director - The Carlyle Group
Sally Rocker - Managing Director - JC Flowers & Co.
Adarsh Sarma - Principal -Warburg Pincus
Paul Wolansky - Chairman & CEO - New China Capital Management
Kirk Radke - Partner - Kirkland & Ellis (Moderator)

Limited Partners:
Limited Partners are seeking enhanced returns via pioneering strategies such as principal investing or specific allocation focus. This panel will explore LP's current expectations on returns, asset allocations and fundraising efforts for the upcoming year. In addition, the panel will also discuss the LP's perspectives on the changing landscape in private equity, on where they see opportunities, and on what they consider successful strategies.

Robert Brown - Managing Director - The Carlyle Group
Mike Dutton - Portfolio Manager - CalPERS
Marcy Haydel - Managing Director - Performance Equity Management
Mark Hoeing - Director - Commonfund
Ken Andersen III - Editorial Director - Dow Jones & Co.(Moderator)

Operational Improvements:
After the transaction closes, there can be a lot of value created by improving a company’s operations. Gaining efficiencies can come from selective cost cutting or strategic investments to grow the business. Finding and incentivizing the right management team is a key component, as they will be implementing the plan. External consultants are also important in strategic initiatives, given possible sector expertise. This panel will discuss how different firms are approaching operational improvement when examining the target pre-acquisition, post acquisition, and through the company’s exit.

Eliot P.S. Merrill - Managing Director - The Carlyle Group
Jon Morris - Partner - Ernst & Young
James Quella - Senior Managing Director - The Blackstone Group
Brian West - Chief Financial Officer - The Nielsen Company
John O'Neill - Partner (head of PE for the Americas) - Ernst & Young (Moderator)

Real Assets:
This panel will investigate infrastructure and real estate as investments. As large pools of private equity capital are raised, firms are seeking returns from a variety of assets. Infrastructure and real estate tend to be very illiquid and require a substantial investment to complete transactions, which creates a barrier for casual investors. Real assets give groups the opportunity to generate strong returns through savvy acquisitions and managerial expertise. Panelists will discuss recent trends, the competitive environment, and the future of real asset investments.

Andrew Chapman - Division Director - Macquarie Infrastructure Management
John Kukral - President - Northwood Investors
Emil Frankel - Principal Consultant - Parsons Brinckerhoff
Craig C. Solomon - Co-Managing Principal - Square Mile Capital
Emil Frankel - Principal Consultant - Parsons Brinckerhoff
Stephen Tomlinson - Partner - Kirkland & Ellis (Moderator)