Non-Listed Alternatives (West)
Dana Point, CA
December 5 - 6, 2018


IMN is pleased to announce the dates for our 14th Annual Western Non-Listed Alternative Investment Products Symposium: December 5-6, 2018 in Dana Point, CA.

As the retail alternative investment industry continues its dynamic evolution, new opportunities are opening up as others pullback. One thing is for certain: it isn’t business as usual.

How are both the product offering and distribution sides of the market evolving? What does this mean for product sponsors, IBDs/RIAs and retail investors? What should industry stakeholders now be doing to prepare for change and to take advantage of new opportunities as they are presented?

Join industry heads December 5-6 in Dana Point, CA as we discuss these critical issues and others.

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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    Wednesday, December 5th, 2018

      7:45 AM
      Registration & Breakfast Courtesy of:

      8:15 AM
      Pre-Conference Deep-Dive: Qualified Opportunity Zone Offerings: What Is All The Fuss About?

        • What are qualified opportunity zone programs? What are their benefits to sponsors and retail investors?
        • What such offerings are there currently? What investment strategies are prospective sponsors now analyzing?
        • What guidance can we expect from the Treasury and IRS and when?
        • How to qualify for an opportunity zone program? What are the boxes that need to be checked by prospective sponsors?
        • How comfortable are independent broker/dealers (IBDs) with opportunity zone offerings? What are the due diligence considerations? How to ascertain if product sponsor and/or operator has sufficient experience?
        • What are the point of sale considerations for advisors? How to determine if any given opportunity zone product is appropriate for any given client’s portfolio?

        • Howard Hirsch , Chief Legal Officer (Griffin Capital Essential Asset REIT)
        • Tony Grego , Associate Executive Director (ADISA)
        • Gregory Banner , President (Asset Preservation Strategies, Inc.)
        • Darryl Steinhause , Partner (DLA Piper)
        • Erin Reeves McGinnis , Attorney (Nelson Mullins)
        • Eddie Lorin , Co-Founder (Strategic Realty Holdings LLC)

      9:00 AM
      Pre-Conference Session Concludes

      9:05 AM
      Welcome from IMN and Chairpersons’ Opening Remarks

        • Rosemarie Thurston , Partner (Alston & Bird LLP)
        • Peter Fass , Partner (Proskauer Rose, LLP)

      9:15 AM
      Year-End Market Update & State of the Retail Alternative Investment Industry Address

        • Alternative product sales 2018 vs. 2017: Notable trends and drivers
        • What is proving successful in attracting retail investor capital?: The latest trends in product structures and share classes
        • To what degree is retail investor capital being reinvested into alt products post-liquidity? Are investors reinvesting in the same product type or moving their capital into something else?
        • Consolidation, conversions, amendments to filings and new product launches: What innovation are we seeing? How are sponsors continuing to adapt their business model? What has been the response of IBDs/retail investors? What further adaptation can we expect?
        • Large institutional product sponsors vs. everyone else: What has been the market impact to-date? What further shake-up can be expected? Where is the retail alt industry headed? 
        • Distribution trends: IBDs vs. RIAs vs. wirehouses
        • Notable liquidity events: Are they becoming a thing of the past?
        • What to expect in 2019? Market opportunities, headwinds, macro-economic influences
        • A look into the crystal ball: What will the sponsor, product and distribution platform of 2025 look like?

        • Kevin T. Gannon , Managing Director (Robert A. Stanger & Co., Inc.)

