Private Equity Investor Keynote

        Paul B. Kazarian, Founder & Managing Director, Japonica Partners
 
          "Rejuvenating Global Consumer Products Companies For The 21st Century"

        Paul B. Kazarian is the Founder and Managing Director of Japonica Partners, a proactive management and investment firm.  Japonica’s teams discover Value Gaps, change cultures & operations, and create value through hands-on management.  Japonica Partners has overseen the creation of approximately $2.0 billion in shareholder wealth.  Japonica has achieved triple-digit returns without relying on excessive financial leverage.  Under Mr. Kazarian’s direction, Japonica's major investment efforts include: the $630 million reorganization of 12 Allegheny International businesses; creating Sunbeam-Oster, a Fortune 356 global consumer products company; a $1.6 billion proactive white-knight tender offer for Chicago Northwestern; and its innovative $2.4 billion proposal to rejuvenate Borden, the beleaguered $7 billion conglomerate.  Japonica Partners’ latest investment partnership is “Rejuvenating Global Consumer Products Companies for the 21st Century.”  From 1990 to 1993, Mr. Kazarian was Chairman and CEO of Sunbeam-Oster during its rejuvenation from Allegheny International.  Prior to founding Japonica in 1987, Mr. Kazarian was an Investment Banker at Goldman, Sachs & Co., where his clients included a score of global Fortune 100 and Fortune 500 multi-nationals, a diverse selection of emerging growth companies, as well as government and quasi-government organizations.  He has established two non-profit foundations whose charitable missions include healthcare, education, and technology.  He co-chaired the 2004 Asia Society Annual Dinner, “The China Connection.”  Mr. Kazarian received his MBA from Columbia University, his MA from Brown University, and his undergraduate degree from Bates College.

        Japonica Partners is a proactive management and investment firm that discovers and accomplishes landmark business investments.  Japonica’s teams discover Value Gaps, change cultures & operations, and create value through hands-on management.  Since inception, Japonica Partners has overseen the creation of approximately $2.0 billion in shareholder wealth. Japonica has achieved triple digit returns without relying on excessive financial leverage.  Japonica's major investment efforts include: the $630 million reorganization of 12 Allegheny International businesses; creating Sunbeam-Oster, a Fortune 356 global consumer products company; a $1.6 billion proactive white-knight tender offer for Chicago Northwestern; and its innovative $2.4 billion proposal to rejuvenate Borden, the beleaguered $7 billion conglomerate. Japonica Partners’ latest investment partnership is “Rejuvenating Global Consumer Products for the 21^st Century.”  Japonica sees a “thrive or die” target rich environment of underperforming and inefficient consumer products companies with very large Value Gaps.  Japonica Partners' proactive management and investment process requires an enormous commitment of resources. To develop the necessary Nuggets of Value, construct a significantly attractive Value Gap, and implement a superior business plan, Japonica assembles teams that can approach 100 highly accomplished professionals with expertise in international operations, marketing, sales, manufacturing, technology, and finance.  Japonica and its core management teams have an extensive network of business, regulatory, and financial contacts in low-cost regions, especially the Far East and Latin America.  Japonica’s core management teams assume key corporate and operating positions to change cultures & operations.  Japonica team members identify rejuvenating opportunities and with its “Five Keys to Success” close Value Gaps and create value through hands-on management.  Japonica’s investment partnerships complement its business model by perfectly aligning interests, including a highest value-added investor selection process, a triple-option hurdle rate, 100% cash return on investment and hurdle prior to profit participation, and no annual management fee.  Japonica’s core management team members who assume executive positions with a target company forego industry standard incentive compensation.

For more information, visit http://www.japonica.com/

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General Partners: 

Lightyear Capital

        Donald B. Marron, Chairman & Chief Executive Officer, Lightyear Capital

        Don Marron is chairman, CEO and founder of Lightyear Capital, a private equity investment firm with $2 billion in assets. Marron has been a prominent figure in the financial services industry for more than 40 years, during which time he led a major Wall Street firm and distinguished himself as a successful entrepreneur.  Mr. Marron served as chairman and chief executive officer of PaineWebber Group Inc. until its merger in November 2000 with UBS AG.  During Mr. Marron's 20-year tenure, PaineWebber grew into one of the nation’s largest full-service securities firms.  The combination of UBS and PaineWebber made UBS the world’s largest wealth manager.  Following the merger, Mr. Marron served as chairman, UBS America, at UBS until September 2003, when he left to devote his full attention to Lightyear.  Mr. Marron came to PaineWebber as a result of a merger he led between the firm and Mitchell Hutchins, which he headed at the time.  In 1980, three years after coming on board, he was named PaineWebber’s CEO.  He had been named president of Mitchell Hutchins in 1967, only two years after it acquired a securities firm he founded in 1959, and had guided its transformation from a predominately retail orientation into one of the leading U.S. players in institutional equities.  On a separate track, Mr. Marron co-founded Data Resources Inc. (DRI) in 1969 with Harvard economist Dr. Otto Eckstein.  DRI became the largest non-governmental source of economic data in the world.  During DRI's first three years, Mr. Marron was its chairman of the board and co-chief executive officer.  He continued as its chairman until McGraw-Hill Companies purchased the firm in 1979.  Mr. Marron began his career at the New York Trust Company, leaving at the age of 24 to start his career as an entrepreneur and leader in the financial services industry.  Mr. Marron is on the boards of Fannie Mae and Shinsei Bank.  He is a former: director of the New York Stock Exchange (NYSE); governor and vice chairman of the Securities Industry Association (SIA); and governor of the National Association of Securities Dealers (NASD).   Throughout his career in business and finance, Mr. Marron has been active in government and public policy, frequently advising on critical issues at the federal level and locally New York City and State.  Mr. Marron is chairman of the Center for the Study of the Presidency, a member of the Council on Foreign Relations, and a trustee of the Center for Strategic & International Studies (CSIS).  In 1997, Mr. Marron co-chaired CSIS’s National Commission on Retirement Policy, which produced a report that served as a framework for the Social Security and pension reform legislation introduced in both the Senate and the House in 1998 and 1999.  He is also a member of Memorial Sloan-Kettering Cancer Center’s Board of Overseers and Managers and a director of The Charles A. Dana Foundation.  A collector of twentieth century art, Mr. Marron is a former member of the President’s Committee on the Arts and Humanities.  He serves as vice chairman and was formerly the president of the board of trustees of The Museum of Modern Art.

