10th Annual INSEAD Private Equity Conference · 10th Annual INSEAD Private Equity Conference 3 09:00 Introduction & Keynote Amphi A Antonio Fatás is Professor of Economics at INSEAD,

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Friday, May 25, 2012

10th Annual INSEAD Private Equity Conference

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10th Annual INSEAD Private Equity Conference 1

Welcome to the 10th Annual INSEAD Private Equity Conference Dear Participant, INSEAD welcomes you to the 10th Annual Private Equity Conference. The conference, inaugurated in 2003, has grown to the most successful private equity and venture capital events hosted by European academic institution. With over 1,000 INSEAD alumni working in the industry worldwide, the conference is a global gathering of thought leaders to exchange ideas and experiences. In the last 12 months, the global economy has continued to recover from a difficult economic crisis. Both developed and emerging markets are facing unprecedented economic, social and political change. Amidst this transformation, the role of private equity and venture capital industries is becoming more important as economies are seeking avenues of growth. While the investment environment remains challenging, the fundamentals of the industry continue to be strong. Moreover, even though emerging markets pose unique challenges, they are becoming more accessible. Limited partners have become more demanding, yet top quartile fund managers have been rewarded with limited partners extending their commitments – reflecting private equity’s continuing importance in their diverse portfolios. This year’s conference provides an open forum for leading practitioners, academics, and members of the INSEAD community to debate the forces shaping the fast-changing industry today. We are delighted to host an impressive and diverse roster of experienced industry professionals. We have chosen a broad range of topics and have assembled a diverse group of outstanding panellists and moderators for you. In terms of asset classes, panels focus on leveraged buyouts, venture and growth capital, and distressed investing. Other topics include fundraising, achieving operational excellence, investing in emerging markets and careers in private equity. The annual conference is organized by the INSEAD Private Equity Club (IPEC), supported by the Alumni Relations and Careers Services offices, and our alumni-led club, the INSEAD Private Equity Network (IPEN). IPEC would like to thank our distinguished speakers and guests for contributing to this year’s conference as well as our sponsors, Bain & Company and AlpInvest, for their financial support and guidance. In addition, this day would not have been possible without the dedication of a large number of INSEAD MBA participants, members of the administration and faculty. Thank you for joining us. We hope this conference will provide an opportunity to learn from the experience and insights of our keynote speakers and panelists, a forum for discussion and a platform to forge new relationships within the community. The INSEAD Private Equity Club Committee


Agenda – Friday, May 25, 2012

NAVIGATING UNCERTAIN WATERS

Identification of Opportunities & Disciplined Value Creation

9.00-9.30 IntroductionAntonio Fatas

(Professor of Economics - INSEAD)Amphi A

9.30-10.15 Keynote 1Conni Jonsson(EQT Partners)

Amphi A

10.15-10.30 Break

LBO Amphi A

VC & Entrepreneurship Amphi Maag

Distressed Investing Amphi P

11.30-11.45 Break

Driving Operational Excellence Amphi A

Emerging Markets Amphi Maag

European Middle Market Amphi P

12.45-14.30 Lunch

14.30-15.15 Keynote 2Joseph C. Schull(Warburg Pincus)

Amphi A

15.15-15.30 Break

Limited Partner Perspectives Amphi A

Careers in Private Equity Amphi Maag

16.30-17.30 Cocktail Reception Plessis Mornay

11.45-12.45Panel

Session 2

15.30-16.30Panel

Session 3

8.30-9.00 Registration Main Entrance

10.30-11.30Panel

Session 1


09:00 Introduction & Keynote

Amphi A

Antonio Fatás is Professor of Economics at INSEAD, a Senior Fellow at the Center for Business and Public Policy at the McDonough School of Business (Georgetown University, Washington DC) and a Research Fellow at the CEPR (London). He received a Masters and Ph.D. in Economics from Harvard University (Cambridge, USA). Mr. Fatas has written extensively on fiscal policy, monetary policy, growth and the process of European integration. He has worked as an external consultant

for the International Monetary Fund, the World Bank, the US Federal Reserve, the OECD and the European Commission and his opinion was requested by the UK government on the study to analyze UK entry in EMU. At INSEAD, he was the Dean of the MBA Program during the years 2004-2008. He teaches in the MBA and EMBA programs as well as in open-enrollment executive programs such as the Advanced Management Program. He is involved in many Company Specific Programs and has directed senior management programs for Cisco and CEMEX.

Conni Jonsson was part of the original team that founded EQT Partners AB in 1994 and has been Chief Executive Officer since its foundation. Prior to this, Conni was employed at Investor AB for seven years working with corporate finance and mergers & acquisitions and was responsible for developing Investor AB’s equity research capability. From 1992 to 1994, Conni was Senior Vice President and member of the Executive Management of Investor AB, responsible for Corporate Finance and Mergers & Acquisitions.

