PAY IT Twelfth Annual - Emerging Manager & MWBE Conference
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PAY
IT
Twelfth Annual
Emerging Manager & MWBE Conference
February 15, 2019
New York State Comptroller
THOMAS P. DiNAPOLI
Message from the Comptroller
Dear Friends:
Greetings to all those gathered today for the
12th Annual Emerging Manager & MWBE
Conference hosted by the Office of the New York
State Comptroller on behalf of the New York State
Common Retirement Fund. Valued at $207 billion
at the close of our last fiscal year, the Common
Retirement Fund holds and invests assets to
assure the retirement security of some 1.1 million
public employee members and pensioners.
Thomas P. DiNapoli
Special thanks are due to this year’s featured State Comptroller
speakers: Joseph Bae, Co-President, KKR; Frank
Baker, Managing Partner, Siris Capital Group; Arnold Donald, President,
Carnival Corporation; and Kathleen McCarthy, Global Co-Head, Blackstone
Real Estate. I’m honored to welcome them to Albany for our annual event.
The Emerging Manager Program was designed to enable the Common
Retirement Fund to engage with innovative ideas and strategies and develop
mutually beneficial relationships with talented investment managers, including
newer firms, smaller firms and minority- and women-owned business
enterprises (MWBEs). The Program has contributed significantly to the Fund’s
success, and over the last dozen years we have doubled our Emerging
Manager commitment to $6.2 billion, expanded the Program to cover nearly
every major asset class, and graduated numerous participants who now
receive direct Fund allocations. This Annual Conference represents a great
opportunity for prospective emerging managers to meet with Fund staff and
advisors and learn more about doing business with the Common Retirement
Fund, as well as to share our guest speakers’ reflections on the importance of
Paying It Forward in support of the next generation.
Thank you for joining us, and best wishes for a productive conference.
Contents
Detailed Agenda_____________________________________________________ 2
Letters from Supporters _______________________________________________ 5
Speakers ____________________________________________________________ 15
Featured Speakers _____________________________________________ 15
Panels _________________________________________________________ 17
New York State Common Retirement Fund_____________________________ 32
About the New York State Common Retirement Fund _____________ 32
MWBE Strategy _________________________________________________ 33
Strategic Investment Programs__________________________________ 34
Common Retirement Fund Team _______________________________________ 41
Emerging Manager Partners ___________________________________________ 51
Supporting Program Partners____________________________________ 59
Logistics_____________________________________________________________ 60
Map of Event Space_____________________________________________ 61
Agenda at a Glance__________________________________________ Back Cover
1
Detailed Agenda
February 15, 2019 | Albany Capital Center
8:00 – 9:00 Registration Lobby
Continental Breakfast Second floor
9:00 – 10:15 Pay It Forward Second floor
Video
Welcome & Opening Remarks
Mona S. Williams, President, Progress Investment Managing Company
Thomas P. DiNapoli, New York State Comptroller
Anastasia Titarchuk, Interim Chief Investment Officer, NYSCRF
Sheryl Mejía, Director of Emerging Managers, NYSCRF
Keynote Speaker
Frank Baker, Co-Founder & Managing Partner, Siris Capital Group
10:15 – 10:30 Break
10:30 – 11:15 New York State Common Retirement Fund – Perspectives Second floor
New York State Common Retirement Fund staff discuss their
portfolio goals and how they have partnered with smaller, emerging
and diverse managers.
Moderator: Nav Patel, Interim Deputy Chief Investment Officer
• Jay Chambers, Investment Officer, Global Equities
• Gianna McCarthy, Co-Director, Corporate Governance
• Tom McGrath, Senior Investment Officer, Private Equity
• Stacey Murley, Investment Officer, Fixed Income
11:15 – 11:30 Break
11:30 – 12:15 Limited Partner Perspectives – Second floor
The Lens of Emerging Manager Investing
A variety of institutional allocators discuss their different approaches
to asset allocation, manager selection and investing with emerging managers.
Moderator: David Anderson, Senior Investment Officer,
Emerging Managers, New York State Common Retirement Fund
• Edson Edwards, Investment Officer, Federal Reserve Office
of Employee Benefits
• Christopher Farrington, Managing Director – Advisory Services,
Pavilion Alternatives Group, LLC (Boston)
• Dana S. Johns, Senior Portfolio Manager, Private Equity,
State of Maryland Retirement System
• Tyson Pratcher, Head of Investments, TFO USA Limited
2
12:15 – 1:15 Luncheon Second floor
Featured Speaker
Arnold W. Donald, President & CEO, Carnival Corporation
1:15 – 2:00 Fireside Chat – It Takes a Village Second floor
Moderator: Sheryl Mejía, Director of Emerging Managers,
New York State Common Retirement Fund
Featured Speakers
Joe Y. Bae, Co-President & Co-Chief Operating Officer, KKR
Kathleen McCarthy, Senior Managing Director & Global Co-Head,
Blackstone Real Estate
2:00 – 2:15 Break
2:15 – 3:15 Asset Class Panel Discussions First floor
Global Equities & Fixed Income Rooms 1A & B
Learn how firms managing publicly listed securities have
evolved and thrived in an era dominated by passive investments.
Moderators: Jon Lieber, Director of Fixed Income, and
Evril Clayton, Deputy Director of Global Equities,
New York State Common Retirement Fund
• Nicole Mardel, Senior Global Equities Analyst,
Bell Asset Management
• Ellen Safir, Founder and CIO, New Century Advisors
• Jennifer Silver, Founder and Managing Partner,
Redwood Investments
• Thyra Zerhusen, CEO and CIO, Fairpointe Capital
Opportunistic Strategies Room 2A
Hear from managers and leading investment consultants
on how to position strategies for growth and success.
Moderator: Art Richardson, Senior Investment Officer, Opportunistic
and Absolute Return Strategies, New York State Common Retirement Fund
• Troy Dixon, Managing Partner and CIO, Hollis Park Partners
• Sylvia Owens, Senior Portfolio Advisor, Aksia
• Siddarth Sudhir, Managing Director, RockCreek
• Junji Takegami, Managing Partner, Tiger Pacific Capital
• Wayne Yu, CEO and CIO, BCK Capital Management
3Private Equity Room 2B
Discover how these firms have navigated GP/LP relationships,
firm building, partnership and investment success.
