The LP-GP Mandate
With the continued uncertainty in the economic environment, increased regulation, higher public scrutiny and pressure on institutional investors, it’s unclear whether the LP-GP mandate is changing. Panelists will discuss such topics as LPs’ expectations of their GPs in this new environment, LPs’ view of a GP’s decision to go public, and the outlook for future fundraising.
Moderator
Mark Hallock `82 - Partner, M20 Private Fund Advisors
Prior to forming M2O, Mark Hallock was a Managing Director and ran the Fund Placement Group of Jefferies & Co, opened the New York office for Jefferies Helix, was a partner at Helix associates, opened the London project management office for Donaldson, Lufkin & Jenrette’s Private Fund Group and established Salomon Brothers’ fund placement business. He has raised capital from investors in the North Eastern and Midwestern United States and Europe for private equity fund managers located in the US, Europe, Asia and Africa. Mark earned his BA in Mathematics from Cornell University and his MBA in Finance from Columbia University. Mark holds Series 7, 24 and 63 licenses with FINRA.
Panelists
Armando Acosta '95 - Vice President, Pinebridge Investments
Armando Acosta joined PineBridge Investments as a Vice President in 2012 and is responsible for sourcing, due diligence and monitoring of private equity fund investments. Prior to joining the firm, Mr. Acosta was a Senior Director on the Alternative Investments Team at TIAA-CREF. He was also the portfolio manager for a distressed strategy focused private equity fund-of-funds. While at TIAA-CREF, Mr. Acosta was responsible for the investment and monitoring of a diversified portfolio of alternative investments which included private equity portfolios, direct equity portfolios and mezzanine co-investments. As a member of the Alternative Investments Team at TIAA since 2000, he underwrote and managed investments across the private equity, venture capital and distressed sectors. Prior to joining TIAA, Mr. Acosta worked in the Corporate Finance area of JP Morgan Chase. Mr. Acosta holds an MBA in Finance from Columbia Business School and a BS in Accounting from the State University of New York at Buffalo.
Stephanie Drescher `01 - Global Head, Business Development & Investor Relations Management, Apollo Global Management
Ms. Drescher joined Apollo as a partner in 2004. Prior to that time, Ms. Drescher was employed by JP Morgan for ten years, primarily in its Alternative Investment Group. Ms. Drescher has served on the boards of directors of the JP Morgan Venture Capital Funds I and II, JP Morgan Corporate Finance Funds I and II, JP Morgan Private Investments Inc. and Allied Waste. Ms. Drescher is currently a member of Barnard College's President's Advisory Council. Ms. Drescher graduated summa cum laude, Phi Beta Kappa from Barnard College of Columbia University and earned her MBA from Columbia Business School.
Marcia Haydel - Managing Director, Performance Equity
Ms. Haydel is a Managing Director of Performance Equity Management and a member of the Investment Committee of the General Partner. Prior to the formation of Performance Equity Management in June 2005, Ms. Haydel was a Portfolio Manager of the Private Markets Group for GMIMCo. Prior to joining GMIMCo in 1999, Ms. Haydel was a Vice-President of Fixed Income at Alliance Capital Management, where she was responsible for making leveraged loans to companies in the telecommunications, media and cable industries. Prior to 1998, Ms. Haydel was a Director of Investments at MetLife Investments Ltd. in London, where she was responsible for managing MetLife’s European direct private equity and mezzanine portfolio, as well as its European fund sponsor relationships. Ms. Haydel received her undergraduate degree from Louisiana State University and her MBA from Tulane Freeman School of Business.
Mark Lessing- Managing Director and CFO, Insight Venture Partners
Mark Lessing joined Insight in 2000 and is currently a Managing Director and the Chief Financial Officer. Mark serves on several of the firm’s executive committees and handles investor relations, including quarterly financial reporting, investor presentations, and communications to limited partners. He was integral to the firm’s efforts in raising its last several investment funds (totaling approximately $2.0 billion in 2011, $1.3 billion in 2007 and $0.7 billion in 2005). Additionally, Mark has been involved in the financial due diligence efforts on many of Insight’s investments since joining the firm in 2000. Subsequent to Insight’s investment in a company, Mark interacts with and supports the CFOs of Insight’s portfolio companies to help them negotiate with lenders, prepare board packages and financial reports, coordinate annual audits and evaluate the impact of new accounting rules. Prior to joining Insight, Mark was a Vice President at Prudential Securities, where he was responsible for a wide range of financial functions, including assessing the firm's capital requirements, foreign exchange hedging and financial planning issues. Prior to that, Mark worked at J.P. Morgan, as part of the expense management team. Mark received a B.S. from Cornell University and an M.B.A. in Finance with a co-major in International Business from New York University’s Leonard N. Stern School of Business.
Mike Mazzola - Managing Director, Alternative Investments, Metlife
Mike Mazzola is a Managing Director and Head of MetLife’s Alternative Investment Unit. He has overall responsibility for a global portfolio of limited partnership investments in hedge funds and private equity funds as well as middle market finance activities including senior loans, mezzanine and equity co-investments. Mike originally joined MetLife in 1989 and was focused on private debt and mezzanine, direct private equity and fund investing. From 1999 to 2004, Mike was a founding partner of Inter-Atlantic Fund, a venture capital fund focused on early stage investments in financial services companies. In 2004, he joined Swiss-based Gefinor SA as head of private equity fund advisory activities based in New York City. He rejoined MetLife in September 2007 to head US private equity fund investments. Mike earned a BA in Economics from New College of Florida and an MBA in Finance and Accounting from the Simon School of the University of Rochester. Mike serves as Chairman of the Board of Directors and Executive Committee of the Institutional Limited Partners Association (ILPA), the leading global organization dedicated to the interests of Institutional Limited Partners in private equity.