Endowment & Foundation Forum 2016

Conference Details
Agenda
Hotel Information
Registration Pricing

The 18th Annual Endowment and Foundation Forum will provide a forum for free exchange of ideas concerning portfolio planning and investment strategies. Rather than focusing on a particular investment style, this endowment and foundation conference will tackle issues that are most germane to nation's endowments and charitable foundations by examining critical investment topics, as well as need to align fiscal strategy with goals of a particular organization. Participants and delegates will speak on a range of issues, including necessity for non-profit governance for endowments, means of capturing alpha in a portfolio, methods of choosing money managers, and problems of ethics and liability in fiduciary planning, as well as addressing pros and cons of investing in equity, fixed income, alternative, and real estate products. By targeting industry sectors, guest speakers and participants can gain a greater understanding of how organizations can utilize and dovetail with particular investment strategies.

UNIQUE CONFERENCE FORMAT
This conference will feature dialogue driven panel discussions led by representatives of endowments, foundations, and consulting firms. In order to maintain the educational value of our events, we prohibit any use of PowerPoint presentations during panel discussions. *Only Standalone Speakers will be allowed to use PowerPoints during their presentation. All other PowerPoint Presentations can be added to our Mobile App by submitting a PDF/PPT document to an Opal Associate. Speakers must keep in mind the educational objective of this event. Speakers will NOT be allowed to market specific products or services during presentations.*

