Non-Listed Alternatives (East)
New York, NY
June 24 - 25, 2019

Description

A record number of new interval funds launched in 2018 and interval fund net assets increased by 41%, reaching $27.5 billion.* Non-listed REITs raised $4.6 billion in 2018, a 9.5% increase on the year prior.** And non-listed BDC sales increased 33% from December 2018 to $55.8 million in January 2019.*** 
 
The potential of the non-listed retail alternative investment industry is immense. As it emerges from its dramatic evolution, product offerings are now more diverse and offer greater transparency and liquidity. However, further change and learning curves are ahead.
 
Distribution channels, notably independent broker/dealers (IBDs), are undergoing their own evolution. The late stage of the current cycle heightens investment strategies for both product sponsors and advisors and their clients. And new products, such as Qualified Opportunity Zone (QOZ) offerings, are grabbing attention. But how to evaluate beyond the hype, particularly with final guidelines from the IRS still pending?
 
Join us as we dissect the key market issues and their implications for industry stakeholders at IMN's 16th Annual New York Non-Listed Alternative Investment Products Symposium, June 24-25, 2019, New York Marriott Downtown.

Hosting the industry’s leaders, the forum provides an independent examination of the latest developments in market events, product structures and investment strategies, due diligence processes and the factors influencing the investment potential of different retail alts products.

We look forward to seeing you in New York City on June 24-25, 2019!

* Source: Interval Fund Tracker
** Source: Robert A. Stanger
*** Source: Blue Vault Partners
 

Who Should Attend
  • Established, new and prospective sponsors of retail alternative investment products, including:
  • Interval Funds
  • Closed End Funds
  • Traditional and Perpetual Life Non-traded REITs
  • Non-traded BDCs
  • Regulation D Offerings
  • Regulation A+ Offerings
  • Preferred Stock Offerings
  • 1031s
  • Due diligence, product management, research, compliance and regulatory personnel at independent retail broker/dealers & RIAs
  • Service providers to the industry including, but not limited to:
  • Law Firms
  • Due Diligence Service Providers
  • Tax/Accounting Firms
  • Wholesalers
  • Investment Bankers

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My Agenda

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Agenda

    Monday, June 24th, 2019

      Mid-Year Market Update & State of the Retail Alternative Investment Industry Address

        • What do Q1 and Q2 market trends/performance indicate for the remainder of 2019?
        • Publics vs. privates: Which are capturing the lion’s share of investors’ dollars? Why?
        • To what degree is the Non-Listed Alts market expanding vs. being cannibalized?
        • Non-Listed REIT sales are experiencing a renaissance: Will this continue? Are there common denominators amongst the products seeing an increase in sales over those that are not?
        • Is the traditional Non-Listed REIT structure extinct?
        • What’s driving burgeoning private placements? What are market expectations this year?
        • 2018 was a record year for Interval Fund launches: How many can this market sustain? What are notable capital raising trends? How are they performing?
        • What is the latest in how sponsors are effectively using structure to attract retail capital?
        • To what degree have tax changes impacted product structures?
        • Qualified Opportunity Zones: How much capital has been raised and among how many assets/programs?
        • What new products are in registration? Anything noteworthy? Who are the new entrants?
        • Exits: A thing of the past? Is there a ‘best’ exit strategy today?
        • To what degree has the market bifurcated into large vs. small product sponsors? Will this trend continue? If so, what are the possible consequences?
        • Distribution: Notable trends across independent broker/dealer; RIA; and wirehouse channels

      Where Should The Smart Money Be Invested? Assessing The Macro-Economic Outlook + Demographic & Social Trends

