May 16-18, 2007
__Westin Chicago River North, Chicago, IL
TEXT AGENDA (as of 3-23-2007)

Board Trustee, ALAMEDA COUNTY EMPLOYEES
RETIREMENT ASSOCIATION
CEO, ALTURA CAPITAL
Senior Investment Officer, AMERICAN TRADING AND PRODUCTION CORPORATION
Trustee ARLINGTON HEIGHTS POLICE PENSION FUND
President, ARLINGTON HEIGHTS POLICE PENSION FUND
Vice President, ARLINGTON HEIGHTS POLICE
PENSION FUND
Senior Consultant, ASSET STRATEGY CONSULTANTS
Vice Chairman of the Board, BALTIMORE (MD) RETIREMENT SYSTEMS
Senior Advisor, BARGE CONSULTING
Advisor, BARGE CONSULTING AND SC ADVISORS
Trustee, BOCA RATON (FL) POLICE & FIRE RETIREMENT ASSOC.
Trust Investments, BOEING COMPANY
Director of Equities & Fixed Income, BOEING COMPANY
Managing Director + Sr. Institutional Consultant, BOTT & ASSOCIATES OF WACHOVIA SECURITIES
Financial Advisor, BOTT & ASSOCIATES OF WACHOVIA SECURITIES
Diversity Officer of external Affairs, THE CALIFORNIA
PUBLIC EMPLOYEES’ RETIREMENT SYSTEM
Portfolio Manager, CALIFORNIA PUBLIC EMPLOYEE'S RETIREMENT SYSTEM
Chairman, Investment Committee, THE CALIFORNIA PUBLIC EMPLOYEES’ RETIREMENT SYSTEM
Consultant, CAMBRIDGE ASSOCIATES
Legislative and Policy Analyst, CITY OF CHICAGO FINANCE COMMITTEE
Board Member, CHICAGO BOARD OF EDUCATION
Vice President, CHICAGO PARK DISTRICT PENSION FUND
Chairman, CHICAGO PARK DISTRICT PENSION FUND
President, CHICAGO PARK EMPLOYEES' ANNUITY & BENEFIT FUND
Comptroller, CHICAGO (IL) POLICEMEN'S ANNUITY &
BENEFIT FUND
Acting Executive Director, CHICAGO (IL) POLICEMEN'S ANNUITY & BENEFIT FUND
Trustee, CHICAGO (IL) POLICEMEN'S ANNUITY &
BENEFIT FUND
Trustee, CHICAGO (IL) POLICEMEN'S ANNUITY &
BENEFIT FUND
Executive Director, CHICAGO TEACHERS PENSION FUND
Investment Analyst, CHICAGO TEACHERS PENSION FUND
Trustee, CHICAGO (IL) TEACHERS PENSION FUND
CFO/COO, CHICAGO TEACHERS’ PENSION FUND
Founder, CLONTARF CAPITAL
Managing Director, CROSS BORDER CAPITAL ADVISORS
Manager of Investment Search, DIMEO SCHNEIDER & ASSOCIATES, L.L.C.
Consultant, EDWARDS INGENUITY, LLC
Chief Operating Officer - EFX CAPITAL
CIO, ELIZABETHTOWN COLLEGE
Investment Analyst, ENNIS, KNUPP & ASSOCIATES
Performance Analyst, ENNIS, KNUPP & ASSOCIATES
Chief Investment Officer, FIREMEN'S ANNUITY & BENEFIT
FUND OF CHICAGO

