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CVCA Annual Conference - May 22-24, 2013 – The Fairmont Banff Springs, Banff, Alberta

MAY 22-24, 2013


Theme: CAPITAL: The Fuel for Business

In every industry, capital is the fuel of business start-ups, continuity and expansion. Without it, the Canadian economy cannot grow and prosper. This year’s CVCA conference will feature the role our industry plays to stimulate business with the “alternative” energy of venture capital and private equity. Leading industry experts will address the most current topics of strategic importance to capital providers, those seeking investment capital and all categories of service providers who facilitate this investment industry. Fittingly, this year's conference setting is Alberta, the energy capital of Canada. Come join us at the magnificent Fairmont Banff Springs Hotel as we drill down into the bedrock of this vital industry.


You won't want to miss a minute of this year's exciting list of speakers headed Mark Wiseman, President and CEO of CPP Investment Board and Steven Koltes, Managing Partner and co-founder, CVC Capital Partners. Mark Wiseman is eminently qualified to address capital as the major fuel for future Canadian resource expansion. His prior investment accomplishments include overseeing private fund and co-investment with the Ontario Teachers' Pension Plan, officer of publicly traded Canadian merchant bank Harrowston Inc., and Chairman of the non-profit Institutional Limited Partners Association. Also sharing views on our industry opportunities is Steven Koltes, Managing Partner and co-founder of CVC Capital Partners, one of the world’s leading private equity firms with 270 people throughout Europe, Asia and the U.S.

Gala Evening Entertainer is BRENT BUTT
Brent Butt

Star, creator, writer, director and executive producer of Corner Gas, Saskatchewan's BRENT BUTT is our featured entertainer for the Gala Event. No stranger to the Canadian experience, Brent started his career as a high-school stand-up comedian and expanded his dream to include a multitude of appearances on A&E, HBO, CBC, CTV and Global. A Gemini Nominee, Brent's down-home style will, no doubt, provide an entertaining Canadian perspective into the state of our country.

Our Masters of Ceremony is CATHERINE MURRAY
Catherine Murray

Co-Host and Anchor for BNN and former VP at Deutsche Bank. Murray is a co-host on BNN's Market Sense and the anchor of The Business News, Canada's leading business newscast. Her talks draw from her extensive experience in the fields of business, finance and retail. Before joining the BNN team in 2011, Murray was the Managing Director and Head of Institutional Equities at North South Capital, which she co-founded in 2009. Murray founded North South Capital to fill a need in the marketplace for money making ideas, transparency in terms of pay and incentives, and an emphasis on "the client comes first". If you focus your business on the client and put the client first, says Murray, you will succeed--even during times of economic uncertainty.


Wednesday May 22, 2013

9:00 am – 4:00 pm

Golf event at Banff Springs Golf Course

3:00 – 7:00 pm Conference Registration
4:00 – 5:00 pm

Canadian Women in Private Equity (CWPE) Reception
sponsored by Deloitte and Merrill Datasite

5:00 – 7:00 pm Welcome Cocktail Reception
sponsored by TORYS
Thursday May 23, 2013
7:45 am Breakfast Buffet sponsored by Avrio
8:45 - 9:15 am

Welcoming Remarks by 2013 Conference Chair:
Lorne Jacobson, Senior Managing Director, TriWest Capital Partners

CVCA President’s Address:
Peter van der Velden, General Managing Partner, Lumira Capital

9:15 -10:00 am      

Pursuing a long-term strategy in a short-term world' sponsored by BDC

As one of the largest and fastest growing institutional investors in a world experiencing far-reaching change and in a market increasingly comprised of short-term minded participants, CPPIB is steadfast in its long-term view to fulfill its multi-generational purpose to ensure the sustainability of the CPP for 18 million Canadians. From this unique perspective, Mark Wiseman will address the challenges and opportunities in today’s investing climate and discuss CPPIB’s investment strategy to source and secure the best risk-adjusted returns, highlighting how investors can apply the thinking inherent in private equity and venture capital investing to other asset classes.   Wiseman will also discuss a ground breaking initiative between CPPIB and McKinsey & Company to understand how organizations and their leaders can embrace long-term thinking and action to create greater value for both business and society.