He was intimately involved in the restructuring and consolidation of Investor AB, its subsidiaries and investments including the acquisitions of the listed companies Saab-Scania, Providentia, and Export-Invest (with a combined transaction value in excess of SEK 30 billion). During his tenure at Investor AB, Conni was also in charge of a number of investments involving smaller and medium-sized companies and served on the board of several companies where Investor AB was a shareholder. He was on the board of TV4 from its inception in 1987 until February 1998. He played an instrumental role in establishing the company, developing it into a market leader and arranging its public flotation. Before joining Investor AB, he worked for Robur Mutual Funds as head of research and management of stock portfolios. Conni graduated from the University of Linkoping with a Bachelor of Science and has participated in the Program for Management Development at the Harvard Business School.


10:30 Morning Panel Session 1

Amphi A

Leveraged Buyout

Domnin de Kerdaniel is a Senior Managing Director at CVC France. Domnin joined CVC in 2006 from the 3i LBO

team in Paris. Prior to 3i, Domnin worked at KKR for five years. Previously, he worked for Salomon Brothers in their M&A department. Domnin holds an MSc from the École Centrale Paris and an MBA from INSEAD.

Julian Huxtable is a Senior Principal at Doughty Hanson. Since 2000 and has been involved in transactions including Dunlop Standard Aerospace, Moeller, Vue Entertainment, Balta and ASCO. He has been a member of the Investment Committee since 2006.

Julian holds an MBA from INSEAD.

Edouard Muûls joined KKR in 2007 and is a member of the Industrials and Chemicals industry team. He has been involved with the investments in NXP (formerly Philips Semiconductors) and Pets at

Home. Prior to joining KKR, Edouard was an associate at Credit Suisse, in the Mergers & Acquisitions Group. He holds a M.Sc., magna cum laude, from Solvay Business School, Belgium, and an M.B.A. with distinction from INSEAD.

Graham Oldroyd is a Partner of Bridgepoint since in 1990. Graham is responsible for leading Bridgepoint’s investments in the Manufacturing & Industrials sector across Europe. From 2000 to 2008 Graham headed Bridgepoint's Nordic Office in Stockholm.

Graham graduated from Cambridge University in 1983 and is a Chartered Mechanical Engineer, a Fellow of the Institution of Mechanical Engineers, a Member of the Chartered Institute for Securities & Investment, and has an MBA from INSEAD Business School. Recent investments include CABB International GmbH (2011) and KemFine OY (2011).

Ryan Selwood is a Senior Principal at CPPIB and leads its Principal Investing activities in Europe. Ryan has experience across a wide variety of industries ranging from financial services to technology. Previously, he

served as Vice-President at Merrill Lynch & Co., in the Financial Institutions Group in the Investment Banking Division in New York and Toronto. He serves as a Director of Pinafore Holdings BV. Ryan holds an Master of Business Administration and law degrees from York University and a Bachelor of Arts from the University of Western Ontario.

MODERATOR: Graham Elton is a VP in London and head of the European Private Equity Practice and the UK Media Practice at Bain & Company. Whilst at Bain, Graham has lead assignments in a variety of industries including consumer products, media, publishing, retail

and telecommunications. Prior to joining Bain & Company, Graham was a partner of Evolution Global Partners, CEO at Miller Freeman UK, Managing Director of FT Business, Strategy Director at Pearson and worked for the Boston Consulting Group. Graham earned an MBA at Harvard Business School and his MA from Oxford University.



Amphi Maag

Venture Capital & Entrepreneurship

Aris Constantinides is the founder and Investment Director of NBGI Ventures. Aris currently serves on boards of companies such as: Advanced Cardiac Therapeutics, 2010 Perfect Vision, Endoscopic Technologies, EOS Imaging, Dysis Medical Limited,

Reverse Medical and SuperSonic Imagine. Aris started his career at structured products division of Bankers Trust. He has more than 14 years of experience with European venture capital and private equity, including with Deutsche Bank’s and Credit Suisse First Boston’s funds. He holds Mechanical Engineering degrees from Imperial College and MIT as well as an MBA from INSEAD.

Andreas Schlenker is a General Partner at Partech International. His focus is on investments in Internet services, digital media and E-Commerce in Europe. Andreas serves on the boards of Avandeo, Qype, Secret Sales, sMeet and TVtrip. Prior to joining

Partech, Andreas was director of business development for E-Mail Vision, a French email marketing solutions start-up, which went public in 2006. Andreas was also a consultant for Bain, where he worked on projects with high tech and telecom clients. Andreas received his undergraduate degree in Economics from UC Berkeley and he holds an MBA from INSEAD.