Trustee, HOUSTON (TX) MUNICIPAL EMPLOYEES
PENSION SYSTEM
Investment Analyst, ILLINOIS MUNICIPAL
RETIREMENT FUND
Executive Director, ILLINOIS STATE BOARD
OF INVESTMENT
Investment Officer, ILLINOIS STATE UNIVERSITIES RETIREMENT SYSTEM
Trustee, INKSTER POLICE & FIREMEN'S PENSION BOARD
President, KELLY CAPITAL (MULTI-FAMILY OFFICE)
Executive Director, LOS ANGELES CITY EMPLOYEES' RETIREMENT SYSTEM
Trustee, LOS ANGELES CITY EMPLOYEES' RETIREMENT SYSTEM (LACERS)
Investment Manager, MARCO CONSULTING GROUP, INC.
Director of Manager Research, MARQUETTE ASSOCIATES, INC.
Managing Director, MARQUETTE ASSOCIATES, INC
Investment Analyst, STATE RETIREMENT AND PENSION SYSTEM OF MARYLAND
Chief Investment Strategist, MARYLAND STATE RETIREMENT AGENCY
Consultant, MERCER INVESTMENT CONSULTING
Principle, CFA, MERCER INVESTMENT CONSULTING INC.
Investment Analyst, MONTGOMERY COUNTY EMPLOYEE RETIREMENT PLANS
Senior Investment Manager, MUNICIPAL EMPLOYEES' ANNUITY & BENEFIT FUND OF CHICAGO
Executive Director, MUNICIPAL EMPLOYEES' ANNUITY & BENEFIT FUND OF CHICAGO
Trustee, MUNICIPAL EMPLOYEES' ANNUITY & BENEFIT FUND OF CHICAGO
Trustee, MUNICIPAL EMPLOYEES' ANNUITY & BENEFIT FUND OF CHICAGO
Trustee, MUNICIPAL EMPLOYEES' ANNUITY & BENEFIT FUND OF CHICAGO
Executive Director, MWRD RETIREMENT FUND
Assistant Benefits Analyst, MWRD RETIREMENT FUND
Supervising Benefits Analyst, MWRD RETIREMENT FUND
Chief Investment Officer for Asset Management, Deputy Comptroller for Public Finance, NEW YORK CITY
RETIREMENT SYSTEMS
Executive Director for Pensions, NEW YORK CITY
RETIREMENT SYSTEMS
President, OAKLAND MUNICIPAL EMPLOYEES
RETIREMENT SYSTEM
Senior Investment Analyst, PENSION CONSULTING ALLIANCE
Managing Director, PFM ADVISORS
Chief Financial Officer, POLK BROS. FOUNDATION
Principal, RICHARDS & TIERNEY, INC
ST. CLOUD CAPITAL
Senior Investment Officer, THE SMALL BUSINESS INVESTMENT COMPANY (SBIC) PROGRAM
Associate Administrator Investment Division, THE SMALL BUSINESS INVESTMENT COMPANY (SBIC) PROGRAM
Senior Vice President, TERRA NOVA FINANCIAL LLC
Vice Chairman & Trustee, TEXAS PERMANENT SCHOOL FUND
Consultant, TRIDENT FINANCIAL SERVICES, LLC
Portfolio Analyst, UNIVERSITY OF CHICAGO
Benefits Analyst, UNIVERSITY OF CHICAGO HOSPITALS
Alternative Analyst, W.M. HARRIS INVESTORS

President, ABSOLUTE PERFORMANCE VERIFICATION SERVICES LLC
CEO, CLEAR INDEXES LLC
Partner, LEVENFELD PEARLSTEIN
Fund Controller, YOUNG AMERICA CAPITAL
President/CIO, MKG CAPITAL ADVISORS
DURHAM ASSET MANAGEMENT, LLC
President, PROCTOR INVESTMENT MANAGERS LLC
CIO, FRANKLIN STREET PARTNERS
President and CIO, DENALI ADVISORS LLC
CEO, EVERCORE ASSET MANAGEMENT
CFA, WAGNER INVESTMENT MANAGEMENT
MEDIPHASE CAPITAL PARTNERS
Chief Investment Officer, DOVER MANAGEMENT LLC
Portfolio Manager, EOS CREDIT OPPORTUNITIES FUND,
EOS PARTNERS
CFA, CIO, FRANKLIN STREET PARTNERS
Fund Manager, FURTHER LANE ASSET MANAGEMENT LLC
General Partner, JCJ CAPITAL PATNERS LLC
Co-Founder and Senior Managing Director, LM
CAPITAL GROUP
Managing Partner, NEW ATLANTIC VENTURES
First VP Investments, GOODSON, KIEFFER & CARTER
ASSET MANAGEMENT GROUP OF WACHOVIA SECURITIES
Director, Business Development, PI INVESTMENT MANAGEMENT LIMITED
Director of Investments, Republic Investment Management Pte, Ltd., EMERGING MANAGERS IN EMERGING MANAGERS
Managing Partner & President, SIMRAN CAPITAL
MANAGEMENT LLC

