Real Estate Investment Consultants - March 30, 2011 - New York, NY
Agenda Last Updated On: Friday, July 13, 2012
Wednesday, March 30, 2011

8:15 Registration... Continental Breakfast

8:25 Greetings from IMN

8:30 EVALUATING THE REAL ESTATE ECONOMY

• The bifurcation of Class “A” and “B” Property Prices • Signs of stability? Where are we going next? • Debt markets: Improving? • The Fed: What will it do for an encore? • Supply/Demand and prices • Lingering high unemployment’s impact • The maturing CRE debt overhang: Will it hang the market?

Session Chair:

Jeremy Tennenbaum, Chief Executive Officer, SPOUTING ROCK CONSULTING [ BIO ]

Panel Participants:

Christopher J. Mayer, Senior Vice Dean and Paul Milstein Professor of Real Estate, COLUMBIA BUSINESS SCHOOL [ BIO ]
Norman Gertner, Regional Economist, FEDERAL DEPOSIT INSURANCE CORPORATION [ BIO ]

Jeremy Tennenbaum
Chief Executive Officer
SPOUTING ROCK CONSULTING
Tennenbaum
Christopher Mayer
Senior Vice Dean and Paul Milstein Professor of Real Estate
COLUMBIA BUSINESS SCHOOL
Mayer
Norman Gertner
Regional Economist
FEDERAL DEPOSIT INSURANCE CORPORATION
Gertner

9:00 REAL ESTATE ASSET ALLOCATION: WHAT IS YOUR CURRENT VIEW? IS IT TIME TO INCREASE OR DECREASE ALLOCATION?

• What is behind your tactical asset allocation mix? Is it the same for all LPs? • Are investors getting past the negative sentiment associated with real estate? • Broad vs. focused mandates • Current importance of liquidity • The 4 food groups: Where should you be increasing your appetite? • REIT/ Public real estate securities investing: Part of your Real Estate or equities allocation? • Investment in debt funds and mortgages • Value Added/Opportunistic or Core? • Secondary investing • Direct investing/financing • Globalization recommendations and how to treat the currency issue • Impact of cash needs and liability requirements

Session Chair:

Steve Felix, Partner, FELIX / WEINER CONSULTING GROUP [ BIO ]

Panel Participants:

Catherine Polleys, Principal, HEWITT ENNISKNUPP, INC. [ BIO ]
Peter A. Lewis, Principal, REAL ESTATE RESOURCE GROUP
Justin C. Mallis, Senior Research Analyst, SEGAL ADVISORS, INC.
Martha S. Peyton, Managing Director, Head of Global Real Estate Strategy & Research, TIAA - CREF [ BIO ]

Steve Felix
Partner
FELIX / WEINER CONSULTING GROUP
Felix
Catherine Polleys
Principal
HEWITT ENNISKNUPP, INC.
Polleys
Martha Peyton
Managing Director, Head of Global Real Estate Strategy & Research
TIAA - CREF
Peyton

9:45 REAL ESTATE INVESTMENT HEAVEN FOR 2011: THE FUND PERSPECTIVE

• Which distressed markets are you paying attention to? Investing in? • Asset class favorites • Is there a bubble in class “A’ core in large cities? • Are you looking international? • Notes or properties? • Sourcing deals • Equity and debt fundraising

Session Chair:

Reid Smith, Director, Private Markets Investments, EVALUATION ASSOCIATES [ BIO ]

Panel Participants:

Dennis Lopez, Global Chief Investment Officer, AXA REAL ESTATE [ BIO ]
Robert G. Byron, Managing Principal, BLUE VISTA CAPITAL PARTNERS, LLC
Scott Schwartz, Senior Managing Director, MARATHON ASSET MANAGEMENT [ BIO ]
John Murray, Executive Vice President, PIMCO [ BIO ]
Russel S. Bernard, Managing Principal, WESTPORT CAPITAL PARTNERS LLC [ BIO ]

Reid Smith
Director, Private Markets Investments
EVALUATION ASSOCIATES
Smith
Dennis Lopez
Global Chief Investment Officer
AXA REAL ESTATE
Lopez
Scott Schwartz
Senior Managing Director
MARATHON ASSET MANAGEMENT
Schwartz
John Murray
Executive Vice President
PIMCO
Murray
Russel Bernard
Managing Principal
WESTPORT CAPITAL PARTNERS LLC
Bernard

10:45 Refreshments

11:10 ASSESSING THE REAL ESTATE INVESTMENT CONSULTANT BUSINESS: LOOKING BACK AT CRISIS-DRIVEN CHANGES; LOOKING FORWARD AT THE CHANGING BUSINESS MODEL