        Contains 1 presentations, but you must be registered for this conference and signed-in order to view/download the files

      10:00 AM
      Product Sponsor President & CEO Perspective Panel

        • What are your impressions of 2018 and what do you expect in 2019 in terms of performance and investment opportunities with the retail alts market?
        • Are we in a bubble? Is the industry on a course to repeat the problems of 2007/2008?
        • What is your underlying asset strategy, especially in markets/asset classes that are over-valued?
        • Are you selling or buying assets currently? Why?
        • Are you putting inflation hedges in place? Preparing for interest rate rises? How can sponsors prepare for a market correction with so much uncertainty about if and when this might occur? What are the risks of trying to use a crystal ball?
        • What sectors, asset classes, structures, sources, markets will offer the greatest investment opportunities in the next 2-5 years due to macro-economic, tax reform, regulatory influences?
        • How are you setting retail investors’ expectations in the current climate?
        • What is your strategy for getting retail investors’ capital back?
        • Some sponsors are expanding their offerings to institutional investors: Will we see more of this? What are the up- and downsides to doing this?
        • What will the non-listed alterative investment market look like in 5 years’ time? Will non-listed REITs return to the preeminent spot or will another product type dominate? How many sponsors will there be? How big will the market be?

        • Rosemarie Thurston , Partner (Alston & Bird LLP)
        • Kevin Shields , CEO (Griffin Capital Corporation)
        • Kamal Bhatia , CEO & Co-Head (OC Private Capital)
        • Alan Feldman , Chief Executive Officer (Resource)
        • Kenneth Carpenter , President (Rodin Global Property Trust)

      10:45 AM
      Morning Networking Break Courtesy Of:


      11:15 AM
      SEC, FINRA & NASAA Regulatory & Legislative Update: The Latest On What Sponsors and IBDs Need to Know

      • Our panel of industry experts offer an update on regulatory and legislative initiatives currently impacting the retail alts industry, as well as offering insight into what is next on regulators’ radars. In doing so they detail what industry stakeholders on the buy and sell sides need to be considering and actioning and within what timeframes.
        • Robert Bergdolt , Partner (DLA Piper LLP (US))
        • Mark Quinn , Director of Regulatory Affairs (Cetera Financial Group)
        • Seth Weiner , Partner (Morris, Manning & Martin, LLP)
        • Benjamin Wells , Counsel (Simpson Thacher & Bartlett LLP)

      12:00 PM
      Approaches to Evaluating the Underlying Assets for Real Estate, Credit And Energy-Focused Products

      • As the number of alternative investment products available to retail investors continues to rise, the diversity of their investment strategies also grows. Effectively evaluating the underlying assets as they relate to the overall product investment strategy has become increasingly important. In this session we look at the factors that need to be considered when evaluating the underlying assets of real estate, credit and energy-focused investment products in today’s economic and regulatory climate.
        • Jason Goode , Partner (Alston & Bird LLP)
        • Glenn Mueller , Real Estate Investment Strategist, Managing Director (Black Creek Group)
        • Nicholas Rotello CFA, CFA, President (Seven Two Partners LLC)
        • William A. Shopoff , President (Shopoff Realty Investments L.P.)

      12:45 PM

      1:45 PM
      Interval Funds

        • What do advisors need to understand about the differences/similarities between interval funds and other alternatives?
        • Are liquidity events necessary? How do investors get capital back?
        • Where do interval funds fit in retail investors’ portfolios? What type of investor is best-suited to these products?
        • Why has the RIA channel had a faster adoption rate in using interval funds compared to independent broker/dealers (IBDs)? Is the adoption amongst IBDs being held back by legacy issues regarding liquidity with traditional alt products?
        • What is the middle ground between treating these products like traditional alternatives vs. mutual funds?
        • How can interval fund sponsors better work with the IBD channel to increase their adoption rate?
        • What else do advisors need to understand about interval fund products?

        • Terrence Davis , Shareholder (Greenberg Traurig, LLP)
        • Martin Dozier , Partner (Alston & Bird LLP)
        • Dave Kasprzak , EVP, CBDO (Broadstone Real Estate, LLC)
        • Brian D. Ruben , Audit Partner (Deloitte & Touche LLP)
        • Aaron Rosen , Co-Portfolio Manager, SVP (LCM Investment Management)
        • Jeremy Goff , Managing Director, Social Infrastructure (Tortoise)

      2:30 PM
      BSR REIT IPO Case Study: Assessing Canadian Listing Opportunities for US Real Estate Companies