Senior Vice President, Portfolio Manager, EACM ADVISORS LLC
Managing Partner, GRADIENT PARTNERS LLC
President, PRISM CAPITAL
GUGGENHEIM PARTNERS
Director, RBC CARLIN
Executive Vice President, NORTHERN TRUST GLOBAL INVESTMENTS
CIO & Research Director, CFA, PENSION MANAGEMENT COMPANY
Managing Director, PACIFIC ALTERNATIVE ASSET MANAGEMENT COMPANY
CEO & CIO, LEGATO CAPITAL MANAGEMENT
Managing Director, MB INVESTMENT PARTNERS
President & CEO, PACIFICOR, LLC
CEO, PHOENIX REALTY GROUP
Senior Vice President, Portfolio Manager, SMITH BARNEY, A DIVISION OF CITIGROUP GLOBAL MARKETS, INC.
Managing Director, CREDIT SUISSE
Portfolio Manager, MORUMBI CAPITAL
TORREY ASSOCIATES, LLC
RLJ SELECT ADVISORS
President, TWIN CAPITAL MANAGEMENT
Senior Managing Director, M.D. SASS - MACQUARIE FINANCIAL STRATEGIES LLC
Managing Director, BANC OF AMERICA CAPITAL
ACCESS FUNDS

WEDNESDAY, May 16, 2007

7:30am

Exhibit Setup

11:00

Registration Desk Opens

12:00-1:00pm

Pre-Conference Workshop

1:00-1:15

Co-Chair Welcoming Remarks

1:15-1:35

General Partner, JCJ CAPITAL PATNERS LLC

1:35-1:55

1:55-3:15

Consultants Roundtable

Panelists:
Founder, CLONTARF CAPITAL
Senior Consultant, ASSET STRATEGY CONSULTANTS

3:15-3:30

Refreshment Break

3:30-4:30

Investing in Domestic Emerging Markets / ETI
• Learn how public plans and other institutional investors are adopting economically-targeted investing (ETI) strategies
• Utilizing industry benchmarks to track financial performance of ETI
• Evaluating ETI strategies from both financial and community impact perspectives

Moderator:
Director / Portfolio Manager, COMMUNITY CAPITAL MANAGEMENT

Panelists:
Executive Director for Pensions, NEW YORK CITY RETIREMENT SYSTEMS
Executive Director, LOS ANGELES CITY EMPLOYEES' RETIREMENT SYSTEM
Executive Director, ILLINOIS STATE BOARD OF INVESTMENT

4:30-5:45

Meet the Emerging Managers
This session will consist of Emerging Manager firms with a total of 8 minutes each to speak. There will be no power point presentations during this session. The eight firms will one by one have a chance to discuss their background, strategy, methodology and performance of their funds. There will be a session leader carefully watching the 8-minute limit. After all eight firms have presented, we will open the floor to questions from the audience.

Moderator:
Trustee, BOCA RATON (FL) POLICE & FIRE RETIREMENT ASSOC.

Panelists:
TBA, GUGGENHEIM PARTNERS
CEO, EVERCORE ASSET MANAGEMENT
CFA, WAGNER INVESTMENT MANAGEMENT
Fund Manager, FURTHER LANE ASSET MANAGEMENT LLC
Managing Partner, NEW ATLANTIC VENTURES
First VP Investments, GOODSON, KIEFFER & CARTER ASSET MANAGEMENT GROUP OF WACHOVIA Director, Business Development, PI INVESTMENT MANAGEMENT LIMITED
President & CEO, PACIFICOR, LLC

5:45-6:30

Investing in emerging managers What does the research really show?
• Equities
• Private Equity
• Hedge Funds

Moderator:
Director, MAYERCAP, LLC

Panelists:
Managing Director, PERTRAC FINANCIAL SOLUTIONS

6:30-7:30

Cocktail Reception

7:30-9:00

Emerging Manager Focus & Opal Financial Group Emerging Managers Awards Dinner

THURSDAY, May 17, 2007

7:15-7:40am

Continental Breakfast

7:40-7:50

Co-Chair Welcoming Remarks

7:50-8:20

Identifying and Implementing an Emerging Managers Program into an Institutional Portfolio

Speaker:
Chief Investment Officer for Asset Management, Deputy Comptroller for Public Finance, NEW YORK CITY RETIREMENT SYSTEMS

