The World Pension Forum

4th Annual Aspen Summit
Reaching New Heights

Aspen Meadows Resort Colorado
August 24 27, 2014
World Pension Forum

203 East 72nd Street, Suite 17A
New York, NY 10021
212.535.3919
World Pension Forum would like to express its deep

appreciation to the following firms who make it
possible for us to continue to offer superior educational
programs to the institutional investment community:
Sponsors:
Castle Harlan, Inc

New Mountain Capital
Realty Capital Securities
Siguler Guff & Company, LP.
Our Team:
Philip Schaefer, President, World Pension Forum

Jonathan Kanterman, Honorary Event Chair
Lauren Rosenthal, Director, Conference Operations
World Pension Forum

New York, NY, 10021
Phone: 212.535.3919
Aspen
The Aspen Meadows Resort 845 Meadows Road, Aspen, CO
August 24-27, 2014
Conference Attire and Event Information
The weather in August should be sunny with day temperatures averaging 75F and late evening
temperatures averaging 46 F. Please bring a jacket for the evenings. Below you will find
suggested attire and event locations. Conference sessions will be held at the Aspen Institute.
Sunday Evening, August 24
This is the official opening evening and conference registration.
Registration will be available at 6:00 pm at the Barksdale Lobby, Doerr-Hosier Center
The reception will be at the Barksdale Lobby, Doerr-Hosier Center from 6:00 8:00 pm.
Attire: Business Casual
Daytime Schedule for Monday, August 25, Tuesday, August 26 and Wednesday, August 27
The conference meeting will be held in the Lauder Seminar Room, Koch Building.
Breakfast and lunch will be located in Meadows Restaurant at the Aspen Meadows
Resort
Monday Evening, August 25
Dinner this evening will be held at the Lynn Britt Cabin. It is an elegant log cabin located on
the slopes of Snowmass, 9,200 feet above sea level featuring majestic panoramic views of the
Snowmass Valley and high peaks beyond. Jeeps will pick us up at the Aspen Meadows hotel at
5:45pm.
Attire: Casual. Bring a sweater or jacket to stay warm.
World Pension Forum

New York, NY 10021
212.535.3919
Aspen
The Aspen Meadows Resort 845 Meadows Road, Aspen, CO
August 24-27, 2014
Sunday, August 24
6:00 pm
Registration and Reception: Barksdale Lobby, Doerr-Hosier Center

Welcoming comments:
Jonathan Kanterman, Partner, Institutional Asset Advisors
George Handy, Managing Director, AIEG
Bill Mayer, Chairman Emeritus, The Aspen Institute
Monday, August 25
8:00 am
Breakfast: The Meadows Restaurant
Conference Session: Lauder Seminar Room, Koch Building

Attire: Business casual
9:00
Opening remarks:
Bill Stirling, Former Mayor of Aspen
Sheriff Joe Disalvo, Pikin County
9:30
Keynote: Dr. Minxin Pei, Tom and Margot Pritzker 72 Prof. of

Government, Director, Keck Center and George R. Roberts
Fellow, Claremont McKenna College
Recent Political developments in China
Key economic challenges
US - China relations
10:15
Morning Break Koch Lobby
10:30
Challenges Investors Are Now Facing

Risks and opportunities
Understanding and adapting to the evolving landscape of
pension funding
Impact of government changes
Allan Emkin, Managing Partner, Pension Consulting Alliance
Dan Slack, Executive Director, Fire and Police Pension
Association of Colorado
John Skjervem, CIO, Oregon State Treasury
Craig Slaughter, Executive Director, West Virginia Investment
Board
Moderator:
Speakers:
11:15
Moderator:
Speakers:
The Future of Healthcare

Healthcare costs for retirees
Cost control
Are there opportunities for pension fund managers and
communities to change the outcome?
Controllable risk
Janet Cowell, State Treasurer of North Carolina
Dr. Jandel Allen-Davis, VP, Kaiser Permanente
Gregory Smith, CEO, Colorado Public Employees Retirement
Association
Dr. Murray Zucker, Medical Director, OPTUM
12:00
Keynote: George Siguler, Managing Director and Founding

Partner, Siguler Guff & Company
Private Equity: Philosophy, Governance, and expected Returns
Past, Present and Future
12:40 1:40
Lunch: The Meadows Restaurant
1:45
Global Panel
Taking the measure of forces for change in this second
decade of the century
Developing an outlook for where todays forces in change
are taking us
Moderator:
Speakers:
The geostrategic perspective

Economic growth
Innovation
George Handy, Managing Director, AIEG
Ambassador Robert Hunter, Senior Fellow, Center for
Transatlantic Relations SAIS
Professor Shireen Hunter, Visiting Professor, Georgetown
University
Governor Scott McCallum, Former Wisconsin Governor
3:00
Afternoon Break
3:15
Keynote: Introduction by Isaac Applbaum, Advisor to the Mayor

of Jerusalem
Ambassador Daniel Kurtzer, Former Ambassador to Israel and
Egypt
3:45
Moderator:
Speakers:
Infrastructure and Real Assets

Dan Kim, Associate Partner, Hewitt, EnnisKnupp
Brian Clarke, Executive Director, Industry Funds Management
James McIntire, Treasurer, State of Washington
Sameer Jain, Chief Economist and Managing Director, American
Realty Capital
4:30
Conclusion of Day 1 Sessions
5:45 10:00
Dinner: Lynn Britt Cabin

**Meet at the Aspen Meadows lobby at 5:45 pm for group
departure**
Tuesday, August 26
8:00 am
Conference Session: Lauder Seminar Room, Koch Building

Attire: Business casual
9:00
In Memory of Joe Dear, CalPERS

James McIntire, Washington State Treasurer
Richard Costigan, Board Member, CalPERS
Bill Lockyer, California State Treasurer

9:30
Keynote: Introduction by Bill Mayer, Chairman Emeritus, The

Aspen Institute
Dr. Xiang Bing, Founding Dean, CKGSB
Relationship between state and business
The reform of state-owned enterprises
Innovation and the role of the private sector
10:15
Absolute Returns
Regulatory issues, the new landscape
New expectations for hedge fund managers
What risks should public funds be aware of?
Should your fund invest directly or through fund of
funds?
Changing economics for hedge fund managers
Julia Bonafede, President, Wilshire Consulting
Melissa Santaniello, Founder of Alignment of Interest
Association
Moderator:
Speakers:
11:00 11:15
Morning Break: Koch Lobby
11:15
Economic Normalization With Cuba: What The Future Holds?

Implications of reforms
What needs to be done to promote opportunities and
growth
External Relations
Revolution and economic development
Jose (Pepe) Viera, Former First Deputy Minister of Cuba
John McAullif, Executive Director, Fund for Reconciliation and
development
Speakers:
12:15 1:15
Lunch: Meadows Restaurant
1:30
Speakers:
Mental Health
Dr. Kelly Posner Gerstenhaber, Founder & Director, Center for
Suicide Risk Assessment, Columbia University
Garen Staglin, Co-Founder & Co Chairman, One Mind
2:15
Moderator:
Speakers:
3:00
Moderator:
Speakers:
Manager Selection Risks

Manager selection risks
Detecting manager fraud
What are the key determinates when selecting manager
Working with a consultant during the manager selection
process
What are the most effective quantitive and qualitative
methods for selecting managers?
Is it possible to constantly choose managers that surpass
the benchmark?
David Fann, President and Chief Executive. TorreyCove Capital
Partners
Anastasia Titarchuk, Director, Absolute Return Strategies, New
York State Common Retirement Fund
Jim Liptak, Director of Equities, Colorado PERA
The Changing Nature Of The Fiduciarys Role
Responsibilities of the fiduciaries
Need for long-term investment horizon vs. short term
thinking
Better understanding the challenges in organizational
structure, investment policies and plan governance.
Ranji Nagaswami, Former Chief Investment Advisor for Pension
to New York
Stephanie Neely, Treasurer, City of Chicago
John Skjervem, CIO, Oregon State Treasury
3:45
Conclusion of Day 2 Sessions
6:00 9:00
Evening Reception
**Meet at the Aspen Meadows lobby at 6:00 pm for group
departure**
Wednesday, August 29
8:00 am
Roundtable Session: Lauder Seminar Room, Koch Building
9:30 10:30
Co-chairs:
11:00
Roundtable Discussion: The Future of Retirement?

A more in-depth conversation of panel topics addressed at
the conference
Q&A for additional subjects of interest
Melissa Santaniello, Founder, Alignment of Interest Association
Conclusion and Thank You
SPEAKER
DR. JANDEL ALLEN - DAVIS

Jandel Allen-Davis, MD, is vice president of Government and External Relations for Kaiser Permanente
Colorado. She leads the organizations community relations and communications functions, stakeholder
engagement, government relations, clinical research activities and community benefit investment.
Dr. Allen-Davis is board certified in obstetrics and gynecology and after 25 years of taking care of patients,
transitioned from a physician leader to Kaiser Permanentes Health Plan Leadership team. Her past roles at
Kaiser Permanente included associate medical director of external relations for the Colorado Permanente
Medical Group, regional director of patient safety, and physician chief of the Wheat Ridge Medical Offices.
Dr. Allen-Davis was elected to the Colorado Permanente Medical Group Board of Directors in 1998 and
chaired the board in her final year.
A graduate of Dartmouth College and Dartmouth Medical School, Dr. Allen-Davis completed her residency
at Thomas Jefferson University Hospital in Philadelphia. Before coming to work at Kaiser Permanente, she
was an assistant professor of obstetrics and gynecology at the University of Colorado Health Sciences
Center and spent four years in the Indian Health Service in Tuba City, Ariz., during which time she also
served as member and chair of the American College of Obstetrician Gynecologists Committee on Alaska
Native and Indian Affairs.
Dr. Allen-Davis is an active participant on community boards, including current Board Chair of Denver
Botanic Gardens, CU Foundation Board of Directors, Colorado Association of Health Plans Board of
Directors, Colorado Association of Commerce and Industry Board of Directors, Colorado Succeeds Board
of Directors, Denver Foundation Board of Trustees and is the immediate past president of the Denver Metro
Chamber Leadership Foundation Board of Directors. In 2013, she was appointed to serve on the Board of
Grantmakers in Health, a national organization focused on assisting funders who are actively involved in
supporting nonprofits focused on community health.
Dr. Allen-Davis is the proud recipient of the 25 Most Powerful Women in Colorado from the Colorado
Womens Chamber in 2013, the 2013 Colorado Black Women for Political Action, Women Making History
Award, the 2013 Metro Volunteers Community Impact Award, the 2012 Outstanding Women in Business
Health Care from the Denver Business Journal, and is a member of the 2012 Girl Scouts Women of
Distinction inductees. She was named Kaiser Permanente Physician Volunteer of the year and a Top Doc
by 5280 Magazine for several years.
Jandel is married to her college sweetheart, Anthony and they have two children, Courtney and Jonathan.
SPEAKER
MARIA CECILIA BERMUDEZ

Mara Cecilia Bermdez Garca, joined the Revolution as a Volunteer Teacher in 1960. After serving in the
mountain areas, she was asked to teach at the Central University Marta Abreu in Santa Clara. In 1961,
she was appointed to the Ministry of Foreign Affairs and served in the embassy in Bolivia and the
Permanent Mission to the United Nations. From 1970 to 1992, Mrs. Bermdez was in charge of
Decolonization and Antiapartheid affairs in the Division of International Organizations of the Ministry of
Foreign Affairs and was a member of many Cuban Delegations to the UN General Assembly and of the
representative of Cuba to the Special Committee on Decolonization and the Council for Namibia. In 1992,
she was appointed to the Cuban National Commission for UNESCO in charge of Culture, Education and
Human Sciences Programs and was a member of the Cuban Delegation to several UNESCO General
Conferences and meetings. She retired in 2001 and worked privately (self-employed) giving classes in
ballet, arts and English and teaching English to young children. She holds a PhD in History Sciences from
the USSR Academy of Sciences and a Bachelors Degree in Linguistics from the Central University Marta
Abreu. Mrs. Bermdez is 76 years old.
SPEAKER
DR. XIANG BING