7:00am	Networking Continental Breakfast
7:00am	Registration / Exhibit Hall / Meeting Rooms Open
8:15am	Welcoming Remarks Howard Nochumson, Executive Director, Washington Square Health Foundation
8:30am	Investment Officer Roundtable: Endowments and Foundations over to $500 million Current strategies in reallocation of portfolio(s). Importance of complying with the Uniform Prudent Management of Institutional Funds Act (“UPMIFA”). Current thoughts on Indexing vs. Active Management. Investment Policy allowance for spending endowment corpus: Good or Bad? What is keeping CIOs and CFOs up all night? Moderator Carolyn Weiss, Chief Financial Officer and Treasurer, The New York Community Trust Panelist Jeffry Haber, Controller, The Commonwealth Fund Panelist Craig Thomas, Managing Director, Verger Capital Management LLC Panelist Jonathan Shear, Chief Investment Officer, University of Utah Investment Management
9:15am	Investing in Today’s Real Estate Markets – Sources of Risk and Return Underwriting the sponsor: Because the “Who” is just as important as the “What” Where is the smart money heading? Cusp of another bubble? Are we getting overheated in multiple asset classes? Deal Flow: How can your family office secure access to the best opportunities? Real Estate Allocation as part of a well balanced portfolio Do recent articles and commentaries overstate the frothiness of today’s market? Investing in a rising cap-rate environment Repositioning of assets as a core investment strategy Repositioning in prime and urban markets Repositioning in secondary markets Does institutional investors’ bias towards ultra- core assets represent a buying opportunity in other areas? Crowd Funding for Real Estate: Is it finally mainstream and is it a good fit of your family? Where are we in the real estate cycle? How should investing strategies differ at different points in the cycle? What are the advantages and disadvantages of investing with institutional managers vs. local managers? Moderator Gregory A. Brothers, Vice President and Chief Financial Officer, Houston College of Law Panelist Maureen A. Joyce, Director and Senior Portfolio Manager, AEW Capital Management, L.P Panelist David Lindahl, Owner, Ibanez Holdings, LLC Panelist Steven Hagenbuckle, Founder, Managing Partner, TerraCap Management Corp Panelist Daniel Owen Mee, Senior Vice President, Tremont Realty Capital Panelist Ned Stiker, Senior Managing Director, Cortland Partners
10:30am	Networking Refreshment Break Sponsored By: Sterling Foundation Management
10:45am	Track A Track B Investing in Private Equity / Venture Capital Asset Management: How can PE funds extract better returns with better management? With more firms and capital chasing large the same or fewer deals, is now a good time to invest in PE? Does size matter? Will large outperform small? The opposite is true historically in public markets. Where are the best opportunities in Private Equity and Venture now? Tech Venture’s obsession with Unicorns: a viable strategy or attempt to justify fund sizes? Who will be the natural buyers for the large illiquid asset portfolios of the mega PE firms, Blackstone, Apollo, Carlyle, etc. now that banks are out and sovereigns and pensions are investors in those funds? Moderator S. Michael Sury, Chairman, INDORUS Holdings LLP (SFO) Panelist John Haggerty, Managing Principal and Director of Private Markets, Meketa Investment Group Panelist Elaine Hughes, Partner, Chair, Fund Formation & Structuring, Lowenstein Sandler LLP Panelist Nicole Brenning, Partner, Jackson Walker L.L.P. Investment Opportunities in Hedge Fund Strategies Why have hedge funds, in general, been struggling to perform? How have due diligence methods changed over the past year? What specific hedge fund strategy/sector is positioned to outperform in the next few quarters? Which should be avoided? Should families consider “alternative or smart” beta strategies? Have fund terms (e.g., fees, gates, liquidity) been more flexible? Should they be? How can families negotiate the best deals? Moderator Leslie Greis, Chair of the Investment Committee, Boston Museum of Science Panelist Stephen Cucchiaro, Founder, President and Chief Investment Officer, 3EDGE Asset Management Panelist Michael Sweeny, Portfolio Manager & Partner, HighVista Strategies Panelist John Daly, Vice-Chairman Investment Committee, Culinary Institute of America
11:30am	The Key to Success in Succession Planning Speaker James W. Lintott, Chairman, Sterling Foundation Management
11:50am	Size matters – Small is Beautiful: The Impact of Portfolio Diversification and Selection on Risk and Return in Private Equity Speaker Christopher S. Bödtker, Managing Partner, Akina Group
12:10pm	Doing More with Less Speaker Terrence Hill, Managing Director, Institutional Investments & Philanthropic Solutions,, US Trust
12:30pm	Networking Luncheon Presentation How to Invest in an Era of Permanent Stimulus – Why Most Investors Don’t Understand The New Monetary Reality Keynote Speaker Peter Schiff, President & CEO, Euro Pacific Capital
2:00pm	Keynote Presenter: Keynote Speaker Supervisory Special Agent David Chaves, Senior Agent, Federal Bureau of Investigation
