The Closing Panel: Due Diligence and Portfolio Construction in Private Markets

3pm – 3.45pm AEDT, 19 March 2026 ‐ 45 mins

Session

• What are the three non-negotiables for manager due diligence (beyond headline IRR/TVPI)?
• Analyzing sources of returns and key assumptions required for success in current strategies.
• Strategies for sizing and pacing commitments to mitigate liquidity stress.
• How to interpret marks and performance reporting during volatile economic environments.
• Identifying key risks: What breaks first in a private markets portfolio when public markets sell off?
• Evaluating the use and hidden costs of Secondaries, NAV facilities, and evergreen structures.

Panel of PWN Members and private market investors.

Speakers

Peter Magee

Chief Investment Officer, MRB House

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Elliot Lucas

Director of Investment Research, Lipman Burgon and Partners

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Peter Magee

Chief Investment Officer, MRB House

Peter is the Chief Investment Officer of MRB House. He is based in Melbourne and has been at the organisation since April 2022. Peter's remit is investing in the highest quality actively managed funds focused on international and domestic listed equities, private equity, venture capital and absolute returns.

Peter has a varied background with experience in investment banking, corporate M&A, private equity and investing in public stocks.

Peter holds an MBA from Melbourne Business School, a Bachelor of Commerce, a Diploma of Financial Planning and is a Chartered Accountant.

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Elliot Lucas

Director of Investment Research, Lipman Burgon and Partners

Elliot Lucas, CFA, is the Director of Investment Research at Lipman Burgon & Partners, working closely with the firm's Chief Investment Officer. He directs manager due diligence, leads asset allocation proposals, and refines the team's investment processes. Prior to joining LBP, Elliot was a Senior Manager Research Analyst at Lonsec, having previously held roles in funds distribution at Dimensional Fund Advisors and manager research at Morningstar. He holds a Master's in International Economics and Finance and a Diplôme d'Ingénieur.