Dr. Xiang Bing is the Founding Dean and a Professor of China Business and Globalization at Cheung Kong
Graduate School of Business (CKGSB), a leading business school in China with headquarters in Beijing,
satellite campuses in Shanghai and Shenzhen and representative offices in Hong Kong, London and New
York. Established in November 2002 with generous support from the Li Ka Shing Foundation, CKGSB is
a not-for-profit organization and Chinas first privately funded and faculty-governed business school.
Under Dr. Xiangs leadership, CKGSB has developed in under 10 years into a prominent business school
with 49 world-class, full-time resident faculty members (33 regular and 16 visiting), whose per capita
publications in top journals of management was ranked 6th globally during the period of 2005 to 2009.
CKGSBs alumni include more than 2,500 Chinese business leaders at the CEO and Chairman level, whose
companies together generated more than USD 1 trillion in revenue in 2011. This figure represents about
13.7% of Chinas GDP.
Prior to joining CKGSB, Dr. Xiang was a Professor of Accounting at Peking Universitys Guanghua School
of Management, where he pioneered the schools Executive MBA program. He was also one of the seven
founding faculty members of China Europe International Business School (CEIBS) in Shanghai. Dr. Xiang
also served on the faculty of the Hong Kong University of Science and Technology.
Dr. Xiangs research interests include the relationship between state and business, the reform of state-owned
enterprises, innovation and the role of the private sector in China. He is a leading authority on Chinese
business, innovations in China, the globalization of Chinese companies and the global implications of the
transformation of China. His writings and cases on these subjects are considered among the most influential
in China. In another area of interest, innovation in management education, Dr. Xiang has directly
implemented and shaped several prominent programs and institutions in China. In this capacity he has
played an important role in developing Chinas management education sector, in particular EMBA
programs in China.
Dr. Xiangs insights are often requested for speaking engagements at influential forums and conferences in
China and around the world. Past speaking appearances have included forums held by the Asia Society,
Deutsch Bank, the Conference Board, the World Economic Forum, The Economist conferences, FT
conferences, Forbes annual conferences, the Boao Forum, Asia House (UK) and the BRICs Annual Forum.
He has offered commentary for CCTV (China), Phoenix TV, CNN, Businessweek, the Financial Times,
the New York Times and LAgence France-Presse (AFP).
He has worked with many leading companies to offer consulting and training in China and globally. These
companies include China Mobile, China Telecom, Huawei Technologies, TCL, Midea, Petro China,
CNOOC, IBM (China), GE (China), Siemens (China), Goldman Sachs (Asia), Clifford & Chance,
Cummins, DFS, Lenovo, Bank of China and China Railway Construction Corporation.
Dr. Xiang received his Ph.D. in business administration from the University of Alberta in Canada and his
bachelors degree in engineering from Xian Jiaotong University in China.
SPEAKER
BRIAN CLARKE
Brian Clarke manages IFM Investors business development, fundraising and client relationship efforts in
North America.
Prior to joining IFM Investors, Brian was Senior Managing Director, Head of Sales in North America, with
Macquarie Capital USA. He has also held the position of Senior Vice President, Head of Sales at Refco
Alternative Investments, President and Founder of Cornerstone Partners, LLC, Vice President for
Advancement and Secretary to the Board of St Mary's College of Maryland as well as President of St Mary's
College of Maryland Foundation, Inc.
SPEAKER
ISAAC APPLBAUM
Isaac Yitz Applbaum is a Senior Advisor to the Mayor of Jerusalem for Public Private Partnerships. He
is a Founding General Partner of Opus Capital, an early stage venture fund where he focuses his efforts on
finding Israeli-based investments for the firm. Prior to Co-Founding Opus Capital Isaac was a Partner and
Managing Director for Israel at Lightspeed Venture Partners an early stage venture capital firm with over
two billion dollars under management.
Prior to joining Lightspeed, Mr. Applbaum was the founder and CEO of Concorde Solutions Inc. (CSI). In
1998 Mr. Applbaum sold CSI to Bank of America becoming a Senior Vice President at the bank with
responsibility for running the banks E-ventures group and an advisor to the strategic investments group.
Before founding Concorde Solutions, Mr. Applbaum was responsible for running US operations for
Advanced Technology International, a large Israeli software development company.
Mr. Applbaum currently serves as President of the Board of the California Israel Chamber of Commerce,
and Chairman of The Western Wall Heritage Foundation. He is on the board of directors of: The Koret
Israel Economic Development Funds, the Shalem Institute, and is on the National Council of AIPAC. Mr.
Applbaum is a member of the Young Presidents Organization.
SPEAKER
DR. KELLY POSNER GERSTENHABER

Dr. Kelly Posner Gerstenhaber, a leading international expert in the areas of suicide, depression, and
education reform, is the founder and Principal Investigator of the Center for Suicide Risk Assessment at
Columbia University. She was commissioned by the FDA to lead a study to develop improved methods of
suicide risk assessment. The methods developed have been recommended or mandated across numerous
areas of medicine. In a lead article in The New York Times, Dr. Posner Gerstenhabers work was
characterized as one of the most profound changes of the past 16 years to regulations governing drug
development. The FDA has characterized this work as setting a standard in the field. This work is part
of a national and international public health initiative across health care, surveillance, and research and
ranges from primary care, schools, healthcare systems, VA, to first responders and clergy. Of note,
numerous states and branches of the military have moved towards system-wide implementation. Dr. Posner
Gerstenhaber is an international expert and spokesperson on suicide prevention and the treatment of
depression, with appearances on NBC, CBS, World News Tonight, CNN, and numerous global media
forums, and also gave the invited address to the leaders of the European Union on how to tackle depression
and suicide. Named one of New York Magazines Most Influential people, Dr. Posner
Gerstenhaber continues to work with the FDA, CDC, NIMH, military health care agencies, the U.S.
Department of Education, and other agencies on suicide assessment and surveillance, and publishes and
speaks internationally on the risks, benefits, and public health implications encompassed by drug safety
controversies. In 2007 Dr. Posner Gerstenhaber was recognized as the most Distinguished Alumna of her
graduate school at Yeshiva University in the past 50 years and in June of 2008 she gave the invited
presentation on tackling depression and suicide at the first European Union high level conference on mental
health. She will also be the honoree for the Center Law & Economic Justice joining the ranks of Ted
Kennedy.
Dr. Posner Gerstenhaber is the Founding Chairman of the Board of Turnaround for Children, the
groundbreaking model that has proven to fix failing schools in high-poverty communities, often referred to
as "a missing link" of the education reform challenge. She is also co-founder of The Speyer Legacy School
and Institute, the first independent school and education reform approach for advanced
learners. Avenue and New York Family magazines named her Education Philanthropist of the Year for
her work in both of these innovative educational initiatives. In 2011 she was also granted The Turnaround
Impact Award, along with John Legend and NBC, joining the ranks of Joel Klein and Merryl Tisch. New
York Magazine has named her one of New Yorks most influential people. Dr. Posner Gerstenhaber was
recently honored by The Lincoln Center/The Kaufman Music Center with their annual Educational
Leadership Award.
The President of the American Psychiatric Association has stated that because of her work, we may
actually be able to make a dent in the rates of suicide that have existed in our population and have remained
constant over timethat would be an enormous achievement in terms of public health care and preventing
loss of life. - Jeffrey Lieberman, M.D., President of the American Psychiatric Association (APA)
SPEAKER
GEORGE HANDY
George Handy is the Managing Director of the nonprofit organization Activity for Innovation and
Economic Growth (AIEG) He founded the AIEG in 2007 to undertake practical projects supporting
economic and security improvements in Central and Eastern Europe. With a network of 900 leaders in 30
countries, AIEGs 26 completed projects have focused on innovation and high technology, knowledgebased growth, health care, infrastructure modernization, national security and cross border cooperation.
Outcomes have included contributions to improved Euro-Atlantic cooperation.
Mr. Handy and AIEG provide an independent framework for increased projects and ventures that result in
affordable, near-term outcomes and are enabled by improved policies and programs and increased domestic
and international cooperation with emphasis on government and private sector collaboration. Current
emphasis is on innovation, biomedicine and information technology with 34 research projects and
supporting activities involving 300 international leaders and experts.
Mr. Handys career began as an infantry officer in the United States Army. He held responsibilities from
unit level to the Army Staff in Washington with two combat tours.
Following his military service, Mr. Handy became the Director of Long Range Assessments for United
Technologies Corporation, a position he held from 1986-1992. His primary responsibilities included
identifying opportunities for new products and markets through the organization of cross-corporate teams.
In 1992, Mr. Handy joined the public policy field as Director of International Action Commissions for the
Center for Strategic and International Studies. In this position, Mr. Handy organized and led governmentprivate sector cooperative Commissions in Russia, Poland, Argentina, Romania, Slovakia, Bulgaria,
Slovenia, the Czech Republic, Hungary, Lithuania, Latvia and Estonia; and completed 180 projects
supporting economic and security transformation in these countries.
During this period, Mr. Handy was also an Advisor to World Pensions Forum, Inc., a role in which he
helped organize and moderated 14 conferences in Asia, the US and Europe to assist senior executives in
their decisions on international investment of American pension fund assets.
Recently, Mr. Handy became an official of two nonprofit organizations the People Technologies
Foundation focused on big data issues and Prescription for Poland that is addressing regenerative medicine.
He is a member of the board of the Washington Consortium of Theological Universities.
.
SPEAKER
AMBASSADOR ROBERT E. HUNTER

Ambassador Robert Hunter is Senior Fellow at the Center for Transatlantic Relations, Johns Hopkins
University (SAIS), in Washington, DC. Previously, he was Director of the Center for Transatlantic Security
Studies at the National Defense University. From 1998-2011, he was Senior Advisor at the RAND
Corporation; and he was Senior International Consultant to Lockheed Martin Overseas Corporation and
Chairman of the Council for a Community of Democracies. He serves on the Secretary of States
International Security Advisory Board.
From 1993-1998, Robert Hunter was U.S. Ambassador to NATO and represented the U.S. to the Western
European Union. He was principal architect and US negotiator of the New NATO, including Partnership
for Peace and NATO-EU relations, and he negotiated the air-strike decisions that ended the Bosnia War.
From 1981-1993, he was at the Center for Strategic and International Studies.
Throughout the Carter Administration, he served on the National Security Council staff, with lead
responsibility for West European and then Middle East Affairs, including West Bank/Gaza autonomy
negotiations. He created the Carter Doctrine for the Persian Gulf. Earlier, he was Foreign Policy Advisor
to Senator Edward Kennedy, Senior Fellow at the Overseas Development Council, Research Associate at
the International Institute for Strategic Studies, and domestic and foreign policy advisor to Vice President
Hubert Humphrey. He served on the LBJ White House domestic staff (education) and in the Navy
Department (Polaris Project). He has played a senior national policy role in 9 presidential campaigns and
written speeches for 3 Presidents and 3 Vice Presidents.
Ambassador Hunter was educated at Wesleyan University and the London School of Economics (PhD in
International Relations; Fulbright Scholar). He has taught at 5 universities and has more than 1000
publications. He was twice decorated with the Defense Departments highest civilian honor and by eight
foreign governments, including the French Lgion dhonneur.
SPEAKER
PROFESSOR SHIREEN HUNTER

