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Annual Private Capital Conference
27 and 28 June 2019

The annual private capital research conference is a forum to explore the latest advances in private equity, private debt and real assets by combining academic and practitioner perspectives.

Though challenging, investing in private assets is becoming increasingly popular among institutional and private investors due to the low-yield environment and the diversification benefits associated with these investments. Despite the lack of comprehensive data, significant research breakthrough have been made recently in understanding the performance and risk drivers of private investments.

Conference Program

Glion Campus Montreux

27th June 2019

13:00-13:30
Registration and Welcome Coffee

13:30-14:00
Welcome Address
Pierre Ihmle, Chief Academic Officer (Sommet Education)
Emmanuel Jurczenko, Director of Graduate Studies (Glion Institute of Higher Education)

14:00-15:00
Master Class on Tactical Asset Allocation in Private Markets
Dr. C. Demaria (Wellershoff & Partners)

15:00-15:30
Coffee Break

15:30-16:30
Panel Discussion on Private Markets Investing
Moderator:
Prof. L. Phalippou (University of Oxford, Said Business School)
Panelists:
P. Aegerter, Managing Director (Caisse de pension de la Société suisse de Pharmacie)
C. de Dardel, Head of Private Equity (Unigestion)
C. Demaria, Head Private Markets (Wellershoff & Partners)
E. Devlin, Partner (MJ Hudson)
M. Djordjevic, Research and Outreach Manager (eFront)
D. Smith, Managing Director (Capital Dynamics)
N. Schaeppi, Head of Private Equity (Retraites Populaires)

16:30-18:30
Investment Solutions Session:
Chair:
S. Darolles (Université Paris Dauphine)

“Mind the Gap: A Global Survey of Private Markets Reporting Practices”
Speaker: M. Djordjevic, Research and Outreach Manager (eFront)

“Private Equity Fund Terms Update: Plus ça Change”
Speaker: M. Craig-Greene, Managing Director (MJ Hudson)

“A Solution for Capturing the Private Equity Risk Premia through Listed Stocks”
Speaker: C. de Dardel, Head of Private Equity (Unigestion)

“Co-Investing: Intelligent Portfolio Construction”
Speaker: D. Smith, Managing Director, Co-Investments (Capital Dynamics)

18:30-19:30
Keynote Address: “Optimal Allocation to Private Equity”
Prof. M. Sorensen (Copenhagen Business School)

19:30-22:30
Gala Dinner

28th June 2019

8:15-8:45
Registration and Welcome Coffee

8:45-9:00
Welcome Address
Georgette Davey, Managing Director (Glion Institute of Higher Education)
Barbara Miller, Academic Dean (Glion Institute of Higher Education)
Emmanuel Jurczenko, Director of Graduate Studies (Glion Institute of Higher Education)

9:00-10:00
Private Markets Investing Session
Chair: T. Jenkinson (University of Oxford, Said Business School)

“How Alternative are Private Markets?”, Goetzman W. (Yale School of Management), E. Gourier (ESSEC Business School) and L. Phalippou (University of Oxford, Said Business School)
Speaker: E. Gourier (ESSEC Business School)
Discussant: A. Goyal (HEC Lausanne)

“Private equity returns, cash flow timing, and investor choices”, Larocque S. (Mendoza College of Business, University of Notre Dame), S. Shive (Mendoza College of Business, University of Notre Dame) and J. Stevens (Ohio University College of Business)
Speaker: S. Larocque (Mendoza College of Business, University of Notre Dame)
Discussant: S. Tommar (Neoma Business School)

10:00-10:30
Break&Poster Session

10:30-12:00
Private Equity Session
Chair: L. Phalippou (University of Oxford, Said Business School)

“Why do Private Equity Funds hold onto Public Equity”, Jenkinson T. (University of Oxford, Said Business School), C. Rauch (American University of Sharjah), H. Jones (University of Oxford, Said Business School), and R. Stucke (Warburg Pincus)
Speaker: T. Jenkinson (University of Oxford, Said Business School)
Discussant: J. Martin (University of Amsterdam)

“Performance Dependency of Secondary Buyouts on Primary Buyouts”, Eschenröder T. (University of Cologne), T. Hartmann-Wendels (University of Cologne) and O. Laubach (University of Cologne).
Speaker: T. Eschenröder (University of Cologne)
Discussant: F. Degeorge (University of Lugano and SFI)

“Can Private Equity Funds Act as Strategic Buyers? Evidence from Buy-and-Build Strategies”, Bansraj D. (Erasmus University), H. Smit (Erasmus University) and V. Volosovych (Erasmus University)
Speaker: V. Volosovych (Erasmus University)
Discussant: T. Dimopoulos (HEC Lausanne)

12:00-12:45
Keynote Address “Can Investors Time Their exposure to Private Equity”
Prof. D. Robinson (Duke University, Fuqua Business School)

