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The Healthcare Investor

Insights on Issues & Trends that Impact Investments in Healthcare & Life Science Businesses

“Private Equity In Healthcare – A Review of 15 Niche Investment Areas” in Becker’s Hospital Review

Posted in Healthcare Services Investing

We have co-written a column with Scott Becker and Bart Walker, McGuireWoods partners, and Brooke Murphy, Becker’s Healthcare writer, on “Private Equity In Healthcare – A Review of 15 Niche Investment Areas” for Becker’s Hospital Review.

The article provides observations and insights on investment niches, and shares thoughts on the market as a whole.

Market sectors discussed are as follows:

  1. For-Profit Hospitals and Health Systems
  2. Healthcare IT and EHRs
  3. Laboratory Businesses
  4. Medical Devices
  5. Behavioral health
  6. Urgent Care
  7. Dental Practice Management
  8. Ambulatory Surgery Centers
  9. Dermatology
  10. Care and Case Management
  11. Accountable Care Organizations and Population Health Back Office Services
  12. Anesthesia Practice Management
  13. Revenue Cycle Management
  14. Specialty Pharmacy
  15. Pain Management

To read the column, click here.

Council Capital Closes Third Healthcare Private Equity Fund

Posted in Healthcare Services Investing

Council Capital has announced it has closed its third PE fund, Council Capital III, LP.

Council Capital, based in Nashville, is a healthcare PE firm with approximately $300 million of capital under management. It makes control and minority investments, targeting companies with enterprise values between $10-50 million.

The firm’s third fund totaled over $150 million, exceeding its target of $125 million and hitting the fund’s hard cap.

Since its founding in 2000, Council Capital has made 27 healthcare-related investments.

Healthcare & Life Sciences Private Equity Deal Tracker: Advent to Acquire Majority Stake in ATI Physical Therapy From KRG

Posted in Healthcare Services Investing

Advent International has announced it will acquire a majority ownership interest in ATI Physical Therapy (ATI) from KRG Capital Partners.

ATI, headquartered in Bolingbrook, Ill., is a privately held healthcare company specializing in outpatient rehabilitation and adjacent healthcare services. It has more than 500 locations in the continental United States.

Advent International, with U.S. offices in Boston and New York, is a global private equity firm founded in 1984 that focuses on investments in five core sectors: business and financial services; healthcare; industrial; retail, consumer and leisure; and technology, media and telecom.

KRG Capital Partners, based in Denver, was founded in 1996. It is a middle market private equity firm focused on investing in specialty distribution, marketing services, specialty manufacturing and business services.

Financial terms of the transaction were not disclosed. The transaction is expected to be completed in the second quarter of 2016.

Sverica Closes Fourth PE Fund With $275 Million

Posted in Healthcare Services Investing

Sverica Capital Management has announced it has closed its fourth private equity fund — Sverica Capital Partners Fund IV LP — at its hard cap of $275 million.

Sverica, a lower middle market PE firm with offices in Boston and San Francisco, focuses on investments in three sectors: healthcare services, business and IT services, and industrial companies.

The firm indicated that its fourth fund will target “profitable businesses with enterprise values up to $100 million with exceptional growth characteristics and the ability to sustain or emerge into a market leading position.”

The first investment in Fund IV was Synoptek, an outsourced IT managed services provider for a number of industries, including healthcare.

Note: Learn more about Sverica and other leading PE firms that invest in healthcare here.

PE Industry Working to Address Gender Equality

Posted in Healthcare Services Investing

An increase in attention to and awareness of gender equality in private equity is a step in the right direction, experts say in a Law360 column.

As a recent Preqin report notes, only 10.5% of senior roles at North American private equity firms are held by women. While that figure has not changed significantly in the past few years, efforts are underway to move it higher.

Public dialogue on the issue has increased. More millennials — who grew up in families in which parents often took on more equal responsibilities for raising children — are climbing the ranks of PE firms.

In addition, there are a number of women-focused PE conferences. They include the Kayo Women’s Private Equity Conference, of which McGuireWoods is a sponsor, which will take place October 4-5 in Chicago.

Despite the slow progress, Kate Mitchell, co-founder of Scale Venture Partners, told Law360 that she is pleased to see that the focus on gender equality isn’t going away. “I thought it might be a passing discussion but it has turned out not to be.”