Shireen T. Hunter is Research Professor at Georgetown Universitys Center for Muslim-Christian
Understanding (CMCU). Previously, she was Visiting Fellow and then Visiting Professor at CMCU. She
was associated with the Center for Strategic and International Studies from 1983 to 2005, as Director of the
Islam Program, 1998-2005, Deputy Director of the Middle East Program, 1983-92, and Senior Associate
(while in Brussels), 1993-98. She also taught courses at Georgetown, George Mason, and Washington
College. She was Academic Fellow at Carnegie Corporation.
From 1993-97, Dr. Hunter was Visiting Senior Fellow at the Centre for European Policy Studies (CEPS)
in Brussels and directed CEPS' Mediterranean Program. She was Guest Scholar at the Brookings Institution
and Research Fellow at the Harvard University Center for International Affairs. From 1966-1978, she was
a member of the Iranian Foreign Service, serving abroad in London and Geneva. She attained the rank of
Counselor and served from time-to-time as Charge d'Affaires of Irans UN Mission in Geneva.
Her most recent books (of 16) are Iran Divided: Historic Roots of Iranian Debates in Identity, Culture and
Governance in the 21rst Century, Rowman & Littlefield, forthcoming September 2014; Irans Foreign
Policy in the Post-Soviet Era, Resisting the New International Order, Praeger, 2010; and Reformist Voices
of Islam: Mediating Religion and Modernity (editor & contributor), M.E. Sharpe, June 2008. She has
published more than 500 monographs, chapters in books, and articles, and lectured widely at home and
abroad at universities, research institutes, world affairs councils, the State Department, and military
commands. She also has extensive media experience.
Dr. Hunter was educated at Teheran University (BA and all-but-thesis for a doctorate in international law),
the London School of Economics (MSc in international relations), and the Institut Universitaire de Hautes
Etudes Internationales in Geneva (PhD in international relations). A US citizen, she is a member of the
Council on Foreign Relations.
SPEAKER
JONATHAN KANTERMAN
Jonathan Kanterman is a managing partner at Institutional Asset Advisors. He is a leading hedge fund
consultant with over 18 years of investment management experience. He has managed several fund of
funds, conducting due diligence on and investing in hundreds of hedge funds over the years. He frequently
speaks at industry conferences, addressing topics ranging from due diligence, to best practices, to industry
outlook and regulation. He has won several awards for fund management and in 2008 was named one of
the 20 Rising Stars of Wealth Management by Institutional Investor and Private Asset
Management. Jonathan is also a noted journalist and was recognized by the 2013 New York Press Club
Awards for Excellence in Journalism for his work in the Financial Times on hedge funds and due diligence.
SPEAKER
DANIEL C. KURTZER
Daniel C. Kurtzer is the S. Daniel Abraham Professor of Middle East Policy Studies at Princeton
Universitys Woodrow Wilson School of Public and International Affairs. During a 29-year career in the
U.S. Foreign Service, Ambassador Kurtzer served as the United States Ambassador to Israel and as the
United States Ambassador to Egypt. He retired in 2005 with the rank of Career Minister.
Kurtzer is the co-author of Negotiating Arab-Israeli Peace: American Leadership in the Middle East
(2008), co-author of the Peace Puzzle: Americas Quest for Arab-Israeli Peace, 1989 2011 (2013), and
editor of Pathways to Peace: America and Israeli Conflict (2012). He served as an advisor to the Iraq Study
Group, and currently serves as a member of the Board of Trustees of the American University in Cairo,
member of the Board of The Middle East Institute; and as a member of the New Jersey- Israel Commission.
In 2007, he was named the first Commissioner of the profession Israel Baseball League. Kurtzer received
his Ph.D at Columbia University.
SPEAKER
WILLIAM MAYER
In 1999 William E. Mayer formed Park Avenue Equity Partners, which is a private equity firm that invests
in middle-market companies.
From the fall of 1992 until December 1996, Mr. Mayer was a professor and Dean of the College of Business
and Management at the University of Maryland. During his tenure at the University of Maryland, Mr. Mayer
organized and led an effort that significantly improved the schools programs and made it one of the top 25
ranked business schools in the country. From 1991 to 1992, Mr. Mayer served as a professor and Dean of
the Simon Graduate School of Business at the University of Rochester.
Mr. Mayer worked for The First Boston Corporation (now Credit Suisse), a major investment bank, for 23
years. During his career at First Boston, Mr. Mayer held numerous management positions including
President and Chief Executive Officer
Mr. Mayer is currently a board member of the following public companies: BlackRock Kelso, Premier and
Lee Enterprises, and a member of the Boards of Trustees of Columbia Group of Mutual Funds. Over the
past 40 years, he has been a board member of numerous other public and private companies. Mr. Mayer
was Chairman of the Aspen Institute from 2000 to 2008 and is currently on its Executive Committee. He is
also past Chairman of the Board of the University of Maryland, College Park, Maryland.
He is a member of the Board of Advisors of Miller Buckfire and a board member of Acumen, the Rubin
Museum and the Atlantic Council. He is also a member of the Board of Governors at the Pardee RAND
Graduate School, a member of the Council on Foreign Relations and the U.S. Vietnam Dialogue Group,
and Vice Chairman of the Middle East Investment Initiative. Mr. Mayer was named to the 2013 NACD
(National Association of Corporate Directors), which honors leaders in corporate governance and in the
boardroom.
Mr. Mayer was a First Lieutenant in the U.S. Air Force. He holds a BS and an MBA from the University
of Maryland.
SPEAKER
JOHN MCAULLIF
John McAuliff is a knowledgeable non-governmental specialist seeking to improve US - Cuba relations,
with a special interest in travel, educational exchange and economic cooperation. He founded the Fund for
Reconciliation and Development to achieve normal diplomatic and economic relations with Vietnam, Laos
and Cambodia in 1985. Since the late 1990s he has focused on Cuba, meeting with officials in Havana and
Washington and visiting about 20 times, including coordination of two trips for the World Pension
Forum. He graduated from Carleton College, was active in the civil rights and anti-war movements, served
in the Peace Corps in Peru and on the staff of the American Friends Service Committee (Quakers) for ten
years. He writes regularly for thehavananote.com and the Huffington Post and publishes blogs on Cuba
travel http://cubapeopletopeople.blogspot.com/ and the conflict in the South China Sea
http://borderconflict.blogspot.com/ His next program in Cuba focuses on Irish cultural exchange and
heritage http://cubapeopletopeople.blogspot.com/2014/03/irish-heritage-program-with-mick.html
SPEAKER
GOVERNOR SCOTT MCCALLUM

Governor Scott McCallum has over 35 years of executive experience leading strategic and operations
planning, media, marketing, and government relations. He served as Wisconsin State Senator, Lt. Governor,
and Governor.
McCallum was the President and CEO of the Aidmatrix Foundation, 2005-2014. The Foundation is an
international nonprofit organization sponsored by some of the worlds leading technology corporations that
leverage solutions from business and apply them to the NGO and humanitarian sector. As CEO, McCallum
grew the Aidmatrix Foundation from a small local organization to a global operation on 6 continents,
transacting $1.5 billion in aid annually, with 52,000 users worldwide.
McCallum was an Ernst & Young Entrepreneur of the Year winner for the Texas, Arkansas, and Oklahoma
region. He received the 21st Century Achievement Award for visionary use of information technology to
promote positive social economic and educational change and a true hero of the information age.
(Computerworld), and in 2013 was named by Government Technology Magazine as a Top 25 Doers,
Dreamers, and Drivers in US Technology.
He has taught at the University of Wisconsin-Milwaukee, has been an Executive-in-Residence at
Northwestern University in Evanston, IL, and taught at Sun Yat Sen and Harbin Universities in China. For
the past 7 years he has been on faculty of the University of Wisconsin-Madison.
Governor McCallum is Counsel on Domestic and International Politics with Hamilton Advisors of
Washington, DC. He also leads the McCallum Group, which is focused on work analytics applied to
developing people and regions. His most recent publications include Work Analysis, Technology, and the
Millennium Development Goals (in publication) and Psychological Dynamics in Information and
Communication Technology for Development Projects.
SPEAKER
RANJI NAGASWAMI, CFA

A 25+ year investment industry professional, Ms. Nagaswami most recently worked at Bridgewater
Associates, the $130 Billion+ global macro hedge fund and risk-parity strategy pioneer. From 2010 thru
2012 Ms. Nagaswami served as Chief Investment Advisor to the administration of Mayor Michael R.
Bloomberg, City of New York for the Citys $150 Billion+ Employee Retirement Systems. She developed
a path-breaking restructuring proposal for the retirement plans strategic investment policy allocation that
was unanimously adopted by the five NYC Retirement Systems nearly 60 Trustees and investment staff
and worked on key governance initiatives to improve decision making by the Systems Boards.
Prior to joining the public sector, Ms. Nagaswami held executive and portfolio management positions at
two world-class asset management firms. Ms. Nagaswami was previously Chief Investment Officer within
the Blend Strategies team of AllianceBernstein L.P. with responsibility for the firms $20 Billion strategic
multi-asset portfolios and $85 Billion Blend equities strategies. She served from 2004 to 2008 as Chief
Investment Officer and a member of the Executive Board of AllianceBernstein Investments, the retail
division of the firm where she was widely credited with leading the turnaround of the $180 Billion global
mutual fund business. From 2001 until 2004, Ms. Nagaswami was a senior portfolio manager of the
Bernstein U.S. Value Equities team and a member of the US Value Equities Investment Policy Group. Ms.
Nagaswami joined Sanford C. Bernstein in 1999. From 1986 to 1999, she was at UBS Asset Management
and its predecessor organizations where her last role was Managing Director and Co-Head of U.S. Fixed
Income.
Ms. Nagaswami is currently working to promote sound investment policy and pension governance reform
through public speaking engagements and advisory consultations with institutional investors. Ms.
Nagaswami is a Visiting Executive Fellow at the Yale School of Managements International Center for
Finance and is working to launch the Finance Fellows program within the Aspen Institutes Global
Leadership Network.
Ms. Nagaswami is a member of the $60 Billion UAW VEBA Medical Benefits Trust Investment Advisory
Council, the CFA Institutes Ethics and Standards Advisory Council, and a Henry Crown fellow at the
Aspen Institute. She was previously a member of the Yale University Investments Committee, the Yale
School of Management Advisory Board, Trustee of Greenwich Academy and on the North American
Council of Ashoka, a global fellowship of social entrepreneurs. Ms. Nagaswami earned a Bachelor of
Commerce from Bombay University in India, a MBA from the Yale School of Management and is a
chartered Financial Analyst.
SPEAKER
DR. MINXIN PEI