Graziano Seghezzi is a Partner investing in life sciences at Sofinnova Partners. Previously, Graziano was principal at Index Ventures in Geneva, Switzerland. Before this, he worked for Sofinnova Partners, identifying new investment opportunities in

Italian pharmaceutical and medical device companies out of Milan, Italy. Graziano began his career as a biomedical researcher at New York University’s School of Medicine. Graziano has a degree in genetics and microbiology from the University of Pavia (Italy) and an MBA from the RSM, Erasmus University (Netherlands).

Wolfgang Seibold is a Partner at Earlybird Venture Capital and a Board Member at German Venture Capital Association BVK. Wolfgang has 10 years of experience in high-tech enterprises. He focuses on green technologies and

services. He is involved in several international start-up initiatives, and is a board member of Silicon Saxony and CTI Invest, Ubitricity and Light Blue Optics. Prior experience includes BCG and ALCATEL. He holds a Dipl. Phys. (MSc equivalent) in semiconductor physics from University of Ulm and Newcastle upon Tyne and MBA from INSEAD.

MODERATOR: Patrick Abouchalache of The PEGA Group has over 16 years of experience as entrepreneur, investor, and advisor. Patrick focuses on investments in healthcare, tech, consumer, and retail sectors. He is the founder of The PEGA Group, a consultancy focused on advising investment firms, family offices, entrepreneurs, and senior industry executives. He previously worked as an investment banker in Salomon Smith Barney's Global Communications Group and its European M&A Group, and at IFC. Patrick received a B.S. in Economics from The Wharton School, cum laude, and an MBA from INSEAD. Patrick speaks French, Spanish and Arabic.



Amphi P

Distressed Investments

Karim Khairallah, MD, joined Oaktree in Europe in 2005. Prior to joining Oaktree, Karim co-founded Solidus Partners, a turnaround fund. Previously, he spent 4 years at General Atlantic. Prior experience includes J.P. Morgan Capital and Lehman

Brothers International. Karim sits on the board of Stock Spirits Group, Campofrio Food Group, R&R Ice Cream and Panrico. Karim received a B.Sc. degree in Economics from the London School of Economics and an M.B.A. from INSEAD.

George Koulouris is the Deputy CEO of Marfin Investment Group (MIG) responsible for raising €5.2bn and creating largest investment company in South Eastern Europe. He has 13 years of experience in investment banking and private equity. Before MIG, he

held roles at UBS, CSFB and Deutsche. He is member of MIG’s Exec and Investment Committees and serves on boards portfolio companies. He holds an MBA from INSEAD and First Class Honors bachelor’s degree in Business Economics from Queen Mary, University of London.

Georg Madersbacher co-founded Orlando Management AG. He has led more than 20 transactions in various industries: manufacturing, consumer goods, healthcare, retailing, automotive, and IT. Prior to founding Orlando, he was part of GMM Active Equity

AG, investment boutique and predecessor to Orlando. He spent 8 years with McKinsey. Georg holds a degree in mechanical engineering from ETH Zurich (Dipl.-Ing.) and an MBA from INSEAD.

David Ross joined Sankaty Advisors in 2003. He is an Executive Vice President and co-head of Sankaty’s London office. He is also a member of Sankaty’s Middle Market Group and Restructuring team. Previously, David worked in Investment

Banking at Credit Suisse First Boston focusing on M&A and Corporate Finance in the Technology sector. He received a B.A. from Harvard College.

Doug Thomas is an Managing Director at Fortress Investment

Group and heads the overall European operations of the Fortress Credit Funds. Doug sits on investment committees of Fortress’ Credit Opportunities family of funds. Prior to Fortress, he was a SVP at the TCW Group where he managed a series of private equity joint-venture funds focused on Asia, South Asia and North America. Doug holds a B.A. in International Relations from Tufts University and a Masters of International Finance and Business from Columbia University.

MODERATOR: Dominik Stühler is a corporate partner with Kirkland & Ellis in Munich, focusing.on corporate law in Germany. After an apprenticeship with Hauck & Aufhäuser, Dominik graduated from University of Regensburg with master degrees

in law and business. In addition, Dominik earned an MBA from Vlerick Leuven Gent Management School. Prior to K&R, he was a corporate associate in Clifford Chance’s private equity team.


