It is hard to find investors in today’s market who do not want increased exposure to the emerging markets. But what is the right way to allocate to emerging markets private equity? What are the real risks and the expected drivers of growth?
The Privcap program “Emerging in the Portfolio” is the first of three expert discussions that takes a deep dive into the ways that institutional investors are assessing emerging markets private capital opportunities and structuring programs to capture expected growth in these economies. The discussion includes David Marchick, Managing Director with The Carlyle Group, Maureen Downey, Principal with Pantheon Ventures, and Peter Furci, a Partner with Debevoise & Plimpton. The segment also includes an expert Q&A with Ernst & Young Global Private Equity Markets Leader Philip Bass.
The conversation includes an analysis of the trend toward greater and greater LP allocations to emerging markets funds, the importance of rising middle-class consumption in these investment theses, new views on risk in the emerging markets, the right allocation size within the broader portfolio, and due diligence practices specific to emerging markets GPs.
View the full video here - http://www.privcap.com/
Bios of Participants:
David M. Marchick
The Carlyle Group
David M. Marchick serves as Managing Director and Global Head of External Affairs and serves as a Member of The Carlyle Group’s operating committee. Marchick leads the firm’s group that provides government affairs, public affairs, regulatory and strategic advice and support to Carlyle's buyout, growth, real estate and credit and debt funds on a global basis. He serves on the board of directors of Sequa Corporation, a diversified aerospace and industrial company. He is based in Washington, DC.
Prior to joining Carlyle, Marchick was a partner and Vice-Chair of the international practice group at Covington & Burling. He is an expert on foreign investment and national security issues.
Prior to joining Covington & Burling in 2002, Marchick worked on then-Governor Clinton’s 1992 campaign and served in four departments – the White House, USTR and Departments of State and Commerce – over seven years in the Clinton Administration. Among other positions, he served as Deputy Assistant Secretary of State and while at the White House, helped coordinate the Administration’
Marchick earned his J.D. from The George Washington University Law School, his M.A. from the University of Texas and his B.A. from the University of California, San Diego. He was admitted to the Washington, D.C. Bar Association in 1998 and the State Bar of California in 1996, but is currently inactive.
Maureen focuses on sourcing, analyzing and closing secondary investment opportunities and manager selection for Emerging Markets on a primary basis as well as participates in fund monitoring, firm marketing and client reporting. Prior to joining Pantheon, Maureen was a Vice President in Investment Banking at Goldman Sachs, & Co. Maureen's execution experience includes a variety of cross-border and domestic M&A and leveraged buy-out transactions, debt restructuring assignments as well as a broad spectrum of capital market financings from equity to high yield across multiple industries. Before joining Goldman Sachs in 1998, Maureen worked for Merrill Lynch in New York in their Fixed Income Division for three years. Maureen graduated Summa Cum Laude with a BA in Philosophy, Politics and Economics from Claremont McKenna College and holds a MBA from Wharton's Graduate School of Business.
Debevoise & Plimpton
Peter Furci is a tax partner who concentrates on the tax aspects of a wide range of corporate transactions, including domestic and cross-border mergers and acquisitions, joint ventures, financings and debt and equity securities offerings by US and non-US issuers. He also practices extensively in the area of private investment funds, including hedge, mezzanine, distressed debt, infrastructure and real estate funds. Furci is listed as a leading tax lawyer by Chambers USA (2011), where clients note he is “fantastic as tax counsel; he's an incredibly sharp, creative, get-the-deal-