2nd Annual Private Markets Research Conference 5 and 6 July 2018

The 2nd annual private markets research conference is a forum to explore the latest advances in private markets research by combining academic and practitioner perspectives.

Investing in private markets implies a deep knowledge of private equity, private debt and private real assets. Though challenging, it is becoming increasingly popular among institutional investors due to the low-yield environment and the advocated diversification benefits of private investments. Despite the lack of comprehensive datasets for private markets, significant research breakthroughs have been made recently in understanding the performance and risk drivers of private investing.

2018 CONFERENCE Program

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5 July 2018

13:45-16:30      
Professionally certified Master Class on private markets
(CICERO Certified Insurance Competence, 3 credits)
 
13:45-15:45
Private Markets Introduction: Private Equity, Private  Debt and Private Real Assets by Dr. C. Demaria (Wellershoff & Partners)
 
15:45-16:30
Case Study by Dr. C. Demaria (Wellershoff & Partners)
 
17:00-17:45

Presentation of the EHL Incubator by R. Walbaum (Chief Innovation & Valorization Officer)

EPFL Innovation Park by M. Thémans (Deputy of the Vice President EPFL – Vice-Presidency for Innovation)

Paris-Dauphine Incubator by S. Darolles (Professor of Finance)

18:00-18:30
Presentation by Prof P. Strömberg (Stockholm School of Economics)
 
18:30-19:30
Professional round table to discuss the GPFG report and future trends of the Private Markets Industry
Moderator: R. Fahlenbrach, Professor of Finance (EPFL and SFI)
Panelists:
S. Brocard, Senior Investment Consultant (Swiss Risk & Care)
C. de Dardel, Head of Private Equity (Unigestion)
C. Demaria, Head of Private Markets (Wellershoff & Partners)
N. Schaeppi, Head of Private Equity (Retraites Populaires)
P. Strömberg (Stockholm School of Economics)
C. Waldvogel, Associate Director (Rennaissance)

 

6 July 2018

9:00-10:30
Investors session
Chair: T. Jenkinson (Said Business School, Oxford University)
 
“The Return Expectations of Institutional Investors”, Andonov A. (Erasmus University Rotterdam) and J. Rauh (Stanford Graduate School of Business and NBER)
Speaker's slides: A. Andonov (Erasmus University Rotterdam)
Discussant's slides: P. Masset (Ecole hôtelière de Lausanne)
 
“Private Equity Debt Investors”, Liebscher R. (Catholic University Eichstätt-Ingolstadt) and T. Mählmann (Catholic University Eichstätt-Ingolstadt)
Speaker's slides: R. Liebscher (Catholic University Eichstätt-Ingolstadt)
Discussant's slides: D. Ruf (University of St. Gallen)
 
“Private Equity Indices Based on Secondary Market Transactions”, Boyer B. (Brigham Young University), T. Nadault (Brigham Young University), K. Vorkink. (Brigham Young University) and M. Weisbach (Ohio State University and NBER)
Speaker's slides: B. Boyer (Brigham Young University)
Discussant's slides: P. Collin-Dufresne (Ecole Polytechnique Fédérale de Lausanne and SFI)
 
 11:00-12:00
Private Equity Session 1
Chair: E. Jurczenko (Ecole hôtelière de Lausanne)
 
“Should Investors Care Where Private Equity Managers Went to School?, Fuchs F. (University of St. Gallen), R. Füss (University of St. Gallen), T. Jenkinson (Saïd Business School, Oxford University) and S. Morkoetter (University of St. Gallen)
Speaker's slides: R. Füss (University of St. Gallen)
Discussant's slides: D. Prashant (Ecole hôtelière de Lausanne)
 
“Skin in the Game, Wealth and Risk-Taking”, Bienz C. (Norwegian School of Economics), K. Thorburn (Norwegian School of Economics, CEPR and ECGI) and U. Walz (Goethe University Frankfurt, SAFE/CFS)
Speaker's slides: C. Bienz (Norwegian School of Economics)
Discussant's slides: M. Lambert (HEC Liège)
 
   12:00-12:45
Keynote Address by Prof. T. Jenkinson (Saïd Business School, Oxford University)
 
14:15-15:45
Private Equity Session 2
Chair: L. Phalippou (Saïd Business School, Oxford University)
 
“Is Destiny Worth the Distance? On Private Equity in Emerging Markets”, Darolles S. (Université Paris-Dauphine), E. Jurczenko (Ecole hôtelière de Lausanne) and S. Tommar (Université Paris Dauphine)
Speaker's slides: S. Tommar (Université Paris-Dauphine)
Discussant's slides: T. Dieler (University of Bristol)
 