Moderator: Joe Dawson, Deputy Director of Private Equity,
New York State Common Retirement Fund
• Craig Fowler, Managing Director, HarbourVest Partners
• Manuel D. Medina, Founder and Managing Partner, Medina Capital
• Nav Rahemtulla, Founding Partner, LightBay Capital
• Alfred D. Sharp, Managing Director,
Muller & Monroe Asset Management
Real Estate, Real Assets & Infrastructure Room 2C
Join the discussion on how the Common Retirement Fund
has expanded its reach with emerging teams and emerging allocators
across the real assets landscape.
Moderators: Manuel Casanga, Director of Real Estate and Real Assets
and James Celestine, Senior Investment Officer, Real Assets,
New York State Common Retirement Fund
• Peter Braffman, Managing Director, GCM Grosvenor
• Michael McKenzie, Managing Director, Grain Management
• John R. Williams, President and CIO, Avanath Capital Management
• Manny Ybarra, Founder and President, Pillar Commercial
3:15 – 4:00 Comptroller’s Dessert Reception First floor
4SUPPORTERS
January 10, 2019
Dear Colleague,
AIF Global (AIF) is pleased to support the Annual Emerging Manager Conference of the Office
of the New York State Comptroller (OSC) and the New York State Common Retirement Fund
(NYSCRF). It applauds their efforts to increase the diversity of the NYSCRF’s asset managers.
AIF is an independent think tank focusing on institutional investment policy. Its mission is to
promote the exchange of best ideas, practices, and information among institutional investors
globally to help them achieve their investment objectives.
AIF travels the world with preeminent finance academics, consultants and asset managers to
bring thought leading ideas to institutional investors that own or control the world’s largest pools
of capital.
Among its initiatives, AIF collaborates with domestic and foreign governments in building a
global community of preeminent women investors. It also partners with a Big Four accounting
firm in performing cutting edge research on investing by women.
AIF Global is proud to have collaborated with OSC and NYSCRF for more than 13 years in
developing thought leading investment programs. For nearly 12 of those years, New York State
Comptroller Tom DiNapoli has been at the helm. AIF has been privileged to work with the
NYS Comptroller and his team to help them discharge their responsibility to pay pensioners
their promised benefits.
AIF looks forward to deepening its collaboration with OSC and to supporting OSC’s role as a
global leader in responsible investing.
Sincerely,
Brant K. Maller
Founder and CEO | AIF Global
Melissa Waller
President | AIF Institute
5SUPPORTERS
HONORARY BOARD MEMBERS
David Fann
TorreyCove Capital Partners
Ginger Lew
Cube Hydro Partners; Former Senior
Counselor to the White House
The Honorable Norman Y. Mineta February 15, 2019
Hill & Knowlton
Maeley L. Tom
Former Trustee, CalPERS Board Dear Colleagues:
Roger J. Sit
Sit Investment Advisors
The Association of Asian American Investment Managers ("AAAIM") is pleased to continue its support of the New
York State Comptroller Thomas DiNapoli and the New York State Common Retirement Fund's (NYSCRF) annual
Ambassador Linda Tsao Yang Emerging Manager Conference.
Pacific Pension Institute
BOARD CHAIRS NYSCRF’s Emerging Manager Conference is but one example of the strong commitment and vision of Comptroller
Brenda Chia DiNapoli and the Investment Team to increase the pool of qualified fund managers to which it allocates its funds
Paladin Capital Group
by opening doors to smaller, newer and/or MWBE investment managers that would ordinarily not have the
Sanjiv K. Shah opportunity to learn about NYSCRF’s investments and investments allocation process and network with seasoned
HarbourVest Partners allocators and other investment managers. Such outreach ensures that NYSCRF has access to the best and the
BOARD VICE CHAIR brightest fund managers across the United States to support its beneficiaries with appropriate long-term risk
Gordon Liao adjusted returns.
Modjule LLC
BOARD MEMBERS AAAIM is a non-profit organization that was formed with the mission to advance Asian Americans/Pacific Islanders
Jay Eum in the asset/investment management industry and that in general, promotes ethnic and gender diversity within
TransLink Capital
the investment industry. Our expansive network of both seasonsed investors and seasoned and rising investment
Clayton Jue managers handle over one trillion dollars of assets under management, collectively. AAAIM’s network continues
Leading Edge Investment Advisors to grow as we further engage more industry professionals and investors, raise awareness of our organization and
Bennett Kim
the importance of our mission internationally and collaborate with other non-profit organizations that share our
Big Rock Acquisition Corporation vision of supporting and promoting the inclusion and advancement of diverse investment managers. It is through
our partnership with the largest public pension plans in the United States such as NYSCRF that we are able to
David Lam
Atlantic Bridge Capital
succeed in our mission.
Tony Lee AAAIM, its members and the Asian American/Pacific Islander investment community look forward to a productive
Progress Investment Management
Company and enduring relationship with the New York State Common Retirement Fund.
Diana Liu
Chicago Housing Authority With deepest respect and admiration,
Prashant Mehrotra
Clearlake Capital Group
Andreas Moon
I Squared Capital Brenda Chia Sanjiv Shah Grace Reyes
Board Co-Chair Board Co-Chair President
William Park
UBS
Heidi Poon
TorreyCove Capital Partners
Susan Soh
Sightway Capital
Cynthia Tseng
Fairview Capital Partners
GENERAL COUNSEL
Dolph Hellman
Orrick, Herrington & Sutcliffe, LLP
PRESIDENT
Grace Reyes
c/o LEIA
50 California Street,
Suite 2320
San Francisco, CA 94111
Tel: (415) 889-0195
www.aaaim.org
6SUPPORTERS
The Honorable Thomas P. DiNapoli
New York State Comptroller
Office of the State Comptroller
110 State Street
Albany, NY 12236
Dear Comptroller DiNapoli,
On behalf of the membership of the National Association of Investment Companies (NAIC), we are
honored to participate in the 12th Annual Emerging Manager Conference. We appreciate working with
you in advancing the efforts to increase the diversity of investment managers and the significance of
emerging managers to not only the New York Common Retirement Fund but also to your peer capital
allocators across the country.