2:30pm	Track A Track B Investing in the Evolving Real Asset & Energy Market: This panel will examine the real assets and energy markets including, timber, precious metals, land mitigation, and oil and gas exploration. Is there a magic strategy which will provide steady stable returns that outperform traditional equities? Which strategies should families consider within the energy/hard asset space? How can we identify managers who will diversify returns from mainstream portfolios without adding additional risk to the portfolio? Moderator Brandon Laughren, Chief Investment Officer, The Laughren Group (SFO) Panelist Andrew Brett, Research Consultant-Real Assets, NEPC Panelist Abel Mojica, Managing Director, Tortoise Capital Advisors Philanthropy: Best Practices to use when planning for Major Gifts and Planned Giving How can specific gift instruments drive the growth of endowments? Are donors motivated by life income instruments to make gifts? What are donors seeking when they use these gift instruments toward endowments from the fiscal stewardship perspective? Focus on use for purpose or on security? Are donors scrutinizing performance of the gift as well as the institution’s endowment performance? Do organizations and institutions view donors similar to investors and what information do these donor-investors demand today? Moderator Matthew Sullivan,CAIA, Director, ClearVest LLC Panelist James Higgins, Chief Investment Officer, Randolph Foundation Panelist Katherine Holbrook Biotti, Senior Managing Director, Foundation Source
3:15pm	Track A Track B A forward looking approach to Equity Investing: Where are we headed from here? Are International equities attractive on an absolute or relative basis? What is the opportunity set for stock pickers vs. passive indexes? What is the state of the equity market? What is the outlook for the future of equities? Moderator Betsy Palmer, Chair, Investment Committee, Mt. Holyoke College Panelist Phil Morgan, Chief Investment Officer, Earlham College Panelist Craig Robbins, Senior Investment Strategist, Children’s Hospitals Defining the Evolution Impact Investing: The Role of the Endowment and Foundation How do we define Impact Investing today versus SRI/ESG? How should it be properly branded? What are the legal structures? How does it tie into philanthropy? How do you appropriate an investment portfolio that accounts for having a social good/impact component? How is the institutional marketplace evolving to address the sustainability issue? How do you make the case to your committee to go into impact and become a champion in the space? Moderator Matthew Sullivan,CAIA, Director, ClearVest LLC Panelist James Gifford, Senior Fellow, Initiative for Responsible Investment, Harvard University Panelist John Schaetzl, Senior Advisor, The Bill and Melinda Gates Foundation
4:00pm	Networking Refreshment Break Sponsored by: US Trust
4:15pm	Track A Track B Opportunities within the Fixed Income and Credit Strategies Today’s shift from targeting growth returns to returns through reliability Where are the opportunities during the upcoming 24 months Where the credit markets have transformed since the recession and what they look like today How to decipher between funds and direct holdings and what are the risks between the two Moderator James Leach, President, Leach Family Holdings (SFO), Rhode Island PBS Foundation Panelist Tom Ball, Chief Investment Officer, Asper Foundation Panelist Lawrence Mondschein, Chief Investment Officer, CRAF Management (SFO) Panelist John ‘Boots’ Dunlap, CIO, RRA Capital Investing for the Future: ESG Strategies and SRI (Social Responsible Investments) Strategies Breaking down what ESG is across asset classes Defining between the two models How do you incorporate it across your portfolio? Private market deals in the ESG and SRI models Integrating ESG and sustainability objectives into all portfolios Bringing ESG to the frontier markets through public/private investments Moderator Kyle Johnson, Managing Director and Chief Investment Officer, CA Capital Management, Cambridge Associates Panelist Georges Dyer, Principal, Intentional Endowments Network Panelist Bruce Kahn, Portfolio Manager, Sustainable Insight Capital Management Panelist Jeffrey P. Scheer, CFA, Director, Pathstone Federal Street Panelist Paul Hilton, CFA, Portfolio Manager, Trillium Asset Management
5:15pm	Track A Track B Knowing When to Make Your Move: Managing Volatility & Risk to Maximize Investment Returns Risk? What Risk?” Risk is more than volatility. Net under the High Wire?” Protecting portfolios against volatility. No, Wait, I Can MAKE Trading?” Investing in volatility. I Am Carnac the Magnificent?” Prognosis for markets, near and longer-term. Moderator Brian Dana, Principal, Meketa Investment Group Panelist Amy Hirsch, Chief Executive Officer, Paradigm Consulting Services, LLC Panelist Peter J. Klein, President, CFA, Claire Friedlander Family Foundation Panelist Renato Alessandro Iregui, Principal, Raire Family Office (SFO) Impact Investing Strategies 2.0: Investing with Value and Purpose Investing is Habitual as much as Analytical UN PRI – Responsible Investor Movement Portfolio Approach and Asset Allocation – We aren’t trying to do anything different than traditional space Impact Investing – Long term consequences of what we should have been doing all along PRI (Program Related Investments) – Direct investing for specific impact and how you actually make it happen Risk Management – The academics side, opportunity exists, a way to address biggest problems we face globally Why Shareholder Engagement must be part of the solution and you should demand as an investor We will give you concrete examples in renewable energy, health, education and more across asset classes What returns are achievable? How defensive are these opportunities? What are the risks? What does it take to source attractive projects? Moderator Katherine St. Onge, Senior Officer, Investor Relations, Calvert Social Investment Foundation Panelist Chris Fowle, Associate Director, Americas, United Nations Principles for Responsible Investment Panelist Ralph Salvagno, CEO, Petlife Pharmaceuticals Panelist Heather Myers, Partner, Aon Hewitt
6:15pm – 7:15pm	Networking Cocktail Reception Sponsored by: Akina Group