For more information, visit http://www.lycap.com/

Blackstone Group

        Prakash Melwani, Senior Managing Director, Blackstone Group

        Prakash A. Melwani is a Senior Managing Director in the Private Equity group at Blackstone. He is also a member of the firm’s Private Equity Investment Committee. Prior to joining Blackstone, Mr. Melwani was a founding partner of Vestar Capital Partners and served as its Chief Investment Officer. Previous to that, he was with the management buyout group at The First Boston Corporation and with N.M. Rothschild & Sons in Hong Kong and London. Mr. Melwani is currently a Director of Aspen Insurance Limited, and has served on a number of other corporate boards. Mr. Melwani is a Trustee of St. Bernard’s School, Lenox Hill Hospital and the National Foundation for Facial Reconstruction. Mr. Melwani graduated with a First Class Honors degree in Economics from Cambridge University, England in 1980. He earned an MBA with High Distinction from the Harvard Business School and graduated as a Baker Scholar and a Loeb Rhodes Fellow in 1986.

     Since 1985, without deviating from Blackstone's core beliefs, the firm has raised approximately $32 billion for alternative asset investing across its Private Equity, Real Estate, Corporate Debt, and Marketable Alternative Investments groups. The Corporate Advisory Services and Restructuring & Reorganization Advisory Services businesses have handled assignments valued at over $400 billion.

Through March 31st, 2004, Blackstone had invested total capital of $12 billion in over 200 transactions with a total enterprise value of $100 billion through its Private Equity and Real Estate funds and nearly $1.5 billion in almost 200 different senior loan and other debt instruments through its Corporate Debt funds.

Private Equity Group A world leader (over $14 billion raised). Its current $6.5 billion fund, Blackstone Capital Partners IV, is the largest private equity fund in the world. Blackstone Communications Partners is one of the largest funds for communications-related investments Real Estate Group Among the largest global private equity real estate funds (almost $6 billion raised) Corporate Debt Group A leader in private mezzanine investing (over $1 billion raised) and structured debt vehicles (over $2 billion in CDOs) Relative Value Fixed Income Investments A low-volatility strategy that exhibits a low correlation to interest rate direction Marketable Alternative Investments (BAAM) Approximately $9 billion in discretionary marketable alternative assets Corporate Advisory Services A leader in providing senior level unconflicted advice and counsel to senior management Restructuring & Reorganization Advisory Services The market leader, having advised on over 150 distressed situations, involving $315 billion of outstanding debt

Limited Partners:

New York State Common Retirement Fund

        Charles Wang, Investment Officer, New York State Common Retirement Fund

Goldman, Sachs & Co.   

        John W. Shearburn, Vice President, Private Equity Group, Goldman, Sachs & Co.       

        John Shearburn is a Vice President in the PEG and Head of Product Management for North America.  He leads our efforts to market PEG products to institutional and high-net worth clients in this market.  Mr. Shearburn joined Goldman Sachs in 1997 in London as Chief of Staff to the President and co-Chief Operating Officer of Goldman Sachs.  He joined PEG in 2000 and, after spending one year in New York, was asked to head PEG's European office in London from January 2002 until November 2003.  Prior to joining Goldman Sachs, Mr. Shearburn was a U.S. diplomat with the Department of State for 11 years, serving in Mexico City; Managua, Nicaragua; Washington, D.C.; and Amsterdam, where he was Consul General of the U.S. Consulate General in the Netherlands.  Prior to his career in the State Department, he worked in sales and marketing for a computer services company.  He received his B.A. from Vanderbilt University and did graduate work in International Relations at the University of North Carolina at Chapel Hill.
Goldman Sachs Private Equity Group (PEG) manages over $11 billion of aggregate capital commitments as of September 2002. PEG is a leading investor in private equity funds, is a significant co-investor in direct investments, and is an active buyer of secondary interests in existing private equity funds. PEG's comprehensive global private equity program seeks to construct a highly diversified private equity portfolio and considers each potential investment's strategy, geographic focus, competitive advantages, and return profiles, including how a particular opportunity may affect the portfolio's volatility and risk.

