Last year brought significant change for the Private Equity industry. Deal volume through September equaled the total volume of deals in the prior year. Several of the largest funds, including Blackstone, completed IPOs, with others rumored to be planning similar offerings. Fundraising reached record levels, with firms raising funds in excess of $15 billion of committed capital. However, the summer brought a credit crunch, and with it a slowing deal volume for much of the industry. Several high-profile deals failed to close, triggering significant reverse breakup fees. With a heightened level of scrutiny on the private equity industry, a shrinking credit market, and fewer transactions, the industry faces new challenges in the year ahead. Our panelists will discuss their outlook for the industry, as well as what firms are doing to adapt in this dynamic environment.

Oliver Thym is a Managing Director in the Principal Investment Area (“PIA”) at Goldman, Sachs & Co. where he focuses on mezzanine investing. The PIA manages both traditional private equity funds through the GS Capital Partners family of funds and mezzanine funds through the GS Mezzanine Partners family of funds. The group is currently investing through GS Capital Partners VI, a $20.3 billion fund raised in 2007 and GS Mezzanine Partners V, an estimated $20 billion fund expected to close in early 2008. Since 1986, the PIA has formed and managed 14 investment vehicles aggregating $76 billion of capital and has invested over $50 billion in approximately 700 companies globally.

Mr. Thym focuses on originating, structuring, negotiating and managing all aspects of PIA’s mezzanine investments. He currently serves as a board member or observer on the boards of Acosta Sales and Marketing Company, Baker Corp, CCC Information Services, Contech Construction Products, Inc., Progressive Moulded Products Ltd., RGIS Inventory Specialists, Univar, Inc. and W/S Packaging Group, Inc.

Mr. Thym first joined Goldman Sachs in 1994 in the Investment Banking Division and was an analyst in the New York and Frankfurt offices. After graduating from business school in 1999, he rejoined the firm in the Leveraged Finance Group, where he became Business Unit Manager in 2003. In 2004, he moved to the PIA to join the Mezzanine team.

Mr. Thym graduated with distinctions and Phi Beta Kappa from Cornell University with dual degrees in economics and operations research & industrial engineering and received an MBA from the Stanford Graduate School of Business.

PANELISTS:

Herald Chen
Director
Kohlberg Kravis Roberts & Co.
www.kkr.com

Herald Chen rejoined KKR in 2007. He leads the Software and Services Technology team, having previously worked for the firm from 1995 to 1997. From 2002 to 2006, Mr. Chen was a Managing Director with Fox Paine & Company focusing on management buyouts, including ACMI Corporation where, as CEO, he led the successful turnaround and ultimate $500 million sale to Gyrus Group PLC. Before joining Fox Paine, in 1999 he help build Jamcracker, Inc., a software-as-a-service solutions company, as Co-Founder and Chief Financial Officer. Prior to completing his MBA, Mr. Chen was employed by Goldman, Sachs & Co and KKR. Mr. Chen is serving, or has served, on the Board of Directors of ACMI Corporation, American Ref-Fuel, Byram Healthcare, United American Energy Corporation, VCST Industrial Products, BVBA and WJ Communications, as well as Rebuilding Together, a national not-for-profit organization. He holds a B.S., Cum Laude, from The Wharton School, a B.S.E., Cum Laude, from the School of Engineering and Applied Sciences, University of Pennsylvania and an MBA from Stanford's Graduate School of Business.

Tim Sullivan
Managing Director, Co-Founder
Madison Dearborn Partners, LLC
www.mdcp.com

Timothy P. Sullivan is a Managing Director of Madison Dearborn Partners, LLC. Prior to co-founding Madison Dearborn Partners, Mr. Sullivan was with First Chicago Venture Capital for three years after having served in the U.S. Navy. Mr. Sullivan concentrates on investments in the healthcare sector and currently also serves on the Boards of Directors of Sirona Dental Systems, Inc. and Valitas Health Services, Inc. In addition, he is on the Board of Trustee's of Northwestern University; Stanford Business School Trust; Cristo Rey Jesuit High School; and Northlight Theatre, and the Archdiocese of Chicago. He holds a bachelor of science degree from the United States Naval Academy, a master of science degree from the University of Southern California, and a master of business administration degree from the Stanford University Graduate School of Business.

Hollie Moore
Managing Director, Founding Partner
Silver Lake Sumeru
www.silverlake.com

Ms. Moore joined Silver Lake in 1999 and is a Managing Director focused on the firm’s middle market strategy, Silver Lake Sumeru. She has significant experience evaluating, structuring, and executing technology private equity investments. Prior to joining Silver Lake, Ms. Moore was a Principal at Hellman & Friedman L.L.C. (“H&F”) where she focused on private equity investments in the media and telecommunications sectors. Previously she worked as an investment banker in the Mergers & Acquisitions Department at Morgan Stanley & Co. Ms. Moore currently serves as a director on the boards of Serena Software Inc. and Mobile Messenger. Previously, she was a board observer at Seagate Technology and Crystal Decisions. Ms. Moore graduated from Harvard University with an A.B. in Economics and received an M.B.A. from the Stanford University Graduate School of Business.

Karl Peterson
Partner
TPG Capital
www.tpg.com

Karl Peterson is a partner of TPG Capital. Since joining TPG in 2004, Mr. Peterson has led TPG’s investment activities on Travel & Leisure and Media & Entertainment. Prior to 2004, he was President and Chief Executive Officer of Hotwire, Inc. Mr. Peterson led Hotwire from inception through its highly successful sale to InterActiveCorp for $680 million in 2003. Before his work at Hotwire.com in 2000, Mr. Peterson was a principal of Texas Pacific Group based in San Francisco. Prior to joining TPG, Mr. Peterson was an investment banker in the Mergers & Acquisitions Department and the Leveraged Buyout Group of Goldman, Sachs & Co. from 1992 to 1995. He graduated with high honors from the University of Notre Dame, where he earned a B.B.A. in Finance and Business Administration and was elected to Beta Gamma Sigma. Mr. Peterson currently serves on the Boards of Directors of Univision Communications and Sabre Holdings, as well as on the Board of JustGive.org, a charitable contribution website.