Global Private Equity Initiative

Founded in 2009 and based at the Singapore campus, Global Private Equity Initiative (GPEI) is part of INSEAD’s commitment to Asia and to the growth of private equity in emerging markets. Led by Claudia Zeisberger, GPEI combines the school's research and educational capabilities with its alumni and global professionals in the private equity industry. INSEAD sees a role to play by delivering original research and insight for limited and general partners that channel growth capital to privately-held enterprises. GPEI’s research agenda flows from closely linking top scholars to the industry, and these ties help us communicate our findings in ways executives and MBA students can use. GPEI aims to help professionals generate their own unique insights. GPEI also publishes a newsletter relevant to those interested in emerging markets. For more information, please visit insead.edu/gpei Recent Activities:

� Publication of 4 major reports on emerging market private equity topics; shared with over 4,000 industry professionals through our quarterly newsletter and presented at 5 industry conferences

� More than 20 new case studies written – all in co-operation with GPs in emerging markets � Every academic year, more than 30 guest speakers engage with students & faculty on campus;

all from top global private equity firms � Courses with projects which allow students to choose from over 100 company-sponsored

projects, ranging from strategic topics such as investment strategies in specific industries or geographies to functional topics such as the Value of in-house Operations Teams

� GPEI plays an integral role in supporting IPEC’s annual private equity conferences Latest Research:

Study on PE Exits in China and India This report by INSEAD and LGT Capital looks closely into the exit situation for private equity investments in Asia’s largest emerging markets of China and India.

Brazilian PE: Moving Centre Stage Brazilian private equity continues to attract the interest of LPs and currently ranks as one of the most attractive markets for future allocations globally. The report published with PwC Brazil includes answers from a survey of leading LPs and GPs and provides a broad overview of the state of private equity in Brazil.

Asian Private Equity: Will it deliver on its Promise? A Survey of Top LPs and GPs

GPEI published a report with AXA Private Equity based on surveys with leading LPs and GPs in Asian private equity. At its core we explored the question: Has Asian private equity grown into a viable investment category for “sophisticated” institutional investors?



Amphi A

Driving Operational Excellence

Antonio Capo is a Director in Operations Group of TPG Capital in London. He currently serves as vice chairman of Microgame and supervises TPG’s investment in Ontex. Prior to TPG, Antonio was a Senior Director at turnaround management firm A&M. Prior to

A&M, he was with McKinsey, and served as Second Lieutenant in the Italian Army’s Logistic Corps. Antonio received a BSc. in Economics from Bocconi University, an MA in European Economic Studies from the College of Europe, and an MBA from Stanford University’s Graduate School of Business.

John Maloney, currently at Alix Partners, has over 20 years of experience in line management, strategic consulting and program management in sectors including construction, energy, packaging, beverages, government, financial institutions, and aerospace. John

was formerly a Principal at A.T. Kearney. He is European Lead of Alix’s SG&A Cost Reduction capability practice. Prior to Alix, John spent 10 years in strategic and operations consulting at A.T. Kearney, KPMG and Unisys. Before this he was Financial Planning Manager for Unisys Europe.

Stefaan Vansteenkiste is an MD and co-head of Alvarez & Marsal's U.K. Restructuring practice. He brings 20 years of experience as general and financial manager. Before joining A&M, he worked in the multi-unit retail and theme

park business both in the U.S. and Europe. He was General Manager of Six Flags Belgium and Zone Finance Manager at Taco Bell. He was also a financial manager at Atlantic Richfield, an American oil company. He earned a bachelor's degree from the University of California, a MBA from the University of Michigan and an executive master's degree in interim management from the University of Antwerp in Belgium.

Alain Vourch (London) joined KKR Capstone in 2004. Prior to KKR Capstone, Mr. Vourch worked as a management consultant at The Boston Consulting Group in Paris and London, and has in depth experience in retail, consumer

goods, industrial goods and business services. He also led the relaunch of argusauto.com (automotive portal for used cars in France) as co-founder of Argus Interactive. At KKR Capstone, Mr. Vourch is involved with Maxeda (formerly Vendex KBB), Tarkett, Pets at Home, Van Gansewinkel and Ambea. He holds an M.Sc. from the Ecole Polytechnique and Ecole des Mines de Paris, France. Mr. Vourch is fluent in English and French. ..

MODERATOR: Michel Freund is a Managing Director on CVC's Operations Team. He joined CVC in 2009 after six years at McKinsey & Company where, as an Associate Principal, Michel focused on operational and IT transformations mostly within financial services back-offices, media and pharmaceutical industries. Prior to McKinsey, Michel served as Vice President Sales and Marketing Americas at LocatioNet. Michel holds a Masters Degree in Commercial Engineering from Solvay Business School in Brussels as well as an MBA from Harvard Business School.



Amphi Maag

Emerging Markets

Tahira Dosani leads strategic projects, partnerships and communications at LeapFrog, a private equity fund manager pioneering impact investing in emerging markets. Previously, Tahira was with Aga Khan Fund for Economic Development and as Head of Corporate Strategy

at Roshan. Tahira was previously with Bain, doing strategic due diligence and growth planning for private equity. She holds an MBA from INSEAD and BAs in IR and Computing & Human Development from Brown University.

