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MODERATOR

David MarcusSenior writerThe Deal LLC

EXPERT PANELIST

Andrea AuerbachManaging director andhead of U.S. PE researchCambridge Associates LLC

EXPERT PANELIST

Mike DinanCEO and president Dinan & Co. LLC

EXPERT PANELIST

Ryan MaiersonPartnerLatham & Watkins LLP

EXPERT PANELIST

Jorge MoraU.S. head of financial sponsors Macquarie Capital

1. General intent of the JOBS Act

2. IPO and PE landscape

3. Specific provisions that will impact

aspects of PE: fundraising, IPO

and dual-track process

4. Venture capital and crowdfunding

5. Sectors, MLPs and foreign issuers

Agenda

The intent of the Jumpstart Our Business Startups Act

Current PE environment

PE Transaction Activity

Source: Macquarie Capital, S&P & LCD

Financial-Sponsor-Sourced Deals

Source: Macquarie Capital, Prequin

IPO Landscape 2001-2012

Current IPO Environment

Provisions that will affect PE

Revision to general solicitation and advertising rules

Change under Investment Company Act

Change to increase number of stockholders of record priorto required registration with the SEC

Change in required broker-dealer registration for personsmaintaining a platform to conduct private placements

Portfolio company IPOs

• Creates new category of issuer: emerging-growth company • Permits prefiling offers to qualified institutional buyer and institutional accredited investors• Allows confidential IPO filings with the SEC• Permits two years of audited financial statements at IPOinstead of three• Allows analysts to publish research at time of IPOinstead of 40 days later• Utilizes regulatory on-ramp transition period of up to five years

Summary of IPO provisions

Source: Latham & Watkins

The impact of the JOBS Act on VC funding

Crowdfunding and the JOBS Act

The implications for IPOs, foreign issuers and master limited partnerships

Direction of dual-track process under new mandates

Outlook of PE industry with the JOBS Act

Audience Q&A