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1 Astoria Investor Forum - Final Summary Report Results of Onsite Survey on 9/11 1

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4 About Delegates: 9/11 Forum 9/12 Workshops Registered to Attend 166 Delegates 67 Delegates Actually Attended 149 Delegates 35 Delegates (WS1) 38 Delegates (WS2) Breakdown of Delegate Profiles: Delegates Guest Speakers on 9/11 Sponsor Cos. Total 9/11 Forum /11 Survey Responded: 63 Delegates Delegates of 9/11 Company 機関 企業名 ( 一般参加者 ) Ark Alternative Advisors Co., Ltd. AXA Life Insurance Company Limited Atsumi & Sakai Atsumi & Sakai Capital Dynamics Co., Ltd. Capital Dynamics Co., Ltd. Goldman Sachs Asset Management Co., Ltd. Goldman Sachs Asset Management Co., Ltd. Secom Pension Fund Secom Pension Fund The Dai-ichi Life Insurance Company, Limited Pension Fund Association For Local Government Officials Pension Fund Association For Local Government Officials T&D Asset Management Co., Ltd. T&D Asset Management Co., Ltd. Terrasias Capital Tokio Marine & Nichido Fire Insurance Co., Ltd. Tokio Marine Asset Management Co., Ltd. Trans Pacific Group LLC Nikko Asset Management Co., Ltd. Neuberger Berman East Asia Limited Nomura Asset Management Co., Ltd. Nomura Funds Research and Technologies Co., Ltd. Nomura Funds Research and Technologies Co., Ltd. HarbourVest Partners (Japan) Limited Fujitsu Pension Fund Mizuho Securities Co., Ltd. Mitsui Sumitomo Insurance Co., Ltd. アーク オルタナティブ アドバイザーズ株式会社アクサ生命保険株式会社渥美坂井法律事務所 外国法共同事業渥美坂井法律事務所 外国法共同事業キャピタル ダイナミックス株式会社キャピタル ダイナミックス株式会社ゴールドマン サックス アセット マネジメント株式会社ゴールドマン サックス アセット マネジメント株式会社セコム企業年金基金セコム企業年金基金第一生命株式会社地方公務員共済組合連合会地方公務員共済組合連合会 T&D アセットマネジメント株式会社 T&D アセットマネジメント株式会社 Terrasias Capital 東京海上日動火災保険株式会社東京海上アセットマネジメントトランスパシフィックグループ日興アセットマネジメント株式会社ニューバーガー バーマン株式会社野村アセットマネジメント株式会社野村ファンド リサーチ アンド テクノロジー株式会社野村ファンド リサーチ アンド テクノロジー株式会社ハーバーベスト パートナーズ ジャパン株式会社富士通企業年金基金みずほ証券株式会社三井住友海上火災保険株式会社 4

5 Mitsubishi Corporation Asset Management Ltd. Mitsubishi Corporation Asset Management Ltd. Mitsubishi Corporation Asset Management Ltd. The Bank of Tokyo-Mitsubishi UFJ, Ltd. The Bank of Tokyo-Mitsubishi UFJ, Ltd. Metlife Alico Mizuho Global Alternative Investments Ltd. Mizuho Global Alternative Investments Ltd. GCM Investments Japan K.K GCM Investments Japan K.K Mitsubishi UFJ Trust and Banking Corporation Mitsubishi UFJ Trust and Banking Corporation Development Bank of Japan Inc. SOGOKEIBIHOSYO Employees Pension Fund Mizuho Securities Co., Ltd. Pension Fund Association Sompo Japan Insurance Inc. BainCapital Asia, LLC Tokio Marine Asset Management Mitsubishi UFJ Trust and Banking Corporation Nippon Life Insurance Company Sony Life Insurance Co., Ltd. Sony Life Insurance Co., Ltd. Japanese red cross society pension fund Nissan Motor Co., Ltd. SMBC Nikko Securities, Inc. SMBC Nikko Securities, Inc. The Bank of Tokyo-Mitsubishi UFJ, Ltd. The Bank of Tokyo-Mitsubishi UFJ, Ltd. Mitsubishi Electric Engineering Pension Fund Credit Suisse Securities (Japan) Limited Aisin Employees' Pension Fund National Pension Fund Association National Pension Fund Association Nikkei Pension Fund Mitsubishi UFJ Trust and Banking Corporation Tokio Marine Asset Management Konomi, Inc. Metlife Alico Nomura Research Institute, Ltd. Okayama Metal & Machinery Pension Fund Nissay Asset Management Corporation 三菱商事アセットマネジメント株式会社三菱商事アセットマネジメント株式会社三菱商事アセットマネジメント株式会社株式会社三菱東京 UFJ 銀行株式会社三菱東京 UFJ 銀行メットライフアリコみずほグローバルオルタナティブインベストメンツ株式会社みずほグローバルオルタナティブインベストメンツ株式会社 GCM インベストメンツ株式会社 GCM インベストメンツ株式会社三菱 UFJ 信託銀行株式会社三菱 UFJ 信託銀行株式会社株式会社日本政策投資銀行綜合警備保障企業年金基金みずほ証券株式会社企業年金連合会株式会社損害保険ジャパンベイン キャピタル アジア東京海上アセットマネジメント三菱 UFJ 信託銀行日本生命保険相互会社ソニー生命保険株式会社ソニー生命保険株式会社日本赤十字社厚生年金基金日産自動車株式会社 SMBC 日興証券株式会社 SMBC 日興証券株式会社株式会社三菱東京 UFJ 銀行株式会社三菱東京 UFJ 銀行三菱電機エンジニアリングクレディ スイス証券株式会社アイシン企業年金基金国民年金基金連合会国民年金基金連合会日本経済新聞企業年金基金三菱 UFJ 信託銀行株式会社東京海上アセットマネジメント株式会社許斐メットライフアリコ株式会社野村総合研究所岡山県機械金属工業厚生年金基金ニッセイアセットマネジメント株式会社 5