        Based in New York and London, the Private Equity Group consists of over 70 professionals. PEG casts a wide net in an effort to identify the best private equity fund managers in the world. PEG primarily makes commitments to private equity funds located in the United States, the United Kingdom, continental Europe, Latin America and Asia with strategies that include leveraged buyouts, growth financings, natural resources, venture capital and distressed securities. PEG believes that its reputation and access to the resources of Goldman Sachs may provide significant advantages to its investments. PEG maintains an –open-door• policy with respect to potential investments, and welcomes information regarding prospective private equity fund offerings and secondary investment opportunities.

For more information, visit http://www.gs.com/client_services/asset_management/products/private_equity_group.html

Unigestion

        Christophe de Dardel, Chief Investment Officer, Private Equity, Unigestion

        Christophe de Dardel is responsible for Unigestion's private equity investments. Mr. de Dardel has industry and venture capital experience, having previously worked in on various continents for Société Générale de Surveillance and, more recently, as head of Swisscom's venture capital activities. He has a degree in engineering from the Swiss Federal Institute of Technology in Zurich.

        Founded in 1971, UNIGESTION today has 92 employees in Geneva, London, Paris and Jersey City (NJ, USA). Dedicated to Institutional and Family Office asset management, UNIGESTION is ranked as one of the leaders in the alternative investment industry, hedge funds as well as private equity. The group also offers alternative solutions in traditional asset classes such as fixed income, high yield bonds and european equities. UNIGESTION has over EUR 100 million in shareholder equity which is invested alongside its clients and has affiliates regulated by the Federal Banking Commission in Switzerland, the ‘Commission des Opérations de Bourse’ in France and authorized and regulated by the Financial Services Authority in the UK. Its senior management owns 77% of the company with the balance held by an insurance company, a family office, a leading hedge fund and one of the world’s largest banking groups.  UNIGESTION manages more than EUR 3.5 billion for a broad range of clients including pension funds, insurance companies, banks, charitable trusts and families.

For more information, visit http://www.unigestion.com/

Moderator:

MVision Private Equity Advisors USA, LLC

        Paula Chester, Director USA, MVision Private Equity Advisors USA, LLC

        Paula is a well-known and highly accomplished private equity investor.  Prior to joining MVision, Paula was the Director of Private Equity at the New York State Common Retirement Fund. As the Fund's Director of Private Equity, Paula oversaw a portfolio of over $16 billion in Alternative Investments and Opportunistic Real Estate. The portfolio representing over 80 General Partners included venture capital, corporate finance, special situation, and international funds as well as pooled real estate transactions. Prior to that Paula served as Counsel to the Comptroller of the State of New York. She is also author of Regulation D. Paula currently serves as a member of the Private Equity Industry Guidelines Group (PEIGG), a committee comprised of limited partners and general partners representing both venture capital and buyout firms who have come together to try to develop reporting and valuation guidelines for the industry, focusing on the concerns that as the market has matured there is an increased need for reporting consistency and transparency. Paula is currently based out of MVision's New York office. Her background as an investor, established reputation as a negotiator and commentator on best practices and relationships within the US investors community among state and corporate pension plans, gatekeepers and consultants, all work to best identify key target investors as well as manage each investor's decision-making process on behalf of our General Partner clients. Paula received her undergraduate degree in music from the University of Michigan in 1968. She received an MS degree from Morgan State University in 1972 and a JD Degree from the University of Maryland School of Law in 1977.

        MVision is a leading independent specialist corporate finance business, whose principal activity is raising capital for private equity firms and unquoted investment managers. From its offices in London and New York, the firm provides value added services to General Partners for fundraising, investor relations and related activities on a global basis.

For more information, visit www.mvision.com

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        Mr. Barber is the Managing Partner of Citigroup Private Equity (CPE), having joined in 2000.  In this role, Mr. Barber oversees the direct equity and fund investments in North America and Europe for CPE and its affiliates.  Additionally since 2000, Mr. Barber has been the co-head of the investment teams for the employee fund of funds and direct private equity funds.  Mr. Barber currently sits on the Equities & Alternatives Investments Committee, the Emerging Markets Investment Committee and on the Citigroup Global Investments Policy Committee.  Before joining CPE in 2000, Mr. Barber served as Deputy Head of the Financial Entrepreneurs Group, Head of the Private Equity Group, a member of Salomon Smith Barney’s Equity Commitment Committee and as a senior member of Salomon Smith Barney’s Equity Capital Markets Group.  Mr. Barber has extensive experience in advising financial sponsors in the areas of public equity offerings.  In his 16 years of equity capital markets experience, Mr. Barber has worked with hundreds of small to large companies on their financing alternatives.  Prior to joining Salomon Smith Barney in 1995, Mr. Barber worked for Kidder Peabody & Co. where he was a Managing Director and served as Head of the Equity Capital Markets Group and a member of the firm’s Commitment Committee.  Prior to Kidder Peabody, Mr. Barber worked at Drexel Burnham Lambert for seven years.  He received a B.A. from Tufts University.

        Citigroup Alternative Investments manages more than US $70 billion in assets on behalf of clients around the world. A leader in providing alternative investment products to qualified high net worth individual and institutional investors, Citigroup Alternative Investments is responsible for manufacturing, sourcing, structuring, marketing and managing alternative investments for Citigroup on a global basis. The business is engaged in a full array of operating activities, including product development, ongoing due diligence, asset allocation, investor relations, wholesaling, third-party negotiations and oversight. In partnership with our Citigroup affiliates, we strive for leadership – in our research and risk management – as the cornerstone of our excellence.  Our parent company, Citigroup, is recognized as a leader in the financial services field with more than 200 million customer accounts in more than 100 countries worldwide. Few financial organizations can offer the breadth of market access, depth of resources, research, economies of scale and global reach of Citigroup. At Citigroup Alternative Investments, we marshal these strengths to provide high quality financial services to our global clientele.

