Defining the evolution of the private equity CCO

Evolving responsibilities and emerging regulations pose unique challenges for today’s CCOs. The Private Fund Compliance Forum dissects critical changes in the regulations governing private equity, the impact on compliance processes and provides the latest approaches for managing the firm’s compliance program.

The Forum is an established industry resource for compliance professionals to gain practical insights and best practices from leading compliance experts. With a rich history of breaking critical industry information, notably the Spreading Sunshine in Private Equity speech, private fund compliance professionals make this the one event they must attend annually.

Now entering its eleventh year, the Private Fund Compliance Forum remains an essential resource for Chief Compliance Officers and General Counsels to convene for access to crucial regulatory and compliance program updates.

Highlights from last year’s Forum included:

  • Restructuring the compliance function
  • An examination of SEC 2019 priorities
  • Strategic approaches for enriching compliance programs
  • Identifying and using the latest technology for PE compliance
  • Assessing the intersection of valuation and regulation and the impact on compliance processes
  • Enhancing diversity within the firm and portfolio companies
  • Impact of tax reform on private fund compliance
  • Reexamining the relationship between outsourcing and compliance
  • Optimizing the use of technology in PE compliance
  • Evolution of the valuation process and regulatory overlap

2019 Keynote speaker

Marc P. Berger
Regional Director
New York Regional Office
U.S. Securities and Exchange Commission

Marc P. Berger was named Director of the New York Regional Office in December 2017. The New York office has responsibility for the largest concentration of SEC-registered financial institutions, including more than 4,000 investment banks, investment advisers, broker-dealers,mutual funds, and hedge funds. Mr. Berger will sit down for an engaging conversation addressing a range of issues including the current state of private equity regulation and what compliance professionals should be addressing within their firms.

Last year's attendees included:

Am Fam Ventures
Bain Capital, LP
Barings
Brookfield Asset Management
CCMP Capital
Clearlake Capital Group
Frontier Capital
GTIS Partners
Irving Place Capital
Kainos Capital
Kohlberg & Company
LaSalle Investment Management
Oak Hill Capital Partners
The Riverside Company
Silver Lake
Starr Investment Holdings LLC
StepStone Group
Stone Point Capital
Vector Capital
Welsh, Carson, Anderson & Stowe
Wynnchurch Capital, LLC

Access the event resources

What our attendees say about the Forum

PCCP

Gabriel Willey

This is the most informative of the conferences I do every year

Leerink Capital Partners

Liz Staley

One of my go to events each year due to the timely program content and excellent panelists.

Omega Funds

Mark Russell

Excellent event, with all topics being highly relevant

Up to 12 CPE credits available 

PEI is registered with the National Association of State Boards of Accountancy
(NASBA) as a sponsor of continuing professional education on the National Registry
of CPE Sponsors. State boards of accountancy have final authority on the acceptance
of individual courses for CPE credit. Complaints regarding registered sponsors may
be addressed to the National Registry of CPE Sponsors through its website: www.
NASBARegistry.org.

Digest the premier meeting of private fund compliance professionals through some key statistics.

The Private Fund Compliance Forum in 5 data points

Here is a look back at the 2019 Private Equity International’s Private Fund Compliance Forum in New York.  If you missed out on the insight – we heard from the Securities and Exchange Commission’s New York regional director Marc Berger (more on that soon) – or the candid swapping of notes, then here are five takeaways for you:

 

1. Surviving as a team of one

Compliance teams tend to be small – more than a quarter of delegates who answered an onsite poll said they were a compliance team of one.

One CCO at the conference expressed the importance of communicating with your firm about how the role should be focused. “I went to them and said ‘here’s my 200-item to-do list and here’s the two that I’ve gotten to so far,’” the CCO said. “Is this really how you want me to be spending my time? If you want me to be the highest paid trade clearer [or] non-disclosure agreement checker in the market, that’s great, but I don’t think that’s why you brought me in here.”

 

 

 

2. Valuations committee: a CCO seat at the table

At most firms (86 percent, according to our delegate polls), the CCO either sits in on valuation committee meetings as an observer or as a full and active member. In a panel discussion on the topic, experts agreed that investors are asking more and more for third-party involvement when it comes to valuations because it makes them feel “more comfortable.”

 

 

 

3. Mock SEC exams: the only time you shouldn’t get it in writing

Mock exams are a great way for private equity firms to get ready for a potential visit from the SEC. Most firms – 75 percent, according to a delegate poll – engaged a consultant to run a mock exam process. One lawyer at the event noted that it was important to “not get the results of mock exams in writing” so as to avoid documentation issues and to keep the information as confidential as possible. This came as a surprise to 64 percent of CCOs at the conference, who did exactly that.