6 AXA Life Insurance Company Limited The Nomura Trust and Banking Co., Ltd. Stanley Electric Pension Fund First Brothers Asset Management Co., Ltd First Brothers Asset Management Co., Ltd Brown Brothers Harriman Securities (Japan) Inc Tokio Marine & Nichido Fire Insurance Co., Ltd. Nikko Asset Management Co., Ltd. Mizuho Trust & Banking Co., Ltd.. Daiwa Fund Consulting Co.Ltd Intel Pension Fund DLJ Real Eatate Capital Partners Japan Alternative Investment Co., Ltd. Nikko Asset Management Mitsubishi UFJ Trust and Banking Corporation Greenpark Capital Bank of Japan Bank of Japan Bank of Japan Nomura Asset Management Co., Ltd. Ant Capital Partners Co., Ltd. Japan Housing Finance Agency Meiji Yasuda Life Insurance Company Mizuho Securities Co., Ltd. Mezzanine Corporation Resona Bank, Ltd Sumitomo Mitsui Banking Corporation Mitsubishi UFJ Trust and Banking Corporation The Norinchukin Bank Terra Firma Capital Management Limited Nomura Holdings Nomura Securities Co. Ltd. HarbourVest Partners (Japan) Limited The Bank of Tokyo-Mitsubishi UFJ, Ltd. Seiryu Asset Management Mizuho Bank, Ltd. Konomi, Inc. Nomura Private Equity Capital Co., Ltd. (NPEC) Neuberger Berman East Asia Limited Neuberger Berman East Asia Limited T&D Asset Management Co., Ltd. Nomura Securities Co. Ltd. アクサ生命保険株式会社野村信託銀行株式会社スタンレー企業年金基金ファーストブラザーズ投資顧問株式会社ファーストブラザーズ投資顧問株式会社ブラウン ブラザーズ ハリマン証券株式会社東京海上日動火災保険株式会社日興アセットマネジメント株式会社みずほ信託銀行株式会社大和ファンド コンサルティングインテル年金 DLJ リアルエステートキャピタルパートナーズジャパン GK ジャパンオルタナティブ証券株式会社日興アセットマネジメント三菱 UFJ 信託銀行グリーンパーク キャピタル日本銀行日本銀行日本銀行野村アセットマネジメント株式会社アント キャピタル パートナーズ株式会社独立行政法人住宅金融支援機構明治安田生命保険相互会社みずほ証券株式会社株式会社メザニンりそな銀行三井住友銀行三菱 UFJ 信託銀行農林中央金庫テラ ファーマ キャピタル マネジメント野村ホールディングス野村證券ハーバーベスト パートナーズ ジャパン株式会社三菱東京 UFJ セイリュウアセットみずほ銀行許斐野村プライベート エクイティ キャピタル株式会社ニューバーガー バーマン株式会社ニューバーガー バーマン株式会社 T&D アセットマネジメント株式会社野村證券 6