Dr. Minxin Pei is the Tom and Margot Pritzker 72 Professor of Government and the director of the Keck
Center for International and Strategic Studies at Claremont McKenna College. Prior to joining CMC in
July 2009, Pei was a senior associate and the director of the China Program at the Carnegie Endowment for
International Peace in Washington.
His research focuses on democratization in developing countries, economic reform and governance in
China, and U.S.-China relations. He is the author of From Reform to Revolution: The Demise of
Communism in China and the Soviet Union (Harvard University Press, 1994) and Chinas Trapped
Transition: The Limits of Developmental Autocracy (Harvard University Press, 2006). Peis research has
been published in Foreign Policy, Foreign Affairs, The National Interest, Modern China, China Quarterly,
Journal of Democracy and many edited books. Pei is a frequent commentator on BBC World News, Voice
of America, and National Public Radio; his op-eds have appeared in the Financial Times, New York Times,
Washington Post, Newsweek International, and International Herald Tribune, and other major newspapers.
Pei received his Ph.D. in political science from Harvard University. He was on the faculty at Princeton
University from 1992 to 1998. Pei is a recipient of numerous prestigious fellowships, including the
National Fellowship at the Hoover Institution at Stanford University, the McNamara Fellowship at the
World Bank, and the Olin Faculty Fellowship of the Olin Foundation
SPEAKER
MELISSA SANTANIELLO
Melissa Santaniello is the founder of the Alignment of Interests Association (AOI), a non-profit investor
think-tank comprised of 250+ participants. She previously spent several years working for fund-of hedge
funds Cadogan Management LLC, and began her career in equities research working as an equity research
analyst at both Donaldson Lufkin & Jenrette and Deutsche Bank. Melissa currently consults for a family
office and hedge fund platform, where her responsibilities include manager sourcing and due diligence for
the firms emerging manager investments. She received a BS from Cornell University.
SPEAKER
GAREN STAGLIN
Garen is the Co-Founder and Co-Chairman of One Mind, and the Co-Founder, President, and Trustee of
the International Mental Health Research Organization. During the past 20 years, IMHRO and the Staglin's
Music Festival for Mental Health event have raised more than $200 million for brain health charities and
research. He is also Co-Founder and President of Bring Change 2 Mind, a non-profit organization dedicated
to eliminating the stigma of brain illness
Garen has spent more than 35 years building and starting companies in the financial services and payment
industries as a private equity investor and philanthropist. He currently serves on the Board of Directors of
Silicon Valley Bank, and is Chairman of the Board of ExL Services, NVoice Payments and Profit Velocity
Solutions. Previously, Garen served on the Boards of FirstData Corporation, Solera Inc., Specialized
Bicycle Corporation and Bottom Line Technologies. He is also a Senior Advisor to FTV Capital.
He earned his Bachelor of Science in Engineering from UCLA and his MBA from the Stanford Graduate
School of Business. He is a recipient of the Gold Spike Award, Stanford University's highest award for
volunteer service and the UCLA College of Letters & Science Fellows Award. Currently, Garen is the CoChairman of the UCLA Centennial Campaign.
Garen, his wife Shari, and their children, Brandon and Shannon, are Founders of the Staglin Family
Vineyard in Rutherford, California. Actively involved for 30 years in the wine industry, the Staglin motto
is "Great Wine for Great Causes" and through the operation of their winery, business interests, and support
of various charitable causes, they have indeed lived up to that philosophy. In the last ten years, causes they
have chaired or donations from their wines have generated more than $800 million.
SPEAKER
JOSE VIERA
Jos Ral Viera Linares (Pepe), joined the Revolution as a Volunteer Teacher in 1960 where he served
for six months. He was sent to nationalize a sugar mill and in 1961 was appointed to the Ministry of Foreign
Affairs. He joined the Foreign Service and was posted to embassies in Honduras, Chile, Bolivia and the
Permanent Mission to the UN. Since 1970, he was successively appointed in the Ministry of Foreign Affairs
as Head of the Department of International Organizations Division, Deputy Minister and First Deputy
Minister. In 1990, he left the Ministry, attended law school, and then served as Legal Adviser in state
tourism companies that hold hotel properties in Havana. Mr. Viera retired in 2010. He and his wife Cecilia
Bermudez translated into Spanish for publication in Cuba two books by Dr. Louis Perez of the University
of North Carolina, On Becoming Cuban. Identity, Nationality & Culture and Cuba in the American
Imagination. Since the opening of people to people travel, he has been a frequent speaker and resource
person for visiting university, alumni and business groups and the Brookings Institution and has been a
visiting scholar and speaker in the US. He holds a Certificate in English from Louisiana State University
and a Degree in Law from Havana University. He is 74 years old.
SPEAKER
DR. MURRAY ZUCKER

Dr. Murray Zucker is the Senior Medical Director for Innovation at Optum Health (OH), a division of
United Health Group, the largest health care corporation in the United States. He is based at the Optum
Behavioral Helath corporate headquarters in San Francisco. Dr. Zucker brings many years of experience in
health care delivery, medical behavioral integration, direct service, and academia. As Medical Director he
oversees the clinical program, quality assurance program, outcomes measurement, and coordinates the
participating clinicians in new product delivery. Dr.Zucker is responsible for assessing new technologies
and approaches for care delivery to improve outcomes and provide cost effectiveness and working with the
Innovation team in developing new products to enhance quality of life and productivity. In addition, Dr.
Zucker has been a consultant to the media and spokesperson for behavioral and innovative issues.
In his previous role of Regional Medical Director at Optum Health, he was responsible for the behavioral
health needs (mental health, substance abuse, severe chronic mental illness) of 4.5 million people in the
western United States. His responsibilities included leading utilization and quality programs and
network/provider development as well as medical-behavioral integration efforts. In addition, by use of
analytics and predictive modeling, programs were developed for early identification and intervention, the
spread of best practices, disease management, and intensive case management. Through the years, Dr.
Zucker, as a psychiatrist, has been instrumental in integrating behavioral health into medical practice to
improve outcomes and cost-effectiveness.
Before joining United Health, Dr. Zucker was Medical Director for Tricare Western Region with Health
Net and oversaw the behavioral health needs of about 3 million lives of military dependents and retirees.
In this role, he managed a large government contract and was instrumental in new program development
and integrating behavioral health and medical practice.
Dr. Zucker received his undergraduate degree from the University of Pennsylvania and then
graduated University of Rochester School of Medicine. Before specializing in psychiatry, he
trained in general medicine and ran a medical clinic on an Indian reservation. Then he pursued his
psychiatric training at UCLA where he became a member of the faculty, started the GeroPsychiatry Clinic, taught psychiatric residents, and was involved with Consultation Services with
an empathize on bringing the benefits of behavioral health to the treatment of medical patients.
He also was the founder and leader of a large multi-disciplinary group practice in Los Angeles,
started Eating disorder programs, and developed new formats for bringing psychiatric care to
nursing homes.
SPONSOR
CASTLE HARLAN, INC

Castle Harlan, founded in 1987, invests in controlling interests in the buyout and development of middle
market companies worldwide. The Castle Harlan team of 21 investment professionals has completed 54
acquisitions with more than 43,000 employees and total transaction value in excess of $11 billion. Castle
Harlan, along with its affiliates, has managed investment funds with equity commitments of over $6 billion.
The firm traces its roots to the start of the institutionalized private-equity business in the late 1960s. Since
1999 Castle Harlan has invested in Australia and Southeast Asia with its affiliate CHAMP Private Equity
in Sydney and Singapore.
Castle Harlan's current portfolio companies include Shelf Drilling, the leading global independent provider
of shallow-water jack up drilling rig services; Baker & Taylor, the worlds largest distributor of books and
entertainment products to libraries and retailers; and Gold Star Foods, the leading nutritional food
distributor to K-12 schools in California, Arizona and Nevada.
Howard D. Morgan, Co-President

Howard D. Morgan is Co-President of Castle Harlan. He joined CHI in 1996 and has been active in midmarket private equity for over 26 years. He has been a Board Director and Executive Committee member
of CHAMP Private Equity, Castle Harlan's affiliate in Sydney, Australia since its inception, and from 2000
to 2002, he was Executive Director of CHAMP Private Equity. Previously, Mr. Morgan was a partner at
The Ropart Group, a private equity investment firm, and began his career as an associate at Allen &
Company, Inc. He is a director of All Leasing, Centric Wealth, Pretium Packaging, Shelf Drilling and
various entities associated with CHAMP Private Equity. He is a former director of over one dozen
companies, including IDQ Holdings, Baker & Taylor, Securus, Polypipe Global Holdings, Austar United
Communications Ltd., Norcast Wear Solutions, AmeriCast Technologies, Ciao Bella Gelato Company, Ion
Track Instruments, Land N Sea Distributing and Penrice Soda Products. He is a director and past
Chairman of the Harvard Business School Club of New York, Chairman of the Parkinsons Disease
Foundation and a director of the Alexander Hamilton Institute, and the World Press Institute and Treasurer
of the Friends of the Garvan Institute of Medical Research. He was a director and an officer of the Harvard
Business School Alumni Board from 2006-2011. Mr. Morgan received his B.A. from Hamilton College in
Mathematics and Government and his M.B.A. from the Harvard Business School.
SPONSOR
CASTLE HARLAN, INC

Hemali Dassani, Director, Investor Relations
Hemali Dassani is Director, Investor Relations at Castle Harlan, focusing on client service, communication,
relationship management, and capital-raising. Previously, Ms. Dassani was a Managing Director with Old
City Investment Partners, a multi-family office dedicated to finding high quality investments for the firm's
clientele of family office investors. Ms. Dassani has a history of working with alternative investment firms,
especially Private Equity funds, raising capital globally. She has an M.B.A. from the Harvard Business
School and a B.Sc. in Industrial Engineering from Northwestern University. Ms. Dassani is President of
the Harvard Business School Club of Greater New York, and sits on the Board of Governors for the Harvard
Business School Real Estate Alumni Association and the Steering Committee for the Harvard Business
School Alumni Angels Association.
SPONSOR
NEW MOUNTAIN CAPITAL

New Mountain Capital, LLC, together with its affiliates ("New Mountain"), manages private equity,
public equity and credit capital with aggregate assets under management totaling more than $12.0 billion1.
New Mountain's first private equity fund, the $770 million New Mountain Partners, L.P., began its
investment period in January 2000. New Mountain's second private equity fund, the $1.55 billion New
Mountain Partners II, L.P., began its investment period in January 2005. New Mountain's third private
equity fund, New Mountain Partners III, L.P., with over $5.1 billion of aggregate commitments, began its
investment period in August 2007. The firm is currently investing capital from New Mountain Partners IV,
L.P. New Mountain manages public equity portfolios through New Mountain Vantage Advisers, L.L.C.
("Vantage"), a U.S. SEC-registered investment adviser that manages a privately offered, pooled investment
vehicle available exclusively to accredited investors, and which is designed to apply New Mountain's
established strengths as an acquirer and builder of businesses toward non-control positions in the U.S.
public equity markets generally. New Mountain also manages credit funds through New Mountain Finance
Corporation, a closed-end investment company that is listed on the New York Stock Exchange (Ticker:
NMFC). NMFC's investment objective is to generate current income and capital appreciation through
investments in debt securities at all levels of the capital structure.
New Mountain Capital's mission is to be best in class among alternative asset managers as measured by
returns, control of risk, service to our investors and the quality of the businesses we build. All of New
Mountain Capital's efforts emphasize intensive fundamental research and a focus on growth and investor
"value added", rather than reliance on excessive risk, as the best path to high and consistent long term
returns. New Mountain Capital is a generalist firm, but also has proactively developed particular research
and operational expertise in carefully selected "defensive growth" niches of education, health care,
software, business services, logistics, specialty chemicals, federal services, media, consumer products,
financial services and insurance, environmental services, infrastructure and energy. New Mountain Capital
works systematically to establish expertise in additional sectors over time.
Andrew D. Barous, Investor Relations Director

Andrew Barous joined New Mountain in 2006. He previously served as a small-business advisor and
community development volunteer with the Peace Corps in the Kingdom of Tonga, South Pacific. He is a
member of Omicron Delta Epsilon, International Economics Honorary Society, and received his B.A. in
Economics from Hamilton College in 2001.
SPONSOR
RCS CAPITAL
RCS Capital Corporation (RCS Capital) (NYSE: RCAP) is a full-service investment firm expressly
focused on the individual retail investor. With operating subsidiaries including: retail advice services,
wholesale distribution, investment management, crowdfund investing, investment banking and capital
markets, and investment research, RCS Capital is designed to protect, support, grow and maximize value
for the investment programs it distributes and the independent advisors and clients it serves.
LEE GIANNONE, Managing Director

Mr. Giannone is the Managing Director of Institutional Markets for American Realty Capital. He is based
in New York City and works with ARCs various product, management, and distribution groups focusing
on business in the institutional and pension markets.
Prior to Joining ARC, Lee was a Managing Director responsible for overall development of institutional
businesses at ZAIS Group, a structured credit hedge fund in Red Bank, NJ. Prior to that, he was a Partner
at the London-based Mondrian Investment Partners where he led the Client Service, Marketing, and
Consultant initiatives for their Global Fixed Income business. Before joining the Mondrian Partnership
following the Delaware International MBO, he served as Senior Vice President for Delawares Global
Institutional Sales Group.
Earlier in his career, he was a Large Market 401(k) Product Specialist for Merrill Lynchs Business
Financial Services group followed by a direct institutional sales roll with Merrill Lynch Asset
Managements International Marketing team.
He earned an MBA in international business from the Smeal Graduate School at The Pennsylvania State
University, where he also did his undergraduate studies.
LUBA KRYM, Assistant Vice President