Nick Luckock joined Actis in 2010 and is a Partner based in London. Nick plays leading role in global investment origination and execution in financial services sector. Prior to Actis, Nick was Head of Private Investments at

Cambridge Place Investment Management. Previously, Nick was a Principal at Apax Partners. He also worked in both Australia and London for BCG. Nick has a BA in History and Politics and a BCom in Finance from the University of Melbourne and an MBA with honors from INSEAD.

Matteo Patrone, senior banker of EBRD, supervises equity and quasi equity transactions in Eastern Europe, Turkey, Russia and Central Asia with a portfolio of €3.7bn and annual investments for €750m. He is a member of investment committee for SMEs.

Prior to EBRD, Matteo was a MD of Finanziaria’s private equity arm. Prior to that he was a Senior Manager at Accenture. Matteo graduated cum laude in Mechanical Engineering at Genoa University and holds an MBA from INSEAD.

Spyros Poulios is a Managing Partner at Seminal Capital, a Beijing-based family office. He also runs outbound investment, advisory and fundraising business of Crescent Point. He has 15 years of experience in investment banking, business

development and investing from GE Capital and CSFB. He has been senior executive of a number of service companies in the energy, financial, and technology sectors. Spyros holds a BA from Harvard University and an MBA from INSEAD.

Matthew Strassberg is a Partner at Mid Europa. He leads the heathcare sector and was responsible exit of Aster, the largest PE exit in the CEE in 2011. Prior to Mid Europa, he was an investment banker with Merrill Lynch in London and with JP

Morgan in London and in New York. Previously, he was with TLC Capital Partners, a New York buy-out firm. Matthew holds a B.A. in Economics from the University of Chicago and an M.B.A. from INSEAD.

MODERATOR: Claudia

Zeisberger is an INSEAD Affiliate Prof. of Decision Sciences, Entrepreneurship & Family Enterprise and leads Global Private Equity Initiative at INSEAD. She teaches MBA, EMBA and

multiple Exec Ed programs, being 3-year “Dean’s Commendation for Excellence in MBA Teaching” winner. In her 18 years in Asia, she has worked with clients in China, India, and Southeast Asia.



Amphi P

European Middle Markets

Cedric Abitbol is an MD of 21 Centrale Partners. He manages investments, identifies business opportunities, and build-ups. In addition to his Paris position, Cedric heads the Geneva office and also coordinates global IR, transversal best practices, and

international development for the 21 group. Cedric brings 15 years of experience in private equity. He worked as Director of Private Equity at Capstone, VP of Private Equity at Unigestion, and as a financial analyst.

Hans Oerlemans is Investment Director at Waterland. Hans has over 15 years of experience in private equity, strategy consulting and line management. Prior to Waterland, Hans worked for Value Enhancement Partners, a turn-around investor. Previously, he

worked as a consultant for McKinsey and also with Corus and BHP-Billiton in senior line management positions. He holds an MSc from Delft University (Aeronautical Engineering) and an MBA with distinction from INSEAD.

Rod Richards joined Graphite Capital in 1986. In 2001 he led the management buy-out of Graphite Capital from the Foreign & Colonial Group. He previously worked for McKinsey & Co and for Bell & Howell Limited. He has a first

class degree in Politics, Philosophy and Economics from Oxford University and an MBA with distinction from INSEAD.

George Swirski is Co-Founder and Managing Partner of Abris Capital Partners, a private equity fund focusing on Central Europe. Prior to Abris, George was a partner in Advent’s leading Central European practice and member of their

Central Europe Investment Committee. In the 1990s, he headed PepsiCo’s Frito-Lay operations in Poland and was closely involved in turnaround of E.Wedel S.A. Prior to PepsiCo, George was a consultant with Bain. He received an MBA from the Wharton School and is a graduate of LSE.

Denis Tafintsev is Partner of Horizon Capital. He leads the company's investments in financial and IT sectors of Ukraine, Belarus and Moldova. He has extensive experience with financial institutions in the region from his previous work at

McKinsey. Denis received an MBA from Stanford Graduate School of Business, BA and MA degrees from the School of Economics in Moscow, MS degree from Humboldt University of Berlin.

MODERATOR: Nicolas Lanel is responsible for UBS' European secondary market advisory practice which he established in 2007. Since inception, UBS' Private Funds Group has advised on over 70 secondary transactions globally, representing a total of approximately $30 billion

of commitment value. He started his career with PAI and, prior to joining UBS, spent 9 years in the M&A group of Deutsche Bank in London and New York. Nicolas graduated from ESCP-Europe.


INSEAD Faculty Publications

Brief Description: In The Innovator’s DNA, authors Jeffrey Dyer, Hal Gregersen, and bestselling author Clayton Christensen build on what we know about disruptive innovation to show how individuals develop skills to move progressively from idea to impact.

