March 28, 2012
Most investors combine public and private market strategies. This session will bring together a panel of experts to examine those markets that are best suited to public investments as opposed to private. Additional topics that will be addressed include:
Key considerations with respect to public and private investment decision-making
How these opportunities have changed over time and how are they expected to change as we look ahead
Capacity that exists in certain strategies
Types of investment vehicles are used
Fee considerations as well as regulatory parameters
William R. Atwood,
Illinois State Board of Investment
William Atwood has served as Executive Director of the Illinois State Board of Investment (ISBI) since March of 2003. ISBI is responsible for investing assets totaling approximately $10.6 billion for the State Employees' Retirement System of Illinois, Judges' Retirement System of Illinois, and General Assembly Retirement System of Illinois. Since joining ISBI, Bill has managed the restructuring of its investment portfolio, established an emerging manager program, initiated the utilization of a general consultant, expanded the portfolio's exposure to alternative investments, increased the Board's shareholder activism, and made improvements to the State of Illinois' Deferred Compensation Plan.
Bill has professional experience in both the public and private sectors, including service on the staff of U.S. Senator Charles Percy and service in the administrations of Governor Jim Thompson and Governor Jim Edgar, both of Illinois. In 1994 he joined Investment Counselors Incorporated, an institutional money management firm located in St. Louis, Missouri, where Bill served as its Vice President for Business Development. At ICI he was responsible for marketing, client service, and all functions of the firm not directly related to portfolio management. Bill formed Midwest Managed Money Services in 1997 through which he provided consulting services to money management firms working in the public and Taft-Hartley pension plan arenas. He worked closely with equity, fixed income, and real estate investment companies and a variety of institutional plan sponsors.
In addition to his duties at ISBI Bill served as a Director of the Chicago Stock Exchange and is a regular speaker at professional symposia. He received a Masters of Liberal Arts degree from the University of Chicago and a Bachelor of Arts Degree in Political Science from Southern Illinois University. Bill lives in Downers Grove, IL with his wife, Reagen, daughter Ainsley, and son William.
Jeffrey T. Diehl, Partner
Adams Street Partners, LLC
Jeff invests in venture and growth-oriented companies in the software, IT-enabled business services and consumer internet/media sectors.
Jeff serves on the Boards of Directors of ArrowEye Solutions, CBG Holdings Inc., Paylocity, Peerless Network, SnagAJob, Thought Equity Motion and WhiteFence. He is a Board Observer at Spiceworks and Dolex and MagicJack, (NASDAQ: CALL). He is a former Board Member at MxLogic (bought by McAfee) and Stratavia (bought by Hewlett-Packard). He has also been involved with Adams Street's investments in Adams Harris, American Wholesale Insurance, Ancestry.com (NASDAQ: ACOM), BirdsEye, CBeyond (NASDAQ: CBEY), FiftyOne, Gevity HR (NASDAQ: GVHR), Kappa Smurfit (LSE: SKG.L), KPG Ventures, Setanta, Scientific Protein Labs and TicketsNow (bought by Ticketmaster).
Before joining in 2000, Jeff served as a Principal for The Parthenon Group, a Boston-based strategy consulting and principal investing firm with Bain Consulting roots.
Jeff received a BS from Cornell University, with distinction, and an MBA from Harvard University.
Que T. Nguyen
Assistant Vice President and Managing Director of Strategy
The University of Chicago, Office of Investments
Que Nguyen joined the University of Chicago Office of Investments in January 2010 as Managing Director of Strategy. The Office of Investments is responsible for managing the financial assets of the University of Chicago and its affiliates, including pension assets, insurance assets, and endowment assets, totaling approximately $6.5 billion. Since joining the University of Chicago, Que has initiated an effort to introduce a total enterprise approach to analyzing the strategic asset allocation of the endowment. The analysis, which incorporated factor risk modeling of the portfolio, resulted in a more structured framework for risk taking, liquidity allocation, and return expectations for the endowment portfolio. Que has also initiated a derivatives program designed to allow more flexibility to manage the endowment portfolio's risk exposures.