For more information, visit http://www.citigroupai.com/

Royal Bank of Canada

        Michele G. Kinner, Managing Partner, Private Equity Fund of Funds, RBC Capital Partners

For more information, visit http://www.tiaa-cref.org/

Swiss Re

        Nathalie von Niederhausern, Vice President, Private Equity Fund of Funds, Swiss Re

        Nathalie von Niederhäusern, Swiss/Italian, Senior Vice President, CFA, joined Swiss Re in 1999. Ms. von Niederhäusern focuses on investment analysis, mainly on the European and U.S. buyout market, and marketing. Prior to joining Swiss Re, she was an analyst in the M&A department of Zurich Financial Services. Ms. von Niederhäusern holds a Masters degree in Business Administration from the University of Bern, magna cum laude, and studied at the University of Rochester.

        Swiss Re Private Equity Advisers, Ltd. (the" Adviser"), with offices in Zurich and New York, acts as the private equity fund of funds advisory arm of Swiss Re Group, one of the world's leading reinsurance companies. Swiss Re has invested in private equity funds since 1995 and the Adviser manages commitments in excess of EUR 1.7 billion to over 100 private equity funds for Swiss Re and third parties. The Adviser provides a comprehensive range of private equity products and services to institutional clients, including fund of funds and customized managed accounts.

For more information, visit http://www.swissre.com/

TIAA-CREF  

        Shelley M. Zoler, Director, TIAA-CREF 

        Shelley M. Zoler is a Director in the Fixed Income and Real Estate investment area of TIAA-CREF.  Since April 1998 she has been on the Alternative Investments production team responsible for TIAA’s private equity fund investing.  For 2003 the team made approximately $500 million of fund commitments and $100 million of co-investments alongside TIAA’s equity fund managers.  The team is targeting $800 million of fund commitments and $200 million of co-investments and mezzanine investments for 2004.  TIAA’s total commitments to private equity funds at year-end 2003 were approximately $3.9 billion.  Shelley is responsible for 22 of TIAA’s 80 private equity fund manager relationships and five active co-investments.  Over the years she has served on many fund LP Advisory Committees and is presently on the committees for 11 active funds.  Previously, she was on the production team responsible for lease-backed debt investments for TIAA. 

            Before joining the Securities Division in January 1997, Shelley spent 19 years in TIAA's legal department advising the Securities Division on all types of private placement and 144A investments, as well as bankruptcy and workout situations.  At the time of Shelley's career switch she was a Senior Counsel at TIAA.  Prior to joining TIAA-CREF in 1978, Shelley was in the legal department of Home Life Insurance Company where she similarly advised its investment staff on private placements. 

            Shelley holds a JD degree from Northwestern University School of Law and a BA, cum laude from SUNY at Buffalo.  She is admitted to the New York State bar and is a member of the American Bar Association and the New York Women's Bar Association.  She is a fellow of the American College of Investment Counsel.

For more information, visit http://www.tiaa-cref.org/

            
Moderator:    
          
Abbott Capital 

        Charles van Horne, Managing Director, Abbott Capital

        Mr. van Horne is responsible for Abbott’s fund development and client services activities.  Mr. van Horne has over 15 years of involvement with private equity in the U.S. and overseas.  Abbott is one of the leading independent firms investing in private equity partnerships and co-investments, with over $5 billion under management.  Prior to joining Abbott in 2001, Mr. van Horne was a Managing Director of AIG Capital Partners, Inc. (a subsidiary of American International Group, Inc.), which, together with its affiliates, manages over $8 billion in private equity.  At AIG, he was responsible for fund development and client services and served on the investment committees for several of its direct investment funds and funds of funds.  Prior to joining AIG, Mr. van Horne was Managing Director of Creditanstalt International Advisors, where he established and managed its private equity investment activities.  He also was at Bankers Trust in its Merchant Bank, its M&A Group and other functions in New York and London and at UBS Securities in New York.   Mr. van Horne received his B.A. in Sociology from the University of Pennsylvania.

For more information, visit, http://www.abbottcapital.com/

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        Venetia Kontogouris  joined Trident Capital in 1999 as a Managing Director.  Prior to joining Trident Capital, Ms. Kontogouris was President of Enterprise Associates, LLC, the venture capital division of IMS Health Incorporated, and has held various positions in venture capital since 1989.Formerly, she was Senior Vice President, Venture Development with Cognizant Corporation where she represented Cognizant in the Information Partners Capital Fund, a venture capital fund formed by Dun & Bradstreet and Bain Capital, with emphasis on the information industry and leveraged buyouts.Ms. Kontogouris has held executive positions in new product development and marketing at D&B where she was head of product development for Dun’s Marketing Services and Director of Marketing for national accounts and financial services.She also held sales management positions for AT&T and IBM.Ms. Kontogouris has also launched her own start-up company in the telecommunications industry.Ms. Kontogouris serves on the Board of Directors of Aptegrity Inc., Berkeley Enterprise Partners, Inc., C-7 Group, Inc., CentrPort, Inc., Cognizant Technology Solutions (CTSH), eCredit.com, Inc., Event Zero, Questra Corporation, Saleshound.com, Inc., T.R.A.D.E., Inc., Vality Technology, Inc. and Viant Corporation (VIAN).Ms. Kontogouris was a former Director of Avesta Technologies, Inc., Customer Analytics, Inc., eData Resources, Inc., Internet Profiles Corporation, OneSource Information Services, Inc., Jostens Learning Corporation and WEFA (Wharton Econometric Forecasting Associates).  Ms. Kontogouris earned a B.A. from Northeastern University and her M.B.A. from the University of Chicago.  