“Do Private Equity Firms Pay for Synergies?”, Hammer B. (Leipzig Graduate School of Management), N. Janssen (Leipzig Graduate School of Management), D. Schweizer (Concordia University) and B. Schwetzler (Leipzig Graduate School of Management)
Speaker's slides: B. Hammer (Leipzig Graduate School of Management)
Discussant's slides: D. Berchtold (Ecole hôtelière de Lausanne)
 
“Non-pecuniary Benefits – Evidence from the Location of Private Company Sales, Jansen M. (University of Utah) and A. Winegar (BI Norwegian Business School)
Speaker's slides: A. Winegar (BI Norwegian Business School)
Discussant: J. Weisskopf (Ecole hôtelière de Lausanne)
 
16:15-17:45
VC and Fintech Session
Chair: R. Fahlenbrach (Ecole Polytechnique Féderale de Lausanne and SFI)
 
“Investment Allocation and Performance in Venture Capital, Hsu S. (University of Arkansas), V. Nanda (University of Texas) and Q. Wang (University of Central Florida)
Speaker's slides: V. Nanda (University of Texas)
Discussant's slides: R. Woltering (Ecole hôtelière de Lausanne)
 
“The Leveraging of Silicon Valley”, Davis J. (UNC Kenan–Flagler Business School), A. Morse (UNC Berkeley) and X. Wang (UNC Kenan–Flagler Business School)
Speaker's slides: X. Wang (UNC Kenan–Flagler Business School)
Discussant: E. Morellec (Ecole Polytechnique Fédérale de Lausanne and SFI)
 
“Fund What You Trust? Social Capital and Moral Hazard in Crowdfunding”, Lin T. (University of Hong Kong) and V. Pursiainen (University of Hong Kong)
Speaker's slides: V. Pursiainen (University of Hong Kong)
Discussant's slides: T. Nefedova (Université Paris-Dauphine)
 
  17:45-18:15
“The Future of Private Markets” by Prof. L. Phalippou (Saïd Business School, Oxford University)

 

 

Pictures

 

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Day 1

Day 2

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Committees

Organizing Committee

Serge Darolles

Serge Darolles

  • Professor of Finance
  • Université Paris-Dauphine
Cyril Demaria

Cyril Demaria

  • Head of Private Markets
  • Wellershoff & Partners
Rudiger Fahlenbrach

Rüdiger Fahlenbrach

  • Professor of Finance
  • Ecole Polytechnique Fédérale de Lausanne and SFI
Emmanuel Jurczenko

Emmanuel Jurczenko

  • Director of the Hospitality Real Estate and Finance Institute and Professor of Finance
  • Ecole hôtelière de Lausanne

 

 

Scientific Committee

  • Gregory Brown (University of North Carolina)
  • Serge Darolles (Université Paris-Dauphine)
  • François Degeorge (SFI and Università della Svizzera italiana)
  • Rüdiger Fahlenbrach (Ecole Polytechnique Fédérale de Lausanne and SFI)
  • Zsuzsanna Fluck (Michigan State University)
  • José-Miguel Gaspar (ESSEC)
  • Martin Hoesli (University of Geneva)
  • Tim Jenkinson (Saïd Business School, University of Oxford)
  • Emmanuel Jurczenko (Ecole hôtelière de Lausanne)
  • Benoit Leleux (IMD)
  • Ludovic Phalippou (Saïd Business School, University of Oxford)
  • David Robinson (Duke University, Fuqua School of Business and NBER)

Speakers

Keynote Speakers

We are pleased to announce that Prof. Tim Jenkinson from Oxford University, Prof. Ludovic Phalippou from Oxford University and Prof. Per Strömberg from the Stockholm School of Economics will be keynote speakers at the conference.

Tim Jenkinson

Prof. Tim Jenkinson

  • Professor of Finance
  • Saïd Business School, Oxford University
Ludovic Phalippou

Prof. Ludovic Phalippou

  • Professor of Finance
  • Saïd Business School, Oxford University
Per Stromberg

Prof. Per Strömberg

  • Professor of Finance
  • Stockholm School of Economics

Partners and sponsors

Academic Partners

  • Université Paris Dauphine
  • HES-SO University of Applied Sciences & Arts Western Switzerland
  • Ecole Polytechnique de Lausanne (EPFL)
  • Institut Louis Bachelier

 

Corporate Sponsors

  • Ardian
  • eFront
  • Unigestion
  • Wellershoff & Partners

 

Media Partner

  • L'Agrfi
  • CAIA

The Chartered Alternative Investment Analyst (CAIA) Association is the world leader in alternative investment education. The CAIA Association is known for the CAIA Charter. Earning the CAIA Charter is the gateway to becoming a member of the CAIA Association, a global network of 9,000 AI leaders. CAIA also offers the Fundamentals of Alternative Investments Certificate Program®.