7 Company (Guest Speakers) 機関 企業名 ( ゲストスピーカー ) Sumitomo Mitsui Trust Bank, Limited Tokio Marine Asset Management Co., Ltd. Nomura Securities Co. Ltd. Osaka Gas Co., Ltd. Sumitomo Mitsui Trust Bank, Limited The Nomura Trust and Banking Co., Ltd. Brightrust PE Japan Government Pension Investment Fund (GPIF) Sponsor Companies Abbott Capital Management, LLC Abbott Capital Management, LLC Portfolio Advisors LLC Portfolio Advisors LLC Portfolio Advisors LLC Portfolio Advisors LLC 3i Debt Management 3i Debt Management Adveq Management AG Adveq Management AG CFIG Credit Suisse CFIG Credit Suisse Lexington Partners Lexington Partners Asia, Inc. Macquarie Capital Securities Limited Macquarie Capital Securities (Japan) Limited Phoenix Property Investors Diamond Dragon Advisors Diamond Dragon Advisors Monument Group Monument Group APG Asset Management Asia Pantheon Capital (Asia) Ltd. Daido Life Insurance Co. GIC Real Estate Internatioal Japan, KK CPP Investment Board Asia Synergy Capital Management Credit Suisse Abbott Capital Management, LLC 三井住友信託銀行東京海上アセットマネジメント野村證券フィデューシャリー サービス研究センター大阪ガス三井住友信託銀行野村信託銀行ブライトラスト PE ジャパン年金積立金管理運用独立行政法人 (GPIF) 協賛企業アボットキャピタルアボットキャピタルポートフォリオ アドバイザーズポートフォリオ アドバイザーズポートフォリオ アドバイザーズポートフォリオ アドバイザーズ 3i デット マネジメント 3i デット マネジメントアドベック マネジメント AG アドベック マネジメント AG CFIG クレディスイス CFIG クレディスイスレキシントン パートナーズレキシントン パートナーズマッコーリー キャピタル セキュリティーズマッコーリーキャピタル証券フェニックス プロパティー インベスターズダイヤモンド ドラゴン アドバイザーズダイヤモンド ドラゴン アドバイザーズモニュメント グループモニュメント グループ APG アセットマネジメント アジアパンテオン キャピタル アジア大同生命保険 GIC リアルエステート インターナショナル ジャパンカナダ年金投資委員会アジアシナジーキャピタルクレディ スイスアボットキャピタル 7

8 Q1. Please provide your rating of this conference as an EDUCATIONAL event: (No of response :50) 5. Very effective 22 (44%) 4. Somewhat effective 23(46%) 3.Neutral 5(10%) 2. Somewhat ineffective 0(-) 1. Not at all effective) 0(-) Registration and Welcome Note from Astoria Session 1; Keynote Address by Mr. Yancovich, CFIG 8

9 Q2. Please provide your rating for each sessions: (5. Very effective 4. Somewhat effective 3.Neutral 2. Somewhat ineffective 1. Not at all effective) S1 Keynote Address: Keynote Address: Outlook on the Global Private Equity Markets; and Q&A Speaker: Bernard Yancovich, CFIG (No of response :50) Score: 5. Very effective 17 (37%) 4. Somewhat effective 22 (47.8%) 3.Neutral 6(13%) 2. Somewhat ineffective 1 2.2%) 1. Not at all effective 0 (-) I was able to learn the overall situation of the global PE market, based on detailed data. Because the current situation of the PE market was explained in a way which is easy to follow. This lecture made numerical analysis from various points of view, much more than any other similar lectures of a kind that I attended in the past. Very valuable as I could understand, to the point, the total view of the global PE market based on data. Very clear analysis, I think. This was very good as the explanation was very clear. It was very interesting as key points were well summarized. The fact that I could capture the overall picture. Systematically well organized. It was useful as I could see the outline. I was able to confirm anew the general condition of the market. I felt I was able to reconfirm my knowledge, while there were some new idea/ways of thinking which were very interesting. Keynote. That's it Well organized. It helped me understand the market trend. Due to the nature of the product, comprehensive materials are rare to find. Thus, it was very helpful that the overview was given. Because it was concrete. As an overview, it was good enough, I thought. Interesting statistical data were provided. Although I could only attend a part of the session, I felt the explanation on the current PE market condition was very easy to follow. Materials/data on the market as a whole were useful. I could grasp objectively the needs of the investors such as dry powder. Good Summary/overview 9