Luba Krym joined RCS as an Internal Wholesaler on February 6, 2012 and works out of the New York
office. She is a Junior Internal Wholesaler for Kerry Scanlon supporting the Great Plains territory. Luba
joined the company from ICON Capital/ICON Investments, where she spent 2 years as an assistant Vice
President of Business Development. She is a CPA and holds FINRA licenses Series 6 and Series 7. She
earned a Bachelors from Oakland University in Rochester, Michigan.
SPONSOR
RCS CAPITAL
SAMEER JAIN, Chief Economist and Managing Director
Sameer Jain serves as Chief Economist and Managing Director of American Realty Capital, an investment
services firm expressly focused on the alternative investment industry. Mr. Jains executive management
and multifaceted responsibilities at American Realty Capital, include risk management, firm strategy, and
direction development, as well as the analysis and evaluation of alternative investments. He has 18 years
of industry experience during which his responsibilities have included formulating investment strategy,
developing risk management practices and asset allocation models, creating thought leadership, and
assessing and engaging real estate, private equity, and hedge fund managers. Prior to joining American
Realty Capital Mr. Jain headed Investment Content & Strategy at UBS Alternative Investments, where he
was also responsible for all illiquid investing across the platform. Prior to UBS, Mr. Jain served at Citi
Capital Advisors Alternative Investments and SunGard System Access. He has written a number of
academic and practitioner articles on alternative investments, many of which are available in the public
domain at ssrn.com.
Mr. Jain is a graduate of Massachusetts Institute of Technology and Harvard University.
SPONSOR
SIGULER GUFF AND COMPANY

Siguler Guff & Company, LP is a private equity investment firm which, together with its affiliates, manages
multi-manager funds, direct investment funds and separate accounts totaling more than $10 billion in assets
under management. Founded in 1991 within PaineWebber, Siguler Guff became an independent firm in
1995. Its clients include corporate and public employee benefit plans, endowments, foundations,
government agencies, financial institutions, family offices and high net worth individuals. Siguler Guff is
headquartered in New York, and maintains U.S. offices in Boston and Chicago, as well as international
offices in Shanghai, So Paulo, Mumbai and Moscow.
Siguler Guffs investment philosophy is focused on identifying market inefficiencies that are capable of
generating high absolute rates of return and creating efficient solutions to capture them. The Firms multimanager funds target specific areas of compelling opportunity, including distressed securities, small
business, emerging markets and distressed real estate. Siguler Guffs direct investment funds primarily
focus on investments in Russia and the countries of the former Soviet Union, and in the venture lending
space. The Firm also provides discretionary private equity advisory services and manages a number of nondiscretionary separate accounts.
Siguler Guffs investment approach is value oriented, driven by risk-adjusted outcomes, and has a heavy
emphasis on capital preservation. Each strategy is staffed independently and takes advantage of the Firms
long history as a direct investor to add value well beyond the research and selection of managers. By
exploiting both optionality and time in its investment decisions, Siguler Guff believes that each partnership
represents an efficient and diversified solution for investors to capture the high absolute returns available
within its respective market niche.
GEORGE W. SIGULER
George is a Managing Director and Founding Partner of Siguler Guff. He is responsible for directing Siguler
Guffs private equity investment strategy and is the Firm's Chief Investment Officer. Mr. Siguler sits on the
Investment Committees for all of the Firm's funds. Prior to founding Siguler Guff, Mr. Siguler was a
Managing Director and head of PaineWebber's Private Equity Group until Siguler Guff became
independent in 1995.
Before joining PaineWebber, Mr. Siguler was President of Associated Capital Investors (formerly Bank of
America Investment Management Company). He was a Founding Partner of the Harvard Management
Company in the early 1970s, and initiated and managed its venture capital, buyout and hedge fund
activity. He also served as Associate Treasurer of Harvard University. Mr. Siguler served in the Reagan
Administration from 1983 to 1984 as Chief of Staff of the U.S. Department of Health and Human Services,
with oversight responsibility for a $300 billion budget and 150,000 employees.
Mr. Siguler is a Director of the Emerging Markets Private Equity Association, a Non-Executive Director
of Preqin and a member of the advisory board of the Center for Asian Pacific Policy at the RAND
Corporation. He is also a member of RAND's U.S.-Russia Business Leaders Forum, the Russell 20/20
Group and the Pacific Pension Institute. Mr. Siguler currently serves on the Board of Advisors of Johns
Hopkins University's Paul H. Nitze School of Advanced International Studies and on the Board of Trustees
of the Carnegie Endowment for International Peace. He also serves on the Pension Advisory Committee of
the International Monetary Fund and on the Board of Directors of MSCI.
SPONSOR
SIGULER GUFF AND COMPANY

Mr. Siguler is a member of the Board of Overseers of the Hoover Institute at Stanford University and a
member of the Investment Committee of the Wildlife Conservation Society.
Mr. Siguler holds an A.B. in History from Amherst College and an M.B.A. from Harvard Business School.
PARTICIPANTS
CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM

The California Public Employees' Retirement System (CalPERS) is an agency in the California
Executive branch that "manages pension and health benefits for more than 1.6 million California public
employees, retirees, and their families. In fiscal year 2007-2008, $10.88 billion was paid in retirement
benefits, and in calendar year 2009 it is estimated that over $5.7 billion will be paid in health benefits.
As of March 31, 2013, CalPERS managed the second largest public pension fund in the United States,
second to the federal Civil Service Retirement and Disability Fund, with $257.4 billion in assets that
represented a 1% decrease from the peak value of its assets of $260.6 billion in October 2007. CalPERS is
known for its shareholder activism; stocks placed on its "Focus List" may perform better than other stocks,
which has given rise to the term "CalPERS effect". Outside the U.S., CalPERS has been called "a
recognized global leader in the investment industry", and "one of America's most powerful shareholder
bodies.
RICHARD COSTIGAN, Board Member

Mr. Costigan was appointed to the State Personnel Board (SPB) by Governor Arnold Schwarzenegger in
2007.
Mr. Costigan served as deputy chief of staff and legislative affairs secretary to Governor Schwarzenegger,
and was involved in all aspects of administration policy. His responsibilities included being the liaison
between the Governor, the Legislature, and the States many agencies and departments on policy
development and implementation.
Before joining the Schwarzenegger administration, Mr. Costigan was vice president of government
relations for the California Chamber of Commerce.
Currently, Mr. Costigan is the Senior Director of State and Government Affairs for the national law and
consulting firm of Manatt, Phelps & Phillips.
He is a graduate of the University of Georgia and the Cumberland School of Law at Samford University in
Birmingham, Alabama.
PARTICIPANTS
COLORADO PUBLIC EMPLOYEES RETIREMENT ASSOCIATION

Colorado Public Employees Retirement Association (Colorado PERA) provides retirement and other
benefits to the employees of more than 500 government agencies and public entities in the state of Colorado.
PERA is the 21st largest public pension plan in the United States.
Established by State law in 1931, PERA operates by the authority of the Colorado General Assembly and
is administered under Title 24, Article 51 of the Colorado Revised Statuses. In accordance with its duty to
administer PERA, the Board of Trustees has the authority to adopt and revise rules in accordance with state
statutes.
Its membership included employees of the Colorado state government, public school teachers in the state,
many university and college employees, judges, many employees of cities and towns, state troopers, and
the employees of a number of other public entities.
PERAs Board of Trustees are fiduciaries and are held to a high standard of prudence in investing the trust
funds. By state law, the management of the public employees retirement funds are vested in PERAs 16member Board of Trustees. There are approximately 230 staff members responsible for the day-to-day
operations of PERA. This staff manages the investment process, administers the payment of benefits and
provides other support services.
GREG SMITH, Executive Director, Public Employees Retirement Association of Colorado

Gregory W. Smith became Executive Director of Colorado PERA in November 2012. He is the sixth
Executive Director of the retirement system, which has over $43 billion in defined benefit assets and over
$3 billion in defined contribution assets. Established by the Colorado General Assembly in 1931, Colorado
PERA administers a defined benefit pension plan as well as disability and survivor benefits and other
voluntary programs including defined contribution plans, health care, and life insurance to more than
500,000 current and retired Colorado public employees. In addition to providing leadership for the nations
21st largest public pension plan. Mr. Smith oversees 276 employees and a $65.6 million annual budget.
Mr. Smith joined Colorado PERA in February 2002 as General Counsel and in July 2009, he was promoted
to the additional role of Chief Operating Officer. As the Chief Operating Officer, he was responsible for
managing all aspects of member contacts and benefit administration in addition to providing direction and
leadership in the development and implementation of PERAs operating policies and goals. As the General
Counsel, Mr. Smith was responsible for protecting the fiduciary interests of PERAs membership and he
had oversight of all legal issues and activities. In April 2012, the PERA Board of Trustees named Mr. Smith
Interim Executive Director. Under Mr. Smiths leadership and direction, Colorado PERA remains involved
in many innovative ventures in the pension arena that keep Colorado PERA in the national forefront. Mr.
Smith currently serves as chair on the National Institute on Retirement Security (NIRS) Board. In addition,
he is on the Board of Directors for the Council of Institutional Investors (CII) where he also served as the
policies committee chair. Mr. Smith also served as a former President on the Executive Board for the
National Association of Public Pension Attorneys.
PARTICIPANTS
COLORADO PUBLIC EMPLOYEES RETIREMENT ASSOCIATION

JIM LIPTAK, Director of Equities
Mr. Liptak oversees the investment activities for Colorado PERAs $26 billion global equity asset class.
He manages asset class construction, risk management, and internal staff that manage two-thirds of
Colorado PERAs equity assets. He is the Portfolio Manager of a $1.6 billion U.S. Large Cap Core equity
portfolio. Mr. Liptak joined Colorado PERA in January 199 as a Senior Portfolio Manager. He was
promoted to Director of Equities in 2002. He was previously with United Capital Management as an Equity
Analyst where he worked for 5 years. He is a graduate of the State University of New York at Albany with
a BS in Business and he earned his MBA from Indiana University. He holds the designation of Chartered
Financial Analyst and is a member of the CFA Institute and the CFA Society of Colorado.
PARTICIPANTS
CATHOLIC HEALTH INITIATIVES

Catholic Health Initiatives, a nonprofit, faith-based health system formed in 1996 through the
consolidation of four Catholic health systems, expresses its mission each day by creating and nurturing
healthy communities in the hundreds of sites across the nation where it provides care. One of the nations
largest health systems, Englewood, Colo.-based CHI operates in 18 states and comprises 93 hospitals,
including four academic medical centers and teaching hospitals: 24 critical-access facilities; community
health services organizations; accredited nursing colleges; home-health agencies; and other facilities that
span the inpatient and outpatient continuum of care. In fiscal year 2013, CHI provided $762 million in
charity care and community benefit, including services for the poor, free clinics, education and research.
LINDA L. MACDONALD, Vice President, Treasury Services

Linda was appointed Vice President, Treasury Services of Catholic Health Initiatives in October 2002.
Prior to assuming this role, Linda served as Director of Capital Finance for CHI since April 1997. Prior to
joining Catholic Health Initiatives (CHI), Linda was with Holy Cross Health System Corporation, South
Bend, IN for fourteen years and served in several finance roles.
In her role as Vice President, Treasury Services, Linda is responsible for the management of the national
investment, cash management, and capital finance functions for Catholic Health Initiatives. Assets
managed within the investment programs are approximately $13 billion and outstanding debt is $8.1 billion.
Linda holds a master of business administration degree from Indiana University, South Bend, Indiana and
a bachelor of business administration degree in accounting from Western Michigan University, Kalamazoo,
Michigan.
PARTICIPANTS
FEDERAL RETIREMENT THRIFT INVESTMENT BOARD