      • Through a case study example, this session explores the listing and public offering opportunities available in Canada for US real estate companies/portfolios.  BSR REIT, a Little Rock, AR-based REIT, successfully completed a Canadian IPO in May 2018. This session explores the decision-making processes, hurdles encountered and lessons learned.
        • Why consider a Canadian Listing/Public Offering? Examining the pros/cons
        • Assessing investor appetite within the Canadian capital markets: How does it currently compare to the US?
        • The Canadian vs. US regulatory process: How do they compare in terms of timelines and execution risk?
        • Assessing the ease and speed of ongoing access to capital
        • Financial reporting and regulatory compliance in Canada: ‘The need-to-knows’
        • In conclusion: Lessons learned

        • Ryan Thomas , Head of Business Development for Diversified Industries (Toronto Stock Exchange)
        • David Goldstein , Director, Investment & Corpora (BMO Capital Markets)
        • Daniel Oberste , Executive Vice President & CIO (BSR Trust)
        • Jon Northup , Partner (Goodmans LLP)

      3:15 PM
      Private Placements/Reg D Offerings

        • What features make Reg D offerings attractive to retail investors today?
        • What’s selling? What’s not? Who is the investor base?
        • How are IBDs/RIAs viewing such offerings? Retail investors?
        • With an increasing number of Reg D offerings being launched, how can IBDs/RIAs determine which warrant a look? How important is a brand name? A sponsor’s track record? How can new sponsors get on the radar?
        • What are the boxes that IBDs/RIAs check before placing a Reg D offering on their platform?
        • What niche products, strategies, structures are appearing within new Reg D launches?
        • What are the regulatory, compliance and liability hot buttons for Reg D offerings?
        • Critical considerations for advisors when considering placement in retail investors’ portfolios  
        • Crowded-funded offerings vs. offerings sold via IBDs/RIAs

        • Samuel Kardon , Special Capital Markets Counsel (Proskauer)
        • Lisa Robinson , President (Carter Multifamily)
        • Kirk Montgomery , Partner (Kirk Montgomery Law, LLC)
        • Daniel Oschin , Chief Strategy Officer (Shopoff Realty Investments, L.P.)
        • Albert V. Haworth , Senior Managing Director (Waypoint Residential)

      4:00 PM
      Afternoon Networking Break Courtesy Of:


      4:15 PM
      Perpetual Life NAV REITs; ‘Traditional’ Lifecycle Non-Listed REITs; and BDCs

        • There was optimism that non-listed REITs would rebound this year: What is your perspective on market performance in 2018? What is the outlook for 2019? Based on what factors?
        • Where do you see market opportunities? How are you competing for market share with institutional players; your non-listed REIT/BDC peers; and sponsors of other retail alts?
        • What is today’s value proposition for retail investors of ‘traditional’ lifecycle non-listed REITs? For BDCs? For perpetual life NAV REITs? Are legacy issues still clouding investors’ views? If so, how can this be overcome?
        • What business models work for non-listed REITs/BDCs in this regulatory climate? Can we expect further innovation on this front?
        • What is the business case for ‘traditional’ lifecycle non-listed REITs to convert to a perpetual life NAV REIT? What are the considerations involved in such a conversion for the product sponsor? For the IBD and retail investor?
        • BDCs: Is the only way up? Why the market pullback on this product type? Will large institutional players enter the BDC space as they have done the non-listed REIT market?
        • What’s next for ‘traditional’ lifecycle REITs and BDCs? Perpetual NAV REITs? Will REITs return to the top spot in the retail alts market? If so, when and what will it take to get there?