Speaker: Mark Wiseman, President and Chief Executive Officer, CPP Investment Board


10:00 -10:30 am Session 2 "Opportunities and Challenges in Private Investing"

Recent events have reshaped the global financial landscape and created a unique set of opportunities and challenges for private equity managers and investors. Bruce Myers will review some of the ways the world of private investing has changed since the financial crisis and provide some thoughts about how the Canadian private equity industry might take advantage of these changes when planning for the future.  

Speaker: Bruce Myers, Managing Director, Cambridge Associates
10:30 – 11:00 am Coffee / Networking Break
11:00- noon

Session 3A (VC Stream) The Life Sciences Century:  Investing in the Perfect Hedge
Health care expenditures in developed economies are expected to grow three times faster than GDP over the next two decades.   Public pensions, private employers and national health systems are quickly becoming overwhelmed by the cost of providing healthcare benefits to workers and pensioners.   On top of this burden are the mounting losses to productivity resulting from a population that’s increasingly overweight, aging and suffering from costly chronic conditions such as heart disease and diabetes.

Savvy institutional investors are realizing they can hedge against these looming financial threats by investing today in innovative life sciences companies whose products and services lower the cost of healthcare that they themselves must ultimately bear.  And, as industries like information technology mature, healthcare is gaining the attention of investors hungry for growth returns.   The panelists will discuss some of the most compelling opportunities for life sciences investing in the new century.

Stephen Hurwitz, Partner, Choate Hall & Stewart LLP
Gerald Quirk, Partner and Co-Chair, Choate Hall & Stewart LLP

David Allan, Chairman, Stem Cell Therapeutics
Gerry Brunk, Managing Director, Lumira Capital 
Dr. Maurice R. Ferré, President, Chief Executive Officer, Chairman of the Board of Directors, MAKO Surgical Corp.
Thomas G. Wellner, President and Chief Executive Officer, CML HealthCare Inc

11:00- noon 

Session 3B (PE Stream) Navigating the Canadian Regulatory Landscape
Recent high profile transactions including Bell/Astral, CNOOC/Nexen, Petronas/Progress Energy, BHP Billiton/Potash Corp, MacDonald Dettwiler/Alliant and others, demonstrate that Canadian regulators and the federal government appear to be increasingly flexing their muscles and scrutinizing transactions.  Our expert panel will examine the impact of this recent development on transactions and explore strategies for navigating these important regulatory hurdles.

Moderator: Matthew Cockburn, Partner, TORYS

Melanie Aitken, Bennett Jones, LLP
Peter Buzzi, Managing Director and Co-Head, Mergers and Acquisitions, RBC Capital Markets
Dwight Duncan, Former Minister of Finance for Ontario, Senior Strategic Advisor, McMillan LLP
Steven MacKinnon, Senior Vice President and Practice Director, Financial Communications and Transactions, Hill & Knowlton Strategies

11:00- noon

Session 3C (Energy Stream) Where will all this natural gas go?
North America is currently oversupplied with natural gas. What will it take to balance this situation and achieve better prices for Canada’s resource assets?  Is demand growth a reasonable savior or are new buyers needed? In what time frame? Many producers are becoming increasingly oil-focused and ignoring gas; is this a short-sighted mistake? Where can we expect prices to go in the near future? Our expert panel will provide perspectives on what we can expect over the next several years including discussions on the ever important issues of LNG export, expansion of pipelines and the availability of private equity capital for gas development.

Moderator: Andrew Evans, Senior Vice President and Director, ARC Financial Corp.

