COURSE SYLLABUS
Special Topics in Alternatives
Independent Study
Duke University – Economics Dept
Linsey Lebowitz Hughes
Course: Special Topics in Alternatives, Course #390-04
Course Classroom: Perkins 218 & Flowers 201 (note “Location” each week)
Class time: Tuesdays from 11:30am-1pm
Professor: Linsey Lebowitz Hughes
Professor’s Office: 329A Social Sciences Bldg
Office Hours: Mon & Wed 11am-12noon
Email: linsey.lebowitz.hughes@duke.edu
Office Phone: 919-660-0779
IMPORTANT NOTES:
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Your grade for this class will be weighted as follows: 50% class participation & 50% final
project. There will be some small assignments throughout the semester, which will be
considered a part of your class participation.
If you cannot make it to class, please email me in advance. Your participation is a large
component of your grade, so attendance is critical.
Nearly every lecture includes a guest speaker, so it’s important that we look somewhat
professional. Please do not wear t-shirts to class (collared shirts only). I will not ask you to
come in suits, but looking polished is appreciated, THANK YOU!
Because of the abundance of guest speakers, who all have busy schedules, some of the dates
and lectures may be subject to change. I ask for your patience on this and promise to send an
updated syllabus if this occurs.
As you are all aware, all of us at Duke University take the Honor Code very seriously. I expect
students in this course to understand and abide by it, which includes the expectation that you
all work independently on assignments, unless I state otherwise. Here’s the resource for any
guidance on student conduct: http://studentaffairs.duke.edu/conduct/about-us/dukecommunity-standard
Audio recordings of this class are not permitted and students will be asked to keep the
information shared by some of our guest speakers confidential. Anyone who is on the staff of
The Chronicle is not permitted to take this class. Let’s honor this, show respect to our guests
so that we can continue to get high quality visitors & information.
SPECIAL TOPICS IN ALTERNATIVES - COURSE CURRICULUM:
Jan 13th, Lecture #1:
Linsey Hughes Intro: Intro to PE, RE & VC with discussion about what to expect this semester in course
load, class projects, syllabus and visiting guest speakers
Location: Perkins 218
Guest Speaker: Dan Waters – Former Co-CEO FrontPoint (NY, NY)
Topic: Managing your career in alternatives. Building relationships, the direction of the HF business &
the challenges of managing people. What can go wrong – a special look into insider trading & pitfalls.
Jan 20th, Lecture #2:
Guest Speaker: Cliff Robbins – Founder, Blue Harbour Group LP (Greenwich, CT)
Topic: The “Friendly” Activist PE investor. The role of Activist PE investing in current market
environment. The future of Activist investing.
Location: Perkins 218
Student Presenter: Dylan Brown
Jan 27th, Lecture #3:
Guest Speaker: Edwin Poston – Founder TrueBridge Capital Partners (Chapel Hill, NC)
Topic: Starting your own VC firm, VC 101, sourcing deals, finding a differentiation and where the VC
industry goes from here? TrueBridge’s role in developing Forbes’ “Midas List.”
Location: Perkins 218
Student Presenter: Ryan Buxbaum
Feb 3rd, Lecture#4:
Guest Speaker: Mark Frishman – Portfolio Manager, Babson Latam Infrastructure Fund (Charlotte, NC)
Topic: How to manage high-octane non-US PE deals. Special inside look at PE in Latam, Infrastructure
deals & managing a finance career as an American in non-US markets
Location: Perkins 218
Student Presenter: Stephen Cameron
Feb 10th, Lecture #5:
Guest Speaker: Claire Fefer – Senior Portfolio Manager, DUMAC Private Equity (Durham, NC)
Topic: Managing PE at an Endowment, evaluating PE talent from the investor seat, what skill sets do PE
funds utilize to maximize their portfolio value during the investment time horizon? Special look into Oil
& Gas/Natural Resources sector.
Location: Flowers 201
Student Presenter: Lucas Fisher
Feb 17th, Lecture #6:
Guest Speaker: Alan Salzman – CEO Vantage Point Capital Partners, Silicon Valley, CA
Topic: Special look into VC from the Silicon Valley perspective. Salzman is a regular guest lecturer at
Stanford University and teaches a full course on VC & Start-ups to MBAs there.
Location: Flowers 201
Student Presenter: Zack Freeman
Feb 24th, Lecture #7:
Guest Speaker: Pam Hendrickson – COO, The Riverside Company (NY, NY)
Topic: Case study: How the Investment Committee thinks & career paths at a Private Equity firm.
Touted as one of the “Private Equity Pros to Watch,” Hendrickson will highlight her “Top 10 Ways to
Lose Money in PE.”
Location: Flowers 201
Student Presenter: Will Hendrickson
Mar 3rd, Lecture #8:
Guest Speakers: Adam Stein & Marc Lebowitz – Co-Founders, M&A Real Estate Fund (Student Housing
Investment Fund), Los Angeles, CA
Topic: RE Fund structures, the Student Housing sector, who invests in RE funds & how to manage both
sides of a RE fund (Commercial building management & investment fund management). Conducting due
diligence on a college campus. The future of the Student Housing sector – still hot?
Location: Flowers 201
Student Presenter: Wes Koorbusch
Mar 9th – Mar 13th
~SPRING BREAK, NO CLASS ~
Mar 17th, Lecture #9:
Guest Speaker: Gabe Tsuboyama, Director of Asset Management at Allen & Co (NY, NY)
Topic: Case Study on Shire PLC, one of the most controversial names in Event Driven investing in 2014,
as its planned sale to Abbvie, Inc. collapsed. The case will review the origins of the deal, strategic
rationale, tax policy, valuation, and investor behavior.
Location: Flowers 201
Student Presenter: Diana Liu
Mar 24th, Lecture #10:
Guest Speaker: Richard Griffin – Partner, Aiglon Capital Management, LLC (Durham, NC)
Griffin was formerly a Partner on the Private Equity team for The Pritzker Family
Topic: History of wealthy families & their involvement in PE. Challenges of designing a PE portfolio for a
private family. Making acquisitions and driving strategic & operational performance improvements.
Location: Flowers 201
Student Presenter: Harrison Richard
Mar 31st, Lecture #11:
Guest Speaker: Chris Rae – Head of Marketing for Sorin Capital Management, LLC (Stamford, CT)
Topic: Topic: How to sell a RE Fund, terms & challenges. Selling an RE fund vs HF fund vs PE products.
Chris was also a senior member of the marketing team at SAC Capital prior to Sorin.
Location: Flowers 201
Student Presenter: Dylan Robbins
April 7th, Lecture #12:
Guest Speaker: Scott Ryan – General Counsel at Qimonda North America Corporation (Richmond, VA)
Topic: Discussion of cross-border alternative investment distressed transactions, valuation exercise
Location: Flowers 201
Student Presenters: Annie Wang & Sam Waters
April 14th, Lecture #13:
Final Student Presentations & projects due
April 21st, Lecture #14:
Subject & location of class TBD
April 22nd = LDOC
May 10th = Graduation!