Healthcare & Life Sciences Private Equity Deal Tracker: Synlogic Secures $40 Million in Funding

Posted in Healthcare Services Investing

Synlogic has announced it has secured $40 million in series B financing.

Synlogic, based in Cambridge, Mass., is a biopharmaceutical company focused on the development of a class of therapeutics, called synthetic biotics. Synlogic’s two lead therapeutic programs are being developed for the potential treatment of rare inborn errors of metabolism of Urea Cycle Disorder (UCD) and Phenylketonuria (PKU).

The financing round was led by OrbiMed HealthCare Fund Management. Deerfield Management Company and founding investors Atlas Venture and New Enterprise Associates also participated in the financing.

Synlogic indicated the financing would, in part, go toward supporting development efforts of its UCD and PKU programs, which the company said it plans to advance to the clinic in early 2017.

Is a Practice Merger in Your Future?

Posted in Healthcare Services Investing

Our partner Scott Downing and I published a piece in AAOS Now last month that I thought investors might also be interested in.

We’ve written in the past about the steadily mounting interest by private equity investors in various physician practice specialties. When pursuing these opportunities, it’s important for investors to understand the different options that physician sellers may be considering — options ranging from hospital employment, to sale to a regional private-equity backed group, to merger of two or more practices in the same market. This particular article delves into options for orthopaedic practice mergers, but many of the themes we address are universal across all specialties.

Access the AAOS Now column “Is a Practice Merger in Your Future?” by clicking here.

Leading Private Equity Firms That Invest in Healthcare (Part I)

Posted in Healthcare Services Investing

In the past decade, the list of investors that have put their capital to work in the healthcare and life sciences industries has grown dramatically. Healthcare and life sciences offer some undeniable opportunities that continue to fuel investor interest, and the fierce competition for many of the deals on the market in recent years has also caused investors to look deeper and more broadly at new niches. Likewise, investors are becoming increasingly more knowledgeable and comfortable with venturing into businesses with reimbursement risk and heavy regulatory oversight.

This column is the first in a multi-part series we will be publishing in 2016 which highlights some of the more active private equity investors in the healthcare and life science space. These investors are primarily funds that focus largely on growth-stage, buyout and platform funding transactions. They are listed in no particular order, and additional investors will be discussed in future segments of the series. Note: To recommend a firm to be profiled in a future column or request a change to a profile, please email awalsh@mcguirewoods.com or fill out the form here.

Altaris Capital Partners — Founded in 2002 and based in New York, Altaris seeks control and minority equity investments exclusively in healthcare. The firm targets companies within the life sciences/pharmaceutical, provider services and non-reimbursement healthcare industries (meaning companies that live in the healthcare sector but do not have direct reimbursement risk, such as suppliers, management companies and healthIT). Altaris is flexible in its investment sizes. Within its portfolio are CMP Pharma, which develops, manufactures and commercializes specialty pharmaceutical products; HealthTronics, which provides mobile equipment services and medical devices to the urology industry; Paramit, which designs, manufactures and assembles electronic medical devices and life science instruments; and Quantum Health, which provides consumer-focused healthcare programs to large self-insured employers. More information about Altaris is available at www.altariscap.com.

Silver Oak Services Partners — Founded in 2006, Silver Oak seeks control equity in healthcare services, business and consumer companies in the lower middle market. Within healthcare, the Evanston, Ill.-based firm considers a wide range of investments in the provider services and non-reimbursement healthcare industries, as well as hospitals and other major facilities. Current investments include NDC, a distributor of medical supplies; Physical Rehabilitation Network, a physical therapy clinic platform in the western United States; and Hero DVO, a provider of healthcare practice management services for dental, orthodontic and vision practices. More information about Silver Oak is available at www.silveroaksp.com.

LLR Partners — Founded in 1999 and based in Philadelphia, LLR pursue a wide range of investments in middle-market companies in healthcare services and several other industries. Within healthcare, the firm pursues investments in healthcare IT, outsourced healthcare services, specialty pharmacy and provider-based organizations. Companies in its portfolio include HighPoint Solutions, which provide specialized management and IT services to clients in the life sciences and healthcare industries; Numotion, a provider of complex rehabilitation products; Physicians Immediate Care, which manages a network of medical clinics providing urgent care, occupational medicine, physical therapy and employer services; and Phreesia, a point-of-service patient intake and payments solution for physicians’ offices. More information about LLR is available at www.llrpartners.com.