7:00am	Networking Continental Breakfast
7:00am	Registration / Exhibit Hall / Meeting Rooms Open Hospitality Lounge Open for 1-1 meetings
7:40am	Welcoming Remarks
7:45am	UPMIFA Update Speaker Gary Salberg, Director of Major Gifts and Planned Giving, California State University - Chico
8:15am	Investment Officer Roundtable: Endowments and Foundations up to $500 million Current strategies in reallocation of portfolio(s). Importance of complying with the Uniform Prudent Management of Institutional Funds Act (“UPMIFA”). Current thoughts on Indexing vs. Active Management. Investment Policy allowance for spending endowment corpus: Good or Bad? What is keeping CIOs and CFOs up all night? Moderator Thomas Forma, Senior Vice President, Senior Institutional Consultant, The Forma Group – Morgan Stanley Wealth Management Panelist Rosemary Sagar, CFA, CIO, Kingdon Foundation Panelist Thomas Donahoe, CIO and Executive Director, Homeland Foundation, Inc. Panelist Benedict Leca, Executive Director, Redwood Library and Athenaeum
9:00am	Practical Tools to Improve Foundation and Endowment Governance and Foster Financial Health Importance of investment beliefs; facilitating board members to a shared set of beliefs Governance & Decision making “dashboards”: focus board on highest order tasks and decisions Risk Management approaches & frameworks Avoiding conflicts of interest (real & perceived): approaches? Board composition: “portfolio of viewpoints”, continuity vs. new perspectives Governance scorecards/benchmarking Enterprise risk management: looking at risk across multiple pools (e.g. endowment/foundation, retirement pools, insurance pools) Moderator Sebastian Grzejka, Senior Consultant, NEPC, LLC Panelist Mark Bodden, Executive Director, May and Samuel Rudin Family Foundation Panelist Thomas Tritton, Chair, Board of Trustees, Ohio Wesleyan University
9:45am	Industry 4.0 – Our Next Stage of Opportunity Keynote Speaker Keith Kaplan, CEO and Co-Founder, Tesla Foundation
10:15am	Networking Refreshment Break Sponsored by: Dynamo Software
10:30am	Investment Outsourcing vs Insourcing: What are the limits? This session will focus on the difference(s) between delegating investment management authority to a specific money manager (s), as opposed to total “investment portfolio outsourcing". It will specifically focus on the pros and cons of delegating total portfolio investment management authority for small-staffed foundations and family endowments. Moderator Thomas Heck, Chief Investment Officer, Ball State University Foundation Panelist Poorvi Parekh, Director of Outsourced Investments, Canterbury Consulting Panelist Brian O’Donnell, Managing Director, Senior Portfolio Strategist, US Trust Panelist Elise Green, Partner, Jackson Walker L.L.P.
11:15am	Investing in Growth: New Strategies for Investing in Emerging and Frontier Markets Which emerging markets provide the best current opportunities and why? Are there ways to invest in emerging markets while moderating risk? What should I look for when selecting an Emerging Markets manager? We invested in Emerging Markets Private Equity pre-financial crisis and still haven’t gotten our capital returned. Why should we double down now? Should I invest in EM via passive or active vehicles? What approach makes sense, GEM portfolios or a collection of country/regional specialists? What are the pros/cons of investing in EM via private equity? Moderator David Plants, Chief Investment Officer, Grace Cottage Foundation Panelist Oliver Fratzscher, Chief Executive Officer, EM Leaders LLC Panelist Ben Stoddard, Senior Investment Analyst, Virginia Tech Foundation Panelist Jennifer Johnsrud, President and Co-Founder, TEAM Wealth Investments
12:00pm	Manager Sourcing: Choosing your investment managers & distinguishing between luck and skill What should investors look for in managers? What is the role of a consultant? Evaluation: Investment process and operations. Red flags. New vs. established managers– what key things should be monitored? Which strategies have been benefiting portfolios and where to look in the upcoming year? What key factors separate managers from each other in the selection process Methods for reviewing and evaluating a manager’s portfolio returns, return related measures and performance attribution to determine if a manager is in-line with benchmarks and performance expectations. Moderator Howard Nochumson, Executive Director, Washington Square Health Foundation Panelist Andrew Parrillo, President & Founder, Newport Capital Advisers, Inc. Panelist Peter Gerlings, Senior Vice President, Implemented Investment Consulting, Segal Rogerscasey Panelist Jennie Wang, Director of Business Development, InvestCloud, Inc.
12:45pm	Consultant Q & A: What is the status of the endowment model? How has it changed? Are there new approaches to managing an endowment or a foundation? What are endowments and foundations doing to meet their goals and objectives in a challenging market environment? How do endowments and foundations assess the impact of asset allocation and spending on the overall operating budget? What are the trends with endowments and foundations as it relates to alternative assets? Are endowments and foundations maintaining or increasing their exposures to private equity, real assets and hedge funds? What are we as consultants recommending to our endowment and foundation clients with regard to asset allocation and tactical opportunities? Has the role of the consultant changed when dealing with endowments and foundations? Moderator Amanda Keiffer, Assistant Executive Director, Lock Haven University Foundation Panelist Giovanna Ban, Managing Director, Cambridge Associates Panelist Kevin M. Nichols, Senior Investment Management Consultant, The Forma Group – Morgan Stanley Wealth Management
1:30 pm	Closing Remarks