Each year, your conference attracts some of the nation’s most talented investment managers, advisors,
and institutional investors. The sessions and panels provide great insights into your plan’s investment
processes and opportunities to engage with your full investment staff, which makes the conference a
meaningful event for our membership. We look forward to the networking opportunity and to learning
more about your team’s investment plans and strategies for each asset class.
It is our pleasure to work with you and your investment team to support your mission and efforts to
advance the highest standards of engagement with the diverse and emerging manager industry.
Warmest Regards,
Joseph Haslip Robert L. Greene
Chairman President & CEO
7SUPPORTERS
February
February
15, 2019
15, 2019
The Honorable
The Honorable
ThomasThomas
P. DiNapoli
P. DiNapoli
New New
York York
StateState
OfficeOffice
of theof the Comptroller
Comptroller
110 State
110
Street
State Street
Albany,
Albany,
NY 12236
NY 12236
Dear Dear
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Comptroller
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DiNapoli,
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Graves
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901 K901
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202-371-5535
▪ www.nasphq.org
▪ www.nasphq.org
8SUPPORTERS
2017-2018 BOARD OF DIRECTORS
Joseph Acevedo
MoonSail Capital
Membership Chair
Jerry Arzu
Telsey Advisory Group February 15, 2019
Vice Chair of Programs
The Honorable Thomas P. DiNapoli
Maria del Pilar Avila
InterDuctus New York State Comptroller
Office of the State Comptroller
Ricardo Bekin 110 State Street
Ativo Capital Management LLC Albany, NY 12236
Milton Berlinski Dear Comptroller DiNapoli,
Reverence Capital Partners, LP
On behalf of the New America Alliance, we are delighted again to join the dedicated
Danielle Beyer
New America Alliance team of the New York State Common Retirement Fund and you at the 12th Annual
CEO Emerging Manager & MWBE Conference. New York State is a key partner to many
minority and women-run and owned investment firms within our NAA membership
Tommy Espinoza which, in aggregate, have raised over $60 Billion since our organization was founded.
Raza Development Fund, Inc.
We share with you the goal of promoting and highlighting the success and great
Jorge Ferraez
Latino Leaders Magazine
potential of minority and women-run and owned investment firms. The Conference
offers a valuable platform through which to become more informed about opportunities
Manuel Gonzalez Mestre in the financial services industry. The Conference also highlights to institutional
CGI Investment Management LLC investors the importance of including diverse managers when developing strategic
priorities. We believe these factors are vital to making diverse firms more competitive in
Gerson Guzman a crowded industry landscape. Like you, we also know that diverse firms can be
Corinthian Capital Group, LLC
important contributors to the Common Retirement Fund’s goal of growing the Fund and
Treasurer
further enhancing performance.
Cyril L. Meduña
Advent-Morro Equity Partners, Inc. We thank you for your leadership and welcome any opportunity to support future CRF
Vice Chair of Governance initiatives to ensure the inclusion of diverse managers in this important discussion.
Rafael Ortiz Best wishes for another productive convening,
MoonSail Capital
Carmen Ortiz-McGhee
Aon Risk Solutions, Capital Region
NAA Inc & NAA Institute Chair
Danielle N. Beyer
Claudio Phillips
MB Global Partners, LLC Chief Executive Officer
Gabriel Rodriguez
Empiric Institutional
Juan A. Sabater
Valor Equity Partners
Past Co-Chair of the Board
Tom Soto
DCIF
Past Co-Chair of the Board
Rosie von Lila
Raul Yzaguirre
NAA Co-Founder and Board Member Emeritus
www.naaonline.org
9DocuSign Envelope ID: 1F7EACF5-2A5C-44F8-949F-4EC3AC3C277D
omptroller DiNapoli,
half of the membership of the Private Equity Women Investor Network, I want to congratul
SUPPORTERS
convening of the 12th Annual Emerging Manager & MWBE Conference, which has become
The Honorable Thomas P. DiNapoli
ding events for diverse managers in the financial services industry. The Conference continu
New York State Comptroller
ht the extraordinary
Office of thecommitment
State Comptroller that has been demonstrated by the Office of the Comptr
110 State Street Albany, NY 12236
e staff of NYCRF to continuing to encourage greater diversity in the investment manageme
y. MembersFebruary
of PEWIN16, 2019 have been attendees and active participants in the Conferen
he beginning,Dearand the gathering has brought together thought leaders and influence
Comptroller DiNapoli,
the country Ontobehalf
speak about important topics in our industry. It provides one of the m
of the membership of the Private Equity Women Investor Network, I want to congratulate you
ming, thoughtful
on theand insightful
convening venues
of the 12th for discussion
Annual Emerging of allConference,
Manager & MWBE aspects which
of thehas investment
become one of mana
the leading events for diverse managers in the financial services industry. The Conference continues to
y. highlight the extraordinary commitment that has been demonstrated by the Office of the Comptroller
and the staff of NYCRF to continuing to encourage greater diversity in the investment management
focuses on providing opportunities
industry. Members of PEWIN have forbeen
senior women
attendees in the
and active private
participants equity
in the industry netwo
Conference
o do businesssince
together and and
the beginning, increase the profile
the gathering of together
has brought womenthought in our industry.
leaders Thankfrom
and influencers you again
across the country to speak about important topics in our industry. It provides one of the most
u do to assure a levelthoughtful
welcoming, playingandfield for venues
insightful the managers who
for discussion of seekofto
all aspects thebe included
investment in your portfo
management
ok forward to industry.
continuing to collaborate with you and your staff on ways to help the industr
reflect the rich diversity
PEWIN focuses onof our country.
providing opportunities for senior women in the private equity industry network, find
ways to do business together and increase the profile of women in our industry. Thank you again for all
that you do to assure a level playing field for the managers who seek to be included in your portfolio.
g you all the best
We lookfor another
forward successful
to continuing conference.
to collaborate with you and your staff on ways to help the industry
better reflect the rich diversity of our country.
ely, Wishing you all the best for another successful conference.