Angelo Acconcia, Managing Director, Private Equity, Blackstone Capital
Wendy Liu, Vice President, Research, ARC Financial Corp.
Tony Palmer, VP, Major Projects Development, TransCanada Corp.
Alfred B. Sorensen, CEO, Canadian Spirit Resources Inc. ("CSRI") and Pieridae Energy


12:00- 1:40 pm

Luncheon & CVCA ‘ VC & PE Deal of the Year’ Awards Ceremony
Sponsored by AVAC


1:40 -2:15 pm Keynote Lunch Address:
“The Outlook for European Private Equity: Why invest now?”
The EU started as a poorly constructed currency union.  Its misfortune is that it was formed just before an unprecedented boom of cheap credit. Increasing volumes of capital flowed from north to south with disastrous consequences.  The fiscal strains will continue for the foreseeable future, but the EU will remain intact.  ECB President Mario Draghi has made it clear that he will “do what it takes” to preserve the Euro.  The next decade, however, will be a propitious time to invest in Europe for those who have the local contacts, experience and liquidity.  Despite the difficulties, many of the European economies are competitive and are world leaders in terms of market efficiency, financial markets development and business sophistication.  There are a host of “Hidden Champion” companies in Europe (far outnumbering those in the US or Asia), which will be excellent investment targets in the coming decade.

Speaker: Steve Koltes, Managing Partner, CVC Capital Partners
2:30- 3:30 pm

Session 4A (VC Stream) Crowds rush in where Angels and VC's fear to tread - Crowdfunding is here
In an ever-changing world, where business ideas and innovations outweigh capital availability, businesses are flocking to Crowdsourcing services to help launch and grow their businesses. Is Crowdfunding really a threat to traditional Angel and VC seed rounds? Or is it stimulating our economies by unleashing the underdogs, while providing "straight-to-consumer" gateways and customer traction traditional investors ask for? This panel will provide insights to what is truly going on, who will feel the biggest impact and where the future lies for Crowdfunding.

Moderator; Chris Arsenault, Managing Partner, iNovia Capital

Carl Esposti, Founder & CEO, massolution and
Stephen Lake, Co-Founder & CEO, Thalmic Labs
Senia Rapisarda, VP Strategic Initiative, BDC Venture Capital
Boris Wertz, Founding Partner, Version One Ventures


2:30- 3:30 pm

Session 4B (PE Stream) Fundraising – Then and Now
Over the course of the last few fundraising cycles, from the height of the market to the trough of the financial crisis, some things have remained constant but much has changed.  Come and listen to our panel of experienced LPs compare, contrast and discuss issues facing LPs as they consider commitments to Canadian, and global, venture capital and private equity managers.  You’ll hear views on LPA terms and conditions, expected returns, succession and key person issues and more.  Whether you are a first time fund, established GP, or other market participant, this will be an informative session for anyone involved in fundraising.

Moderator; Jeff Pentland, Managing Director, Northleaf Capital Partners

Martin Day, Partner, Caledon Capital Management
Michael Machabee, Senior Portfolio Manager, EDC Investments
Julian Remedios, Senior Portfolio Manager, Private Equity, British Columbia   Investment Management Corporation
Christopher Walker, Principal, HarbourVest

2:30- 3:30 pm

Session 4C (Energy Stream) Why are we selling our oil at a discount?
Oil prices are under pressure in Canada as markets have become increasingly regional. How can we reverse this unfortunate situation? Will the US become energy self-sufficient? Does Canada need to find new customers through increased exports? Or will transportation solutions solve the problem? Are pipelines the right answer? What about rail? New technology has changed the oil business. What does this mean in terms of investment opportunities? Our expert panel will provide perspectives on what we can expect over the next several years including discussions on the impact of technology, transportation, and the availability of private equity capital for oil.

Moderator:  Pentti Karkkainen, General Partner, KERN Partners Ltd.

David Krieger, Managing Director, Warburg Pincus
Cristina Lopez, Managing Director, Energy Research, Macquarie Capital Markets
William McCaffrey, President and CEO, MEG Energy Corp.
Steve Wuori, President Liquids Pipelines and Major Projects, Enbridge


3:30 – 4:00 pm Coffee / Networking Break
4:00 – 5:00 pm

Session 5 Global Mega Trends Shaping The World
From the continuing banking and sovereign debt crisis in Europe and uncertainty over the viability of the eurozone, the unresolved U.S. fiscal crisis and enduring economic malaise, sluggish growth in emerging economies, the economy of China at a crossroads, increasing trade frictions and protectionist measures since the outbreak of the global crisis, the prospect of energy self-sufficiency in the U.S. becoming reality, to pipeline shortages and a glut of oil and natural gas in Canada and others, there are many headwinds facing the global recovery. In addition, international trade negotiations have shifted from a multilateral to a bilateral and plurilateral approach giving rise to a competitive trade liberalization environment.  Our expert panel will examine the interaction of these trends and their impact on the Canadian economy and the global recovery.