8:20-8:40

Managing Partner, GRADIENT PARTNERS LLC

8:40-9:00

Stand Alone
CEO, CLEAR INDEXES LLC

Track 1

Track 2

9:00-10:15

Private Equity Investment Styles and Strategies, do emerging managers have an edge?
• Can Emerging private equity managers continue
• performance in multiple funds
• What to look for in an Emerging Private Equity Manager
• Which fast-growth areas of emerging domestic markets
• exist for private equity investors
• How does an Emerging Private Equity managers
• performance differ from an established manager in the
• event of a capital cycle downturn
• Where to look for the best talent

Moderator:

Panelists:
President, PRISM CAPITAL
Managing Director, CREDIT SUISSE
Managing Director, BANC OF AMERICA CAPITAL
ACCESS FUNDS
ST. CLOUD CAPITAL

What do Emerging Fixed Income Managers have to offer that sets them apart?
• Successful Fixed Income strategies to attain success
• Distressed debt
• High Yield
• A case for an Emerging Fixed Income manager
• What should investors be looking for in a Emerging Fixed • Income manager and what to avoid

Moderator:

Panelists:

Co-Founder and Senior Managing Director, LM
CAPITAL GROUP
CIO & Research Director, CFA, PENSION
MANAGEMENT COMPANY
Managing Partner & President, SIMRAN CAPITAL MANAGEMENT LLC
Portfolio Manager, MORUMBI CAPITAL

10:15–11:30

Fund of Funds, what impact have they have had
on emerging hedge funds and can they sustain current performance
• What do fund of funds look for in an emerging hedge fund
• How does an emerging hedge funds performance
• compare to that of a non emerging fund
• Can fund of funds continue identify emerging managers
• capable of out-performing across market cycles
• What are realistic return expectations for fund of
• funds that allocates heavily to emerging hedge funds
• Funds of emerging managers

Moderator:

Panelists:
Managing Director, PACIFIC ALTERNATIVE ASSET MANAGEMENT COMPANY
RLJ SELECT ADVISORS

Equity Investment Styles and Strategies
• What equity strategies are emerging managers using
• to stay ahead of the curve?
• Large Cap, mid cap, small cap, where are the best
• returns coming from
• Where to find the best value and growth managers and
• what to look for

Moderator:
Associate Administrator Investment Division, THE SMALL BUSINESS INVESTMENT COMPANY (SBIC) PROGRAM

Panelists:
CIO, FRANKLIN STREET PARTNERS
Chief Investment Officer, DOVER MANAGEMENT LLC
TBA, MEDIPHASE CAPITAL PARTNERS
Managing Director, MB INVESTMENT PARTNERS
President/CIO, MKG CAPITAL ADVISORS
Senior Vice President , Portfolio Manager, SMITH BARNEY, A DIVISION OF CITIGROUP GLOBAL MARKETS, INC.

11:30–11:45

Refreshment Break

11:45–1:00pm

How are Emerging Managers making their Styles & Strategies Successful in today’s competitive environment? Which ones are outperforming the rest and which will work best for the future
• Venture Capital
• Hedge Funds
• Socially Responsible Investments
• Domestic Equity – Small/Mid/Large Cap
• Emerging Managers in Emerging markets
• International Investments
• International Equity
• How to best analyze their performance

Moderator:
Chief Investment Strategist, MARYLAND STATE RETIREMENT AGENCY

Panelists:
First VP Investments, GOODSON, KIEFFER &
CARTER ASSET MANAGEMENT GROUP OF
WACHOVIA SECURITIES
Director of Investments, Republic Investment Management Pte, Ltd., EMERGING MANAGERS IN
EMERGING MANAGERS
President, TWIN CAPITAL MANAGEMENT
CFA, Portfolio Manager/Research, MILLER/HOWARD INVESTMENTS

Pallet of Venture Capital Investment Styles and Strategies:
• How to best capitalize on the Risk-Adjusted Return on
• Capital Invested
• Seizing the Market Opportunity offered By Small,
• First-Time Funds
• Employing unique and innovative Strategies to maximize
• returns Unavailable to Investors engaged in more
• established Strategies
• How do emerging Venture Capital managers handle
• Deal Sourcing, Harvesting & Sales

Moderator:

Panelists:

1:00–2:15

Luncheon

2:15-3:15

3:30–3:45

Refreshment Break

3:45-4:45

Senior Managing Director, M.D. SASS - MACQUARIE FINANCIAL STRATEGIES LLC

Compliance in a Regulatory Environment
Emerging Managers Often Do Not Have the Resources to Hire Experts in the Important Area of Compliance. These Panelists Will Share Insights Into Getting Ready for an
SEC Exam.
• Policies and Procedures
• Books and Records Requirements
• SEC Current Hot Topics
• Implementing the New Office of the Chief
• Compliance Officer
• Annual Review of Compliance Program

Moderator:
Senior Advisor, BARGE CONSULTING

4:45-5:45

“Why Small is still Beautiful” The benefits of “keeping it little”
Manager Economies and Diseconomies of Scale
• Why keep from emerging?
• True or False: Small = Innovative Creativity and
• Big = Bureaucracy? Does this still hold true
• Alignment of Interests
• Depth of Resources
• Business Risk: What is the Best Way to manage it?
• Screens?
• Fund of Funds Managers
• Fund Infrastructure
• The Cost to Trade

Moderator:
Trustee, BOCA RATON (FL) POLICE & FIRE RETIREMENT ASSOC.

Panelists:
President and CIO, DENALI ADVISORS LLC

How to Market Your Fund
Institutional investors hear “pitches” at least 5-10 times a day. How can you get your firm to stand out? Should you hire a third party marketer or have an internal marketing person? What should you highlight about your team and your fund? What kinds of things should you avoid discussing on a first meeting? What is the best way to ensure a second and then, third meeting

Moderator:

Panelists:
President, PROCTOR INVESTMENT MANAGERS LLC
Partner, LEVENFELD PEARLSTEIN
Senior Advisor, BARGE CONSULTING

5:45-6:30

Pallet of Real Estate Investment Styles and Strategies:

• What Is Really The Difference Between Core-Plus,
• Value And Opportunistic Real Estate?
• Direct Real Estate Vs. REITS
• Examining the Potential for Retail, Industrial, Office
• and Residential Sectors
• Changing Definitions of What are Acceptable Real
• Estate Investments
• Urban Land Development

Moderator:

Panelists:
CEO. PHOENIX REALTY GROUP

Emerging Brokers and their evolving role
• How do Brokers Add Value
• Expertise in Institutional Trading w/ Creditable
• Client References
• Global Trading Capabilities
• When do you need to hire
• Membership in a National or Regional Exchange
• Access to New Issue Products
• Access to Liquidity
• When does a broker meet the requirements emerging
• Adequate Capitalization
• Investment in Technology
• Market Structure Changes and the Impact on US
• Equity Strategies

Moderator:

Panelists:
Director, RBC CARLIN
Senior Vice President, TERRA NOVA FINANCIAL LLC

6:00-7:00

Cocktail Reception

FRIDAY, May 18, 2007

7:15-7:40am

Continental Breakfast

7:40-7:50

Co-Chair Welcoming Remarks

7:50-8:20

What is the current state of emerging manager programs

How do institutional investors who have Emerging Managers programs define “Emerging Managers?” What are some of the statutory or investment policy implications for institutional investors in developing Emerging Manager mandates? Can Emerging Managers generate excess performance and provide institutional investors with greater exposure to the real estate markets? Should investors take proactive steps to create a next generation of real estate investment managers? Is greater gender and ethnic diversity an appropriate objective? Are the characteristics of an emerging manager changing?

Moderator:
Vice Chairman & Trustee, TEXAS PERMANENT SCHOOL FUND

Panelists:

8:20-8:40

Stand Alone

8:40-9:15

Emerging managers in Alternative Investments
• How has this groups performance compared to other groups in the Alternative investment classes
• What to look for in an emerging manager in terms of capacity agreements, fee sharing/discounts and transparency
• How to choose the accurate mix of emerging alternatives managers for your institutional portfolio
• Emerging hedge funds
• Emerging Fund of Hedge Funds

9:15-10:00

Opportunities in Russia + CIS ( Who's afraid of the Bear ? )

Managing Director, TROIKA DIALOG (UK) LIMITED

10:00-11:00

What Are the Best Asset Classes for an Emerging Manager?
• A Closer Look at Mid Cap Versus Small Cap
• Is it Time to Consider Alternative Investments?
• International Investing: Is it Time to Look at India?
• How Can Real Estate Fit in Your Portfolio?
• Niche Investment Strategies

Moderator:

Panelists:

11:00-11:45

11:45-12:00p

Co-Chair Closing Remarks