Back in Hanover on a textbook winter afternoon - flurries mixed with sleet and a balmy 27 degrees. I was back in town to learn, network and represent Lockton as a sponsor the 2023 Tuck Center for Private Equity & Venture Capital Conference. And in keeping with my 2023 well-being routine, I headed across the Green for a loop around Occum Pond, up Webster Ave, stopped by Phi Delt and back to The Inn.
Here's my thoughts on the Conference with more details on the speakers, sessions and content below.
Thursday evening, we had cocktails, conversations and dinner at the Hanover Inn. Dune Thorne D’98 enthusiastically spoke about today’s PE environment and go forward issues. She sees uncertainty (the main through theme for the event) as well as opportunities, is focused on DEI / ESG and states that returns from private investments are 6-8x higher than public returns.
Friday morning, another lap around Occum (half walking / half skidding) was in store through the mystic morning Hanover fog.
Jim Davidson kicked off the broader conference with his stories of how Silver Lake started and early wins even if the LPs weren’t immediately convinced (spoiler alert – they ended up very happy)
His observations covered
It was now time for the conference’s first panel discussion, “The Decision to Sell: Continuation Funds & Long-Term Holds
GP led secondary/ continuation deals went from 10% to more than half in the last few years. The continuation market is undercapitalized - big opportunity and high velocity in secondary deals
Some considerations and areas of focus for secondary funds
Ultimately, Private Equity wants to strategically transform a business into the potential of what could be - build something special
Shameless plus – here is a link to Lockton’s latest whitepaper Representations & Warranties Insurance (RWI) in Secondaries Markets
We then had our first of 2 unstructured panel discussions where the group asked questions of ourselves and commented on a theme – ours was Implications of ChatGPT or other AI tools for the PEVC industry
To say our discussion was wide ranging would be an understatement. The net – the AI genie is out of the bottle with lots of concerns over control, bias and privacy. In advance of the panel, our Tuck student moderator had asked CHATGPT for what 9 topics we should discuss. We covered all 9 in 45 minutes.
Lunch was good. I downed a sandwich along with 3 Tuck students from Beijing, Hong Kong and Mumbai sharing stories of our backgrounds, ideas and times at Dartmouth / Tuck. I relayed my tale of delivering kegs through a raging Nor’Easter in Stinson’s F150.
My second break out panel was “Role of Consulting Firms for VCPE Firms and Portfolio Companies”
Lots of dry powder in the market - $1trillion estimate
I had to leave midway through the final panel “Investment Opportunities in Technology” but I was leaving the room, a panelist said twice “In Private Equity, the goal is to get rich slowly” (echoes of build something special)
Walking back up Tuck Drive to The Inn, the clouds started to part and we were in for a glorious Hanover sunset. A sign perhaps? Only time will tell.
Always energizing to be back in Hanover, meet new people (in-person) and see some familiar faces. I look forward to the 2024 conference.
All multinational companies face complex challenges to ensure that employees are protected, have access to care, and understand how to access and optimally use their employee benefits
Lockton's global benefits team in London created this document that includes the basics through current trends, usage statistics and strategies.
Inside you will find...
Click the image below for access to the presentation
We are excited to welcome you to join us at our 2023 Global Benefits Forum hosted by Lockton People Solutions in San Diego, California on April 17 - 19!
This event is recognized as an experience unparalleled in the industry, bringing together Human Resources (HR) professionals from around the globe to network, share, and learn from fellow industry experts.
Click here to learn more and register
We'll hear from global experts (not Ron Burgundy...)
The Internal Revenue Service (IRS) and the U.S. Department of Labor (DOL), the two federal agencies with primary jurisdiction over COBRA issues, have not issued any meaningful guidance on how COBRA applies to expatriates, inpatriates and third-country nationals (TCNs) on U.S. and foreign health plans. The scant guidance leaves many questions unanswered that we address in our whitepaper.
Click the image above to access our whitepaper
As the conflict involving Ukraine, Russia and Belarus progresses, a number of questions regarding its insurance, risk, regulatory, socioeconomic and geopolitical implications continue to arise for our clients. Lockton is closely monitoring this evolving situation and engaging with our business leaders globally to ensure we are providing clients with the best advice and guidance.
Here are the top issues in today's alert
New law bars Russian insurers from transacting with insurers, reinsurers and brokers of or controlled by "unfriendly states". US fits that category.
Broad sanctions against Russia complicate most insurance transactions (paying premiums, claims, binding coverage, etc.).
Impact to organizations with operations in Ukraine and Russia (wheat, energy, minerals, etc.)
Currency devaluation effect on global insurance programs
Lockton's affiliations in Russia (Lockton does not do business with the Russian government or affiliated entities. Lockton does not and has never had a shared or owned interest in any broker intermediary in Russia.)
Not legal advice: Nothing in this alert should be construed as legal advice. We recommend consultation with your own legal advisors and local / global rokers.
Many employers are concerned about by the situation in Ukraine as they strive to ensure the safety, health, welfare and well-being of employees in the region. Global benefit professionals are facing several volatile issues related to the unfolding Russia-Ukraine conflict.
To support our HR colleagues, we are providing the information below concerning key considerations along with the attached Ukraine Client Alert.
As a result of this conflict, needs will emerge in the coming days, months, and perhaps even years. Ongoing monitoring, continued planning and collaboration across the enterprise will be critical to providing the support employees need now and in the future. Lockton will continue to monitor and update these situations as they develop.
Not legal advice: Nothing in this alert should be construed as legal advice.
Now that the US Supreme Court has decided that Federal vaccine requirements for companies with 100+ employees cannot move forward, many employers are left wondering whether to keep pressing forward, pause or pursue their own workplace vaccination strategy. Employers are trying to balance the desire to keep employees safe in the workplace with providing employees the freedom of personal choice when it comes to being vaccinated.
Lockton's latest pulse survey on Employer COVID-19 Vaccine Strategies is designed to capture employer responses to this pressing issue. Key findings are
Details of the employer requirements under the Emergency Temporary Standard (ETS) are spelled out on Lockton’s ETS Compliance Alert including a registration link for a webcast on Wednesday, November 10th from 2-3 CST.
In summary, ETS announced today by OSHA requires that employers with 100 or more employees must develop, implement and enforce a mandatory COVID-19 vaccination policy OR adopt a policy to ensure that their workers are fully vaccinated or tested at least weekly.
Steps such as policy establishment, employee vaccination status, communication and records retention have a deadline of December 5, 2021 with weekly testing commences no later than January 4, 2022.
Employers have been asking Lockton for a vaccine communication resource. Here is a COVID-19 Vaccine Communication Resource an overview about vaccine safety, efficacy, how the vaccine works, and commonly asked questions to help navigate information available.
Employers can take many steps to prepare. The experts at Lockton Companies have put together an Employer Checklist for COVID-19 Vaccines of items and issues to consider as employers determine the best course of action for their workforce.
The Checklist Addresses:
The rise of the Delta variant across the U.S. has employers revisiting vaccination strategies for their workforces. Employers are trying to balance the desire to keep employees safe in the workplace with providing employees the freedom of personal choice when it comes to being vaccinated. Lockton's latest Webcasts are designed to capture new Federal requirements and employer responses to these pressing issues.
September 14, 2021 Webcast
Feds poised to issue vaccine and testing mandates for thousands of employers: What's in store for you?
Click image below for Webcast Replay
August 24, 2021 Webcast
Lockton Coronavirus Advisory Team
Password is Lockton.1
Mike Smith - trying to put my history degree to good use through research and writing . Mom would be proud but she still wanted me to study business.