Moderator; Derek DeCloet, Managing Editor, Report on Business, Globe and Mail  

Eric Lascelles, Chief Economist RBC Global Asset Management Inc.
Peter Tertzakian, Chief Energy Economist and Managing Director, ARC Financial Corporation
John Weekes, Senior Business Advisor, Bennett Jones LLP

6:00 – 7:00 pm Gala Cocktail Reception sponsored by HUB International and Chubb Insurance
7:00 – 10:00 pm Gala Dinner, Entrepreneur of the Year and Community Leadership Awards Ceremony and Entertainment – Brent Butt  



10:00 pm– midnight Whiskies of the World Tasting sponsored by Choate Hall & Stewart LLP
Friday, May 24, 2013
8:00 am Breakfast Buffet sponsored by Avrio
9:00 -10:00 am

Session 6A (VC Stream) It’s all about Energy Independence!
This panel of experts will deal with the recent debate about “Cleantech” and its role in the energy supply chain and how traditional Energy investors view the combination of both renewable and incumbent energy sources . The impact of  low natural gas prices and the global economic slowdown  has put extreme pressures on the renewable sector,  while at the same time challenges in price levels  for heavy oil, Coal and other energy sources has also placed pressure for more efficiency in traditional energy markets. What is the solution to our future energy needs?
You will hear how this expert panel views the importance of new technologies in both Cleantech and traditional Energy sector and where they believe the best investment opportunities are. We will discuss and debate  why the combination of the Cleantech and Energy Technologies will become key to our future move towards energy independence and which exciting technology areas will help get us there.

Moderator: Wally Hunter, Managing Director, EnerTech Capital

Todd Hirsch, Senior Economist, ATB Financial
Mark Huang, Co-Founder, Novus Energy Partners
Jim Kim, Founding Partner, Formation 8
Art Robinson, Partner, 32 Degrees

9:00 -10:00 am         Session 6B (PE Stream) The rise of the Defined Contribution pension plan: Death knell or opportunity for private equity?
How has this trend manifested itself in the US and other countries?  What are the implications for Canadian pension assets?  What has been the impact on private equity fundraising in the US and other countries?  What other fundraising trends are market participants seeing? What new pools of capital are Canadian private equity funds targeting? How are smaller investors in pooled funds impacting fundraising?

Moderator: Tracey McVicar, Partner, CAI Capital Management Co.

Ryan Bisch, Canadian Leader, Alternatives Boutique, Mercer
Kelly DePonte, Managing Director, Probitas Partners
Sheldon Dyck, President, ATB Investor Services
Thomas Kennedy, Managing Director, Kensington Capital Partners Ltd.
10:00 – 10:30 am Coffee / Networking Break
10:30- 11:15 am Session 7 From ‘mint condition’ to ‘needs work’ - trends, opportunities and challenges in ‘second hand private equity’
The market for private equity secondaries has witnessed record volumes over the past few years.  Buyers of secondary interests have been attracted to opportunities not only to mitigate the j-curve through an accelerated investment pace and early distributions, but also the ability to value and re-price existing assets.  In parallel, a number of factors on the sell side - including regulatory changes, increasing numbers of tail end funds, the need for near term liquidity and the desire of some limited partners to rebalance their portfolios – are expected to continue to serve as catalysts for a robust secondary market for the foreseeable future.  Our expert panel will share their knowledge and practical insights on a range of issues, such as current and emerging trends and challenges in the private equity secondaries market, where the current volume of deals is coming from, how much “dry powder” there is on the buy-side, approaches to portfolio valuation, innovations in deal structuring, how the secondary market is being used to deal with “zombie funds”, and how general partners should think about the implications of secondary transactions on their funds.