A private equity firm focused on the networked economy
        In 1993, we founded Trident Capital with a clear vision: to invest in information and business services companies.        We made it our business to understand the markets, the movers, the technology, and the potential. Our focus on
information and business services led us to become early investors in Internet companies, including MapQuest and         CSG Systems.  To date, we've raised five funds and have over $1.2 billion under management. We continue to back businesses that capitalize on the ever-growing importance of information connectivity. By leveraging our operating experience and influential contacts we provide a Trident advantage that has helped talented entrepreneurs to build many successful companies. A number of companies from our earlier funds are now public. Many of our recent investments are becoming leaders in their marketplaces. Investment sectors on our current radar screen include: business process outsourcing; security and wireless infrastructure, and marketing services.

For more information, visit http://www.tridentcap.com/

Paramount Capital Asset Management

        Lindsay A. Rosenwald, M.D. Chairman, Portfolio Manager, Paramount Capital Asset Management

        Dr. Rosenwald is the Chairman and Chief Executive of the Paramount Capital group of companies. The Paramount Capital group of companies specializes in asset management, investment banking, venture capital and direct investing within the biotechnology and life-sciences industry.  Paramount Capital Asset Management, Inc. manages hundreds of million dollars in investor assets through domestic and offshore hedge funds, as well as private equity funds. Paramount Capital Inc., a NASD member broker dealer, specializes in conducting private placement offerings for public and private development stage biotechnology companies.  Paramount Capital Investments, LLC is a venture capital organization that takes a controlling interest in public and private companies, including start-ups and distressed turn-around companies.  Orion Biomedical Group, LLC manages the private equity funds, which makes passive investments in public and private companies.  Dr. Rosenwald has been a Wall Street biotechnology entrepreneur for over 17 years.  The senior staff at the Paramount Group have backgrounds in both the medical and financial fields.  Since receiving his medical degree from Temple University School of Medicine in 1983, Dr. Rosenwald has been instrumental in the founding and re-capitalization of dozens of public and private biotechnology and life-sciences companies.  Dr. Rosenwald believes these companies are revolutionizing the growth and development of new medicines for the 21^st century.  Paramount’s portfolio companies have already seen several new chemical entities approved by the FDA and currently have dozens of compounds in clinical trials.  One such company, PolaRx BioPharmaceuticals, Inc., a portfolio company, received final marketing approval for its cancer drug, Arsenic Trioxide, only 30 months after the first patient was treated in a corporate clinical trial, a record in the industry. 

        Dr. Rosenwald believes that the biotechnology industry will see exponential growth over the next 20 years as the demand for safer and more effective treatments are met with significant medical breakthroughs, leading to the effective treatment of human diseases such as cancer and heart disease. Dr. Rosenwald believes that these revolutionary technologies will be developed not by large pharmaceutical companies, but rather by the smaller biotechnology and life-sciences companies that are each dedicated to the development of a few select products. 

       Dr. Rosenwald has launched many successful careers on Wall Street for M.D’s, Ph.D.’s, MBA’s, attorneys and undergraduates and continues to support the medical community through contributions given by his foundation.  Dr. Rosenwald currently serves as a director of Keryx BioPharmaceuticals, Inc., a publicly traded biotechnology company, as well as several private biotechnology companies. Dr. Rosenwald also serves as a member of the Columbia Presbyterian Health Sciences Advisory Counsel.  Dr Rosenwald received a BS Finance from Pennsylvania State University and a Doctorate of Medicine from Temple University School of Medicine.

For more information, visit http://www.paramountcapital.com/


NextPoint Partners

        Michael Faber, General Partner, NextPoint Partners

        Michael Faber is a general partner of NextPoint Partners III, L.P., NextPoint Partners II, L.P. and NextPoint Partners, L.P. Mr. Faber has more than 14 years of experience in seed- and early-stage venture capital and has been directly involved as a principal in approximately 100 investments with emphasis on software, communications and information technology. Previously, Mr. Faber served as founder and managing general partner of Walnut Growth Partners, L.P., and vice president and secretary of Walnut Capital Corp. Mr. Faber has invested on behalf of a number of prominent families, including the Pritzker, Simon, Zell, Lourie, Abercrombie, Jarecki, Von Liebig, Pines, Kaempfer, Leeds, and Mailman families, among others, as well as a number of institutional investors. Mr. Faber has been a principal investor in four (4) start-up companies that realized multi-billion dollar valuations: First Health Corp. (FHCC); Icos Corp. (ICOS); GranCare, Inc. (GC); and webMethods, Inc. (WEBM); and has served as a director and/or lead shareholder of more than two dozen companies. Since 1997, Mr. Faber has specialized in “new to market” software and software-enhanced hardware technologies, represented by such investments as webMethods in 1997, the first extensible markup language (XML) web services company, and the best software ipo in history; XtremeSpectrum, Inc. in 1998, the first commercial ultrawide band (UWB) company, recently purchased by Motorola, Inc.; and Information Markets Corp. in 1999, the first online expert information marketplace. Mr. Faber has been of counsel to Mintz Levin, an attorney with Arnold & Porter, and a senior consultant to The Advisory Board. Mr. Faber is an honors graduate of the University of Chicago Law School, received the John M. Olin Foundation Scholarship in Law and Economics, and attended The Johns Hopkins University School of Advanced International Studies (SAIS) and the State University of New York. Mr. Faber also is a director or advisor to a number of non-pofit organizations including National Public Radio Foundation, Corporate Responsibility Capital Partners, Inc., and Gifts for the Homeless, Inc.