      • This session offers insights into which asset classes/investment strategies offer the best mid-long-term investment potential and market downturn protection. First, we examine the macro-economic outlook at what it means for CRE (commercial real estate) and credit-related investments. Secondly, we analyze key demographic/lifestyle trends and technological advancements that are changing the use of real estate and, ultimately, what it means for CRE investment.
        • Are we headed towards recession? What signals are there? When will the current cycle end? National vs. local cycles: What sectors would hold up in a down-cycle?
        • What macro-economic trends and fiscal policy – domestic and international – will likely have the greatest impact on CRE/credit-orientated investments in the next year?
        • Curtailed immigration: The impact of shortages in labor, renters, buyers on assets/markets
        • Ride-sharing and driverless cars: Has there been a discernable impact on retail, offices, residential communities, parking lots?
        • Are innovators in property (re)development to meet the changing needs of Millennials/Seniors in living, working, commerce, leisure and health-related real estate seeing dividends?
        • Which asset types are garnering significant investor interest based on evolving demographic and social trends?
        • Which asset types/markets are the ones to watch for the greatest investment potential over the next 3-7+ years, particularly when factoring in the macro-economic outlook? Which offer greater downturn protections than others?

      Product Sponsor President & CEO Perspective Panel

        • With a resurgence in capital raising and product launches, where is the Non-Listed Alts industry headed? Will we see a heightened battle of the products for investor dollars?
        • Perpetual vs. lifecycle – a distinction without a difference? What makes a product perpetual vs. lifecycle? Which makes sense for sponsors vs. retail investors?
        • Product structuring: What further innovation will there be? What will be key features to expand the capital base?
        • Are retail investors focusing more on investment strategy vs. product structure at this stage in the cycle?
        • What is your strategy for getting retail investors’ capital back?
        • Has the current Administration/policy impacted your investment strategy/returns?
        • What asset classes are you favoring in this market? Should sponsors specialize?
        • Are you in a buy or sell mode? What is your impetus at this stage in the cycle? What is your indicator for when to stop buying assets?
        • How do you achieve returns in a market where prices have been bid up? Where's the best risk-adjusted return investment in CRE right now? What returns are realistic?
        • What risks are you willing to take in order to achieve your returns?  How are you avoiding compounding risks in the event of a market shift? Are you preparing for an economic downturn?
        • What is the make-up of your distribution channels? Has this changed recently? If so, why and what challenges have you faced in expanding into new channels?
        • Wholesaler education: What more can be done?
        • What are the biggest risks/opportunities for public and private Non-Listed Alts in 2019-2020?

      A Candid Conversation On Due Diligence, Valuations & Financial Transparency: Product Sponsors; 3rd Party Due Diligence Service Providers; & IBDs/RIAs Perspectives

        • What data should IBDs and RIAs request from sponsors and how often?
        • What can sponsors do to provide better quality data to their distributors? What steps can be taken to improve data quality standards overall?
        • What intermediary software is available for sponsors to provide better quality data to distributors for billing/recording purposes?
        • Arriving at Net Asset Values to report on customer statements
        • Best practices in 3rd party due diligence firms working together with sponsors and IBDs/RIAs
        • Best practices in sponsors and RIA/IBD due diligence officers working together

      RIA & Broker/Dealer Closed Door: Due Diligence & Underlying Asset Valuation In An Increasingly Complex and Varied Non-Listed Alts Market

      • Attendees are highly encouraged to submit questions/topics in advance. Participation is strictly limited to qualified independent broker/dealer, registered reps, IARs and RIA attendees only. To register and to submit discussion points, please email dettinger@imn.org.

      Independent Broker/Dealer (IBD) Perspective On Product Platforms, Risk & Investment Strategies

        • What factors will have the biggest impact on IBDs selling Non-Listed Alts over the next year?
        • What should IBDs’ platforms look like at this stage in the cycle? What products to add/scale back on? Should there be further diversification?
        • What do sponsors need to better understand about IBD allocations?
        • What investment strategies are garnering most of your attention? Qualified Opportunity Zones (QOZs)? ESG? Impact Investing? Single-asset investment strategies? Other?
        • How are you viewing QOZ products? Are you selling any? What are your due diligence processes?
        • Sponsors/products: Any recent changes in selection criteria/due diligence processes? What are your metrics when evaluating a new product/sponsor for your platform?
        • Are you revisiting your risk parameters in the current economic climate/late cycle stage?
        • How can IBDs help reps protect themselves in a frothy market? What guidance are you giving on what to sell/not sell? How should advisors be advising their clients at this stage in the cycle?
        • What are you hearing from your reg reps? What do retail investors want today?
        • How are you educating retail investors on the place of Non-Listed Alts in their portfolio? To what degree do your clients now accept such investments as being integral to their portfolio? Is there a difference between generations in the education and acceptance of Non-Listed Alts?