By identifying behaviors of world’s best innovators, the authors outline five discovery skills that distinguish innovative entrepreneurs and executives from ordinary managers: Associating, Questioning, Observing, Networking, and Experimenting. Once you master these competencies, the authors explain how to generate ideas, collaborate to implement them, and build innovation skills throughout the organization.

Brief Description: Ten years after the worldwide bestseller Good to Great, Jim Collins returns with another groundbreaking work, this time to ask: Why do some companies thrive in uncertainty, even chaos, and others do not? Based on nine years of research, buttressed by rigorous analysis and

infused with engaging stories, Collins and his colleague, Morten Hansen, enumerate the principles for building a truly great enterprise in unpredictable, tumultuous, and fast-moving times. The authors studied companies that rose to greatness—beating their industry indexes by a minimum of ten times over 15 years—in environments characterized by big forces and rapid shifts that leaders could not predict or control.

Brief Description: In Gurus and Oracles, Miklos Sarvary describes information industry - the far-flung universe of companies whose core business is to sell information to decision makers. These companies include such long-established firms as Thomson Reuters as well as newer, dominant players like Google

and Facebook. Sarvary highlights the special characteristics of information and knowledge and analyzes the unusual behaviors of the markets for them. He shows how technology contributes to the spectacular growth of this sector and how new markets for information change our economic environment. Sarvary points out, unreliable information may be more expensive than reliable information; information sellers may be better off inviting competitors into their market because this may allow them to increase their prices; and competition may lead to increased media bias.

Brief Description: In The Hedgehog Effect, Manfred Kets de Vries presents the case for leadership group coaching as an experiential training ground for learning to function as a high performance team. His coaching model, incorporating living case studies, has been developed over more than 20 years.

The book begins with an in-depth analysis of what teams and groups are all about. The intricacies of leadership coaching are illustrated with elaborate example of a team coaching intervention. In Part Two, the author applies a psychodynamic lens to the dynamics of teams and groups, taking a close look at relationship patterns, how groups evolve, and the phenomenon of the group-as-a-whole. Part Three takes a more systemic perspective, addressing the challenges that change processes pose for people in organizations, and how to create best places to work.


14:15 Keynote

Amphi A

Joseph Schull is a Managing Director and Head of Europe, based in the London office of Warburg Pincus. He joined Warburg Pincus in 1998 and has been responsible for the firm’s TMT (technology, media and telecommunications) investments in Europe as well as its investment activities in Emerging Europe. During 2010, he was made responsible for the firm’s European operations. He holds a B.A. and M.A. from McGill University, Canada where he studied politics, philosophy and economics. Joseph also received a D.Phil from Oxford

University, where he was University Lecturer from 1990 to 1991. Prior to joining Warburg Pincus, he was Deputy Director of the International Affairs Program at the Ford Foundation. Joseph has been involved in Warburg Pincus investments in broadcasting, telecommunications, cable television, information services, Internet, education and pharmaceuticals. He is presently a director of Ziggo, the leading cable television operator in the Netherlands, and Mach, a leading global provider of interconnectivity, interoperability and settlement services for mobile network operators, based in Luxembourg. He is a member of the Advisory Council of venture philanthropy organization – Impetus Trust www.impetus.org.uk; and also a member of the International Board of Directors of NESsT, an organization developing sustainable social enterprise in emerging market countries. www.nesst.org


15:30 Afternoon Panel Session 3

Amphi A

Limited Partner Perspectives

Antoine Dréan founded Triago in 1992. Antoine is in charge of strategy and development. He has over 20 years of industry experience as an advisor to the private equity fund community and as an entrepreneur. He was also Europe’s first placement agent. Antoine started his career

in a French advisory firm specialized in distressed situations. In 1988, he founded M&A boutique, eventually selling it in 1990. Antoine earned an MBA from The Wharton School and is a member of the Wharton EMEA Executive Board. He is a French national, fluent in English and French.

William Gilmore is Head of SWIP’s private equity team responsible for all investments and managing £1.5bn in over 100 funds. He is a member of Advisory Committees of funds and BVCA’s LP Advisory Board. Prior to SWIP, he worked for Murray Johnstone

for 10 years, starting as an Investment Manager before being promoted to Investment Director. Between 1987 and 1989, William was an Investment Accountant with Ivory & Sime, after spending 4 years with KPMG where he qualified as a CA. William holds a BA in Accountancy and Economics from the University of Strathclyde.

Gurjeet Grewal is an Investment Manager at Wellcome Trust where he makes and manages non-directional hedge fund and private equity fund investments and direct co-investments. Gurjeet focuses on media, communications and education

sectors. He is a member of Public Markets team, which manages the Trust’s book of direct equities, derivatives, currencies and fixed income. Prior to Wellcome, Gurjeet worked at CSFB in investment bank. Gurjeet has a BA from University of Oxford in Philosophy, Politics and Economics.