12:45-14:00
Lunch Break and Poster Session

14:00-15:30
Private Real Estate and Infrastructure Session
Chair: E. Jurczenko (Glion Institute of Higher Institution)

“The Subsidy to Infrastructure as an Asset Class”, Andonov A. (University of Amsterdam), R. Kräussl (Luxembourg School of Finance) and J. Rauh (Stanford University).
Speaker: A. Andonov (University of Amsterdam)
Discussant: V. Pursiainen (Imperial College)

“Performance and Persistence in Private Equity Infrastructure Funds”, Haran M. (Ulster University, D. Lo (Ulster University) and S. Milcheva (University College of London).
Speaker: M. Haran (Ulster University)
Discussant: Z. Filipovic (Université Paris Dauphine)

“Private Real Estate and Procyclical Risk”, Couts S. (Ohio State University).
Speaker: S. Couts (Ohio State University)
Discussant: A. Rabetanety (Glion Institute of Higher Education)

15:30-16:00
Break and Poster Session

16:00-17:30
Venture Capital Investing Session
Chair: R. Fahlenbrach (Ecole de Polytechnique de Lausanne and SFI)

“The Returns of Early-Stage Investment”, Kisseleva K. (ESMT Berlin), A. Mjos (Norwegian School of Economics) and D. Robinson (Duke University, Fuqua Business School).
Speaker: A. Mjos (Norwegian School of Economics)
Discussant: P. Valta (University of Bern)

“Connected VCs and Strategic Alliances”, Brinster L. (University of Hohenheim) and T. Tykvova (University of Hohenheim)
Speaker: T. Tykvova (University of Hohenheim)
Discussant: M. Frattaroli (EPFL)

“The Impact of Venture Capital Screening”, Abuzov R. (University of Lausane and SFI)
Speaker: R. Abuzov (University of Lausane and SFI)
Discussant: M. McCourt (University of Melbourne)

17:30-17:45
Closing Address
Prof. E. Jurczenko (Glion Institute for Higher Education)

17:45-19:00
Cocktail

 

Poster Session:

S. Tommar, Assistant Professor (Neoma Business School)
“What Does the Individual Mobility of Private Equity Professionals Tell us About Performance?”

P. Beaumont, PhD Candidate (CREST and Université Paris-Dauphine)
“Granular Borrowers”

C. Genc, PhD Candidate (Université Paris-Dauphine)
“A behavioral explanation to the use of staged financing”

P. Trupin, PhD Candidate (Université Paris-Dauphine)
“Innovation and Ownership Structure : the Case of Corporate Venture Capital”

A. Rabetanety, PhD Candidate (Université de Cergy Pontoise)
“Private Equity Real Estate Performance : What Do We Know?”

V. Pursiainen, PhD Candidate (University of Hong-Kong)
“Alternative Facts in Peer-to-Peer Loans? Borrower Misreporting Dynamics and Implications”

N. Austin, PhD Candidate (University of Oxford, Said Business School)
“Active Common Ownership: Private Equity & The Hotel Industry”

J. Martin, Assistant Professor (University of Amsterdam)
“Do Cross-border Secondary Buyouts Hurt Portfolio Firms’ Operating Performance”

Practical Information

Preferential hotel rates

When booking your room simply mention that you will be attending the conference in Glion.

Easy access to Glion campus

Download here the directions to facilitate your trip as well as the campus map to help you find your way during your stay.

Organized shuttle

A shuttle bus for conference attendees will be available between Montreux train station and Glion.

Organizing Committee

Serge Darolles

Professor of Finance
Université Paris-Dauphine

Cyril Demaria

Head of Private Markets
Wellershoff & Partners

Rüdiger Fahlenbrach

Professor of Finance
Ecole Polytechnique Fédérale de Lausanne and SFI

Emmanuel Jurczenko

Director of Graduate Studies and Professor of Finance
Glion Institute of Higher Education

Scientific Committee

Gregory Brown, University of North Carolina
Serge Darolles, Université Paris-Dauphine
François Degeorge, Swiss Finance Institute and Università della Svizzera italiana
Rüdiger Fahlenbrach, EPFL and Swiss Finance Institute
Zsuzsanna Fluck, Michigan State University
José-Miguel Gaspar, ESSEC

Martin Hoesli, University of Geneva
Tim Jenkinson, Saïd Business School, University of Oxford
Emmanuel Jurczenko, Glion Institute of Higher Education
Benoit Leleux, IMD
Ludovic Phalippou, Saïd Business School, University of Oxford
David Robinson, Duke University, Fuqua School of Business and NBER
Per Strömberg, Stockholm School of Economics

Keynote Speakers

Prof. David Robinson

Professor of Finance
Duke University, Fuqua Business School

Prof. Morten Sørensen

Professor of Finance
Copenhagen Business School

Academic Partners

Corporate Sponsors

Media Partners

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