      Breaking into the RIA Market: Understanding the Complexities of the Fee-Based Business

        • What are the unique challenges for sponsors of distributing Non-Listed Alts via the RIA network? How does it differ to distributing via IBDs?
        • Understanding RIAs’ operational challenges in offering Non-Listed Alts to their clients: Due diligence/underlying investment evaluation; reporting; compliance; tax issues; paperwork processing; educating clients
        • How can sponsors help RIAs overcome such operational challenges? What other resources are available for RIAs? What is the learning curve that RIAs have about Non-Listed Alt products? About the due diligence process? How can sponsors help?
        • Expanding RIA and wirehouse interest in your Non-Listed Alt product: Do’s and don’ts
        • Developing products that fit the RIA and/or wirehouse mold: What are must-have features?
        • Forming relationships and communicating with RIAs: How is this process different to that with IBDs? What do wholesalers and national accounts managers need to understand and do in their approach to and ongoing communication with RIAs? How can sponsors better train their sales teams to work with RIAs?
        • Getting on custodial platforms: What are the key considerations/steps for Non-Listed Alts sponsors? What are the steps for sponsors to properly structure relationships with custodians? How are custodians viewing Non-Listed Alts today?

      Independent Broker/Dealer (IBD) Perspective: Meeting The Challenges Of An Evolving Industry

        • How is your firm evolving with the industry? Are you giving up your IBD? Becoming a hybrid? RIA only? What are the primary decision factors behind any changes?
        • What are the conflicts of interest that IBDs face in transitioning to a hybrid/RIA model? How are these being addressed?
        • What are the unique challenges in offering illiquid products?
        • What is the knock-on impact of the IBD industry’s evolution on product sponsors? What do sponsors need to know and do?
        • As IBDs evolve, how do their review/risk management processes need to adapt to meet the changing composition of reg reps and advisors? What is the knock-on impact on operations, finance and accounting?
        • As we move towards General Data Protection Regulation (GDPR)-like regulations what impact will this have on your platform? What products could be cut and why?
        • Are you offering/considering offering additional services, e.g. wholesaling? Why?
        • What’s next for the IBD industry? What will it look like once the dust settles?

      Capital Sources, Raising & Flows in Today’s Non-Listed Alt Product Space

        • When will defined contribution plans start to include direct participation programs (DPPs)? What will it take for this to happen? How can DPPs better position themselves for inclusion?
        • Robo-advisors: When will they place Non-Listed Alts on their platform? What can the industry do to facilitate this?
        • IBDs vs. RIAs. vs. wirehouses vs. Crowdfunding: How are the dynamics of the distribution channels changing? What do sponsors need to understand?
        • How do the capital sources (HNW, Family Office, etc.) investing in Non-Listed Alts differ in what they look for in product structure?
        • Where’s the flow of capital going? What is retail investor appetite for the different Non-Listed Alt asset classes and investment strategies and how does this differ among the types of investor? Are specialized investment strategies gaining favor? If so, which ones?
        • What is the value proposition that Non-Listed Alts offer retail investors relative to other investments in today’s macro-economic climate?
        • Retail investors that invest in new (no track record) and/or non-brand name products: What are their key criteria; how to get on their radar?
        • Are there changes, at this stage of the cycle, in retail investor requirements at the sponsor level? If so, in what ways?
        • How imperative is it that sponsors get placed on custodial platforms in today’s market?

      ESG & Sustainability: Why The Non-Listed Alternatives Industry Needs To Pay Attention

        • The SEC’s focus on Environmental, Social and Corporate Governance (ESG) and sustainability issues: What does this mean for sponsors and distributors? What else can we expect from the SEC on ESG and sustainability and when?
        • Are distribution channels placing greater emphasis on ESG and sustainability issues when selecting products/sponsors for their platforms? Is a portion of their product selection dedicated to ESG/sustainability-focused offerings?
        • What sponsor-level and product-level ESG/sustainability information are distributors requesting from sponsors?
        • To what degree are ESG and sustainability issues impacting retail investors’ investment decisions? Where is this heading and what do sponsors need to consider?
        • Sustainability/ESG oversight/management/reporting; What more can product sponsors be doing to incorporate such initiatives/disclosures at the company level and product level?