• Evaluating the changing relationship between general and limited partners • Turning from advisors into managers • Is discretion worth it? • Advising funds: Is it time for a more formal relation? • Brokering transactions • Optimal use of leverage • How are you positioning yourself as fair and unbiased? • Industry consolidation • Consulting For E&F vs. Taft Hartley and Pension funds vs. HNW & Private Banks vs. Fund-Of-Funds: What makes each unique • Conflicts of interest?: Consultants as investment & fund of funds managers • Legacy issues: Restructure/recapitalizing funds, property/loan workouts • Small consultant survival strategies • The benefits of an intermediary relationship • Discretionary Services • Evaluating Fund Exit Strategy Options

Session Chair:

Jeffrey M. Giller, Partner, Head of Real Estate, STEPSTONE GROUP REAL ESTATE LP [ BIO ]

Panel Participants:

Danny L. Caliendo, Senior Consultant, DSA CONSULTANTS [ BIO ]
John J. Baczewski, President, REAL ESTATE FIDUCIARY SERVICES LLC [ BIO ]
Richard Davis, Partner, PACE-DAVIS LLC
Dawne M. Clark CFA, Portfolio Manager, Real Estate, RUSSELL INVESTMENTS [ BIO ]

Jeffrey Giller
Partner, Head of Real Estate
STEPSTONE GROUP REAL ESTATE LP
Giller
John Baczewski
President
REAL ESTATE FIDUCIARY SERVICES LLC
Baczewski

11:55 EMERGING MANAGERS: SURVIVING THE FIRST TIME FUND EVALUATION

• The first meeting • Educating the new manager • What did you do to differentiate your product? • How many customers have you gotten through consultants? • What is involved in the screening process • Manager capacity issues • Specifics of evaluating specific strategies • Evaluating legacy issues • Placement Agent/Consultant Relationship and the impact of recent legislation

Session Chair:

Samantha Rowan, Managing Editor, REAL ESTATE FINANCE & INVESTMENT [ BIO ]

Panel Participants:

Allison T. Yager, Principal - Global Business & Investment Leader - Real Estate Boutique, MERCER [ BIO ]
Amy B. Hirsch, Chief Executive Officer, PARADIGM CONSULTING SERVICES
Diane Olmstead, Managing and Founding Partner, W3 PARTNERS LLC [ BIO ]
Stephen (Steve) M. Coyle, Senior Advisor, BENTALL KENNEDY [ BIO ]

Samantha Rowan
Managing Editor
REAL ESTATE FINANCE & INVESTMENT
Rowan
Allison Yager
Principal - Global Business & Investment Leader - Real Estate Boutique
MERCER
Yager
Diane Olmstead
Managing and Founding Partner
W3 PARTNERS LLC
Olmstead
Stephen (Steve) Coyle
Senior Advisor
BENTALL KENNEDY
Coyle

12:40 REAL ESTATE INVESTMENT OBJECTIVES & POLICIES: FOR FIRST TIME REAL ESTATE INVESTORS OR THOSE UPDATING THEIR EXISTING POLICIES

• Determine LPs investment objectives • Risk attitude • Factoring in assets, liabilities and liquidity needs • How to get your client comfortable with real estate • Green building, low income housing, local investing, minority managers and other socially conscious investments

Session Chair:

Jerry Davis, Principal, AMERICAN PENSION PROFESSIONALS [ BIO ]

Panel Participants:

Alan Kosan, Managing Director, ROGERS & CASEY
Paul Mouchakkaa, Managing Director, PENSION CONSULTING ALLIANCE
Dawne M. Clark CFA, Portfolio Manager, Real Estate, RUSSELL INVESTMENTS [ BIO ]
Rodney A. Lumpkin, Portfolio Manager - Alternative Investments, SEI INVESTMENTS [ BIO ]

Jerry Davis
Principal
AMERICAN PENSION PROFESSIONALS
Davis
Rodney Lumpkin
Portfolio Manager - Alternative Investments
SEI INVESTMENTS
Lumpkin

1:25 Luncheon

2:25 CHOOSING AMONG REAL ESTATE VEHICLES: WHAT ARE YOU RECOMMENDING AND WHY

• Liquidity considerations • Commingled v. separate account • JV vs. co-investment vs. Club deals • Are you reconsidering private equity real estate • The rightsizing of the fund industry: Should you be investing in niche or mega funds • Staffing and size considerations • International investments • New real estate financing structures:
AA-AAA Fixed Income/Insurance Obligations