Pamlico Capital — Founded in 1988 and based in Charlotte, N.C., Pamlico considers a wide range of investments in the lower to middle market. The firm seeks minority and control equity investments in healthcare companies offering provider services as well as in ambulatory surgery centers and multi-site healthcare providers. Pamlico also targets companies in business and technology services and communications. Healthcare companies in the Pamlico portfolio include HEALTHCAREfirst, a provider of SaaS solutions and services to home health and hospice agencies; Physicians Endoscopy, a developer, manager and owner of freestanding, single-specialty endoscopic ASCs; and VRI (Valued Relationships Inc.), a provider of telehealth monitoring, monitored medication dispensing and adherence solutions, and medical alert systems. More information about Pamlico is available at www.pamlicocapital.com.

Spanos Barber Jesse & Co. (SBJ) — SBJ, which has offices in the San Francisco Bay area and Dallas, has broad flexibility on investment size in the lower to middle market. The firm seeks minority or control equity or mezzanine investments in healthcare companies in the provider services and non-reimbursement healthcare industries as well as in hospitals. SBJ also invests in consumer and business services companies. Included in its portfolio is Jefferson Dental Clinics, a network of over 40 clinics in the Dallas/Fort Worth and Houston, Texas, metro areas, and Bright Now! Dental, a member of the Smile Brands network of affiliated dental offices with nearly 400 locations throughout 17 states. More information about SBJ is available at www.sbjcap.com.

Enhanced Equity Funds (EEF) — Founded in 2005 and based in New York, EEF is focused exclusively on investing in the lower-middle market healthcare industry. It considers a broad range of investments in companies in the provider services and non-reimbursement healthcare industries, as well as hospitals and other major facilities. Companies in its portfolio include NextCare, an independent urgent care provider with clinics across six states; Regency Healthcare Group, a provider of hospice and palliative care services; and West Dermatology, a physician practice management company that operates dermatology clinics in Nevada, Arizona and California. More information about EEF is available at www.enhancedequity.com.

Boyne Capital Partners — Founded in 2006 and based in Miami, Boyne is flexible on its investment size in the lower to middle market. The firm seeks minority or control equity investments in healthcare companies in the pharmaceutical, provider services and non-reimbursement healthcare industries, and invests in companies in other industries as well. In its current healthcare portfolio is Family Private Care, which specializes in providing private nursing care for Florida clients in homes, hospitals, assisted living facilities and nursing homes. More information about Boyne is available at www.boynecapital.com.

Triton Pacific Capital Partners — Founded in 1996, Triton Pacific seeks controlling or minority positions in small- to middle-market companies. Based in Los Angeles, the firm weighs a wide range of investments in healthcare services and several other industries. Within healthcare, Triton Pacific pursues investments in the provider services and non-reimbursement healthcare industries. Companies in its portfolio include Aisthesis, a provider of anesthesiology services to ambulatory surgery centers, and IWP, a specialty home delivery pharmacy serving patients injured in accidents covered by property casualty insurance. More information about Triton Pacific is available at www.tritonpacific.com.

Elm Creek Partners — Founded in 2007, Elm Creek is a Dallas-based firm that seeks investments in healthcare companies in the provider services and non-reimbursement healthcare industries, as well as several non-healthcare industries. The firm is flexible on its investment size in middle-market companies. Elm Creek’s healthcare portfolio includes Millennium Healthcare Management, which operates and manages multiple urgent care clinics in Southern Louisiana. More information about Elm Creek is available at www.elmcreekpartners.com.

High Road Capital Partners — Founded in 2007 and based in New York, High Road Capital Partners invests in healthcare and several other industries through lower middle-market transactions. It seeks control equity through a variety of investment sizes. Within healthcare, the firm targets companies in the life sciences/pharmaceutical and non-reimbursement healthcare industries. In its portfolio are healthcare companies Advanced Sleep Medicine Services, which provides patients and referring physicians with a program designed to help those suffering from various sleep disorders, and Guidemark Health, a communications agency. More information about High Road Capital Partners is available at www.highroadcap.com.