Philip Viergutz joined AlpInvest in 2008 as Investment Manager and became a Principal in 2011. Philip is responsible for private equity fund and secondary investments in Europe. He represents AlpInvest on advisory boards of partnerships managed by Nazca Capital and

Ciclad. Before AlpInvest, Philip was an Associate at HarbourVest Partners in Boston, mainly focused on private equity fund and secondary investments in North America. Philip received a BSE in Operations Research and Financial Engineering from Princeton University and an MBA from INSEAD.

MODERATOR: Jean-Philippe Keravec, Partner at Campbell-Lutyens, joined the firm in 2008 and advises across the range of the firm’s activities with particular focus on fund placement in Europe. He has over 13 years’ experience of fundraising on behalf of international investment funds, first with Ingenor Finance, then with Credit Suisse Asset Management and, over the past seven years, as deputy head of Calyon’s Private Fund Placement business. Prior to that he spent three years in the Corporate Finance department of Air France and started his career as an auditor with BDO. Jean-Philippe graduated from the European Business School in Paris.


15:30 Afternoon Panel Session 3

Amphi Maag

Careers in Private Equity

Beata Gawarecka-Green joined Triton in 2011. Previously, she was the Head of Business Operations at Allianz Capital Partners in London, where her role included HR, Operations and Compliance. From 2001 to 2007 she was the Administration and Finance Manager for Korn /

Ferry, based in Warsaw, Poland. She has also held Human Resources roles at Stoney Point Java and Accenture. Beata has an MSc. in Psychology from the Warsaw School of Social Sciences and Humanities and a Diploma in Investment Compliance from the Chartered Institute of Securities and Investments.

Larissa Reyes is currently the Acting Head of Human Resources for Permira. As a Human Resource Professional, Larissa assists develop and manage Permira's HR strategy, covering key talent management areas including recruitment, learning

and development, career management, compensation and capacity planning. Prior to joining Permira, worked with Microsoft ANZ as HR Business Partner. Larissa also worked for 3i Private Equity in a senior global HR capacity. Prior to moving to the UK, she spent a year as a Consultant for IBM. Larissa has a degree in Business Commerce and Arts Psychology from Macquarie University, Australia.

Avi Turetsky joined Riverside in 2007. He manages strategic initiatives, operations, and human capital development for Riverside’s European business. Prior to assuming the Chief of Staff role in early 2011, he directed the firm’s European and

Middle Eastern fundraising and investor relations efforts. Before joining Riverside, he was an investment banker with Lazard Middle Market/Goldsmith-Agio-Helms, a US-focused sell-side mergers and acquisitions boutique. Avi previously was an investment banker for Lehman Brothers, based in New York and Tel Aviv. He was also a co-founder of Arabella Romances, which was a nationally distributed women’s magazine in the United States. He holds a BS in Economics from Bar-Ilan University in Israel and an MBA from INSEAD.

MODERATOR: Guy

Townsend joined Walker Hamill in 1993 and manages all of the firm’s financial services businesses. He has personally led the firm’s Private Equity and Advisory team from inception. Besides providing

recruitment services, he also assists private equity funds with their annual remuneration reviews and bespoke referencing. He sits on the advisory board of IPEC (INSEAD). Additionally he co-led the management team which successfully steered Walker Hamill through two management buyouts. He is a graduate of Loughborough University.


INSEAD Business School for the World

As one of the world’s leading and largest graduate business schools, INSEAD brings together people, cultures and ideas from around the world to change lives and to transform organisations. A global perspective and cultural diversity are reflected in all aspects of our research and teaching. With campuses in Europe (France), Asia (Singapore) and Abu Dhabi, and a research center in Israel, INSEAD’s business education and research spans three continents. Our 145 renowned faculty members from 36 countries inspire more than 1,000 degree participants in our MBA, Executive MBA and PhD programs. Also, more than 9,500 executives participate in executive education programs. In addition to INSEAD’s programmes on our three campuses, the INSEAD-Wharton Alliance delivers MBA and co-branded executive education programmes on Wharton's U.S. campuses in Philadelphia and San Francisco. In China, we award a joint Executive MBA with Tsinghua University, and in Brazil, our executive education association with Fundação Dom Cabral has existed for 22 years. Two years ago, INSEAD celebrated 50 years as a pioneer of international business education. Last year we celebrated another milestone in our history - the tenth anniversary of our Asia campus in Singapore. For more information, visit www.insead.edu

Recent INSEAD Rankings – MBA Program

Publication Rank Region

Bloomberg BusinessWeek #1 International Financial Times #6 Global Forbes #2 Non-U.S. one-year QS Global #1