Sincerely,
Kelly Williams Kate Mitchell
Co-CEO and Chair Co-CEO and Vice Chair
Williams Private Equity Women Investor Network Kate Mitchell
Private Equity Women Investor Network
O and Chair Co-CEO and Vice Chair
e Equity Women Investor Network Private Equity Women Investor Network
10SUPPORTERS
REAL ESTATE
EXECUTIVE COUNCIL
The Honorable Thomas P. DiNapoli Real Estate Executive Council
New York State Comptroller 875 North Michigan Avenue
BOARD CHAIRMAN Suite 3430
Office of the State Comptroller Chicago, Illinois 60611
Kirk A. Sykes
Accordia Partners, LLC 110 State Street
T 312.573.5300
Albany, NY 12236 F 312.573.5270
BOARD CO-VICE CHAIRS
Tammy K. Jones
Basis Investment Group, LLC www.reec.org
James H. Simmons, III
Dear Comptroller DiNapoli:
Asland Capital Partners
The Real Estate Executive Council (REEC) congratulates you and the New York State
BOARD OF DIRECTORS Common Retirement Fund (NYSCRF) on its 12th Annual Emerging Manager & MWBE
Kenneth J. Bacon Conference. This conference provides an important avenue for minorities and women-owned
Railfield Realty Partners
businesses to develop and strengthen business relationships with NYSCRF. REEC applauds
Jeffrey Beckham Interim CIO Anastasia Titarchuk and her team for their commitment to supporting diversity
Jamestown, LP
and the inclusion of minority and women-owned firms. NYSCRF sets one of the highest
Gwendolyn Hatten Butler standards within the public pension community to make diversity a true priority in its
Capri Investment Group investment decision making.
Moctesuma Esparza
Maya Cinemas North America, Inc.
Since our inception nearly 16 years ago, REEC has been the preeminent professional trade
association composed of diverse executives working in the commercial real estate industry.
George C. Fatheree III Through fellowship, education and advocacy, REEC’s mission and work has closely aligned
Munger, Tolles & Olson LLP
with NYSCRF’s mandate to educate business enterprises and increase the presence and
Denise J. Lewis success of emerging business leadership. NYSCRF’s Conference brings some of the best
Honigman LLP
investment managers and institutional investors together to share best practices and road maps
Ken McIntyre on how to engage, market and build their businesses, while still developing strategic and
PassPort Real Estate LLC
competitive priorities. Both managers and investors continually leave this event more
Roland S. Merchant, Jr. informed and enlightened.
Holliday Fenoglio Fowler (HFF)
Aasia Mustakeem REEC welcomes the opportunity to work with Interim CIO Anastasia Titarchuk, Sheryl Mejía
Smith Grambell & Russell, LLP and the balance of her team to advance the highest standards of engagement within our
Stephanie Williams diverse manager community, while working on future initiatives to ensure that the goals for
Buzzuto Management Company the MWBE Asset Management and Financial Institution Strategy for New York State are met
in an impactful manner.
EXECUTIVE DIRECTOR
Oscar Groves
REEC looks forward to an enduring relationship with NYSCRF and welcomes any
opportunity to support future initiatives to ensure inclusion of Emerging Managers in this
EMERITUS BOARD DIRECTORS important dialogue. Best wishes on your 12th anniversary conference!
Leslie D. Hale
RLJ Lodging Trust
Victor B. MacFarlane
MacFarlane Partners Sincerely,
Richmond S. McCoy
UrbanAmerica Advisors, LLC
Quintin E. Primo III
Capri Investment Group Kirk A. Sykes
Michael E. Tabb REEC Board Chairman
Red Rock Global, LLC
1112
SUPPORTERSSUPPORTERS
January 1, 2019
The Honorable Thomas P. DiNapoli
New York State Comptroller
110 State Street
Albany, New York 12236
Dear Comptroller DiNapoli:
The Toigo Foundation is proud to support the New York State Common Retirement Fund’s annual
Emerging Manager conference. Toigo’s mission of bringing greater diversity to the table where
capital decisions are made is echoed in the Fund’s commitment to ensure more minority and
women-owned funds are an integral part of its investment mix.
From the classroom to the boardroom, Toigo supports under-represented men and women as
they advance as leaders within the finance arena. Toigo brings a proven track record in
supporting men and women of color and assisting teams and organizations in building a culture
of inclusion where all talent can thrive. With the growing body of research underscoring the fact
that diverse teams deliver better results, organizations that fall short in advancing diverse
leaders and investing with diverse teams fail all their stakeholders. Toigo seeks to work with
organizations to explore ways to embrace a more inclusive culture and openness to talent that
can positively impact their bottom line.
As we celebrate the Foundation’s 30th anniversary of service to the Finance industry this year, we
acknowledge the New York State Common Retirement Fund as being among the founding group
of pension funds that embraced the vision and mission of the Toigo organization dating back to
1990. You have continued to help advance our vision by offering opportunities to minority and
women leaders, both on your own investment team and as trusted investment partners.
On behalf of the entire Toigo community, we applaud the New York State Common Retirement
Fund for its dedication to diversity and inclusion. We value our collaboration to cultivate next
generation leadership teams and standout performance.
Sincerely,
Nancy A. Sims
President & CEO
z
13SUPPORTERS
February 15, 2019
The Honorable Thomas P. DiNapoli
New York State Comptroller
110 State Street
Albany, NY 12236
Dear Comptroller DiNapoli:
100 Women in Finance (100WF) is proud to support the New York State Office of the
Comptroller on their 12th Annual Emerging Manager and MWBE Conference. We
applaud the New York State Common Retirement Fund for its commitment and are
aligned in the mission to promote opportunities for women-owned firms.
100WF is a global network of professionals in the finance and alternative investment
industries working together to empower women at every stage of their careers.