General Atlantic — Founded in 1980, New York-based General Atlantic prefers to make more substantial investments from a dollars perspective in healthcare and a number of other sectors. Within healthcare, the firm pursues investments in the provider services, life sciences/pharmaceutical industry, hospitals and other major facilities, and companies that live in the healthcare sector but do not have direct reimbursement risk. Companies in its portfolio include Alignment Healthcare, a provider of healthcare management services to providers, health plans and hospitals, and eviCore healthcare, a specialty medical benefit management company that provides solutions to health plans and managed care organizations. More information about General Atlantic is available at www.generalatlantic.com.

ORIX Healthcare Capital — Founded in 1981, ORIX Healthcare is a business unit of Dallas-Based ORIX USA. ORIX Healthcare considers a wide range of control and minority equity investments in the life sciences/pharmaceutical industry and companies that live in the healthcare sector but do not have direct reimbursement risk. More specifically, companies of interest include healthcare service, pharmaceutical product and pharmaceutical service providers. Healthcare companies in its portfolio include AdvantEdge Healthcare, which provides revenue cycle management and practice management solutions to hospital-based and large office-based physician practices; Talyst, which provides automated central pharmacy hardware and software to acute care hospitals, long-term care facilities and correctional facilities; and Epic Health Services, which provides pediatric home healthcare throughout Texas. More information about ORIX Healthcare is available at www.orix.com/capital-solution/healthcare/.

Sterling Partners — Founded in 1983 and with offices in Baltimore, Chicago and Miami, Sterling seeks control equity in healthcare companies in the provider services industry, hospitals and other major facilities, and companies that live in the healthcare sector but do not have direct reimbursement risk. The firm considers a wide range of investments in healthcare, education and business services. Healthcare companies in its portfolio include Adeptus Health, the newly formed holding company for First Choice Emergency Room, which operates freestanding ERs throughout Texas and Colorado; Remedi SeniorCare, a provider of pharmacy services, pharmacy consulting and data management services to nursing homes, assisted living, and continuing care retirement communities; and Surgical Solutions, which provides operating room solutions for minimally invasive surgical procedures to hospitals. More information about Sterling is available at www.sterlingpartners.com.

Shore Capital Partners — Founded in 2009, Shore is a healthcare-focused, lower middle-market private equity firm. Based in Chicago, the firm pursues control equity investments in the healthcare services, products and distribution markets through a range of investment amounts. Within healthcare, Shore seeks to invest in the provider services and non-reimbursement healthcare industries. Companies in its portfolio include ClearPath Diagnostics, an anatomic pathology practice and laboratory which primarily serves the women’s health market; Summit Medical, a medical device manufacturer that designs, engineers and manufactures microsurgery products; Shippert Medical Technologies, which manufactures medical and surgical supplies across specialties including ENT; and Specialdocs, which provides consulting services and assists in the transition of traditional medical practices to a personalized or concierge medicine model. More information about Shore is available at www.shorecp.com.

HIG Capital — Founded in 1993 and based in Miami, HIG pursues investments in a wide range of industries. Within healthcare, the firm is interested in making more substantial investments for control buyout transactions in provider services. Active healthcare companies in its portfolio include Surgery Partners, which acquires, develops and manages freestanding ambulatory surgical centers in partnership with physicians; Clarus Therapeutics, a biopharmaceutical company focused on the development and commercialization of androgen-based prescription drug products; Soleo Health, a pharmacy provider of intravenous and injectable medications for patients with chronic disorders; and TLC Vision, a national eye care services company. More information about HIG is available at www.higcapital.com.

Linden Capital Partners — Founded in 2002 and based in Chicago, Linden seeks control equity in middle-market companies through more substantial investments from a dollars perspective. The firm focuses exclusively on healthcare, pursuing investments in the provider services, non-reimbursement healthcare and life sciences/pharmaceutical industries, as well as hospitals and other major facilities. Companies in its portfolio include Virtus Pharmaceuticals, a specialty generics pharmaceutical company; Strata, a full-service anatomic pathology laboratory focused on the dermatology, urology, podiatry, oral pathology, gastroenterology and gynecology segments; and CORPAK MedSystems, a medical device company focused on enteral access technologies. More information about Linden is available at www.lindenllc.com.