The Federal Retirement Thrift Investment Board administers the Thrift Savings Plan (TSP), a taxdeferred defined contribution plan similar to private sector 401(k) plans which provides Federal employees
the opportunity to save for additional retirement.
GREG LONG, Executive Director

Greg is the Executive Director of the FRTIB, the Federal Agency that administers the Thrift Savings Plan
(TSP). In this role, Greg serves as the Chief Executive Officer and managing fiduciary of the TSP. The TSP
services 4.6 million current and former Federal employees and Uniformed Service members with over $400
billion in assets, making it the largest defined contribution plan in the world. Prior to his appointment as
Executive Director, Greg was the FRTIB's Director of Product Development, where he was responsible for
the Agency's strategic planning functions and development of new services. Additionally, Greg managed
all research efforts to understand the attitudes and behavior of TSP participants. Before joining the FRTIB,
Greg spent seven years with State Street Bank and its CitiStreet affiliate, where he served as the Director
of Marketing for the American Bar Association Retirement Funds. In that position, he oversaw all
marketing activity for a program that provides 401(k) services to over 4,000 law firms nationwide. Prior to
State Street, Greg spent six years with Putnam Investments, most recently as the Regional 401(k) Director
in the southeast U.S. Greg was born in Boston and is a graduate of St. Anselm College in Manchester, New
Hampshire. He lives in the Washington D.C. Metro area with his wife and their children.
PARTICIPANTS
FIRE AND POLICE PENSION ASSOCIATION OF COLORADO

Fire and Police Association of Colorado (FPPA) was established in 1980 pursuant to Colorado Revised
Statutes. FPPA is located in Greenwood Village, Colorado and serves the entire state. As of December 31,
2010 FPPA counts their membership as 15,699 active firefighters and police officers and 8,451 retirees and
beneficiaries throughout the state of Colorado. The pension fund assets that FPPA administers totaled
approximately $3.3 billion.
FPPA is governed by a nine-member board of Directors who serve four-year staggered terms. Appointed
by the Governor and confirmed by the Senate, the FPPA Board of Directors is composed of two members
representing Colorado municipal employers, one member representing special districts volunteer
firefighters, one full-time paid police officer, one-full time paid firefighter, one retired police officer or
firefighter (who serves a six-year term), and three private citizens with experience in investments, disability
claims and personal administration.
DAN SLACK, Executive Director

Dan Slack has been the Chief Executive Officer of the Fire & Police Pension Association of Colorado
(FPPA) since December 2008. With a staff of 52 employees, FPPA administers retirement and disability
benefits for municipal police officer and fire fighters throughout the State of Colorado. FPPA has defined
benefit, defined contribution, hybrid and 457 plans for the benefit of its members, and has approximately
$4.5 billion in assets under management. Dan served as the Executive Director of the State Universities
Retirement System of Illinois (SURS) from December 2005 through December 2008, as Associate
Executive Director from 2003 until December 2005, and as General Counsel from September 1998 through
April 2006.
From 1991 until joining SURS, he provided legal advice to SURS as outside counsel. Dan was a partner in
the Illinois law firm of Thomas, Mamer & Haughey before joining SURS, where he represented pension
funds, individuals, and small businesses and their owners in their legal needs, including the areas of
qualified and non-qualified retirement plans, estate planning and real estate. Prior to joining Thomas,
Mamer & Haughey, he was an Assistant Attorney General for the State of Illinois, during which time he
also served as the director of one of the Attorney Generals regional offices. Dan is a member of the Global
Capital Markets Advisory Council of the Milken Institute and is a member of the CGNP Client Advisory
Board of BNY Mellon. In addition, he is Chair of the Investment Committee of the City of Centennial,
Colorado. Dan served as a member of the Standing Advisory Group of the Public Company Accounting
Oversight Board from 2011-2012. He served on the Executive Board of the National Association of Public
Pension Attorneys from 2003 through 2005, and has served on the boards and committees of various local
charities.
Dan has two degrees from the University of Illinois: a Bachelor of Arts, 1978, and a Juris Doctor, 1983.
PARTICIPANTS
FIRE AND POLICE PENSION ASSOCIATION OF COLORADO

JACK BLUMENTHAL, Trustee
Jack Blumenthal is a member of the board and audit committee chair of the Fire & Police Pension
Association of Colorado (FPPA) since 2009. FPPA has defined benefit, defined contribution, hybrid and
457 plans for the benefit of its members, and has approximately $4.5 billion in assets under management.
Its state-wide defined benefit plan has a funded ratio of 100%.
Jack led the financial services practice of Causey Demgen & Moore P.C. for more than 25 years. Causey
is the leading CPA firm in the U.S. providing verifications for the restructuring of tax exempt bonds and
asset backed securities, workouts of problem bond issues, and feasibility studies for large health care
financing projects. Jack has had partnership responsibility for services on more than 12,000 transactions
totaling more $400 billion and is currently of counsel to the firm leading its large problem debt and
healthcare practices.
Prior to joining Causey, Jack was a partner in Grant Thornton CPAs and served as the Chief Financial
Officer of a group of energy companies which were owned by Swiss shareholders. His career started with
Deloitte & Touche (including a stint as the Acting Budget Director of Newark, NJ) and was an officer in
the U.S. Coast Guard.
Jack is a member of the National Association of Corporate Directors, the American Institute of CPAs
(where he has been a member of the Consulting Services Executive Committee and the Technical Standards
Sub-committee), and holds an emeritus status as a Certified Management Consultant and Certified
Valuation Analyst, having been an officer of the Institute of Certified Management Consultants.
Jack currently is a member of the boards of the Colorado Fiscal Institute and Planned Parenthood of the
Rocky Mountains (where he serves as the audit committee chair and on their investment committees), a
member of the newly formed Steering Committee for Denver International Airport, which is owned by the
City and County of Denver, the Investment Committee of the Colorado Episcopal Foundation, and the
Colorado Counsel for the University of Michigan. He has served on the boards and finance committees of
InnovAge, a large Western U.S. healthcare services provider, and the American Heart Association. He also
speaks on fiduciary responsibilities at US Markets institutional investor conferences.
Jack holds a Bachelor of Arts in Economics from the University of Michigan and an MBA in Finance and
Accounting from the Stern School of Business of New York University. He enjoys biking and fitness
training.
PARTICIPANTS
HEWITT ENNISKNUPP, AN AON COMPANY

Hewitt EnnisKnupp, Inc, an Aon plc company (NYSE: AON) and SEC registered investment adviser,
provides investment consulting services to over 500 clients in the U.S. and abroad with total client assets
of approximately $2 trillion. More than 240 investment consulting professionals a result of the merger of
Hewitt Investment Group, Ennis, Knupp & Associates, and Aon Investment Consulting advise
endowment, foundation, not-for-profit, corporate and public pension plan clients ranging in size from $3
million to over $740 billion.
DAN KIM, Associate Partner

Dan, associate partner, manages consulting assignments for several Hewitt EnnisKnupp retainer and project
clients. He actively participates in the firms global private equity investment management research group
as a generalist and specializes in infrastructure funds. In addition, he serves as a member of the groups
Private Equity Investment Committee.
Prior to joining Hewitt EnnisKnupp in 2007, Dan served as a manager of research and analysis for a private
equity firm, vice president of research and analysis for a venture capital firm, and research analyst for a
portfolio manager and long-short hedge fund.
He holds a B.A. degree in economics from the University of Illinois.
PARTICIPANTS
THE LOS ANGELES COUNTY EMPLOYEES RETIREMENT

ASSOCIATION
The Los Angeles County Employees Retirement Association (LACERA) administers and manages the
retirement fund for the County of Los Angeles. It is the largest county retirement system in the United
States, serving more than 156,000 members. LACERA is governed by two nine member Boards: the Board
of Retirement is responsible for the overall management of the retirement association; the Board of
Investments is responsible for establishing LACERAs investment policy and objectives, as well as
exercising authority and control over the investment of the fund. Currently, the $40 billion retirement funds
investments are diversified across six asset classes: U.S. Equity, Non-US Equity, Fixed Income, Real
Estate, Private Equity and Commodities.
SHAWN KEHOE, Trustee, Board of Retirements and Investments

Mr. Kehoe holds a publicly elected position as a Trustee on the Board of Retirement and the Board of
Investment for the Los Angeles County Employee Retirement Association (LACERA). LACERA is a
public pension fund that administers and manages the largest county retirement system in the United States.
LACERA's total pension fund market value is approximately $48 billion, with an annual operating budget
of more than $65 million. His responsibilities include the oversight of retirements for all Los Angeles
County employees, overseeing a 44,000 member retiree health insurance program, fiscal considerations
impacting the fund, managing the LACERA portfolio and investments, and managerial / budgetary
oversight of LACERA operations. Mr. Kehoe serves as the board Secretary for the Board of Investments,
Chairs the Corporate Governance Committee and Operations Oversight Committee, and is a member of the
following committees: Equity: Public/Private Committee; Insurance, Benefits, and Legislative Committee;
Real Estate Committee; Audit Committee; and the CEO Performance Committee.
Academically, he holds a Master of Public Administration from the University of Southern California. He
also holds a graduate certificate in Executive Leadership from Cornell University, Bachelor of Science in
Business Administration (Finance) from Walden University, and an Associates Degree from Cerritos
College. In addition, he holds two executive certificates from the University of Pennsylvania, Stanford
University, the University of California, Berkeley, and the University of California, Los Angeles.
Professionally, Mr. Kehoe serves the Los Angeles County Sheriff's Department as a Lieutenant assigned to
the Inmate Reception Center. As a Lieutenant, he is a manager within the department, managing
approximately 5 sergeants, 80 deputies and custody assistants, along with approximately 20-30 professional
staff. He is indirectly responsible for more than 9,000 employees.
Mr. Kehoe is happily married to his wife of ten years. She is a Doctor of Chiropractic and Licensed
Acupuncturist. They are the proud parents of a 15 month old baby girl. In his spare time he enjoys traveling,
photography, and hiking
PARTICIPANTS
NEW YORK STATE COMMON RETIREMENT FUND

The New York State Common Retirement Fund (CRF or the Fund) holds assets in trust for more than
one million employees and retirees from State governments, most local governments and some public
authorities. State Comptroller Thomas P. DiNapoli is the sole trustee and manager of the CRF.
Since taking office, Comptroller DiNapoli has made it a primary objective to manage the $176.8 billion (as
of March 31, 2014) CRF in a manner that maximizes investments and provides security for employees
through their golden years. He has instituted a number of reforms to make the CRF one of the most
transparent and prudently managed public pension funds in the country.
ANASTASIA TITARCHUK, Director, Absolute Return Strategies

Anastasia is the Director of Absolute Return Strategies at the $180 billion New York State Common
Retirement Fund. In this capacity she oversees a $7 billion portfolio of hedge funds. Ms. Titarchuk has over
15 years of experience on Wall St. working in a variety of roles ranging from Emerging Markets, Interest
Rates trading and Equity Derivatives sales. Prior to joining New York State, she was a Director of
International Derivatives Sales at Bank of America from 2009 to 2010. Before that, Ms. Titarchuk was with
Lehman Brothers and then Barclays Capital from 2006 to 2009, where she managed a sales team focused
on volatility as an asset class and on marketing global equity and derivative products to an international
client base. Ms. Titarchuk began her Wall St. career at JP Morgan in 1998 where she held multiple roles on
a variety of desks ranging from Emerging Markets Capital Markets, Short Term Interest Rate trading and
finally Equity Derivatives marketing covering the entire spectrum of institutional clients. Ms. Titarchuk
graduated from Yale University with a B.S. in Applied Mathematics, Summa Cum Laude.
PARTICIPANTS
NEW YORK STATE TEACHERS RETIREMENT SYSTEM