10 S2 Panel Session :Secondary Markets Panelist: Marshall Parke, Lexington Partners Panelist: Soichi Sam Takata, TMA Moderator: Jonathan D. Roth, Abbott Capital Scene from the Panel Session Score/ No of response:46 5. Very effective 14 (30.4%) 4. Somewhat effective 22(47.8%) 3.Neutral 10(21.7%) 2. Somewhat ineffective 0 名 (-) 1. Not at all effective 0 名 (-) Comment Now I understand that recently the presence of the secondary market is growing. I think the secondary investment is a suitable asset class for Japanese pension funds, but the explanation was abstract so that I could not get future prospects. Very valuable as it was a rare opportunity to have a lecture focused on the secondary market. It could have been better to have more in-depth explanation on the contents of the strategy. Because the explanation on the secondary market was interesting. Well organized session and very interesting. It was good that Lexington disclosed a great track record. I could see that they are confident. It helped me understanding the secondary market better, but the dynamics was not well XXX Overview was useful. I was able to learn that the secondary opportunities will come out for the time being, and the fact that performance and discount do not necessarily correlate with each other. The fact that I could l understand the general condition of the secondary market well. As I could get a hint on how and what to think about where there are more secondary managers. As it was a general theme. I was able to understand the secondary market trend. The point that performance is good (negative returns are few). Concrete. As my knowledge on the secondary market was limited, this was informative. Characteristics of the secondary were shown concisely. For Investment Department in Japan, I think it is an easy approach to address. The reasons behind good performances of the secondary funds were well explained. Constructive Discussion on Key Issues 10

11 S3 Special Address: Investing in European Private Equity Why and how? Speaker: Dr.Rainer Ender, Adveq Management Moderator: Joji Takeuchi, Brightrust PE Japan Scenes from the Panel Session Question from the floor Score/ No of response: Very effective 6(11.8%) 4. Somewhat effective 19(37.3%) 3.Neutral 21(41.2%) 2. Somewhat ineffective 4(7.8%) 1. Not at all effective 0 名 (-) I found it very valuable to take an extra step into the discussion, why invest into Europe, while current image of economy in Europe shuns many people away. At the beginning, questions were rather dull, but as the session went on into the latter half, many good questions came up and it was interesting. Explanation focused on Europe was interesting. This lecture was less concrete, and was mostly on notional trends (I already have the knowledge at that level.) I wish there had been more concrete explanation on why invest in Europe. It may be because of the theme, but I found it a little too general. I could reconfirm that there are opportunities to purchase companies at a relatively low price. This is a market on which information is difficult to obtain. As this is a relatively known topic. PE market trend in Europe was clarified. It was good to find the way to justify PE investment while its volume is limited. I was able to understand PE market trend in Europe. I had an impression that the investment opportunities were not clearly explained. The opinion that investments should be made into Europe. The content itself was not bad, but for me, there was no fresh news. This session gave me an opportunity to review European market. The point that we should focus on small, rather than large. I understand that Europe and small are rather advantageous. However,I could not clearly see the reason why US, Europe and Asia should be equal in terms of regional allocation. It was impressive to see Mr. Takeuchi raising a straight forward question and Mr. Ender responding to it very honestly. 11

12 Scenes from Networking Lunch Scenes from Session 4: LP Panel 12

13 S4 Panel Session :Japanese LP Perspectives of Global Markets Panelist: Tadasu Matsuo, Daido Life Insurance Panelist: Tooru Masuda, SuMi Trust Bank Panelist: Shinichi Nishisako, Nomura Securities Moderator: Hidekazu Ishida, Osaka Gas Pension Score/ No of response::51 5. Very effective 24(47.1%) 4. Somewhat effective 12(23.5%) 3.Neutral 13(25.5%) 2. Somewhat ineffective 2(3.9%) 1. Not at all effective 0(-) Comments It could have been better if (first hand) views (opinions) as an institutional investor were introduced. It was not clear among whom the exchange of opinion was made, nor to whom the information was intended to be conveyed. It seemed to me that the conversation was made at a very high level by a pro only for a pro. It was informative to hear views from various types of institutional investors. I don t think there were any unexpected comments. It was good to hear honest opinions. The fact that panelists were selected from different industries led to a successful session. Practical comments were interesting. However, it could have been better to explain in a more general way for other funds and investors. Comments from the view point of the regional banks credit extension trends were interesting. Analysis method was clear. It was good to have different points of views because each panelist belongs to a different category as investor. However, it was a pity that the discussion could not go in depth because of the diversification of the panelists. Mr. Ishida played an MC s role very well. Each panelist has a different view point, which was informative to me. I was able to learn what kind of products they are interested in. I was able to confirm the current situation and future direction of other companies. It was a very open and honest discussion and informative to me. Actual situation and experiences were shared. I could hear the first hand opinion from the investors. Concrete. The fact that panelists were from various industries and their comments were very interesting. I now understand what each investor is thinking about. Was there any new point of view? I did not see any difference from previous discussions. No news/no changes could be regarded as a proof of consistency, but. All the panelists honest opinions were informative. Useful information on LP plans for investing. 13