      Regulation Best Interest & State-Level Initiatives: What Distributors & Sponsors Need To Know

      • This session will address the latest on the SEC’s Regulation Best Interest as well as various state-level initiatives for more stringent standards for brokers and advisors as they stand at the time of this event. 
        • Regulation Best Interest: The current status
        • The latest on state-level initiatives
        • Key differences between the Fiduciary Rule and Regulation Best Interest; What are practical considerations in making the shift from the former to the latter?
        • What is the potential impact on Non-Listed Alts as the currently proposed standards stand? To what degree can such standards impact the suitability and sales of such products?
        • Will the retail distribution industry drastically narrow their approved product line in response? If so, what will remain on product platforms vs. be dropped?
        • What do product sponsors need to consider?
        • Where will Regulation Best Interest and state-level initiatives end up? How should distributors respond? How to guide the industry to consistent standards that everyone can work with?

      Best Practices in Cybersecurity & Managing IT Risk for RIAs, IBDs, Registered Reps & IARs

      • Regulators are paying greater attention to how firms approach and manage cybersecurity and IT risk in the face of fast-evolving threats from cyber-attacks. This session examines critical due diligence steps and ongoing procedures that IBDs, RIAs and their reps/IARs need to consider.
        • Where to start? What data needs to be secured? Cybersecurity basics for distributors
        • Cybersecurity regulation/compliance and key areas of focus for the SEC and FINRA
        • Cyber-risk assessment: Identifying internal vulnerabilities vs. third party/vendor risk
        • Implementing an information security governance framework
        • Technical controls to protect data and the hardware/software on which it is stored/processed
        • Implementing policies and procedures for detecting and responding to incidents; Steps to improve response times
        • What are the cybersecurity/IT risk management responsibilities of registered representatives and IARs? What steps should they be taking?
        • Disclosures/educating retail investors on cyber-based risk
        • Vendor management and due diligence
        • Cyber-insurance: What it is, what it covers and when to consider
        • What can we learn from recent cybersecurity breaches?

      Comparing & Contrasting Non-CRE Non-Listed Alt Products: What Is Their Value Proposition Relative To Real Estate-Focused Offerings For Retail Investors?

      • In this session we offer insight into non-real estate-based Non-Listed Alt products. In doing so, we compare them to real estate-based Non-Listed offerings as an investment for retail investors. Areas addressed: risk-reward profiles; factors impacting investment potential; how sponsors evaluate deals; the economics of such offerings; and what distributors need to consider in conducting due diligence.
        • Credit
        • Energy-related
        • Insurance-linked securities
        • Cannabis
        • Infrastructure/Timber/Agriculture
        • Specialty/Other

      Evaluating Core Vs. Core+ Vs. Value Added Vs. Opportunistic Investment Strategies In Today’s Market

      • What are sponsors’ underwriting strategies in this protracted cycle with prices at historic levels? How can IBDs/RIAs effectively evaluate risk within investment strategies and determine what is best for their retail clients with numerous factors affecting investment potential to consider?
        • What are core/core+/value added/opportunistic investment strategies in today’s climate? How to accurately define value added?
        • How are sponsors adding value to assets? How can IBDs/RIAs effectively evaluate value added investment strategies?
        • Are some stabilized assets more risky than opportunistic assets in certain markets in the current climate/cycle? How to determine risk?
        • Sponsors: What are your asset underwriting strategies? What pillars do you look for before you take a position on an asset? What do due diligence officers at IBDs/RIA need to understand about sponsor underwriting processes?
        • How can IBDs/RIAs navigate the different investment strategies and risk factors at this stage in the cycle? How best to include in clients’ portfolios?
        • What returns are realistic for core/core+/value add/opportunistic today? Will the dial for any move in the near-term?
        • What is the capital raising environment for core/core +/value added/opportunistic products amongst retail investors? Are certain investment strategies gaining favor?