The New York State Teachers Retirement System (NYSTRS) was created in 1921 by an act of the state
legislature. The System administers the fund from which the states public school teachers and
administrators, excluding those in New York City, receive retirement and ancillary benefits under a defined
benefit plan.
NYSTRS is one of the 10 largest public retirement funds in the world, based on portfolio size and total
membership. Consistently among the top performing systems, NYSTRS has assets of approximately $107
billion and pays out more than $6 billion annually in benefits.
The System is governed by a 10-member board, which sets policy and oversees operations. More than 375
employees are responsible for the day-to-day administration of the System, which serves more than 420,000
members and 800 employers.
Nick Smirensky, Chief Investment Officer

Nick is Chief Investment Officer of the New York State Health Foundation and is responsible for managing
the Foundations investment portfolio and developing its investment strategy. Prior to joining the
Foundation, Mr. Smirensky was deputy chief investment officer and director of alternative investments
with the New York State Common Retirement Fund.
Nick Smirensky holds the CFA designation, a BA degree from Columbia College, and a MA degree from
Columbia University. Mr. Smirensky is a trustee and a member of the Investment Committee of the New
York State Teachers Retirement System, an Adjunct Assistant Professor at NYU/Wagner, and an Adjunct
Professor at Union Colleges Graduate School of Management.
PARTICIPANTS
OFFICE OF THE STATE TREASURER CALIFORNIA

The California State Treasurer's Office manages the State's Pooled Money Investment Account, which
invests monies on behalf of state government and local jurisdictions to help them manage their fiscal affairs.
The Treasurer serves on the boards of the Public Employees' Retirement System (CalPERS) and State
Teachers' Retirement System (CalSTRS). CalPERS and CalSTRS are significant investors/stockholders in
the American and global economies. The pension funds provide for the retirement of their members and
also perform a variety of other services for them. As an example, CalPERS is the second largest purchaser
of health care services in the country.
The Treasurer's Office finances a variety of important public works needed for the State's future, including
schools and higher education facilities, transportation projects, parks, and environmental projects.
BILL LOCKYER, Treasurer, State Of California

Lockyers public service career has spanned more than three decades. From 1999-2006, he served as
California Attorney General and fashioned one of the most impressive records of accomplishments in the
offices history. He created the nations most effective and sophisticated DNA forensic crime laboratory.
He cracked down on Medi-Cal fraud, established the Megans Law website to track registered sex
offenders, and recovered billions of dollars for defrauded energy ratepayers, consumers and taxpayers.
Prior to his election as Attorney General in 1998, Lockyer served 25 years in the California Legislature.
He culminated his Capitol career as Senate President pro Tempore, crafting agreements to balance the state
budget and make government work better for taxpayers.
Lockyer graduated from the University of California, Berkeley. Lockyer earned his law degree from
McGeorge School of Law in Sacramento while serving in the State Senate. He also received a teaching
credential from California State University, Hayward. He is married to Nadia Maria Lockyer and has a
daughter, Lisa, and a son, Diego.
PARTICIPANTS
OFFICE OF THE CITY TREASURER CHICAGO

Office of the City Treasurer (Chicago) is the custodian and manager of all cash and investments for the
City of Chicago, the four city employee pension funds and the Chicago Teachers Pension Fund. In addition,
the Treasurers office manages a number of programs that promote economic development in Chicago. The
Treasurer is one of three city-wide elected officials in the City of Chicago, with the Mayor and the Clerk
being others.
STEPHANIE D. NEELY, Treasurer, City of Chicago

Chicago Treasurer Stephanie Neely is a native Chicagoan with deep ties to the City and a strong
commitment to its civic and financial well-being. She grew up on the South Side and comes from a family
of entrepreneurs. She learned early the value of hard work and fiscal responsibility.
Ms. Neely graduated from Smith College with an economics degree and earned her MBA from the
University of Chicago. She spent more than 20 years in the private sector as an investment banker, most
recently serving as a VP with Northern Trust Global Investments. She was re-elected to a second term as
City Treasurer in 2011, where she oversees a portfolio of $8 billion dollars. She also serves on the Citys 5
Pension Boards.
Ms. Neely has re-invented the Treasurers Office by streamlining its operations. She has also created a
series of innovative programs, including the Small Business Loan Program and Financial Education for
Chicago Public School Students.
PARTICIPANTS
OFFICE OF THE STATE TREASURER NORTH CAROLINA

The North Carolina Department of State Treasurer has broad authority over the finances of the state. It
manages the North Carolina Retirement Systems, the eleventh largest public pension fund in the country.
It provides retirement benefits and savings for more than 875,000 North Carolinians, including teachers,
state employees, firefighters, police officers and other public workers. The Department also oversees the
North Carolina State Health Plan for Teachers and State Employees, which provides health care coverage
to more than 670,000 teachers, state employees, retirees, and their dependents. The Department acts as
fiscal advisor to the State and local governments and oversees local government finance, manage state and
local debt issuance, and interface with bond rating agencies. It operates the State Bank and provide internal
accounting and financial reporting and manages the states Unclaimed Property program.
JANET COWELL, Treasurer, State of North Carolina

Janet Cowell is North Carolinas popularly elected Treasurer and is the first woman to hold the office.
Cowell oversees more than $90 billion in pension investments for the more than 875,000 teachers,
firefighters, and public employees in North Carolina. As Treasurer, she manages the 32nd largest public
pension in the world and the third most solid in the nation. In 2013, Treasurer Cowell was named one of
the top 25 public pension executives in the world by Sovereign Wealth Fund Institute. Cowell is a Wharton
School of Business alumna.
PARTICIPANTS
OFFICE OF THE STATE TREASURER OREGON

The Office of the Oregon State Treasurer is a sophisticated organization with a wide range of financial
responsibilities, including managing the investment of state funds, issuing all state bonds, serving as the
central bank for state agencies, and administering the Oregon 529 College Savings Network. The State
Treasury seeks to provide the highest value to taxpayers by protecting public funds and earning strong
investment returns -- and by being an efficient, transparent and accountable organization.
JOHN D. SKJERVEM, Chief Investment Officer

As Chief Investment Officer for the Oregon State Treasury (OST), Mr. Skjervem oversees an investment
team that manages a financial and real asset portfolio valued at $87.5 billion as of December 31, 2013 and
includes the states $67.9 billion Oregon Public Employees Retirement Fund.
Prior to his appointment at OST, John held a variety of portfolio management and leadership positions at
Northern Trust including Chief Investment Officer for the firms $170 billion (AUM) Personal Financial
Services division. John started his career as an associate economist for consultants Natelson Levander
Whitney, and also worked as a public finance specialist for investment bankers Ehrlich Bober & Co.
John earned an M.B.A. with concentrations in finance and statistics from the Booth School of Business at
the University of Chicago, and received a bachelors degree in Economics from the University of California
at Santa Barbara. He holds the Chartered Financial Analyst designation, formerly served as a director of
the CFA Society of Chicago and is an honorary board member for the St. Francis Foundation in Santa
Barbara, CA.
PARTICIPANTS
PENSION CONSULTING ALLIANCE, INC.

PCAs core mission is to partner with our clients to create world class customized investment solutions that
appropriately mitigate risk and enhance long term performance potential. This mission is implemented
through a broad range of customized services and products offered by our firm.
Within this dynamic environment, PCA remains innovative. The firm has assisted clients in tackling
investment, portfolio and policy issues with creative, independent perspectives. In so doing, PCA has had
the opportunity to work closely with clients in developing special programs and tools, policies and new
investment vehicles which have often been duplicated and incorporated into industry standards within the
plan sponsor landscape.
PCA offers its clients a fully customized approach to services, as each client has unique goals, objectives
and risk tolerance as well as an individual structure and staffing levels. Over the past quarter century, the
firm has helped dozens of institutional clients, each with unique portfolios, governance structures and
perspectives, navigate dynamic market conditions over multiple cycles.
PCA serves a mix of clients that include large public plan sponsors, endowments, Taft-Hartley funds and
529 college savings plans. Presently, PCA has 32 clients representing over $1 trillion in plan sponsor
investment assets.
ALLAN EMKIN, Managing Director
Mr. Emkin founded Pension Consulting Alliance, Inc. in 1988, with offices in Los Angeles, Chicago, New
York City, and Portland, Oregon.
A longtime member of the consulting community, Mr. Emkin has twenty-five years of general consulting
experience emphasizing public plan administration and investment policy, as well as international, global,
and real estate investments.
Mr. Emkin was a Vice President at Wilshire Associates before forming PCA in 1988. Prior to his work in
the consulting field, Mr. Emkin worked in the California Governors office in the Pension Investment Unit.
Before joining the Brown administration, he was a registered lobbyist for ten years specializing in
affordable housing and other matters affecting low-income families.
Mr. Emkin is a frequent speaker at various conferences and educational seminars and has long standing
relationships with Liberty Hill Foundation in Santa Monica, California as well as The Labor and Worklife
Program at Harvard University.
PARTICIPANTS
TORREYCOVE CAPITAL PARTNERS

TorreyCove is a non-discretionary specialist advisor focusing exclusively on private equity and real assets
with approximately $27 billion assets under advisement. TorreyCove works with its clients through a
variety of customized structures which includes: comprehensive advisory engagements, specialized
advisory engagements and separate accounts. Within these structures TorreyCove provides functional
activities in the following areas: primary fund investing, secondary fund investing, secondary sales, coinvesting, strategic and tactical planning, investment selection, investment pacing, market research,
investment monitoring and reporting, and other special projects as determined by our clients.
DAVID FANN, President and Chief Executive Officer

Mr. Fann is President and Chief Executive Officer of TorreyCove Capital Partners in San Diego. He has
led investment organizations that have invested/committed over $25 billion in private equity investments.
With 28 years of experience in the private equity industry, Mr. Fann has invested in over 25 leveraged
buyout, private equity and venture capital investments as a lead investor or co-investor, of which ten became
publicly traded through successful initial public offerings and a number were acquired by Fortune 500
companies. Prior to founding TorreyCove, Mr. Fann was the President and Chief Executive Officer of PCG
Asset Management, LLC. Previously, he was a Managing Director of US Trust and a Vice President of
Citicorp Venture Capital. Mr. Fann has served on the board of directors of eleven companies, as a board
observer for seven, as chairman of the board of directors for two companies, and currently serves on the
board of directors for the Robert H. Toigo Foundation and the Association of Asian American Investment
Managers. He holds dual Bachelors degrees in Industrial Engineering and Economics from Stanford
University.
PARTICIPANTS
WASHINGTON STATE INVESTMENT BOARD

The Washington State Treasurers Office is responsible for the safety and security of public funds
now and into the future. Their mission is to manage investments, debt and cash to preserve and enhance
Washington States strong financial standing, build economic vitality, and get the highest possible value
for every tax dollar in a rapidly changing financial and regulatory environment. As Washington's chief
financial officer, the Treasurer provides reliable and low cost banking services for state agencies, secure
investment options for the state and its local governments, prudent low-cost financing for state construction
projects, and trustworthy accounting services that provide transparency for the public.
JAMES McINTIRE, State Treasurer