Through peer engagement, philanthropic, and educational initiatives, our more than
15,000 members in 23 locations are making connections and creating opportunities
that help to advance careers and strengthen our field. For more than 17 years, 100
Women in Finance has been working to effect change in the finance and alternative
investment industries and beyond.
A critical element of ensuring success of our mission, both for senior professionals
and for the next generation, is to encourage women to be more visible – to their
colleagues, to investors, to current and future clients and to the next generation of
women entering the industry. We recently launched our Female Fund Manager
visibility campaign. To learn more, visit www.100women.org/female-fund-managers
and view our listing of over 225 managers participating in this initiative.
On behalf of our global Board of Directors, we wish you a successful conference for
this important initiative.
Sincerely,
Amanda Pullinger
Chief Executive Officer
100 Women in Finance
888C 8th Avenue, #453, New York, New York 10019 www.100women.org
14Featured Speakers
Frank Baker
Siris Capital Group
SPEAKERS
Co-Founder & Managing Partner
Mr. Frank Baker is a Co-Founder and Managing Partner of Siris Capital Group LLC
(“Siris”). Siris is a middle market private equity firm focused on deep value, control
equity investments around special situations in the telecom, technology and
technology-enabled business service sectors.
Prior to forming Siris, Mr. Baker was a Managing Director at Ripplewood Holdings LLC (“Ripplewood”), a
global private equity firm. Mr. Baker started his career in investment banking at Goldman Sachs & Co. in the
Mergers and Acquisitions Group.
Mr. Baker has an M.B.A. from Harvard Business School and a B.A. from the University of Chicago. He is a
Trustee of The University of Chicago, a Director of Sponsors for Educational Opportunity (SEO), a Director
of Robert F. Kennedy Human Rights and an Advisory Board member of All Star Code.
Arnold W. Donald
Carnival Corporation
President & CEO
Arnold Donald is President & Chief Executive Officer of Carnival Corporation &
PLC, the largest travel and leisure company in the world. Their portfolio of ten
cruise brands—Carnival Cruise Lines, Holland America Line, Princess Cruises,
Seabourn, AIDA Cruises, Costa Cruises, Cunard, P&O Cruises UK, P&O Cruises
Australia and Fathom are based throughout North America, Europe, Australia and Asia. Together these
brands maintain a fleet of over 100 ships and serve more than 11 million guests annually. Carnival
Corporation & PLC also operates Holland America Princess Alaska Tours, the leading tour company in
Alaska and the Canadian Yukon with 10 hotels plus rail and bus services connecting guests with the
northern interior. Traded on both the New York and London Stock Exchanges, Carnival Corporation & PLC
is the only group in the world to be included in both the S&P 500 and the FTSE 100 indices.
Mr. Donald has been President & CEO of Carnival Corporation since 2013; prior to that he served on the
board for 12 years. In January 2017 he was appointed Chair of Cruise Line Industry Association (CLIA). He
currently serves on the board of Bank of America Corporation and Crown Holdings, Inc.
Mr. Donald spent more than twenty years at Monsanto Company as Corporate Senior Vice-President,
and President of the Consumer and Nutrition sector and President of the Agricultural sector. After leaving
Monsanto, Mr. Donald was Chairman of Merisant Company whose products included the leading global
sweetener brands Equal and Canderel.
Immediately prior to Carnival, Mr. Donald was a founder and President and Chief Executive Officer of
the Executive Leadership Council, a professional network and leadership forum for African-American
executives of Fortune 500 companies, and the President and Chief Executive Officer of the Juvenile
Diabetes Research Foundation International, the largest charitable funder of diabetes research in the world.
15A native of New Orleans, Louisiana, Mr. Donald received a Bachelor of Arts degree from Carleton College,
a Bachelor of Science degree in mechanical engineering from Washington University in St Louis, and a
Masters of Business Administration from the University of Chicago Graduate School of Business.
Mr. Donald has a strong commitment to higher education and serves on the boards of two of his alma
maters, Carleton College in Northfield, Minnesota and Washington University in St. Louis, in Missouri.
He is also on the boards of the Greater New Orleans Foundation and St. Louis-based BJC Healthcare
among others.
SPEAKERS
Joe Y. Bae
KKR
Co-President & Co-Chief Operating Officer
Joseph Y. Bae is the Co-President and Co-Chief Operating officer of KKR. He
joined KKR in 1996. Most recently, he was the Managing Partner of KKR Asia and
the Global Head of KKR’s Infrastructure and Energy Real Asset businesses. Joe
has been the key architect of KKR’s Asian expansion since 2005 and has helped
KKR build the largest and most successful Asia-Pacific platform in the market. He is the Chairman of KKR’s
Asia and Americas Private Equity Investment Committees and also serves as a member of KKR’s European
Private Equity, Growth Equity, Energy, Infrastructure, Real Estate and Special Situations Investment
Committees. He is also a member of KKR’s Risk Management Committee and Inclusion and Diversity
Council.
Prior to KKR, Mr. Bae worked for Goldman, Sachs & Co. in its Principal Investment Area, where he was
involved in a broad range of merchant banking transactions. He has a B.A., magna cum laude, from Harvard
College. Mr. Bae serves on the boards of a number of non-profit educational and cultural institutions
including, as a Trustee for Phillips Andover Academy, the Global Advisory Council at Harvard University, a
Board member of Lincoln Center, The Asia Society and the Asia Art Archives.
Kathleen McCarthy
Blackstone Real Estate
Senior Managing Director & Global Co-Head
Kathleen McCarthy is a Senior Managing Director and Global Co-Head of
Blackstone Real Estate. Blackstone has the largest real estate platform in the world
with $119 billion in investor capital under management. Blackstone Real Estate is
the industry leader in opportunistic, core plus and debt investing across the U.S.,
Europe and Asia. Ms. McCarthy most recently served as Global Chief Operating Officer of Blackstone Real
Estate where she was responsible for its day-to-day operations with a particular focus on its investors,
capital raising and business development efforts across new investment products.