Moderator: Benjamin Abramov, Canadian Head of Private Markets Research, Senior Investment Consulting, Aon Hewitt

Michael Flood, Managing Director, Northleaf Capital Partners
Matt Garfunkle, Partner, Pantheon Ventures (US) LP
Brian Mooney, Managing Director, Cogent Partners
Tom Newby, Partner, Lexington Partners
11:15 – 12:00 pm Session 8 New LP Categories
This panel will focus on new and emerging classes of Limited Partners in private equity and venture capital funds. It will include representatives from Sovereign Wealth Funds, Family offices and Strategic Investors. Panelists will discuss their individual motivations for investing in private equity and venture capital funds, whether it is part of a larger asset allocation strategy or for strategic reasons, such as to gain access to co-investment opportunities.  The panelists will also discuss such timely topics as what they look for in a potential manager and how a GP can attract their attention.                

Moderator- Kathy Jeramaz-Larson, Executive Director, Institutional Limited Partners Association

Christian Zabbal, Managing Director, Black Coral Capital
Randy Garg, Beedie Capital Partners
Gordon Pridham, Board of Director, Newalta and Principal, Edgewater Capital
Dr. Michael Raymont, President and CEO, AVAC Ltd 
12:00 – 12:15 pm Closing Remarks
12:15  –2:00 pm Networking Lunch 




We encourage you to book your hotel accommodation ASAP. Participants wishing to stay at the Fairmont Banff Springs Hotel must book directly with the hotel. A block of rooms has been put aside at the conference hotel for CVCA Delegates. SUPPLY IS LIMITED. Negotiated rates are available only while supply lasts, with guestroom rates of $239.00 to $399.00 (pre taxes) per night. As the hotel is a resort property, we will NOT be able to hold rooms at the Convention Rate AFTER THE CUT OFF DATE OF April 20, 2013. After April 20th, you will incur a much higher room rate or a "SOLD OUT" Hotel. Please be sure to book your room as soon as possible to ensure that you receive the negotiated convention rate and be booked into the conference hotel. You may book into the hotel by phoning the hotel directly; phoning the toll-free number; fax or internet. Please ensure that you quote the Group Booking Code "GCVC" when making your reservation.

You may also book online at or by calling 403-762-6866 or 1-800-441-1414 and reference Group Code "GCVC" for CVCA's 2013 Annual Conference.


Main Hotel Reservation


Toll Free Reservations






Fairmont Standard

$239.00 Single/ $249.00 Double

Fairmont Deluxe

$319.00 Single/ $329.00 Double

Deluxe Premiere

$359.00 Single/ $369.00 Double


$399.00 Single/ $409.00 Double

Fairmont Gold

$399.00 Single/ $409.00 Double


Pricing on request

In the event that the Fairmont Banff Springs Hotel is sold out, the CVCA has negotiated a discounted room rate at THE RIM ROCK RESORT HOTEL for our registered conference attendees. The RIMROCK is a 5 minute taxi ride to the Banff Springs conference centre where the conference is being held. To book accommodation, call the hotel directly: 1-888-746-7625 (1-888-RIMROCK). Please note the reservations team will require a valid major credit card to reserve rooms. The standard rate for CVCA conference attendees is $178.00 per night plus applicable taxes. To book your room on link - click this link ON-LINE   

GALA EVENING - Thursday, May 23, 2013
EXTRA TICKETS FOR GALA EVENING (May 23, 2013) Your fee for the conference INCLUDES the Gala Evening, however you are welcome to purchase additional ticket(s) for your guest(s). Please send your request to Single ticket price is $262.50 ($250.00 registration fee + 5% GST $12.50)

A special opportunity for 120 conference attendees to mix a round of golf with a round of networking at The Fairmont Banff Springs Golf Club. Renowned for its panoramic beauty, the Fairmont Banff Springs Golf Course in Alberta is a captivating and challenging layout set in the heart of Canada's Rocky Mountains with breathtaking views in every direction and a magnificent layout that thrills every golfer fortunate enough to spend a day here. Stanley Thompson, Canada's master golf course architect, used his expert talent when he designed the original 18 holes in 1928. The course winds along the Bow River under the snow-capped peaks of Sulphur Mountain and Mount Rundle.
Club rentals must be arranged directly with the Course. Download this form to make your arrangements


