글로벌 금융위기 이후 투자대안으로 부상한 대체투자분야에 올해도 자금유입이 넘칠 것으로 보인다. 혁신적인 투자대상과 기법, 여기에 풍부한 유동성의 힘으로 대체투자는 전통자산에 비해 상대적으로 높은 성과를 내고 있다. 하지만 저성장기조에 따른 글로벌 경제환경의 급변에 따라 대체투자가 지속적인 성과를 낼지는 의문이다.
미국 연준(Fed)이 지난해말 완화적인 통화기조로 선회하면서 단기적인 리스크는 다소 감소했지만 장기적으로 시장 유동성의 흐름이 반전될때 위기에 직면할 수 있는 상황이다. 기초자산 가치가 이미 정체상태에 빠진 상태에서 가격 대비 이익규모는 계속 줄고 있고 그동안 무분별한 자금유입에 따라 일부 대체자산은 고평가국면에 접어든 상태다.
특히 국내 대체투자는 연기금 공제회를 중심으로 그 비중은 계속 늘고 있지만 위험요인은 산재하고 있다는 지적이 나온다. 과거의 성공스토리에 취해 투자자들의 위험회피성향이 약화하면서 자산배분이 위험자산 쪽으로 쏠리고 있기 때문이다. 최근 불거진 DLF사태, 라임사태 등은 잠재 부실이 표면화된 단적인 예다. 기관의 자체 책임하에 이뤄지는 선진국과는 달리 국내 대체투자는 비정상적일 만큼 개인 비중이 높다는 점도 문제다. 개인들의 대체투자가 성행하면서 소비자보호, 금융감독의 문제도 당면 과제도 떠오르고 있다.
관건은 두가지다. 불확실한 투자환경 속에서 어떤 방식으로 위기를 관리하고 그 파고 속에서 혁신적인 투자대상, 투자기법을 어떻게 발굴하느냐에 투자성패가 달려 있다. 지난해 글로벌 대체투자포럼(GAIC2019)에서 예측한대로 투자의 옥석가리기는 이미 진행되고 있다. 자산배분의 핵심으로 부상하고 있는 대체투자분야에서 지속 성장을 위한 큰 그림은 어떻게 그려야 할까. PE, 헤지펀드, 부동산•인프라 등 대체투자 각 분야에 내재해 있는 기회요인과 위험요인은 무엇일까. 이를 통해 투자자들은 어떤 전략적 포지션을 통해 대응해야 할까. 올해 글로벌 대체투자포럼(GAIC2020)에서 그 해법을 모색해본다.
Day 1: September, 2020
Session I : Private Equity and Venture Capital
A Differentiated Strategy - Identifying New Areas of Opportunity through Origination and Deal-Sourcing
After a 10-year bull market in public equities and relatively low expectations regarding future capital markets returns, Korean investors are seriously considering the private capital markets for their alternatives. This session will explore the utility of private equity and venture capital funds and its impact on a conventional 60/40 portfolio. In particular, we will discuss how private equity funds create value and how incorporating P/E into a conventional 60/40 portfolio can impact returns, volatility and liquidity. We will also discuss how building a tailored portfolio with alternative equity, credit and VC investments can complement more traditional choices and deliver value to clients.
• Finding new avenues of deal-sourcing and assessing their viability - From tech-enabled sourcing to carve-outs
• Finding the right lead-generation strategy for your institution
• Driving deal-flow through proactivity - off-market origination, proprietary deal-flow and more
• Building relationships ahead of time to enable a successful auction process
Session II : Hedge Fund and Structured Product
What We Can Learn from US and European Hedge Fund Investment Practices
With markets vulnerable, risk management and alpha may be available via hedging and shorts. On the long side, investors must be more selective than ever, rather than relying on momentum. Leading long-short equity managers will address both the upside and the downside across the globe.
For the fixed income side, in an uncertain, low-interest-rate world, investors are looking for ways to generate fixed income and hedge against market volatility. Unconstrained bond funds, interval funds, interest rate neutral funds, structured notes, private debt instruments and other investments offer advantages: They may generate more stable income flows, allow managers to more quickly take advantage of market moves and provide a hedge against price and rate changes. Speakers will discuss how they make decisions and what you should consider when investing in fixed-income alternatives for clients.
Some advisors consider alternatives to be expensive. Today, there is a new class of ETFs that seek to deliver alternative strategies at lower costs. Get an overview of alternative ETFs and find out how they structure and manage their portfolios. Can the risk/return characteristics of alternative ETFs help advisors enhance portfolio returns?
• Analyzing the historic returns gap between US and European HF and its meaning
• Taking risks to drive returns and differentiating US and European approaches
• Independent research or following the market - How proactivity in determining investment themes sets managers apart in hedge fund and structured product alike
Session III : Real Estate and Infrastructure
Risk Manager or Value Creator - Defining Real Asset Class Identity in 2020
There are more ways to invest in real estate than most people realize. Beyond rental properties and REITs, many other products have provided returns to investors, including private funds, triple-net-lease vehicles, mortgage-backed securities, commercial mortgage loans, distressed properties and much more—all with the goal of providing attractive risk-adjusted returns and income for clients. Get a bigger picture of real estate opportunities and what to watch for.
• Finding the right set of priorities for your firm to ensure lasting success
• Building the team to further your agenda and deliver returns
• Communicating your firm’s agenda and image to investors and portfolio alike
• Investigating changes in real estate and infrastructure houses’ strategic priorities throughout the last decade and readying yourself for the future
Session IV : Comprehensive Panel Discussion
The global economic outlook has darkened, with heightened trade tension and market volatility threatening to end the record-long U.S. expansion. Low interest rates and historically high volatility are two factors that challenge investors in the face of policy and growth uncertainty. During this panel discussion, we will cover:
·Where trade tensions will hit the economy and which indicators can gauge the risk of recession
·Where investors can find stability and income amid chronically low interest rates and heightened volatility
In addition, we will discuss how ESG enhances the investor experience even in the more inefficient and alternative areas of the market. Lastly, we will touch the issue of Artificial Intelligence: Can advisors and portfolio managers successfully harness AI/Big Data to achieve alpha and gain a unique investment edge?
Get-together dinner on the evening of conference Day 1
The "new" get-together dinner on the evening of the first conference day will take place. Our new investors’ dinner, which takes place on conference day 1 in an exclusive location, together with our keynote speakers, is a further opportunity to intensify the dialogue amongst each other.
Day 2: September, 2020 | Educational WorkShop of conference Day 2
Alternative Investments for institutional investors
Institutional end-investors (insurances, endowments, pension funds, pension plans, single family offices) report in the investors' workshop in the morning of conference day 2 about their experiences with Alternative Investments. The participants, who are solely institutional end investors, have the opportunity to ask questions to the speakers and discuss them within the group.
Closed Door Event: Participation in the workshop is only allowed for institutional end-investors (endowments, insurance companies, pension funds, single family offices). Registration prior to the event is necessary. translation service available.
Partners may use a small exhibition area in the conference venue. They will show their products and services. Again, institutional investors will have the opportunity to get the first information from the product supplier and get into direct contact.