Before joining Blackstone in 2010, Ms. McCarthy worked at Goldman Sachs, where she was a Vice
President focused on investments for the Real Estate Principal Investment Area. Ms. McCarthy began her
career at Goldman Sachs in the Mergers & Acquisitions Group.
Ms. McCarthy received a BA with Distinction from Yale University. Ms. McCarthy serves on the Boards of
City Harvest, the Real Estate Roundtable and the PREA Foundation.
16New York State Common Retirement Fund
Perspectives
New York State Common Retirement Fund staff discuss their portfolio goals
and how they have partnered with smaller, emerging and diverse managers.
SPEAKERS
Moderator
Nav Patel
Interim Deputy Chief Investment Officer
Navyug (Nav) Patel has recently been appointed Interim Deputy CIO. In his prior
role as Director of Opportunistic and ARS, he invested in Alternative Credit,
Opportunistic Investments and Absolute Return Strategies with the New York State
Common Retirement Fund. The Opportunistic Portfolio invests throughout the
capital structure and across all asset classes in strategies that may not fall within
traditional asset class definitions. Previously, Nav spent over 15 years as an equity
derivative sales trader at various investment banks including JP Morgan, Barclays
and Jefferies. Nav holds a master’s degree in physics from Brown University and
an undergraduate degree in physics from University of Florida.
Panelists
Jay Chambers
Investment Officer, Global Equities
Jedaiah Chambers is an Investment Officer for the New York State Common
Retirement Fund (CRF). Mr. Chambers joined the CRF in November 2013 as a
member of the Global Equities team. He shares in the oversight of all external
equity asset managers, which include domestic, international, global and emerging
strategies. Prior to joining CRF, Mr. Chambers served as Investment Analyst for
the New York State Nurses Association Pension Plan, specializing in public equity
active management. Mr. Chambers also served as a Sergeant in the United States
Marine Corps.
Gianna McCarthy
Co-Director of Corporate Governance
Gianna McCarthy is Co-Director of Corporate Governance with the New York State
Common Retirement Fund. She is chair of the Fund’s Sustainable Investment
Sub-Committee and coordinates the Sustainable Investment Program. Gianna is
responsible for the oversight of proxy voting for the Fund’s over 3,000 domestic
portfolio companies. She has played a critical role in expanding the Fund’s
corporate engagement program, focusing on risk management and board level
accountability. She recently became a director of the Thirty Percent Coalition, an
organization founded in 2011 dedicated to advocating for gender, racial and ethnic
diversity across senior leadership and boards of directors of public and private companies. For several
years, she has served as a member of the CECP’s Strategic Investor Initiative Advisory Board, which
17provides a platform for leading companies to develop, convey and deliver their longterm plans to investors.
From 2011-2016, she served on the Board of Directors of the Council of Institutional Investors. Prior to
working for New York State, Gianna had over ten years’ experience in promoting shareholders’ interests.
She has litigated cases on behalf of and advised shareholders and served as Director of Corporate
Governance of the New York City Pension Funds. She received a B.A. in History from Rutgers University
and her J.D. from Benjamin N. Cardozo School of Law.
Tom McGrath
Senior Investment Officer, Private Equity
SPEAKERS
Tom McGrath is a Senior Investment Officer for the New York State Common
Retirement Fund’s (CRF) Alternative Investments section. He is responsible for
the selection and management of private equity investments across all sub-asset
classes, including both funds and co-investments.
He also works with the CRF’s In-State Investment Program. He serves on the
Institutional Limited Partners Board Selection Committee.
He has also worked as a legislative fiscal analyst and a high school mathematics
teacher. Additionally, he served as a Peace Corps Volunteer in Kenya.
He received a B.S. in Mathematics and Physics and an M.A. in Economics from the State University of
New York at Albany.
Stacey Murley
Investment Officer, Fixed Income
Stacey Murley joined the New York State Common Retirement Fund in June
of 2000. During her tenure at the Fund she has held positions in the Cash
Management and Global Equities Units. Ms. Murley is currently an Investment
Officer in the Fixed Income Unit, where she focuses on corporate credit analysis
and corporate bond trading. She is also responsible for overseeing the Fixed
Income Team’s investments in the ESG space. Ms. Murley earned her B.S. in
Business Management and Finance from Marist College in Poughkeepsie, NY and
her MBA from The Sage Graduate Schools in Albany, NY.
18Limited Partner Perspectives
The Lens of Emerging Manager Investing
A variety of institutional allocators discuss their different approaches
to asset allocation, manager selection and investing with emerging managers.
SPEAKERS
Moderator
David Anderson
Senior Investment Officer, Emerging Managers,
New York State Common Retirement Fund
As Senior Investment Officer for the Emerging Manager Program, David Anderson
collaborates with all of the asset class teams on growing and managing our
emerging manager portfolio.
Before joining the Common Retirement Fund, Mr. Anderson was a Vice President at
Ranger Global Real Estate Advisors, a veteran-owned investment firm focused on
the active management of portfolios of listed real estate securities. Previously, Mr.
Anderson was a Regional Manager at Investec Asset Management, where he advised institutional clients
on investment opportunities across sub-Saharan private equity, private credit and real estate. In addition,
Mr. Anderson has held roles with J.P. Morgan Asset Management, in their Institutional Advisory group and
PricewaterhouseCoopers, in their Real Estate practice.
Mr. Anderson received a Bachelor of Science in Accounting from the University of Connecticut.
Panelists
Edson Edwards
Investment Officer, Federal Reserve Office of Employee Benefits
Edson Edwards is an internal actuary and investment officer in the Office of
Employee Benefits (OEB) of the Federal Reserve System, primarily responsible for
the implementation of the private equity program and other investment strategies
consistent with long-term pension plans objectives. Prior to joining the OEB, Edson
was a consulting actuary at Towers Watson in the retirement and risk-management
functions focused on pension consulting and liability driven strategies. He started
his career as a pension analyst at USI Consulting Group in December 2000.
Edson is an Associate of the Society of Actuaries, an Enrolled Actuary, a Fellow of the Conference of
Consulting Actuaries and an active member of the International Association of Black Actuaries. He is a
graduate of the University of the West Indies, where he majored in Actuarial Sciences and Finance.