      Private Structures Vs. Public Structures: Which Way To Go Today For Sponsors? Retail Investors?

      • Our panelists compare and contrast the (dis)advantages of private structures vs. public structures against the backdrop of the current regulatory and economic climate and late stage market cycle. Both the product sponsor and distributor perspective will be addressed.
        • What are the pros/cons of private vs. public offerings for sponsors in the current climate? How have the realities of launching a private vs. public offering changed in the past 12 months?
        • Upfront/ongoing costs; fees; time/effort involved; timeframes, etc.: How do they compare between private and public structures? How significantly does the process differ in structuring an offering, depending on whether it is public or private? 
        • Assessing the pros/cons of public and private structures for retail investors; How important is financial transparency? Are retail investors currently favoring one over the other? What are the capital raising considerations for each?
        • As a distributor, what are your firm’s practices for ensuring suitability? Does it differ between public and private offerings? What do you look for when reviewing a private vs. public offering document?  What advice would you give sponsors to improve the reception of their offerings?
        • Does investment strategy/target asset class(es) factor into the private/public decision?
        • Documentation/compliance/legalities/governance; Is there anything on the regulatory horizon that could impact public and/or private structures?
        • What is the business case for prospective sponsors to launch a private/public offering vs. invest deal-by-deal? Assessing deal-by-deal as a stepping stone vs. primary investment model today
        • End game plan/exits

      Qualified Opportunity Zones (QOZs): What Opportunities Remain?

        • What opportunities remain in QOZs? Are properties/land now overpriced?
        • Are QOZs worth the hype? Worth the risks of investing in a challenged environment? What are the true tax benefits, especially in environments where prices have risen significantly?
        • What are the incentives for sponsors and retail investors to invest in QOZs before final guidelines from the IRS? What is the latest from the IRS?
        • How can/are QOZs being used? What can be learned from the first to launch? What have been their investment strategies? Who’s launching them? Who’s putting $ in?
        • What has been the impact of QOZs on CRE investing? Is it/will it take market share from other products or will it expand the size of the market?
        • Breaking down the risks of QOZ investments for sponsors and retail investors
        • What are the QOZ product structuring considerations? Does the REIT structure offer any advantages over other product types?
        • QOZs vs. 1031s/DSTs
        • How comfortable are IBDs/RIAs/retail investors with QOZ investing? What is IBDs’ willingness to add such products to their platform before IRS final guidance is issued? What are their due diligence considerations? How to determine if a sponsor has the sufficient experience?
        • What are the QOZ due diligence factors for sponsors? How are sponsors underwriting deals?
        • What are key considerations for sponsors in selling QOZ products to RIAs/IBDs? For distributors in selling to retail investors?
        • Exits: Where are we when properties should be sold?

      Navigating Interval Funds: Examining Their Performance, Economics, Due Diligence & Fit Within Investor Portfolios

        • How can distributors effectively navigate and differentiate between the growing array of Interval Fund offerings?
        • How do the investment strategies and targeted assets of Interval Funds compare? What innovation are we seeing in newly launched products? What is attracting investor capital?
        • Interval Fund pricing methodologies and valuation: What distributors need to understand
        • Performance: Are there commonalities between strong performers? How are Interval Funds faring against other Non-Listed Alts?
        • What investment challenges do the liquidity requirements of Interval Funds create for sponsors and how are they managing this?
        • How should financial advisors use interval funds in an investor’s portfolio? What should they look for in the offering document?
        • What due diligence processes are unique to Interval Funds at the sponsor and product level compared to Non-Listed REITs, BDCs or DPPs? Do Interval Funds have certain aspects that are attractive to due diligence officers relative to other Non-Listed Alts? How can a sponsor effectively communicate the strength of its Interval Fund offering to due diligence officers?
        • What are the economics of launching and running Interval Funds while getting to scale? How long do sponsors need staying power for? What fees are charged by Interval Funds, both at the point of sale and on an on-going basis?
        • Once at scale, how are sponsors expanding their platform to cover overhead? What are common obstacles and how to overcome them?