14 S5 Panel Session :Global PE Real Estate Markets Panelist: Benjamin Lee, Phoenix Property Investors Panelist: Ken Chan, GIC RE International Japan Moderator: Kenneth Wisdom, Portfolio Advisors Scenes from the Sessoin 5 Score/ No of response:42 5. Very effective 24(47.1%) 4. Somewhat effective 12(23.5%) 3.Neutral 13(25.5%) 2. Somewhat ineffective 2(3.9%) 1. Not at all effective 0(-) Being bullish on the Japanese real estate market, it was interesting. The explanation that core class assets have similarities with blue chip investment such as IBM was valuable to me. I now understand that even core investment could suffer a major loss. It was great to have been able to invite big shots from Hong Kong and Singapore. It may be because the global interest in real estates in Tokyo is so high. It was good to hear substantial and fruitful comments, but I wanted to hear more comments on how Tokyo area is regarded by overseas investors. Very interesting comments. It was interesting to find investment analysis from a point of view, other than that of PE s. Presentation on the company itself was too long, I thought. If introduction of the company is an important part of it, it could be done in a different format, not a panel discussion. Analysis on Tokyo by GIC was interesting. There was much information which are new to me. This is not included in our investment target. As I am not interested in real estate. The contents were not new to me. It was good that I could re-confirm the reality of DD and the attitude towards the market. Cheap contents As I could hear the approach from macro point of view. There were many general discussions. Phoenix It was interesting, but not included in our business scope. The parts that are off the investors point of view. Good Perspective on PE Opportunity 14

15 S6 Panel Session :Private Debt/Credit Investing Panelist: Jeremy Ghose, 3i Debt Management Panelist: Hideto Minegishi, SuMi TB Moderator: Juichi Takeuchi, Nomura TB Scenes from the Session 6 Score / No of response :45 5. Very effective 24(47.1%) 4. Somewhat effective 12(23.5%) 3.Neutral 13(25.5%) 2. Somewhat ineffective 2(3.9%) 1. Not at all effective 0(-) Middle market loans are one of the most noticeable investment targets today, thus it was interesting. Also, this was the first time I heard the actual investment cases of domestic investors. This is a very timely topic as Japanese financial institutions, whose loan business is not increasing, are paying attention to debt fund investment. I have never heard about this before. Very interesting. Very valuable explanation was given on the product which contains both bank loan priority and floating rate. Very much clear-cut explanation Comments as from and after market condition could have been omitted, as they were basic, I think. This is the field that I am interested in, but the content wise, it was too general. Target returns are not satisfactory, but I was able to learn that they have relatively high down-side tolerance and there are plenty of investment opportunities. I obtained a deeper knowledge of this asset class which is not easy to understand. It was good that I could confirm the situation of bank loans, as it is a timely theme in trend. Much time was spared for the explanation of the basic structure.. As explanation was easy to follow in each field. Leverage level / trends in Europe were made clear. It was enlightening as this was a new field for us. As this has an attractive characteristics (as an asset class), I find it suitable for those investors who are looking for investment opportunities other than equities. It was very informative as I am not very familiar with this field. Theoretical + Practical Presentations 15

16 S7 Panel Session :Infrastructure Investing Panelist: Steve Gross, Macquarie Panelist: Hans-Martin Aerts, APG AM Moderator: Alex Wilmerding, Pantheon Scenes from the Session 7 Score / No of response :44 5. Very effective 24(47.1%) 4. Somewhat effective 12(23.5%) 3.Neutral 13(25.5%) 2. Somewhat ineffective 2(3.9%) 1. Not at all effective 0(-) It was enlightening that the importance of understanding regulations was pointed out. This was new to me, and very interesting. Maybe this was the first time Macquarie and APG were invited as panelist. I appreciate it very much. In Japan, there is much room for development in the infrastructure field, especially after Olympic games. I heard about this for the first time and found it fresh and original. There was much new information for me. Highly specialized. There are some concerns on exit strategy, but I learned that at this moment, both investments and exits are working smoothly. The content was very general. The advice was given on the points to which we should pay attention when expanding Australia originated infrastructure to the global market. Basic presentation. I was able to understand what is necessary for infrastructure investment. Secondary. As I don t know much, I cannot evaluate the session. As for infrastructure investment, the contents of the session were basic, and I could not find anything new. It could have been better to make each comment more concise to shorten the total duration of the session. It was enlightening to hear directly from the overseas infrastructure investors. Case study Explanation Practical Theoretical Information 16