        NextPoint Partners, L.P. is a seed and early-stage venture capital fund that invests primarily in the Mid-Atlantic region and has its offices in Washington, D.C., Boston, MA, and New York, N.Y. In general, NextPoint seeks to invest in companies with original or exclusive technology or expertise. Initial investment amounts typically range from $250,000-$2 million, with total investment in a company up to $6 million. NextPoint focuses on the following industries: enterprise software and related services, telecommunications, networking, Internet infrastructure, and semiconductors. We seek to invest in companies — often just small teams of entrepreneurs — that address markets of $500 million per year or more, that can reach $50 million or higher annual revenue within five years, and have the potential to create “enterprise value” in excess of $500 million.


Limited Partners/Fund of Funds:

Grove Street Advisors

        Christopher E.Yang, Principal, Grove Street Advisors

        Chris joined Grove Street in 2001. His prior experience includes several years in technology consulting with Integral, Inc. and AllianceConsulting. He has held various operating positions with Internet companies including Homegrocer.com, Rottentomatoes.com, and Schoolstop.com, and was an associate at I-Group Hotbank, an early stage venture capital fund affiliated with Softbank. Chris has also worked at Bain & Company and the law firm of Bingham McCutchen. At the firm, Chris is responsible for screening and due diligence on prospective fund investments, as well as monitoring existing portfolio relationships. He devotes special attention to IT-focused venture funds, buyout funds, and mezzanine and structured debt funds, but has responsibilities across the portfolio. Chris holds an SB from MIT, a JD degree from Harvard Law School and an MBA from the MIT Sloan School of Management. He is a member of the Massachusetts Bar Association.

        Grove Street Advisors was formed in 1998 with the objective of dramatically reengineering the traditional relationships between "gatekeeper," fund manager, and the major institutional investors in private equity. With more than $3 billion currently under management, three major clients and value-added relationships with more than 80 of the top performing fund managers, our management team’s unique skills, operating experience and industry relationships have proven to be a successful combination. We customize individual programs for each of our clients to meet their specific needs and believe in maintaining a strong alignment of interest through risk sharing with our clients. Our investments are allocated between clients by a mutually pre-agreed formula.

For more information, visit http://www.grovestreetadvisors.com/ 


The Wellcome Trust 

        Robert Coke, Senior Investment Officer, The Wellcome Trust 

        Robert Coke is responsible for european and emerging markets private equity investment at The Wellcome Trust and is part of a team that has been investing globally in private equity since 1994.  The Wellcome Trust is an $18 billion UK medical research foundation and one of the UK's largest private equity investors.  Robert joined the Trust in 1999 having begun his career in emerging markets fund management.

        The Wellcome Trust is an independent research-funding charity, established under the will of Sir Henry Wellcome in 1936. It is funded from a private endowment, which is managed with long-term stability and growth in mind.  Its mission is 'to foster and promote research with the aim of improving human and animal health'. To this end, it supports 'blue skies' research and applied clinical research. It also encourages the exploitation of research findings for medical benefit.
Reflecting the profound impact today's research will have on society, the Wellcome Trust also seeks to raise awareness of the medical, ethical and social implications of research and promote dialogue between scientists, the public and policy makers.

For more information, visit http://www.wellcome.ac.uk/

Moderator:

Orrick, Herrington & Sutcliffe LLP

        Elaine F. Stein, Partner, Orrick, Herrington & Sutcliffe LLP

        Orrick is a full-service international law firm with 700 lawyers located in North America, Europe, and Asia. From our 13 offices, located in many of the world’s financial centers and other key commerce locations, we help our clients achieve their goals and solve their problems by performing effective, challenging, and innovative legal work. Our focus is on complex and novel corporate and finance transactions, and litigation matters. Our clients include Fortune 500 companies, major international industrial and financial corporations, commercial and investment banks, institutional investors, high-growth companies, government entities, start-ups, and individuals.  Orrick’s corporate practice includes a broad range of corporate and securities transactional work, including registered public offerings, leveraged buyouts, institutional private placements, structured finance, private investment funds, unit investment trusts, and other complex financings. Orrick's New York office is also a key location for its Emerging Company & Venture Capital Group, which represents venture capital and strategic investors. Our real estate group represents lending and investment clients, as well as the firm's general corporate and other clients. Our private investment funds practice is recognized by Chambers as a leader in private equity, and has consistently earned top rankings in The Private Equity Analyst.  In finance, we have leading practices in private equity, domestic and cross-border transactions, including structured finance and securitization, energy and project finance, banking and commercial finance, public finance, and bankruptcy and debt restructuring. Our finance practices have earned recognition by many of the leading publications including American Lawyer’s Corporate Scorecard, Thomson Financial, and Chambers. Our corporate practice is widely recognized for representing new and emerging companies as well as established corporations. Our nationally recognized litigators handle cases from state and federal trial courts to the United States Supreme Court. We are particularly well known for our expertise in commercial litigation, employment law, product liability, and intellectual property.