      DSTs/1031s: Due Diligence; Innovation; Protections In A Downturn

        • How to make the economics of DSTs work in the current high-price, rising interest rate climate?
        • Preparing for a downturn: Buyer beware? How are/should 1031/DST sponsors build protections for retail investors into their offerings?
        • How are broker/dealers and RIAs approaching due diligence challenges at the property level? What are the valuation pitfalls to avoid, especially at this stage in the cycle? What are common red flags for distributors in 1031/DST offerings?
        • With a rapidly expanding market how great is the risk that 1031 sponsors may compromise on asset/program quality and/or distributors compromise their due diligence to meet the growing demand from retail investors?
        • Examining recent innovations within 1031/DST offerings and assessing their true benefits for retail investors
        • What further product and market evolution are we likely to see within 1031s/DSTs?
        • What will it take for RIAs and wirehouses to fully jump on board the 1031/DST bandwagon?
        • The secondary market for DSTs/1031s: The only way is up?

      Private Placements/Reg D

        • What are recent innovations within the Private Placement market? What are sponsor strategies for making money today?
        • What has been recent exit activity? How to exit, especially in this stage of the cycle? Is now the time? How are Private Placement sponsors returning capital to retail investors?
        • Is a private offering necessarily “riskier” than a public one? What do distributors need to understand about Private Placements?
        • How can distributors effectively navigate the rapidly increasing number of offerings?
        • As a distributor, what do you look for in private offering documents?  What will make it onto your platform vs. not? How can sponsors improve the reception of their offerings?
        • How are distributors ensuring suitability? For offers with no income or net standards, do you have guidelines for what a default income and net worth standard would be?  What other factors do you consider important in making a suitability determination?
        • Accredited Investor definition: The latest on potential changes and possible implications
        • What are Private Placement sponsor best practices in financial reporting? How can accuracy and transparency be improved upon?
        • As a sponsor, how valuable has the due diligence process been in understanding what aspects of an offering are appealing to distributors?
        • What aspects of your offering(s) are particularly resonating with distributors?  How can sponsors effectively communicate the strengths of their offerings?
        • When structuring an offering, when do you involve your wholesaling team in the process?  How valuable is their input in designing an offering?
        • What advice would you give prospective sponsors considering entry into this space?

      Perpetual Life NAV REITs; ‘Traditional’ Lifecycle Non-Listed REITs; and BDCs

      • Non-Listed REIT/BDC sales are up and Non-Listed REITs are outperforming Traded REITs: What’s driving this? What’s on the horizon that could further impact this in the next year?
        • What are the pros/cons of Non-Listed vs. Listed REITs for retail investors? For sponsors? Operationally is there a difference? Why should sponsors/retail investors choose one over the other today?
        • How does the new industry index compare to previous indices used to track industry performance? How many different indices can you match? What’s the best metric to measure industry performance?
        • Is more measurable industry performance a game changer for this market?
        • What are the key features of the Non-Listed REITs/BDCs that are raising capital vs. those that are struggling? Of those that are outperforming their industry counterparts?
        • Lifecycle vs. NAV REITs: How do their pros and cons compare? If asset fees are cut how do entities support themselves? How to make $ out of NAV funds with no liquidity event?
        • Are lifecycle liquidations a thing of the past? What are the exit options for this industry today? How are sponsors returning capital to investors? Are mini-tenders becoming a thing of the past?
        • How has the value proposition of Non-Listed REITs/BDCs changed for retail investors? How are distributors effectively educating investors on the new products and performance expectations?
        • After a strong 2018 and start to 2019, what’s next for this industry?

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Venue

  • Conference Venue
  • Marriott New York Downtown


    85 West Street at Albany Street
    New York, NY, 10006
    USA

    Additional Info:

    Please use the link above to book online hotel reservations at the New York Downtown Marriott for Non-Listed Alternatives. Guests can also reserve their accommodation by phone by calling 1.877.303.0104 and referencing IMN’s Non-Listed Alternatives Conference.

1120 Avenue of the Americas, 6th Floor, New York, NY 10036
Tel: +1(212)901-0506 Fax: +1(212)768-2484
Email: mail@imn.org


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