17 S8 Fire-side chat: Pension Reform at CPP and Impact on Investment Practices Panelist: Prem Samtani, CPPIB Asia Moderator: Tokihiko Shimizu, GPIF Scenes from the Session 8: Many questions were asked from the floor. Score / No of response :43 5. Very effective 24(47.1%) 4. Somewhat effective 12(23.5%) 3.Neutral 13(25.5%) 2. Somewhat ineffective 2(3.9%) 1. Not at all effective 0(-) The outline of CPPIB was explained intelligibly by its representative and it was very informative. As I have always been interested in pension system reform in Canada, I am glad to have had this opportunity today. It means a lot that Mr. Shimizu talked directly with Canadian Pension Plan representative. It would be nice to have a talk session between Mr. Mitani, President, and Canadian Pension Fund magazines. There was much new information for me. It was interesting to learn that there are various types of concerns. It was useful as I understand that they are flexibly controlling the weight of alternative investments, keeping the passive benchmark in mind. I would like to know their investment situation in more details. How they regard PE investment. How they control risks, etc. It was good to learn how public pension plan s governance is managed. I was able to hear comments which are not normally accessible. As it was a rare opportunity to get comments from CPPIB and GRIF. As I was able to understand the background of CPPIB. Their attitude towards investment. It helped me understand the major trend movement and interests/concerns for future. 17

18 Mr. Shimizu was an excellent moderator. He added supplemental comments on the answers given by the Canadian Pension Plan representative, which helped me understand it much better. Very useful as I could learn the similarities and differences between Japan and Europe/US, regarding public pension fund investment. Q&A was active and impressive. Very informative. Interesting XX XXX the difference between the 2 national pension plans & investing models. Q3. Current state of investment: (No. of response: 35) Credit Investing PE HF Alternative assets Long only 14 Already investing 28 Already investing 19 Already investing 13 Long/Short 4 To be considered 2 To be considered 2 Already investing (long only) 9 Not investing 5 Not investing 0 Not investing 1 To be considered 2 Not considering 0 Not considering 1 Not considering 5 Not considering 1 Q4.Are there any new topics you would like to hear in the next forum? (No. of response:19) GP s in Japan. Practical operational process of executing alternative investment. Credit related hedge funds (middle market loans, distressed, credit long short, securitized products, etc.) Deregulation in order to activate PE investment. Deep emerging market (Africa, etc.) I would like to see more focus on the strategies, keeping Tokyo Olympic games in mind. Stagnant emerging markets and Chinese economy were barely covered this time. I would like to have these topics taken up. US middle and small markets.. PE in the emerging market. View points by different types of investors in Japan (Pension funds, institutional investors, financial institutions, insurance companies) Domestic PE/VC. Investment trend into alternatives by domestic pension plans. Real estate market. It would be nice to have more in-depth session on PE and infrastructure investment. Actual cases of domestic and overseas investors. Risk control/management of alternative investment. Review of multi-asset investment (risks, parity) Real asset fund. Energy fund. Alternative investment by public pension plans from various countries. Hedge Fund, securitized products. Q5. Please provide your recommendation as to how this conference should be improved for the future. (No. of response:14) Q5 Very much enlightening and informative. Thank you very much. Not enough desks, I felt. It is quite hard to be sitting on a banquet chair without a desk all day long. Thank you very much for an opportunity to attend the lecture. Many of the themes covered were informative. It would be nicer to have more time for networking. Very much enlightening. Thank you very much. Current situation and future outlook of PE and infrastructure investment by private pension plans. Please prepare/install more desks. Informative. Thank you very much for the invitation. It was cold in the room. Maybe it could not have been helped, but the last minute program changes without notice should be avoided. It would be nice to inform us even if it is a day before. Decision making speed and steps for financial institutions (institutional investors) are different from those of pension plans. I think it useful to learn from financial institutions (banks, insurance companies), but I think it difficult to apply them as it is for pension fund management. I would like to attend the next seminar, if my schedule allows. Thank you very much. School style may be better? 18

19 Scenes from the Reception 19