Module 6: Benchmarking
Join our expert faculty for a discussion on benchmarking emerging markets private equity investments, including how LPs can evaluate a variety of available resources to best meet their institutional objectives and make informed investment decisions.
Key topics to be discussed include:
- What is the state of benchmarking in emerging markets (EM) private equity (PE)? What resources are available and how do they stack up to benchmarking tools available for developed markets PE and other asset classes?
- An examination of some available resources and how to evaluate the strengths and limitations of different data sets.
- How to synthesize available information and incorporate data appropriately into the decision making processes.
- Outside of benchmarking data sources, what other factors do investors need to consider to get a full picture of performance and make educated decisions?
Gregory W. Brown, Professor of Finance, Sarah Graham Kenan Distinguished Scholar and Director of the Frank Hawkins Kenan Institute of Private Enterprise, UNC Kenan Flagler Business School
Prof. Greg Brown is the director of the Frank Hawkins Kenan Institute of Private Enterprise. He also is the founder and research director of the Institute for Private Capital. His research centers on financial risk and the use of financial derivative contracts as risk management tools. He also studies private investment strategies, such as hedge funds and private equity. He research has been published in leading academic and practitioner finance journals, including The Journal of Finance, The Journal of Financial Economics, The Review of Financial Studies, The Journal of Derivatives, Financial Analyst Journal and RISK. He serves as a director of the Kenan-Flagler Business School Foundation.
Dr. Brown is managing director and director of research for Amundi Smith Breeden, a global asset management firm specializing in fixed income investments. He has also served as a consultant on financial risk and portfolio management for money management firms, the U.S. government and Fortune 500 companies. Prior to joining UNC Kenan-Flagler, he worked at the Board of Governors of Federal Reserve System in the Division of Research and Statistics. He received his PhD in finance from the University of Texas at Austin and his BS with honors in physics and economics from Duke University.
Richard Carson, Senior Director, Cambridge Associates LLC
Richard Carson is a Senior Director in Cambridge Associates’ Boston office. He is responsible for the firm’s private investments performance database and benchmarking best practices. Cambridge’s private investments performance database tracks the performance of over 6,200 institutional-quality private fund partnerships and their 70,000 underlying portfolio company investments.
Prior to joining Cambridge Associates, Richard was a partner at strategy consulting firm Monitor Group (now Monitor Deloitte) and a managing director of Monitor Capital. In this latter role he was responsible for leading the development of firm-sponsored private equity funds and partnerships, with a particular focus on emerging markets such as Colombia, Brazil, the Middle East, Africa, India and China.
Richard joined Monitor Group in 1986 and spent his first ten years in Milan and London serving consulting clients across Europe. He returned to the United States in 1997 and joined Monitor Capital. Prior to Monitor Group, Richard was a Senior Consultant at Accenture and earned an MBA from the Harvard Business School in 1986.
Patricia Dinneen, Senior Advisor, EMPEA
Patricia M. Dinneen has focused on Emerging Markets for most of her 36-year career. She joined EMPEA in February 2014 as a Senior Advisor and was appointed Chair of the EMPEA Impact Investing Council in 2013, to help professionalize and scale the impact investing industry. Previously she served as Managing Director at Siguler Guff & Company, a global private equity investment firm with over $10 billion in assets under management. During her 9+ years at Siguler Guff, Dr. Dinneen built and managed the BRIC private equity business, focusing on Brazil, Russia, India, China and select frontier markets. She has also held positions at Cambridge Associates, British Telecommunications, Hughes Communications, RAND Corporation and the U. S. White House. Dr. Dinneen holds degrees from the University of Pennsylvania (B.A.), London School of Economics (M.Sc.) and MIT (Ph.D.). She is involved in multiple philanthropic and impact investing activities.
Oliver Gottschalg, Strategy Department, HEC School of Management, Paris
Professor Oliver Gottschalg is part of the Strategy Department at HEC School of Management, Paris. He serves as Academic Dean for the TRIUM Global Executive MBA Program, directs the HEC PE Observatory and teaches courses private equity, management buyouts, business strategy and entrepreneurship. He holds a Wirtschaftsingenieur Diploma from the University of Karlsruhe, an MBA from Georgia State University and a M.Sc. and PhD degree from INSEAD. His current research focuses on the strategic logic and the performance determinants of private equity investments. His work has been published in leading academic journals and in various publications for practitioners and was featured over 100 times in the business media (press, radio, TV and online) in the past 2 years. His book on ‘Private Equity Mathematics’ is one of the bestselling books with PEI Media. He regularly presents his research at academic conferences and private equity symposia and serves as an advisor to leading investors in the private equity industry. He repeatedly served as an advisor to policy makers at the national and European level in the context of the ongoing debate about a possible need for regulation of the Private Equity industry. His company PERACS is the leading provider of standardized independent PE Track record analytics and validation services, currently advising approx. 20% of the market of fundraising PE Fund Manager worldwide
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Module 6: Benchmarking