        • Tony Chereso , President & CEO (Institute for Portfolio Alternatives)
        • Glenn Mueller , Real Estate Investment Strategist, Managing Director (Black Creek Group)
        • Bill Lehew , Director of Strategic Accounts (Hines Securities, Inc.)
        • Mike Ezzell , EVP, Private Capital Markets (Inland Securities Corporation)
        • Jean Ho , COO (Rich Uncles)
        • Donald MacKinnon , Portfolio Manager, Commercial Real Estate (Sound Point Capital)

      5:00 PM
      Limiting Litigation Exposure: Learning From Recent Cases

      • There’s no escaping that some retail alts product sponsors and broker/dealers have taken missteps over the years. But what can we learn from these experiences? Where are litigation cases going today? What do claimant defense lawyers look for in a case? What do arbitrators look for to settle a case? How can product sponsors and broker/dealers limit their exposure?
        • Mark Quinn , Director of Regulatory Affairs (Cetera Financial Group)
        • Jon Furgison , Founder (Furgison Law Group)
        • Michael Schwartzberg , Managing Partner (Winget, Spadadfora & Schwartzberg, LLP)

      5:45 PM
      Networking Reception

      6:45 PM
      Close Of Day One

    Thursday, December 6th, 2018

      7:40 AM
      Registration & Breakfast for Closed Door Attendees

      7:55 AM
      Broker/Dealer Closed Door: Cracking the Code of Interval Fund Due Diligence

      • Interval funds do not all invest the same way, so are not regulated the same way and hence cannot all be put into one due diligence “bucket”.  Performing due diligence on interval funds, which can therefore be particularly challenging for broker/dealers, is the focus of this closed door session. Please come prepared to join the discussion with your peers. Attendees are highly encouraged to submit questions/topics in advance. Participation is strictly limited to qualified independent broker/dealer, registered reps and RIA attendees only. To register and to submit discussion points, please email Submitted questions will remain anonymous.
        • Catherine Bowman Esq., Partner (The Bowman Law Firm, LLC)

      8:30 AM
      Continental Breakfast for all Other Attendees Courtesy Of:

      9:00 AM
      A Candid Conversation Between Product Sponsors, IBDs & Advisors On Boosting Sales Volume

        • What can product sponsors do to further broaden the value and appeal of alternatives to advisors and their retail investor clients?
        • How can product sponsors help IBDs and advisors to better understand their products?
        • What product education efforts are proving particularly effective with advisors? What more needs to be done?
        • As an advisor, what support are you looking for from your IBD and product sponsors to help you increase your sales volume of alternatives?
        • Is there sometimes a disconnect between advisors and their IBDs? If so, how can this be rectified?
        • How can the product sponsor-IBD-advisor relationship and inter-communication be improved upon to enhance sales?

        • Alice Connaughton , Shareholder (Greenberg Traurig, LLP)
        • Mark Gatto , Co-Chairman & Co-CEO (CION Investments)
        • Charles Reiling , President (Coastal Equities, Inc.)
        • Eduardo Ciuffo , Investment Research Analyst (Commonwealth Financial Network)
        • Merriah Harkins , EVP, Retail Capital Markets (GWG Holdings, Inc.)
        • Brian Buehler , President & CEO (Triton Pacific Securities, LLC)

      9:45 AM
      Blockchain: The Future of the Retail Alternative Investments Industry?

      • Blockchain within retail alternative investments is already a reality. Being touted as the biggest technology disruptor to hit commercial real estate in years, arguably, the same could be said for retail alternative investments and this is just the beginning. This session will explore blockchain applications within the retail alternative sector and will address the implications for product sponsors, distributors and retail investors.
        • What are the current applications of blockchain within the retail alt market? What impact, if any, have they had?
        • What are its potential applications and their implications for sponsors, distributors, retail investors?
        • Where does adoption of the Blockchain currently stand? What are the challenges to overcome and the next steps? What are realistic implementation timeframes? When and how will it impact the day to day workings of the retail alts sector?
        • How is the Blockchain being viewed by regulators?
        • How are broker/dealers treating bitcoin/blockchain/crypto currency issues? What are the issues that BDs need to be aware of and why?