Pharos Capital Group — Founded in 1998, Pharos considers a variety of investments in lower- and middle-market companies primarily in healthcare and business services. With offices in Dallas and Nashville, the firm pursues control equity and mezzanine investments. Within healthcare, Pharos targets the provider services and non-reimbursement healthcare industries. Companies in its portfolio include Seaside Healthcare, an owner, developer and operator of a network of facilities specializing in mental health treatment services for the adult and geriatric population; IASIS Healthcare, an owner and operator of medium-sized acute care hospitals in high-growth urban and suburban markets; and Medfinders (formerly Nursefinders), one of the largest healthcare staffing companies in the United States. More information about Pharos is available at www.pharosfunds.com.

Sverica International — Founded in 1993, Sverica pursues control and minority equity through a range of investment sizes. With offices in Boston and San Francisco, this firm invests in healthcare services, business and IT services, and high-value manufacturing. Within healthcare, Sverica targets companies in the provider services and non-reimbursement healthcare industries, as well as hospitals and other major facilities. Healthcare companies in its portfolio include IMS, a provider of outsourced hospitalist physicians programs to acute care facilities and community primary care physicians throughout Northern Ohio, and Resonetics, which provides laser micromachining manufacturing services for medical device and diagnostic companies. More information about Sverica is available at www.sverica.com.

Riata Capital Group — Founded in 2014 and based out of Dallas, Riata pursues control and minority equity investments in middle-market companies in healthcare and other sectors. The firm is flexible in its investment size. Within healthcare, Riata pursues investments in the provider services industry and companies that live in the healthcare sector but do not have direct reimbursement risk. Current companies in its portfolio include Smile Source, a network of over 350 independent dental practices in the United States. More information about Riata is available at www.riatacapital.com.

EDG Partners — Founded in 2004 and with offices in Atlanta and Alexandria, Va., EDG makes a variety of investments in lower- and middle-market healthcare companies. The firm pursues control and minority equity in the provider services, life sciences/pharmaceutical industries, hospitals and other major facilities, and companies that live in the healthcare sector but do not have direct reimbursement risk. Companies within EDG’s portfolio include DiabetesAmerica, a health center and management program for individuals with diabetes; FirstCall Ambulance Service, a provider of scheduled, non-emergency ambulance and medical transport services; MMIS, a provider of cloud-based SaaS solutions for pharmaceutical, medical device and bio-pharmaceutical companies; and Peak Health Solutions, a health information management services company providing solutions in the areas of coding, compliance and CDI. More information about EDG is available at www.edgpartners.com.

Beecken Petty O’Keefe & Company (BPOC) — Founded in 1996, BPOC is a Chicago-based firm that seeks control and minority equity in middle-market companies exclusively within the healthcare industry through a wide range of investments. Companies within its portfolio include EMSI, an outsourced service provider of medical information, risk adjustment and comprehensive investigative services to insurance companies, health insurers and employers; Himagine Solutions, a provider of health information management services, including medical coding, coding audit, registry management and clinical documentation solutions; and Spectrum Professional Services, a provider of outsourced and managed rehabilitation therapy services. More information about BPOC is available at www.bpoc.com.

Geneva Glen Capital — Founded in 2008, Geneva Glen is a Chicago-based firm that that invests in lower middle-market companies in numerous industries, including healthcare. Geneva Glen seeks controlling or minority equity, and will consider a wide range of investments. Within healthcare, the firm targets companies in the provider services and non-reimbursement healthcare industries. Companies in its portfolio include Flow Polymers, a manufacturer of chemical dispersions, process aids and homogenizing agents for pharmaceutical and other markets. More information about Geneva Glen is available at www.genevaglencapital.com.

Nova Bright Capital — Based in Chicago and founded in 2011, Nova Bright pursues a variety of investment opportunities in the middle market. The firm makes investments in a wide range of industries, with its healthcare investing targeting the provider services and life sciences/pharmaceutical industries. More information about Nova Bright is available at www.nova-bright.com.

LaSalle Capital — Founded in 2004, LaSalle Capital is a Chicago-based firm with wide flexibility on investment size in the lower to middle market. The firm seeks control equity investments in healthcare companies in the provider services industry and companies that live in the healthcare sector but do not have direct reimbursement risk, while also investing in other non-healthcare industries. Included in its portfolio is MetaSource, a provider of technology-enabled business process outsourcing services with a focus on the healthcare, financial services and retail industries. More information about LaSalle is available at www.lasallecapital.com.