19Christopher Farrington
Managing Director – Advisory Services,
Pavilion Alternatives Group, LLC (Boston)
Mr. Farrington joined Pavilion in 2013 and has been in the financial services
industry since 1992, focusing on private equity since 2000 and private markets
since 1998. Mr. Farrington is responsible for providing a broad range of private
equity advisory services and serves as the lead consultant on several U.S. client
accounts. In addition to his client service responsibilities, Mr. Farrington leads
SPEAKERS
Pavilion’s emerging manager efforts and assists with European manager research.
Prior to joining Pavilion, Mr. Farrington worked as a Senior Investment Professional at Centinela Capital
Partners, an emerging manager-focused firm, where he was responsible for sourcing, screening and
evaluating fund and co-investment opportunities across a range of strategies and industries. Prior to that,
Mr. Farrington managed the Domestic Private Equity program at MetLife Investments. Prior to MetLife, Mr.
Farrington worked in Leveraged Finance at CIBC World Markets and Fleet Bank after beginning his career
as an Analyst at Merrill Lynch.
Mr. Farrington received a BA in Economics from Duke University and a MIA with a concentration in
International Finance from Columbia University.
Dana S. Johns
Senior Portfolio Manager, Private Equity,
State of Maryland Retirement System
Ms. Johns joined the Maryland State Retirement and Pension System in June 2011
and is a Senior Portfolio Manager in the Private Equity Group. Ms. Johns is a senior
investment manager with 15 years of experience investing and managing a global
portfolio of institutional alternative investment assets. Maryland has a longstanding
commitment to developing the next generation of private equity fund managers
and has been actively committing capital to first time funds.
Ms. Johns is an active member of the Private Equity Women Investor Network (PEWIN) Steering Committee
and the Mid-Atlantic Regional Events Committee. PEWIN recently awarded Maryland with the 2018 Limited
Partner award for Ms. Johns’ work in transforming the private equity industry by supporting increased
diversity. She is continuously invited to keynote at conferences including the Women’s Private Equity
Summit, Women’s Alternative Investment Summit, Markets Group Private Equity US Forum, Kayo Private
Equity Conference and inaugural Venture Forum, Consortium East, Emerging Manager Connect, Hispanic
Heritage Foundation Investor Group, Grosvenor SEM and NVCA. Most recent panel topics included
developing managers, diverse managers, diversity and inclusion, and venture capital.
Ms. Johns is actively involved with several Baltimore non-profit organizations and a board member for
The Waldorf School of Baltimore, educating children in grades K-8; Court Appointed Special Advocates
(CASA) of Baltimore, a volunteer advocacy program for Baltimore City’s abused and neglected children;
and the Friends of the Rawlings Conservatory, which supports the Howard Peters Rawlings Conservatory
& Botanical Gardens located in the historic Druid Hill Park in Baltimore City.
Ms. Johns received an MSF from Loyola University, Maryland; a BA in Comparative Literature from Indiana
University, Bloomington and a BS in Computer Science from Stevenson University. She completed the ILPA
Institute’s Private Equity Executive Education program.
20Tyson Pratcher
Head of Investments, TFO USA Limited
Tyson Pratcher is Head of Investments at TFO USA Limited (“TFO”), a multi-billion
dollar global investment manager. He serves as a member of the Board of Directors
of several companies including Citizens Parking (one of the largest operators of
parking garages in the U.S.), GripInvest (Burger King SEE S.A. and Burger Brands
Belgium) and Organix Recycling. Prior to joining TFO, Tyson was the Director of
Opportunistic Investments and the Director of Absolute Return Strategies at the
SPEAKERS
New York State Common Retirement Fund (the “CRF”). Prior to joining CRF in
2007, Tyson worked in the United States Senate as a senior advisor to then U.S.
Senator Hillary Clinton. Tyson began his professional career in 2000 as an M&A lawyer at Davis Polk and
Wardwell in New York City and Menlo Park, CA. Tyson holds a Juris Doctor degree from the Columbia
University School of Law, as well as a BA in Political Science from Hampton University, VA. He is a co-
founder of the Harlem Jets, the best youth football team the world has ever seen. He lives in Harlem with
his wife and two daughters.
21Asset Class Panel Discussions
Global Equities & Fixed Income
Learn how firms managing publicly listed securities have evolved
and thrived in an era dominated by passive investments.
SPEAKERS
Moderators
Jon Lieber
Director of Fixed Income, New York State Common Retirement Fund
Jonathan (Jon) Lieber is the Director of Fixed Income for the New York Common
Retirement Fund. He leads a team that oversees the fund’s $50 billion of fixed-
income investments. The portfolio invests across a wide range of fixed-income
alternatives, including Treasury bonds, investment-grade corporate bonds,
mortgage-backed securities, CMBS, ABS, and other less-liquid sectors.
Prior to joining the Common Retirement Fund, Mr. Lieber was a fixed-income
portfolio manager at XL Catlin Insurance, where he was part of a team that
invested over $6 billion in assets. Earlier in his career he was also a portfolio manager at Equitable Capital.
In addition to working as a portfolio manager, Jonathan spent a number of years as a fixed-income market
strategist and research analyst for such firms as J.P. Morgan Securities and Prudential Securities, among
others.
Mr. Lieber holds a Master’s Degree in Business from Carnegie Mellon University and a Bachelor of Science
in Economics from the Wharton School, University of Pennsylvania. A prolific author of research papers
during his career, Jonathan has been published in a number of important industry text books.
Evril Clayton
Deputy Director of Global Equities,
New York State Common Retirement Fund
Mr. Clayton is the Deputy Director of Global Equities. Mr. Clayton joined the
investment team as a senior investment officer in 2011. Prior to joining the
investment staff, Mr. Clayton served as senior investment analyst focusing on
hedge funds and private equity strategies, as part of the investment team at
Rensselaer Polytechnic Institute, which managed the billion dollar endowment and
pension plan of the Institute. Mr. Clayton started his career at the former Merrill
Lynch & Co. in the Global Wealth Management Division. Mr. Clayton received a
Master of Business Administration from Clarkson University and a B.S. from the State University of New
York at Potsdam.