Air Canada

Air Canada is the official Canadian airline of CVCA’s 2013 Annual Conference and the discount will apply only to conference attendees flying into Calgary between May 15 and May 31st. To book your flight, visit  and enter promotion code NFBVA6V1 to receive your discount (10-12%). No discount will apply to Tango and Executive Class lowest bookings for travel within Canada or between Canada and the U.S. Visit Air Canada web site for all terms and conditions associated with your booking.



The CVCA has negotiated 25% discount off Brewster’s airport shuttle services between Calgary airport and Banff Springs Hotel.  The deluxe motor coaches include spacious reclining seats, an onboard lavatory, FREE WiFi and NO cancellation fees or extra luggage charges. Modify or cancel your reservation up to 90 minutes prior to your departure.  Book on-line at and enter the following ‘promo code’ when you “check out” CVCA2013. Or you may call to book 1 800 760-6934 and identify yourself as a CVCA Conference delegate to get the discounted rates. This discount is valid from May 15-30, 2013. The shuttle Airport Desk is conveniently located near the International Arrivals Gate


The CVCA has negotiated 10% discount off Brewster’s Sightseeing Tours. Visit  or call toll-free at 1-800-760-6934. When booking on-line enter the the promo code CVCA2013TOURS when you “check out”: The promo code is valid from May 15-30, 2013.


Hertz Canada is the official Car Rental Firm of CVCA’s 2013 Annual Conference and  discounts will apply only to conference attendees renting vehicles in either Calgary or Banff between May 14 and May 31st. To book your flight, visit and enter Meeting Number CV# 022Q6144 to receive your discounted rate.   You will be guaranteed of the lowest discounted rate at the time of booking.


Chair: Lorne Jacobson (TriWest Capital Partners)
Vice -Chair, VC: Ross Bricker
Vice -Chair, PE: Rakesh Saraf  (Alberta Teachers' Retirement Fund)
Chris Arsenault (iNovia Capital Inc.)
Gregory Baylin (ONCAP Management Partners)
Randy Beattie (PFM Capital Inc.)
Mark Blackwell (Cenovus Energy )
Gerry Brunk (Lumira Capital)
James Chepyha (Chrysalix Energy Venture Capital)
Rebecca Giffen (Alberta Enterprise Corporation)
Jeremy Gilman (KERN Partners Ltd. )
Bryan Haynes (Bennett Jones LLP)
Michael Hollend (Torquest Partners)
Wally Hunter (EnerTech Capital)
Andrew Keenan (CVCA)
Lauren Linton (CVCA)
Tracey McVicar (CAI Capital Management)
Francesco Mele (KERN Partners)
Dave Mullen (Fulcrum Capital Partners)
Jeff Pentland (Northleaf Capital Partners)
Julian Remedios (British Columbia Investment Management Corporation)
Richard Remillard (CVCA)
Kathryn Ryan (CVCA)
Nancy Smith (ARC Financial Corporation)
Thecla Sweeney (Birch Hill Equity Partners)
Pascal Tremblay (Novacap)
Peter van der Velden (Lumira Capital)
Michael Woolhouse (Canada Pension Plan Investment Board )





  Export Development Canada



Chubb Insurance
 Ontario Venture Capital Fund  

Northleaf Capital Partners




  Alberta Enterprise Corporation



OMERS Private Equity

 OMERS Ventures


TriWest Capital Partners



Aird & Berlis

Bennett Jones

 Blaney McMurtry


 CPP Investment Board

  Chaitons LLP



Fonds de solidarite FTQ


  Stikeman Elliott
Wellington Financial

Bennett Jones



Relay Ventures




Avrio Ventures


 Thomson Reuters

 Canadian Innovation Exchange

 Backbone Banff Venture Forum
Institutional Limited Partners Association