        Orrick’s New York office, opened in 1984, is the firm’s largest office and one of the ten largest law offices in New York City of firms with origins elsewhere. With nearly 200 lawyers, our New York office lawyers are highly respected as legal innovators and as a dominant force in the U.S., European, and Asian finance markets and litigation arenas. Our New York office focuses on private equity and corporate transactions, bankruptcy and debt restructuring, public finance, banking and commercial finance, energy & project finance and structured finance, labor and employment law, real estate, litigation, intellectual property, and tax.      

For more information, visit www.orrick.com

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1:00 - 2:15 PM

        Mr. Timblick was educated at Oxford University, and is a chairman of the INVEST KOREA Advisory Council. (IKAC) and a member of the Foreign Investment Advisory Council (FIAC) of Seoul Metropolitan government.  Mr. Timblick was awarded the OBE (Order of the British Empire) in 1994 for services to British commercial interests in Korea, and awarded the ‘Sanup Pojang’ (Industry Service Medal)  by President Roh Moo- Hyun last year.

Invest KOREA

Korea Trade-Investment Promotion Agency (KOTRA), New York
460 Park Ave., Suite 402
New York, NY 10022
Tel: (212) 826-0900
Fax: (212) 888-4930

Our Vision & Mandate
        Invest KOREA is the Korean national investment promotion agency, established with the sole purpose of facilitating the entry and successful establishment of foreign business into Korea. Nor does our involvement halt there, since our agency delivers an extensive post-establishment service designed to promote the rapid settlement of foreign corporates in Korea and ensure they maximize the benefits of the Korean investment environment to the fullest extent. The scope of our activities on behalf of foreign business ranges from business consultation, market research and partner searches to accessing grants, administrative processing and resolving difficulties with government and mediating in labor disputes. Invest KOREA is dedicating to providing the kind of comprehensive, seamless, one-stop service that allows foreign investors to put roots in Korea and join the thousands of others who are operating successfully and profitably here.

Where We Are
        From our head office in Seoul, Invest KOREA operates a network of 36 overseas branch offices located across five continents in the major financial and decision-making centers of the world. Truly, we may say we are on the doorstep of the globe’s major investors wherever they might be to act as their proxies in locating in Korea offer a superlative service to ensure that their investment plans are executed to the letter without hindrance or delay.

Contact Karen Cohen, Business Development Manager, at ekcohen@kotra.or.kr or Tel. (212) 826-0900

For more information, visit http://www.investkorea.org/ and www.kotra.or.kr/eng

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        Mr. Lambert joined the AIG Companies in 1996 and is currently a member of the Private Equity Funds team.  Previously, he reported to the Chairman and Chief Executive Officer of AIG Global Investment Group, responsible for providing global capital markets research and analysis with a focus on private equity investments.  In addition, Mr. Lambert has six years of experience in corporate finance and accounting at Black & Decker Corp. and General Dynamics, Inc.  Mr. Lambert received a B.S. in Finance from Virginia Tech, where he was elected to Beta Gamma Sigma, and an M.S. in International Business from Johns Hopkins University.

For more information, visit http://www.aig.com/


CSFB Private Equity

        Kelly M. Williams, Managing Director, Customized Fund Investment Group,  CSFB Private Equity

        Kelly is a Managing Director in Credit Suisse First Boston’s Customized Fund Investment Group where she is responsible for developing and managing customized private equity investment programs for clients.  CSFB’s Customized Fund Investment Group manages more than $8 billion of commitments to more than 450 private equity and venture capital funds globally for its clients.  The Customized Fund Investment Group specializes in designing tailored portfolios for investors who are seeking customized solutions for their private equity investment needs.  Kelly currently serves on the Advisory Board of Providence Equity Partners, Texas Pacific Group, Thomas H. Lee, The Resolute Fund and Northcastle Partners.  Prior to joining CSFB, Kelly was a Director in DLJ’s Customized Fund Investment Group.  DLJ merged with Credit Suisse First Boston in 2000.  Prior to joining DLJ, Kelly was an Executive Director with Prudential Financial’s private equity group where she had responsibility for the operations of its fund investment group.  Kelly was primarily responsible for product development and legal support for Prudential’s Private Equity Group from 1996 to 1999, during which time she developed eight private equity funds globally.  Kelly joined Prudential in 1993 as counsel for a Prudential unit that specialized in providing private debt and equity for global infrastructure projects.  Prior to joining Prudential, Kelly was an associate with Milbank, Tweed, Hadley and McCloy, where she specialized in global project finance.  Kelly graduated magna cum laude from Union College in 1986 with a degree in Political Science and Mathematics and received her law degree from New York University School of Law in 1989.