22Panelists
Nicole Mardell
Senior Global Equities Analyst, Bell Asset Management
Nicole Mardell is a Senior Global Equities Analyst with 18 years of experience in
the investment management industry gained in the UK and Australia, including
eight years at Bell Asset Management.
SPEAKERS
Nicole has primary research responsibilities as a Global SMID Generalist and
is co-lead on the Consumer Discretionary and Consumer Staples sectors.
Nicole joined Bell Asset Management in November 2010 to research eligible
stocks across the cap spectrum within her research coverage responsibilities in
developed and emerging markets. Prior to joining, Nicole worked in London as a Global Equities Analyst
for both First State Investments UK and Aviva Investors plc. During her time in the UK she worked mainly
as a Generalist, however also had specific responsibilities for Consumer-related sectors such as Staples,
Discretionary, Telecoms, IT, and various sub-sectors within the wider Industrials sector. Prior to 2000,
Nicole worked for Colonial Ltd as a Research/BA within various departments including Marketing, Treasury
and Group Strategic Development, where she helped managed various Group M&A deals and divestitures
domestically and in the UK.
Nicole has a Bachelor of Commerce degree (with honours) from Monash University, Melbourne (1997) and
a Graduate Diploma in Applied Finance and Investment from The Securities Institute of Australia (2001).
Nicole is a Charterholder of the CFA Institute and a member of the CFA Society in Melbourne.
Ellen Safir
Founder & CIO, New Century Advisors
Ellen Safir is Chief Investment Officer of New Century Advisors and founded the
firm in 2002. She is responsible for the overall investment and business strategies
of New Century Advisors. An early adopter of TIPS, she has helped advance the
firm’s reputation as an expert in inflation-linked securities as well as in core, short
duration and multi-asset strategies. Her prior experience includes serving as
Managing Director, Fixed Income and Currencies, at the Howard Hughes Medical
Institute (HHMI), a nonprofit medical research organization and one of the largest
philanthropies in the U.S. There, she employed a broad opportunity set, including
non-US, high yield and emerging market local debt. Ellen was formerly assistant treasurer of the American
National Red Cross, where she managed operating reserves and oversaw the organization’s retirement
system and endowment portfolios. She began her career as a financial analyst at the Federal Reserve
Board in Washington, D.C.
Ellen is vice chairman of the investment committee of the United States Holocaust Memorial Museum
and is a board member of Horizons Greater Washington, a not-for-profit organization that empowers
economically disadvantaged students through public private partnerships between independent and public
school communities. Ellen also serves on the Board of Trustees of Bennington College. A past president
of the Washington Society of Investment Analysts and of the Washington Association of Money Managers,
she formerly served on the board of directors of Century National Bank of Washington, D.C. Ellen also
served on the board of AARP Mutual Funds, where she was chair of the investment committee. Ellen
holds a B.A. from Bennington College and an M.B.A. from George Washington University. She holds the
Chartered Financial Analyst designation.
23Jennifer Silver
Founder and Managing Partner, Redwood Investments
Ms. Silver founded Redwood Investments in 2004 and is responsible for day-
to-day management of the firm. She serves as President, Co-CIO and Portfolio
Manager/Analyst. She has primary research coverage responsibilities for consumer
and health care stocks. She is a member of the Boston Security Analysts Society
and has 37 years of investment experience.
Ms. Silver has extensive investment management experience and managed several
SPEAKERS
4- & 5-star Morningstar rated funds during her career. Ms. Silver was a Managing
Director and Head of Growth Equity for Neuberger Berman where she launched the firm’s growth investing
capabilities. Under her direction, the Growth Equity business grew to more than $5 billion in assets. Prior
to Neuberger Berman, she spent 16 years at Putnam Investments culminating with a senior leadership role
as a Managing Director. Ms. Silver was responsible for starting and building the $5 billion Putnam MidCap
Growth business serving institutional, mutual fund, and variable annuity clients.
Ms. Silver is a Board Director and Chair of the Finance Committee at the BID Medical Center, past Board
Chair and Director of the Hebrew Senior Life and a Pan-Mass Challenge Fundraiser/Biker Rider. She has an
MBA from Stanford University amd a BA degree from Wellesley College.
Thyra Zerhusen
CEO and CIO, Fairpointe Capital
Ms. Zerhusen is the principal founder of Fairpointe Capital LLC, CEO and Chief
Investment Officer of the firm. She is part of the Investment Team, serving as lead
portfolio manager for the Mid-Cap Equity and ESG Equity Strategies, including
the AMG Managers Fairpointe Mid Cap Fund, the AMG Managers Fairpointe ESG
Equity Fund, the Parvest Equity USA Mid Cap Fund, and institutional separate
accounts.
Prior to founding Fairpointe Capital, Ms. Zerhusen was the Chief Investment
Officer for Mid-Cap Equities at a predecessor firm beginning in October of 2003. Ms. Zerhusen also spent
four years at Talon Asset Management as Senior Vice President and Portfolio Manager, where she began
managing the Aston (now AMG) Mid Cap Fund. She has managed the fund without interruption for eighteen
years, thus preserving the long-term track record. Previously, she was employed by The Burridge Group
as principal and portfolio manager for a tax-sensitive mid-cap product, and spent eleven years as Senior
Investment Analyst at Sears Investment Management Company. Ms. Zerhusen started her career as an
Investment Research Officer at Harris Trust & Savings Bank in Chicago and was responsible for in-depth
financial analysis of company fundamentals and industry trends. She has been a guest on Wall Street Week
with Louis Rukeyser, CNNfn’s Mutual Fundamentals, Bloomberg, and CNBC. Ms. Zerhusen received an
M.S. from the Swiss Federal Institute of Technology with concentrations in life sciences, biotechnology, and
economics. She has an M.A. in Economics from the University of Illinois. She is also a member of the CFA®
Society. Primarily educated in Switzerland, Ms. Zerhusen is fluent in English, French, and German.
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