High Street Capital — Founded in 1997, High Street is a Chicago-based firm that seeks minority and control equity investments, as well as other types of investments, in healthcare companies in the provider services and non-reimbursement healthcare industries. The firm targets companies with revenue up to $100 million, and considers a variety of investments within the lower middle market. In addition to healthcare services, High Street also pursues investments in other industries, including niche manufacturing and outsourced business services. Past healthcare investments include BeneSys, which provides healthcare payment processing as a third-party administrator and software and computer services to multi-employer unions and voluntary employee beneficiary associations, and Countryside Hospice, which provides home hospice care in rural and suburban communities in the Southeastern United States. More information about High Street is available at www.highstreetcapital.com.

MTS Health Investors — MTS Health Investors is a private equity firm based in New York. The firm was founded in 2000, and pursues control equity investments in healthcare companies with strong growth prospects and profitable operating models. MTS invests in a broad range of industry segments including outsourced services to payors and health systems, technology-enabled services, healthcare providers and value-added distribution. Companies in its portfolio include Celerion Holdings, which provides clinical trial solutions to pharmaceutical and biotechnology clients conducting early clinical research; AGS Health, a revenue cycle management company providing billing and coding services; MDsave, which provides an online location for consumers to research, compare and purchase medical services; and Vital Decisions, a provider of behavioral counseling services to patients with advanced illness. More information about MTS Health is available at www.mtshealthinvestors.com.

The Riverside Company — Founded in 1988 and based out of New York, Riverside considers a wide range of investments in many industries, including healthcare. The firm seeks control equity, minority equity, junior capital and other investments. Within healthcare, Riverside pursues investments in provider services and non-reimbursement healthcare industries, specifically within companies providing dermatology, dental and behavioral services, as well as providers of life sciences/pharmaceutical services. U.S. companies in its health portfolio include American Hospice, a hospices manager; BeneSys, a provider of employee healthcare and pension benefit programs; Greenphire, a provider of payment processing, management and analytics software; and The Dermatology Group, a provider of dermatological services. More information about Riverside is available at www.riversidecompany.com.

Gemini Investors — Founded in 1993 and based in Wellesley, Mass., Gemini focuses on investments in the lower end of the middle market. The firm pursues control and minority equity, mezzanine and growth capital investments in many different industries, including healthcare. Within healthcare, Gemini targets companies in the provider services industry and companies that live in the healthcare sector but do not have direct reimbursement risk . In its portfolio is 360 PT Management, a provider of physical therapy and specialty rehabilitation services; TGaS Advisors, a provider of comparative benchmarking and advisory services to the pharmaceutical industry; and Wake Research Associates, a provider of clinical trial services to the pharmaceutical industry. More information about Gemini is available at www.gemini-investors.com.

One Week Until the 13th Annual Healthcare and Life Sciences Private Equity and Finance Conference

Posted in Industry Events and Announcements

The McGuireWoods & RSM US 13th Annual Healthcare and Life Sciences Private Equity and Finance Conference is just one week away. Register today!

This two-day healthcare-focused private equity, lending and finance conference will take place February 23-24 at The Ritz-Carlton Chicago. It will explore new ways to successfully close transactions and achieve growth. The conference will include presentations by companies seeking investment or financing. To access the conference agenda, click here.

We are expecting more than 500 attendees, the bulk of which will be private equity sponsors, healthcare and life sciences operators, lenders and some vendors. Additional information and the registration form is available at the conference website at www.healthcareprivateequity.com.

Readers of The Healthcare Investor interested in attending should contact Amber Walsh at awalsh@mcguirewoods.com for a registration discount.

Health Care Deal Trends Emerge From JP Morgan 2016

Posted in Healthcare Services Investing

“We’re looking for a symbiotic platform that will have a disruptive effect in a rapidly expanding ecosystem.” A private equity colleague of ours described this conversation, which he overheard at the most recent J.P. Morgan health care conference in San Francisco. Upwards of 30,000 deal professionals are reported to have descended on the city for the conference, and the town was ablaze in deal analysis and discussion. While perhaps this wasn’t exactly the conversation that was overheard, we can report (accurately) that once again we enjoyed, and are thoroughly exhausted from, several days of deal-making and conversation about trends and predictions for the coming year in health care private equity transactions.

To read about the trends from the conference in our latest Law360 column, written with our colleague Richard Grant, click here.