 

 

 

4. Don’t forget marketing rules

Marketing rules may not be number one on your list of compliance worries. In fact, when delegates were asked whether marketing materials were one of the SEC’s focuses during their most recent exam, half said no, and only a quarter said yes (a further quarter had not yet been examined). But ignore them at your peril, said one lawyer, noting that a common issue he finds with clients marketing materials is “inconsistency in footnotes across quarters and presentations.”

 

 

5. The importance of expense testing

Fees and expenses are the top issue picked up in exams, delegates said.

“In my past three years at the firm, [in] every single exam I worked on, at least one expense wasn’t being allocated the way that the senior management thought it was being allocated,” one private fund lawyer said. “Fees and expenses remain the number one issue.”

The lawyer went on to say it is the issue most consistently scrutinized by the SEC, as reported by pfm. More than half of respondents attending an expense-testing panel said they had gone through an SEC exam in which the regulator reviewed expense allocation. Despite this, only 29 percent of the same respondents said they test expenses regularly.

 

 

Pre-Event Resources

An icon showing the type of this resource.
pdf

2019 Brochure

An icon showing the type of this resource.
pdf

2019 Agenda

An icon showing the type of this resource.
pdf

2019 Attendee list

An icon showing the type of this resource.
pdf

Compliance whitepaper

2019 Speakers

Matthew Barbato

Deputy Chief Compliance Officer, Hamilton Lane

Noah Becker

Chief Financial Officer, LLR Partners

Roman Bejger

General Counsel and Chief Compliance Officer, Providence Equity Partners

Marc P. Berger

Director, New York Regional Office , U.S. Securities and Exchange Commission

Michael Bertisch

Managing Director, General Counsel and Chief Compliance Officer, Tailwind Capital

Jennifer Boyce

General Counsel and Chief Compliance Officer, The Riverside Company

Tony Braddock

Chief Financial Officer and Chief Compliance Officer, Stellex Capital Management LP

Jason Brown

Partner, Ropes & Gray LLP

Molly M. Campbell

Chief Compliance Officer, Resource Capital Funds

Norm Champ

Partner, Kirkland & Ellis LLP

Joshua Cherry-Seto

Chief Financial Officer and Chief Compliance Officer, Blue Wolf Capital Partners

Joshua Cherry-Seto is the Chief Financial Officer at Blue Wolf Capital Partners LLC, a family of private equity funds which focus on transformational investments in middle market companies. Mr. Cherry-Seto is responsible for fund and management compa… Read full bio

Blinn Cirella

Chief Financial Officer, Saw Mill Capital

Jacob Comer

Chief Compliance Officer, Altpoint Capital Partners LLC

Fred Ebrahemi

Partner, General Counsel and Chief Compliance Officer, Clearlake Capital Group

Cameron Fairall

Chief Compliance Officer, AlpInvest Partners

Adam Felsenthal

Vice President – Legal and Compliance, Irving Place Capital

James Gaven

Senior Counsel and Chief Compliance Officer, Welsh, Carson, Anderson & Stowe

Jacqueline Giammarco

Principal and Chief Compliance Officer, Stone Point Capital

Andrew Goldberg

General Counsel, Leonard Green & Partners

Shauna Harrison

Director of Compliance, PGIM, Inc. - Prudential Capital Group

Greg Hegerich

Head of Compliance, North America Private Investments & Real Estate, Bain Capital, LP

Olin Honoré

Managing Director, Hamilton Lane

Stephen Jordan

Managing Director, Global Head of Tax KKR & Co. Inc.

Allan Kahn

Chief Compliance Officer and Associate General Counsel, Oak Hill Capital Partners

Bruce Karpati

Member, Global Chief Compliance Officer, KKR & Co. Inc.

Kennedy Thomas

General Counsel and Chief Compliance Officer, Versa Capital Management, LLC

Thao Le

Partner, Pepper Hamilton LLP

Andrew Malk

Managing Partner, Malk Partners

Paul Marnoto

General Counsel and Chief Compliance Officer, Parthenon Capital Partners

Kabir Masson

Associate General Counsel and Deputy Chief Compliance Officer, GI Partners

Kabir Masson

Associate General Counsel and Deputy Chief Compliance Officer, GI Partners

John McGuinness

Managing Director, Deputy Chief Compliance Officer and Corporate Counsel, StepStone Group

John McGuinness is a member of the Legal and Compliance team at StepStone Group, where he serves as Chief Compliance Officer and Corporate Counsel. Prior to joining StepStone, Mr. McGuinness was a vice president at Goldman Sachs Asset Management, whe… Read full bio
View all speakers

2020 Sponsors

The Forum offers a unique opportunity for organizations to raise their profile by meeting with the largest gathering of private equity marketing and communications professionals across two days of sessions.

For exclusive sponsorship packages, contact Jimmy Kurtovic at jimmy.k@peimedia.com or +1 646 795 3273.

SUPPORTING ASSOCIATIONS

View all sponsors

HOST PUBLICATIONS

View all sponsors

Convene, 730 Third Ave, New York, NY 10017

Venue