#1 Europe Asia

Dean Dipak Jain


INSEAD Business School for the World

About INSEAD Private Equity Club (IPEC) – Student Network

IPEC is INSEAD’s largest student-run organization and serves as a forum for all aspects of the private equity industry. With over 1,000 INSEAD alumni in private equity and venture capital funds worldwide, IPEC’s goal is to support INSEAD’s thought leadership, participation, and recognition in the field. IPEC’s flagship events are its annual private equity conferences held in France and Singapore. The 9th Annual INSEAD Private Equity Conference in Fontainebleau in 2011 was the largest private equity event hosted by an academic institution in Europe. The conference attracted over 400 participants and hosted keynote speakers such as Stephen Schwarzman, Founder of The Blackstone Group, and Howard Marks, Founder of Oaktree Capital Management. Similarly, the 3rd Annual INSEAD Asian Private Equity Conference in November 2011 brought over 200 investment professionals. The 4th Annual INSEAD Asian Private Equity Conference is scheduled for November 2012. For additional information on IPEC and its activities, please visit our website at mba.insead.edu/clubs/ipec

About INSEAD Private Equity Network (IPEN) – Alumni Network

IPEN was established to provide a global forum for the more than 1,000 alumni working in private equity to network and strengthen links to INSEAD. IPEN has a global presence, with IPEN chapters in over sixteen countries in five continents. IPEN’s goal is to have a dynamic, vibrant community of private equity professionals supporting IPEN worldwide. Please visit iaa.insead.edu/IAA/inseadalumniclubs/IPEN


INSEAD

Business School for the World

Singapore

Australia

Japan

Korea

China

Hong Kong India

Brazil

United States

Canada

United Arab Emirates

Israel Lebanon Greece

Italy

Switzerland

Austria Russia Federation

Germany Denmark

Sweden Norway

Netherlands Belgium

United Kingdom France

Portugal Spain

Countries with more than 100 MBA Alumni With over 42,000 members worldwide, including over 20,000 from the MBA programme, living and working in over 160 countries across all continents, there is a breadth and depth to our network that is unmatched by any of INSEAD’s peer schools.

Conference Sponsors

Main Sponsor Co-Sponsor


Amphitheaters

A, P and Maag

Lunch

Cocktail


Acknowledgements

The INSEAD Private Equity Club would like to thank all of those who have contributed to the success of the 2012 Private Equity Conference, in particular: INSEAD Career Services

Christelle Cuenin, Aadil Abbas, Vinika Rao, Sandra Schwarzer INSEAD Faculty

Vikas Aggarwal, Antonio Fatas, Claudia Zeisberger INSEAD Staff

Fadilah Ahmad, Sophie Badre, Marisa Cooke, Kacey Foster, Shellie Karabell, Ida Le Duc, Craig McKenna, Michael Prahl, Charlotte Richez, Axel Tagliavini, Emilie Tremauville INSEAD Printshop

Christelle Bloy, Geraldine Jamoteau, Zoe Leporatti, Catherine Saint-Hilaire INSEAD Private Equity Network (IPEN)

Patrick Abouchalache, Jonathan Monie, Benjamin Revillon, Philip Viergutz


Relevant Contact Information

General Organization

Kaido Veske +33 6 27 70 04 07 [email protected] Leveraged Buyouts

Jonathan Godsall +33 6 76 10 57 78 [email protected]

Venture Capital & Entrepreneurship

Vu Pham +33 6 02 08 92 51 [email protected] Distressed Investing

Chinmay Bhatt +33 6 45 01 07 59 [email protected] Martin Cox +33 6 76 09 62 62 [email protected] European Middle Market

Patrik Nevsten +45 6155 6123 [email protected]

Emerging Markets

Zaya Kadyrova +33 6 73 45 37 60 [email protected]

Driving Operational Excellence

Jacques Boppe +33 6 33 33 90 22 [email protected]

Limited Partner Perspectives

Patrik Nevsten +33 7 70 11 51 02 [email protected]

Careers in Private Equity

Deepa Ramanathan +33 6 45 96 88 32 [email protected]


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INSEAD Europe Campus Boulevard de Constance 77305 Fontainebleau Cedex, FranceTel: +33 (0)1 60 72 40 00Fax: +33 (0)1 60 74 55 00

INSEAD Asia Campus 1 Ayer Rajah Avenue Singapore 138676Tel: +65 6799 5388 Fax: +65 6799 5399

INSEAD Abu Dhabi Campus 4th Street - Muroor Road P.O. Box 48049Abu Dhabi, United Arab EmiratesTel: +971 2 651 5200 Fax: +971 2 443 9461

www.insead.edu

Friday, May 25, 2012

10th Annual INSEAD Private Equity Conference

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10th Annual INSEAD Private Equity Conference · 10th Annual INSEAD Private Equity Conference 3 09:00 Introduction & Keynote Amphi A Antonio Fatás is Professor of Economics at INSEAD,