Session Chair:

Jeffry R. Haber, Controller, THE COMMONWEALTH FUND [ BIO ]

Panel Participants:

John Meehan, Principal, Director of Research, ASSET STRATEGY CONSULTANTS [ BIO ]
Erin O'Boyle, Managing Partner, HARVEST CAPITAL PARTNERS LLC [ BIO ]
Sean Ruhmann, Principal, Private Markets, NEPC, LLC [ BIO ]
Janet Cowell, Treasurer, NORTH CAROLINA DEPARTMENT OF STATE TREASURER [ BIO ]
Douglas A. Love, Chief Investment Officer, STRONGHOLD GROUP (BERMUDA) [ PRESENTATION ]

Jeffry Haber
Controller
THE COMMONWEALTH FUND
Haber
Sean Ruhmann
Principal, Private Markets
NEPC, LLC
Ruhmann
Janet Cowell
Treasurer
NORTH CAROLINA DEPARTMENT OF STATE TREASURER
Cowell

3:10 WHY USE AN INVESTMENT CONSULTANT? SHOULD YOU USE A SPECIALIST REAL ESTATE CONSULTANT OR YOUR GENERAL CONSULTANT? SHOULD YOU USE A FUN-OF-FUNDS INSTEAD OF A CONSULTANT?

• Does size matter? • Staffing considerations • Choosing your Real Estate Consultant: The key factors • What will the specialist bring to the table? • Using a general consultant with a real estate specialist • Can a consultant be a jack of all trades? Then would he be a master of none? • Examining the cost of all approached • Manager access: Have consultants and fund-of-funds got you to the hot manager?

Session Chair:

Robert Negrelli, Consultant, COURTLAND PARTNERS, LTD. [ BIO ]

Panel Participants:

Jerry Davis, Principal, AMERICAN PENSION PROFESSIONALS [ BIO ]
Reid Smith, Director, Private Markets Investments, EVALUATION ASSOCIATES [ BIO ]
Jeremy Tennenbaum, Chief Executive Officer, SPOUTING ROCK CONSULTING [ BIO ]

Jerry Davis
Principal
AMERICAN PENSION PROFESSIONALS
Davis
Reid Smith
Director, Private Markets Investments
EVALUATION ASSOCIATES
Smith
Jeremy Tennenbaum
Chief Executive Officer
SPOUTING ROCK CONSULTING
Tennenbaum

3:55 Refreshments

4:10 REAL ESTATE MANAGER SEARCH/RFP, DUE DILILGENCE & SELECTION: WHAT ARE THE CHANGES GOING FORWARD?

• Fund structures, transparency expectations, waterfalls and management fees • The lifecycle of the relationship • Can non-standard terms pass through the gates? • Considering funds not in your database: What does it take to get in? • Do you select multiple funds with the same strategy? • Approaching new funds vs. existing customers vs. new funds from existing customers v Looking at REIS, ILPA and INREV for due diligence standards

Session Chair:

David Clinton, Chief Executive Officer, DAVID CLINTON PENSION ADVISORS

Panel Participants:

Peter Larsen, Vice President, HAMILTON LANE ADVISORS, INC. [ BIO ]
Paul Mouchakkaa, Managing Director, PENSION CONSULTING ALLIANCE

Peter Larsen
Vice President
HAMILTON LANE ADVISORS, INC.
Larsen

4:55 MANAGER MONITORING & ONGOING DUE DILIGENCE

• Determining the appropriate factors by which to measure your fund managers • What do you do to keep your clients in the loop? • Organizational and strategy/style change • What do you do with underperforming managers? • When do you look to replace a manager? • What should a LP be doing? • Assessing your fund manager’s performance against the agreed • Measuring & Standardizing • Performance reporting

Session Chair:

Steven G. Shaw JD, MBA, PhD, CFP, Former Vice Chairman - Board of Trustees, DALLAS POLICE & FIRE PENSION SYSTEM [ BIO ]

Panel Participants:

Rodney A. Lumpkin, Portfolio Manager - Alternative Investments, SEI INVESTMENTS [ BIO ]

Steven Shaw
Former Vice Chairman - Board of Trustees
DALLAS POLICE & FIRE PENSION SYSTEM
Shaw
Rodney Lumpkin
Portfolio Manager - Alternative Investments
SEI INVESTMENTS
Lumpkin

5:40 Networking Cocktails

6:40 IMN's Real Estate Investment & Search Consultants Congress Concludes


Conference Home | Conference Agenda | Sponsors & Exhibitors | Hotel/Venue| Registration/CPE Info.| Register