        CSFB Private Equity, the global private equity arm of CSFB, is one of the largest managers of alternative assets in the world, with over $25 billion in funds under management. CSFB Private Equity is comprised of investment funds that focus on domestic and international leveraged buyouts, structured equity investments, mezzanine investments, real estate investments, venture capital and growth capital investments and investments in other private equity funds. CSFB Private Equity includes the family of DLJ Merchant Banking funds, and the Sprout funds.  With capital under management from a diverse group of investors, including Credit Suisse Group, CSFB Private Equity is well positioned to capitalize on investment opportunities generated by the extensive networks of relationships of CSFB.

CUSTOMIZED FUND INVESTMENT GROUP
        The Customized Fund Investment Group (CFIG) is one of the leading managers of private equity fund of funds and co-investments, with over $8 billion of commitments in over 450 private equity funds and co-investments. Our clients include sophisticated institutions and high-net worth investors. CSFB's extensive transaction experience, which includes coverage of many top-tier private equity sponsor groups, allows us to access and analyze many leading private equity and venture capital funds. We have completed investments in venture capital, leveraged buyout, mezzanine, real estate and distressed debt funds worldwide.  CFIG follows a "solution-based" (in contrast to a "product-based") business model and believes that building customized portfolios represents the best approach to private equity investing, both for new entrants and for investors seeking to expand their exposure to the private equity asset class. Using this approach, we provide customized private equity services to (i) institutional and high-net worth investors who desire tailor-made solutions for their private equity allocations and (ii) financial advisors of high-net worth individuals, helping to meet the particular needs of their clients.  While CFIG customizes separate account portfolios to meet the needs of individual clients, it believes that all portfolios must remain diversified across variables such as vintage year, asset, sector and geographic allocations. Starting with a basic asset allocation across those variables, CFIG crafts key adjustments to meet the requirements of individual clients, ensuring an optimum level of diversification. For clients with existing exposure to the private equity asset class, CFIG follows a portfolio completion strategy to build a well-diversified customized portfolio that complements such exposure.

For more information, visit www.csfb.com/private_equity  


Goldman, Sachs & Co. 

        Larry Restieri, Vice President, Special Investments Group, Goldman, Sachs & Co. 

        Larry Restieri is a Vice President in the Special Investments Group at Goldman, Sachs & Co.  The Special Investments Group is responsible for creating and marketing all alternative investments offered by the Firm. These include private equity funds, hedge funds, real estate funds, exchange funds, mezzanine funds, opportunistic funds, private placements and structured products.  Prior to joining Goldman Sachs, Larry worked as an attorney at Finn Dixon & Herling LLP, a corporate boutique law firm based in Stamford, Connecticut, and Simpson Thacher & Bartlett in New York.  Larry graduated from Fordham University School of Law, where he was an editor on the Fordham Law Review, and from Harvard University with an A.B. in History, cum laude.

For more information, visit http://www.gs.com/

New York State Teachers' Retirement System

        Thomas J. Rest, Manager of Private Equity,  New York State Teachers' Retirement System

        Thomas J. Rest CFA is the Manager of Private Equity at the New York State Teachers’ Retirement System.  Since April of 1999, he has been responsible for growing NYSTRS private equity program to its current size of $4.1 billion in commitments to 38 private equity funds.  Tom represents NYSTRS on 22 LP advisory boards.  Tom was previously responsible for NYSTRS short-term cash desk and oversight of the International Equity program.  Prior to that he spent 16 years as an auditor.  He has a BBA in Accounting from Siena College, an MPA in Finance from the State University of New York at Albany.  He recently achieved the designation of Chartered Financial Analyst and is a Certified Internal Auditor. Tom is a member of AIMR, the New York Society of Financial Analysts and the Institutional Limited Partners Association.

        The New York State Teachers’ Retirement System (STRS) is a $70 billion public pension fund for public school teachers in the State, outside of New York City.   NYSTRS serves approximately 250,000 active members and 110,000 retirees and beneficiaries.  NYSTRS is the second largest public retirement system in the state and one of the 10 largest systems in the nation.

For more information, visit http://www.nystrs.org/

Moderator:         

        Jedd H. Wider, Partner,  Orrick, Herrington & Sutcliffe

Industry Specialist:

McKinsey & Company

        Neil Harper, Partner, McKinsey & Company

Development of corporate and portfolio strategy, and assessment of specific M&A, divestiture, and LBO opportunities for a major US technology and services company over several years. Worked closely with CEO, CFO, and top management team to develop strategy, assess and structure ~$1bn divestiture, negotiate a range of ongoing commercial relationships with acquirer, and assess and structure several acquisitions. Led several initiatives with business unit leaders to develop and implement acquisition-led growth strategies and improve performance in selected business units.

Advised ~$1bn printing and outsourcing business on strategic alternatives including acquisitions, LBO opportunities, divestitures, and alternative growth and operating models. Recommendations to CEO and Board led to fundamental restructuring of the group, several proposed divestitures, and renewed corporate strategic plan for the next 5 years.

Development of perspective on strategic alternatives and assessment of value creation potential from and potential deal structures for horizontal and vertical merger and acquisition opportunities for major cable operator. Advice to CEO and CFO resulted in a number of fundamental strategic decisions culminating in completion of a significant divestiture and merger.

Assessment of strategic rationale, value creation potential, and integration approach for $6bn proposed acquisition by a major US consumer products company. Advised CEO, COO and Board of likely performance and value