Seaport Boston Hotel & World Trade Center

Seaport Lane, Boston, MA 02210, USA

Standard

SOLD OUT at group rate
contact Joanna Puchalski jpuchalski@opalgroup.net 212.532.9898 x 271 for more information

*Prices exclude taxes. Room rates are subject to applicable state and local taxes (currently 14.45%) and fees which include a $1.00 per room, per night Service Fee and a $2.00 per room, per night Hotel Fee.

Rooms are available only to those participants who are registered conference attendees.
The name on the form will be the name of the guest room.
Rooms are allocated on a first come first serve basis. Room types/rates are subject to availability.
Rooms will not be guaranteed without a credit card.

Registration Pricing

	Earlybird Rate II (expires 10/15/16)	Standard Rate
Asset Managers & Service Providers	$2,395	$2,695
*** Family Offices (Single/Multi), Endowment, Foundation, Non-Discretionary Consultant, and Hospital/Healthcare Fund	Complimentary*	Complimentary*

*** These include: organizations that are solely investing on their own behalf in alternatives and do not sell any alternative investment products or services to clients including; sovereign wealth funds, pension funds, endowments, foundations, family offices, private clients and treasury.

*Subject to Opal Group's approval. Eligibility will be verified.

Sponsorship, Exhibition & Speaking Opportunities 212.532.9898 info@opalgroup.net

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Keynote Speakers
Topics Will Include
Highlights

Presented by

Supervisory Special Agent David Chaves
Federal Bureau of Investigation

Presented by

Keith Kaplan, CEO and Co-Founder, Tesla Foundation

How to Invest in an Era of Permanent Stimulus – Why Most Investors Don’t Understand The New Monetary Reality

Presented by

Peter Schiff, President & CEO, Euro Pacific Capital

New Investment Styles and Strategies
Challenges facing Endowments and Foundations
Asset Allocation: Identifying the appropriate asset classes for your portfolio
Hedge Funds
Risk Management
Fixed Income and Credit Markets
New Wave of Alternative Strategies
Equity Investing
Private Equity Investing
Impact Investing
Governance Insights-Making Complicated Issues
Simple for Trustees and Fiduciaries
Real Estate
Real Assets
Philanthropy and Program Related Investments
Emerging and Frontier Markets
Sustainable investing and fiduciary duty
CIO Outsourcing
The Changing Landscape for Endowments & Foundations
…and many more!

The GAFM Global Academy of Finance & Management™ is the world's fastest growing professional society with approximately 50,000 members in over 150 countries hosting and accrediting certification training worldwide and offering exclusive board certified designations to candidates who meet the highest professional standards and assessment criteria.

The GAFM will grant full annual CE (7.5 Credits for 1 day, 15 Credits for 2 days) for those who attend this conference.
CWM™ Chartered Wealth Manager®
MFP™ Master Financial Planner®
AFA™ Accredited Financial Analyst®
CTEP™ Chartered Trust and Estate Planner®
CITA™ Certified International Tax Analyst™
* All certification courses available directly online from an accredited law school program

Who Should Attend
Industry Representaion
Testimonials

Endowments
Foundations
Consultants
Attorneys
Financial Planners
Accountants
Hedge Funds
Fund of Funds
Real Estate Managers
Equity Managers
Venture Capitalists
Private Equity
Insurance Companies
Broker Dealers
Industry Service Providers
Alternative Investment Managers

Chart I: Institutional Investors/Consultants vs. Money Managers and Service Providers

Chart II: Institutional Investors/Consultants

This event was clear, pertinent, and to the point. I will return regularly. Thank you for assembling the talent and topics. Mark Virello

Chief Financial Officer, Laboure College

Opal presented an efficient, well organized endowment conference that covered the issues that higher education professionals are facing on a daily basis. This was my first Opal conference and I will be eager to see the agenda for next year. Scott Tochtermna

Endowment Portfolio Analyst, Messiah College

A wonderful opportunity to share ideas and learn. Stephen Viederman

Finance Committee, Christopher Reynolds Foundation

We enjoyed the independent perspective provided by actual E&F investors and others in the space that invest in private equity. Ben Stoddard

Senior Investment Analyst, Virginia Tech Foundation

Lead Sponsor
Executive Sponsors
General Sponsors
Exhibitor Sponors
Media Partners

Endowment & Foundation Forum 2016

Agenda current as of

Registration Pricing

Supervisory Special Agent David Chaves Federal Bureau of Investigation

Keith Kaplan, CEO and Co-Founder, Tesla Foundation

How to Invest in an Era of Permanent Stimulus – Why Most Investors Don’t Understand The New Monetary Reality

Peter Schiff, President & CEO, Euro Pacific Capital

Chart I: Institutional Investors/Consultants vs. Money Managers and Service Providers

Chart II: Institutional Investors/Consultants

Supervisory Special Agent David Chaves
Federal Bureau of Investigation