        • Trevor Dodge , Associate (Proskauer)
        • Ned Montenecourt , SVP Chief Risk Officer & CCO (Phoenix American Financial Services)
        • Jon K. Haahr , Founder & Senior Managing Principal (silver portal capital)
        • Timo Lehes , Co-Founder (Swarm )

        Contains 1 presentations, but you must be registered for this conference and signed-in order to view/download the files

      10:30 AM
      Morning Networking Break Courtesy Of:


      10:45 AM
      1031 Exchanges & Delaware Statutory Trusts (DSTs)

        • Are we in a real estate bubble? Is there a risk of repeating the problems of 2007/2008 within the current 1031 market?
        • What’s driving investor demand in 1031s/DSTs? How great is the volume of tax-deferred property deals that were done during the previous market peak now coming due?
        • How do current DST product offerings differ? Any recent innovation?
        • What opportunities do DSTs offer retail investors over other retail alt offerings?
        • Not all DSTs are created equal: What are the due diligence challenges for broker/dealers at the sponsor and property level? How to evaluate? What are the valuation pitfalls to avoid, especially in a rising interest rate climate?
        • Liquidation/exits: When, how? How to assess the best reinvestment option for investors?

        • Joseph V. Delaney , Registered SEC Broker-Dealer (J.V. Delaney & Associates)
        • Brian G. Cunat , President & CEO (Cunat Inc.)
        • Donald Deans , Managing Director & CPA/PFS (Deans Consulting, LLC)
        • Sean Hall , Private Capital Consultant (Inland Private Capital Corporation)
        • Rosemarie Leong , Due Diligence Officer (Sandlapper Securities, LLC)

      11:30 AM
      Independent Broker/Dealer (IBD) Perspective

        • What is your current view on alternatives? What does your platform look like?
        • Are you becoming more conservative on the products/sponsors that you are placing on your platform? If so, how and why?
        • What boxes does an alternative product have to check in terms of fees, cash balance, etc. to get onto your platform?
        • It was just listed vs. non-listed: How many different due diligence ‘buckets’ do IBDs need today?
        • How have due diligence challenges for IBDs evolved with the flood of new alternative investment products?
        • What steps have IBDs been taking to keep up with/to understand the nuances between different alternative products?
        • What are your approaches to assessing the underlying assets of alternative products?
        • The Reg D market is getting flooded with sponsors trying to raise capital: What are IBDs looking for in such products/sponsors, and what separates an approvable product from others? Does long term dedication to the channel and structure matter?

        • Catherine Bowman Esq., Partner (The Bowman Law Firm, LLC)
        • Frank A. Tauches , EVP & GC (American Portfolios Financial Services, Inc.)
        • Neil A. Greene , SVP & Due Diligence (Newbridge Securities)
        • Eduardo Ciuffo , Investment Research Analyst (Commonwealth Financial Network)

      12:15 PM
      Close of Symposium



This is a <u>past</u> conference, no registration is available.

Contact Us


  • Conference Venue
  • Monarch Beach Resort

    1 Monarch Beach Resort
    Dana Point, CA, 92629

    Additional Info:

    To make a room reservation in the IMN room block please use the above booking link, or call 949-234-390, and ask for the IMN West Coast Private REITs block.  Reservations can be made, pending availability, until the cut off date of Friday, November 2nd.    IMPORTANT NOTE
    IMN has not retained any third party hotel booking services. If you are contacted by any firm requesting your credit card information on behalf of The Monarch Beach Resort or IMN/The Non-Traded REITs Symposium, please do not share. Reservations should be booked directly with the hotel or by using the link above. 


Content/Audio Files

  • <span style="color: #888; font-size: 0.8em;">Only sessions that contain published presentations or audio files are shown here. To view full agenda please expand "Agenda" tab. <br/> <br/> Also please do not forget that if you are playing audio files on the mobile device (without being connected to WiFi), your Mobile/Cellural Internet data will be spent to play these audio files. </span>
  • Wednesday, December 5th, 2018
  • Year-End Market Update & State of the Retail Alternative Investment Industry Address

    ** This session contains presentations. Presentations will be made available to conference registrants starting first day of the conference.
    *** This session contains audio, but you must have been registered for this conference to be able to play audio files

  • Thursday, December 6th, 2018
  • Blockchain: The Future of the Retail Alternative Investments Industry?

    ** This session contains presentations. Presentations will be made available to conference registrants starting first day of the conference.
    *** This session contains audio, but you must have been registered for this conference to be able to play audio files

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