James L. McIntire was elected as Washington's 22nd State Treasurer in 2008. McIntire was elected to chair
of the State Investment Board in September, 2011. He also chairs the State Finance Committee and the
Public Deposit Protection Commission. He is Co-Chair of the Democratic State Treasurers and the
immediate past president of the Western State Treasurer's Association.
Prior to this election, he was a successful business economist for Navigant Consulting Inc. McIntire earned
his PhD in economics at the University of Washington, where he founded and directed a fiscal policy center
and taught economics for 25 years. He began his political career working in the U.S. Senate for Hubert
Humphrey, and served as a policy advisor to congressional committee chairmen and Washington governors.
He has chaired statewide boards on economic development and nonprofit housing.
As a five-term State Representative, McIntire provided leadership on several financial committees. He
sponsored the first state law making identity theft a crime, a constitutionally protected, "Rainy Day
Account," performance audits, priorities of government budgeting, and the new Citizen Commission for
Performance Measurement of Tax Preferences. During a budget shortfall, McIntire helped to re-enact the
estate tax and raise cigarette taxes to pay for schools and children's health care.
PARTICIPANTS
WEST VIRGINIA INVESTMENT MANAGEMENT BOARD

The West Virginia Investment Management Board (WVIMB) was created during the 1997 legislative
session and is cited as the West Virginia Management Board Act. The legislative findings of the Act make
it clear that the WVIMB was intended to be a professional, apolitical, financial management organization
dedicated to the interests of the States teachers, public employees and workers in general. The Act was
intended to give the WVIMB ...the authority to develop, implement and maintain an efficient and modern
system for the investment and management of the States money. In order to accomplish the purpose, the
Act further states that the WVIMB must ...Operate as an independent board with its own full-time staff of
financial professionals immune to changing political climates...[West Virginia Code 12-6-1 (a)(b)] The
Act also mandates that the assets of the Defined Benefits Plans for Teachers, Deputy Sheriffs, Public
Employees and Workers Compensation Fund and The Coal Workers Pneumoconiosis Fund, are
declared to be irrevocable trusts, available for no use or purpose other than the benefit of those public
employeesworkers, miners and their beneficiaries [West Virginia Code 12-6-1]
CRAIG SLAUGHTER, Executive Director

Craig is Executive Director of the West Virginia Investment Management Board, the entity responsible for
investing the states moneys, its defined benefit plans, and Workers Compensation Funds. Mr. Slaughter
has been responsible for the States investment portfolio since leaving the practice of law in 1989. He has
been instrumental in bringing the states investment structure into the modern era.
He has a Juris Doctor degree from West Virginia University College of Law and Bachelor of Arts degree
from Cornell University. He is a member of the CFA Institute, the IMCA, and the National Association of
Public Pension Attorneys and the West Virginia State Bar. He also serves on the boards of the West Virginia
Land Trust, the West Virginia Cycling Foundation and the Bridgemont Community and Technical
Foundation.
PARTICIPANTS
WILSHIRE ASSOCIATES
Wilshire Associates Incorporated was founded in 1972. They provide full service investment consulting
to institutional plan sponsors. This included: asset/liability modeling, asset allocation policy development
and implementation, investment structure analysis and implementation, manager evaluation and selection,
manager guidelines development, performance measurement and attribution, risk budgeting, client
education and investment research.
JULIA BONAFEDE, CFA, President and Principal

Julia is the head of Wilshire Consulting and is a member of Wilshires Board of Directors and Wilshires
Investment Committee. She leads over 90 consulting professionals servicing more than 200 client
relationships. She brings a strong history and philosophy of portfolio risk management and research to
Wilshire Consulting and has helped her team expand the consulting business into Outsourced CIO and Risk
Consulting Services for clients.
Julia continues to consult on certain client relationships and conduct project work. She speaks at industry
conferences on a wide range of topics which include: risk management, fiduciary issues, asset allocation
and rebalancing, the market environment and the evolution of the investment consulting business. She
joined Wilshire Associates in 1991; she then moved to Wilshire Analytics in 1993, started Wilshires
European Analytics business in London. In 1999, Ms. Bonafede headed Wilshire Analytics U.S.-based
client service group located in Wilshires New York and Santa Monica offices.
Her Publications include, The Wilshire 5000 Total Market Index: The Logistics Behind Managing BroadBased Indexes, Journal of Indexes, 3rd Quarter 2003; and A Multi-Period Linking Algorithm that has
Stood the Test of Time, The Journal of Performance Measurement, Volume 7: Number 1. Ms. Bonafede
earned a B.S. in Marketing from the University of Colorado and an M.B.A. in Finance and Entrepreneurship
at the University of Southern California. She is a member of the CFA Institute and is a founding member
of the United Kingdom Society of Investment Professionals.
ANDREW JUNKIN, CFA, CAIA, Managing Director.
Andrew is responsible for providing service to a variety of corporate and public retirement plans ranging
in size from $100 million to over $200 billion. Andrew joined Wilshire in 2005 to work with the firm's
consulting clients, and currently sits on Wilshire Consultings Investment Committee. He has 18 years of
investment experience with the last 17 years in the consulting industry. Prior to joining Wilshire, he was
director of research and senior consultant at Asset Services Company where he provided advice to
institutional investors. Mr. Junkin began his career as a financial consultant with Merrill Lynch in
Oklahoma City. He earned a B.S. from Oklahoma City University, attended business school at the Price
College of Business at the University of Oklahoma and earned his MBA from The Wharton School of the
University of Pennsylvania. Mr. Junkin holds the Chartered Financial Analyst and Chartered Alternative
Investment Analyst designations.
Aspen
The Aspen Meadows Resort
August 24-27, 2014
Attendee List
Allan Emkin
Owner, Managing Director
Pension Consulting Alliance
Ambassador Robert Hunter

Senior Fellow
Center for Transatlantic Relations - SAIS
Anastasia Titarchuk
Director, Absolute Return Strategies
New York Common Retirement Fund
Andrew Barous
Investor Relations Director
New Mountain Capital
Andrew Junkin
Managing Director
Wilshire Associates
Bill Lockyer
California State Treasurer
State Treasurers Office
Dr. Xiang Bing

Founding Dean
Cheung Kong Graduate School of Business (CKGSB)
Bill Stirling
Former Mayor of Aspen, Partner
Stirling Peak Properties
Brian Clarke
Executive Director
IFM Investors
Craig Slaughter
Executive Director
West Virginia Investment Management Board
Dan Slack
Executive Director
Fire & Police Pension Association of Colorado
Daniel Kurtzer
Professor, Middle East Policy
Princeton University
David Fann
President and Chief Executive Officer
TorreyCove Capital Partners
Garen Staglin
Co-Founder &Co-Chairman
One Mind
George Handy
Managing Director
AIEG
George Siguler
Managing Director and Founding Partner
Siguler Guff & Company
Governor Scott McCallum

Former Wisonsin Governor
Greg Long
Executive Director
Federal Retirement Thrift Investment Board
Gregory Smith
Chief Executive Officer
Colorado PERA
Hemali Dassani
Director, Investor Relations
Castle Harlan, Inc
Howard D. Morgan
Co-President
Castle Harlan, Inc
Isaac Applebaum
Advisor to the Mayor of Jerusalem
Jack Blumenthal
Board Trustee
Fire & Police Pension Association of Colorado
Dr. Jandel Allen - Davis

VP, Government, External Relations & Research
Kaiser Permanente
The Honorable James McIntire

WA State Treasurer
Washington State
The Honorable Janet Cowell

State Treasurer
North Carolina Department of State Treasurer
Jim Liptak
Director of Equities
Colorado PERA .
John McAullif
Executive Director
Fund for Reconciliation and Development in Cuba
John Skjervem
Chief Investment Officer
Oregon State Treasury
Jonathan Kanterman
Partner
Institutional Asset Advisors
Jose Viera
Retired Diplomat and Attorney for US tour group
Julia Bonafede
President of Consulting
Wilshire Associates
Dr. Kelly Posner Gerstenhaber

Founder & Director
Center for Suicide Risk Assessment,
Columbia University
Lauren Rosenthal
Conference Operations
World Pension Forum
Lee Giannone
Managing Director
American Realty Capital
Linda MacDonald
Vice President. Treasury Services
Catholic Health Initiatives
Luba Krym
Assistant Vice President
Maria Cecilia Bermudez

Retired Diplomat and Staff Member
Cuba UNESCO Committee
Melissa Santaniello
Founder
Alignment of Interest Association
Dr. Minxin Pei

Tom and Margot Pritzker 72 Prof. of Govt,
Director, Keck Center and George R. Roberts Fellow
Claremont Mckenna College
Dr. Murray Zucker

Senior Medical Director, TelePsychServices
OPTUM
Nick Smirensky
Trustee
New York State Teachers Retirement System
Philip A. Schaefer
President
World Pension Forum
Professor Shireen T. Hunter

Visiting Professor
Georgetown University
Ranji Nagaswami
Former Chief Investment Advisor
Pension to New York City
Renate Martin
President
Innovations in Travel
Richard Costigan
Board Member
CalPERS
Sameer Jain
Chief Economist and Managing Director
American Realty Capital
Shawn Kehoe
Trustee, Board of Retirement and Investments
LACERA
The Honorable Stephanie Neely

City Treasurer
City of Chicago
William Mayer
Chairman
Aspen Institute
Dan Kim
Associate Partner
Hewitt EnnisKnupp

The World Pension Forum

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4th Annual Aspen Summit

Reaching New Heights

World Pension Forum

World Pension Forum would like to express its deep

Castle Harlan, Inc

Philip Schaefer, President, World Pension Forum

World Pension Forum

Conference Attire and Event Information

World Pension Forum

Registration and Reception: Barksdale Lobby, Doerr-Hosier Center

Breakfast: The Meadows Restaurant

Conference Session: Lauder Seminar Room, Koch Building

Keynote: Dr. Minxin Pei, Tom and Margot Pritzker 72 Prof. of

Morning Break Koch Lobby

Challenges Investors Are Now Facing

The Future of Healthcare

Keynote: George Siguler, Managing Director and Founding

Lunch: The Meadows Restaurant

The geostrategic perspective

Keynote: Introduction by Isaac Applbaum, Advisor to the Mayor

Infrastructure and Real Assets

Conclusion of Day 1 Sessions

Dinner: Lynn Britt Cabin

Breakfast: The Meadows Restaurant

Conference Session: Lauder Seminar Room, Koch Building

In Memory of Joe Dear, CalPERS

Bill Lockyer, California State Treasurer

Keynote: Introduction by Bill Mayer, Chairman Emeritus, The

Morning Break: Koch Lobby

Economic Normalization With Cuba: What The Future Holds?

Lunch: Meadows Restaurant

Manager Selection Risks

Conclusion of Day 2 Sessions

Breakfast: The Meadows Restaurant

Roundtable Session: Lauder Seminar Room, Koch Building

Roundtable Discussion: The Future of Retirement?

DR. JANDEL ALLEN - DAVIS

MARIA CECILIA BERMUDEZ

DR. XIANG BING

DR. KELLY POSNER GERSTENHABER

AMBASSADOR ROBERT E. HUNTER

PROFESSOR SHIREEN HUNTER

GOVERNOR SCOTT MCCALLUM

RANJI NAGASWAMI, CFA

DR. MINXIN PEI

DR. MURRAY ZUCKER

CASTLE HARLAN, INC

Howard D. Morgan, Co-President

CASTLE HARLAN, INC

NEW MOUNTAIN CAPITAL

Andrew D. Barous, Investor Relations Director

LEE GIANNONE, Managing Director

LUBA KRYM, Assistant Vice President

SIGULER GUFF AND COMPANY

SIGULER GUFF AND COMPANY

CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM

RICHARD COSTIGAN, Board Member

COLORADO PUBLIC EMPLOYEES RETIREMENT ASSOCIATION

GREG SMITH, Executive Director, Public Employees Retirement Association of Colorado

COLORADO PUBLIC EMPLOYEES RETIREMENT ASSOCIATION

CATHOLIC HEALTH INITIATIVES

LINDA L. MACDONALD, Vice President, Treasury Services

FEDERAL RETIREMENT THRIFT INVESTMENT BOARD

GREG LONG, Executive Director