Prior to joining the University of Chicago, Que spent over 15 years designing and managing global macro portfolios at Numeric Investors, Morgan Stanley Investment Management, and State Street Global Advisors. Que has also worked in quantitative research at BARRA. Que holds a BA in Applied Mathematics from Harvard College.
John F. Robertson, CFA, Managing Director
Global Head of Real Estate and Infrastructure Securities
RREEF Real Estate
Mr. Robertson is currently a Managing Director with RREEF Real Estate and Global Head of Real Estate and Infrastructure Securities.
Prior to joining RREEF Real Estate in 1997, Mr. Robertson was with Lincoln Investment Management, Inc., where he was responsible for REIT research for the Delaware Pooled Trust Real Estate Fund. Prior to that, he underwrote and managed commercial mortgage loans on office, industrial, retail, multifamily and hotel properties for Lincoln. He also worked as a consultant with Ernst & Young’s Special Services Group, where he specialized in the valuation of all types of income-producing real estate.
Mr. Robertson received a Bachelor of Arts degree, Magna Cum Laude, from Wabash College, where he was elected to Phi Beta Kappa, and an M.B.A. degree from Indiana University. He holds a CFA designation and is a member of the CFA Institute and an associate member of the National Association of Real Estate Investment Trusts (NAREIT).
Kathryn A. Vorisek , Managing Director, CIO and Small/SMID Cap Team Leader
Fiduciary Management Associates, LLC
Kathryn A. Vorisek is senior managing director, chief investment officer, and small/SMID cap team leader at Fiduciary Management Associates. As senior managing director, Ms. Vorisek manages the business and financial operations of the firm.
Ms. Vorisek joined FMA in 1996 and was appointed FMA’s chief investment officer in 2000. In her role as CIO, Ms. Vorisek oversees all aspects of the investment process and manages the firm’s research efforts. Ms. Vorisek also serves as the small/SMID cap team leader, a role she has held since 1998 and has responsibility for the portfolio management of FMA’s small/SMID cap products.
Ms. Vorisek possesses 27 years of experience in the investment industry. Prior to joining FMA, Ms. Vorisek worked as an equity and fixed income analyst for Duff & Phelps Investment Research in Chicago. She is a member of the CFA Institute, the CFA Society of Chicago, the National Association of Securities Professionals and Women Investment Professionals. Ms. Vorisek holds a BS in finance from Marquette University and an MBA from the Kellogg Graduate School of Management at Northwestern University in finance and international business. Ms. Vorisek is majority equity holder of the firm.
Janine Baldridge, CFA, CAIA
Managing Director, Alternatives Investment Practice
Janine provides leadership to the investment policy development and alternative investment strategy research for Russell’s North American institutional clients and advises several large U.S. institutional clients. From 2003 to 2009, Janine led Russell’s external hedge fund of fund research practice for advisory clients. Janine is a member of Russell’s Americas institutional investment committee and also co-chairs Russell’s diversity and inclusion council.
Janine was named managing director of Russell’s U.S. institutional business in 2010, and has advised large institutional funds on all aspects of their investment programs, including investment policy, asset allocation, asset class strategy, manager selection, implementation strategies and performance analysis since 1988.
Janine joined Russell in 1979 in the firm’s analytical services business, where she ultimately managed performance and analytical reporting for North American clients.
Before Russell, Janine worked in corporate accounting at Weyerhaeuser Company in Tacoma, Washington.
She has co-authored several research papers published by Russell including, “Hedge Fund Evolution: Adapting to global market conditions”, "The Fiduciary's Guide to Investment Management," "Index Swaps" and "Capturing Alpha through Active Currency Overlay" and authored the "Roadmap for Fiduciary Risk Management." Janine also speaks at industry conferences on governance and investment issues.
Janine is a member of the CFA Institute, and the Seattle Society of Financial Analyst.