LP allocations in a dislocated market: how are investors balancing risk and opportunity
LP allocations in a dislocated market: how are investors balancing risk and opportunity



Deepika (Dee) Sharma, CFA is the Global Head of Manager Selection for BlackRock's Multi-Asset Strategies & Solutions (MASS), which includes the global Outsourced CIO (OCIO) and Wealth Solutions business, with allocations across public and private market strategies. The Multi-Asset Strategies & Solutions (MASS) team is the investment group at the heart of BlackRock's portfolio construction, asset allocation, and active management ecosystem. MASS draws on the full toolkit of BlackRock's investment capabilities to deliver precise investment outcomes and cutting-edge alpha insights.
Deepika has spent over 15 years in portfolio management and multi-asset investing roles, with publications in the Journal of Investing, Journal of Beta Investment Strategies and ACM AI in Finance. Previously, Dee led product research and innovation focused on factors and fixed income and was responsible for proprietary systematic research to execute on client opportunities.
Prior to joining BlackRock, she was a Portfolio Manager and Director of Investment Research at Astor Investment Management, a $2bn asset management firm, where she built a multi-alternative strategy awarded with Refinitiv Lipper awards for outstanding performance. She previously worked within the Fixed Income Proprietary Trading group at Nomura and began her career as an analyst on the structured credit desk at Lehman Brothers.
Deepika most recently served as Chair of Board of Directors at CFA Society New York, the largest of the 142+ societies that comprise CFA Institute worldwide with over 10,000 members. She is also a member of the Milken Institute, Bretton Woods Committee and the Economic Club of New York. Deepika holds a Masters in International Finance at Columbia University.

John has been with the State of Wisconsin Investment Board since April of 2007. He is involved in the origination, due diligence, and monitoring of private equity opportunities, including primaries, secondaries, and co-investments. The private equity portfolio at SWIB has a net asset value of approximately $21 billion as of June 30, 2023. Prior to arriving at SWIB, John was an investment analyst at the Teachers’ Retirement System of the State of Illinois where he focused on private equity investments. Prior to Illinois TRS, John was a credit analyst at a regional bank. John holds an undergraduate degree in finance and a Master’s in Business Administration with a finance concentration from the University of Illinois in Urbana-Champaign. He is a CFA Charterholder and a Registered Certified Public Accountant in the State of Illinois, and is a member of the CFA Society of Madison.

Stephanie is a co-founder and managing partner of GEM. Previously, she was CIO at The Duke Endowment, the $3.3 billion family foundation of James B. Duke. She has also served as a portfolio manager at INVESCO Capital Management and Trade Street Investment Services. Stephanie is currently a trustee for The Thacher School and is a member of the investment committee for the Baby J Fund, a private foundation supporting research for pediatric cancers. She previously served as trustee of the Novant Health Presbyterian Medical Center Foundation, and was a director of Novant Asset Management Co. Stephanie earned her B.S. in Finance from Florida State University and is a CFA Charterholder.

Hazman Hilmi is the Chief Investment Officer of Malaysia's Retirement Fund Inc (KWAP) since January 2022.
He was previously the Managing Director of Damansara Assets Sdn Bhd (DASB) – a wholly owned real-estate subsidiary of Johor Corporation (JCorp) and the Chief Executive Officer of AMAL by Malaysia Airlines – a wholly owned subsidiary of the Malaysian Aviation Group.
Prior to that, Hazman was with Khazanah Nasional Berhad where he served in various roles across the organisation over 12 years, including as the Senior Vice President of Khazanah Europe Investment Limited based in London, and Vice President of Khazanah Turkey Regional Office based in Istanbul.
He obtained his MEng (1st Class) in Engineering, Economics and Management from Balliol College, University of Oxford and MSc in Operational Research from the London School of Economics & Political Science.






How are LPs positioning themselves in private markets relative to allocation targets? How will current positions impact 2024 commitments? How are risk-return expectations changing in the current environment? With 2023 and 2024 poised to be some of the better vintage years, how are LPs finding new capital to seize on the opportunities? What markets, sectors and structures are they navigating towards?