New York, NY
Start Time: June 07, 2011 05:00 pm
End Time: June 08, 2011 05:00 pm
RG & Associates – Consortium 2011 | RG & Associates
To View the 2011 Consortium website, click here
Consortium 2011 | Capitalize on the Difference
More than 300 investors all committed to exploring opportunities with minority and woman owned firms and emerging managers gathered in New York at Consortium 2011. In its eighth year, the gathering has become the forum for emerging managers to “make their case” and begin a dialogue with institutional investors, including many of the top public pension plans, corporate pension plans, foundations, endowments and Taft-Hartley plans. The energy was high and the conversations plentiful during the day and a half gathering.
Citing industry trends and issues facing emerging managers—insights gathered via a joint RG & Associates and Emerging Manager Monthly survey of managers across the country—many of the speakers and interactive sessions helped to crystallize the advantages emerging managers bring to an investment relationship. From different strategies and operating models to varied cultural experiences, the talent and track records of emerging managers in attendance were center stage.
Remarks by current U.S Treasurer Rosie Rios laid the foundation for the day ahead: Finding ways to tap undiscovered talent can help investors realize tremendous returns. She offered perspectives into federal programs, including a mix of inter-agency efforts, designed to support entrepreneurial efforts and ensure a strong launch and growth trajectory for emerging managers. Rios was appointed (a first in the history of Treasury) to serve as senior advisor to U.S. Secretary of the Treasury Timothy Geithner to advise on issues of community development — including issues relating to job creation, access to capital, small business and infrastructure development. With a strong commitment and track record on the emerging manager front, Rios remains a strong and vocal advocate.
The standing-room only morning crowd then heard from some new players with new perspectives who have created a range of different opportunities for emerging managers. The morning’s candid exchange has come to define the difference of this event—engaging and substantive dialogue, relevant insights and expert moderators. Key highlights included:
- Kelly Williams, Managing Director at Credit Suisse Customized Fund Investment Group hosted a roundtable dialogue with Treasurer Chip Flowers Jr., State Treasurer of Delaware State, Treasurer Gina M. Raimondo from the State of Rhode Island Office of General Treasurer, and Bruce Zimmerman, Chief Executive Officer and CIO of the University of Texas Investment Management Company (UTIMCO).
- The discussion ranged from lessons learned regarding structuring and underfunding of contributions to pensions and the mounting issues relating to public service employee benefit payments, market smoothing strategies to action-oriented tips for emerging managers as they approach public plans (many of which receive 1,000+ pitches annually.)
- Funding paths and strategies to create a more sustainable base of emerging managers was discussed, including a call by James Mason at Parish Capital Advisors for more institutional investors to consider co-investment strategies as a way to work with emerging managers and realize returns, while providing an opportunity for managers to develop independent track records (and position themselves for funding in the future.)
Mason was joined on-stage by Barry Miller, Head of Private Equity at NYC Office of the Comptroller and Tyson Pratcher, Assistant Comptroller at New York State Common Retirement Fund for perspectives on what top institutional investors are thinking about – and doing – within the emerging manager arena.
Mid-morning sessions provided an opportunity for breakout discussions and exchanges around business operating and fundraising issues as well as emerging markets. A discussion focused on frontier investing and the BRICs investing drew an interested and engaged audience – all eager to discover more about double digit growth opportunities being realized abroad.
Sector-specific discussions provided a forum for exchanging short- and long-term perspectives on real estate, hedge, private equity and public equities. The Table Talk format at lunch, with select professionals serving as table hosts and dialogue starters gave all an opportunity to benefit from informal exchanges on topics of greatest interest.
Women Owned & Operated
With data underscoring the ROI of women at the helm and in key leadership studies, we weren’t surprised by the year-over-year increase in the number of women-owned firms at Consortium 2011 and The Bootcamp. This year, 27% of the emerging manager firms in attendance were women-owned. While there’s a host of women-only events that provide invaluable opportunities for networking and knowledge sharing, we know that the caliber of the institutional investment community remains a magnet for women-owned firms (and others).
Here’s a look at the total audience breakdown of managers from this year’s gathering.
Fixed Income 12%
Hedge Fund 15%
Private Equity 24%
Real Estate 10%
Venture Capital 9%
Broker / Dealer 3%
The Bootcamp: Define the Difference
It was standing room only at The Bootcamp—the second annual gathering focused on assisting emerging managers as they launch and grow their firms. Not surprisingly, a key focus of the discussions centered on fundraising strategies and perfecting “the pitch”. Again this year, the audience was expertly coached by presentation skills master Ellen Cahill of Cahill Associates. She was joined by Judy Chambers, Managing Director of Pension Consulting Alliance as the session’s co-facilitator. Industry judges, including Dr. Louis F. Moret, Board of Administration and Member at California Public Employees’ Retirement System (CalPERS); Natalie Jenkins Sorrell, Investment Officer at Employees’ Retirement Fund of the City of Dallas; and Kenyatta Matheny, Investment Officer for Emerging Managers at Illinois State Teachers’ Retirement System, provided the real world feedback to those who did live pitches.
This year, The Bootcamp employed a new session format to encourage small group debate and discussion. Based on audience engagement and feedback, the approach was a big success. Experts deftly guided the discussions on areas ranging from strategic collaborations and human capital/talent management to funding strategies, working with consultants and growth issues.
With nearly 200 registered participants, the afternoon Value Information Partnership | VIP Connect (a long-standing part of the Consortium) generated opportunities for dialogue and networking. More than 41 institutional investors and 33 fund of funds in attendance participated, providing emerging managers with a tremendous opportunity for one-on-one meetings. The format, in which all participants select their meeting rotation via a first-come, first-served reservation system proved effective.
A Big, Big Thank You
RG & Associates extends a special thank you to the members of the 2011 Advisory Committee and Planning Committee—their involvement, ideas and energy contributed greatly to the success and active engagement of all participants. The session moderators and panelists offered their insights, time and energy to make each discussion provocative and informative—a big thank you to each of you for your participation this year. Additionally, RG & Associates extends a heartfelt thank you to our 2011 sponsors (listed to the left), whose financial support and attendance made Consortium 2011, The Bootcamp and The Intensive possible.
Interested in photos from Consortium 2011, The Bootcamp or The Intensive, view below.
To View the 2011 Consortium website, click here