Panelist profiles

Speaker biographies:
Operational Excellence for Private Equity Funds
Anthony Conte
Managing Director
Phone: (646) 471-2898
Anthony joined PwC in January 2011 and focuses on asset management regulatory services. He has more than 20
years of investment management and compliance experience.
Prior to PwC, Anthony spent 10 years at a global bank, where he was the global compliance officer for asset
management's alternative investments business lines including hedge funds, real estate, private equity, and
infrastructure; he also acted as the deputy regional head of asset management Americas. While there, Anthony was the
chief compliance officer for two registered investment advisers overseeing more than $50 billion in assets under
management. He was also responsible for implementing a compliance program for a real estate business that the
company acquired in 2003.
Previously, Anthony led the compliance team for a Canadian bank's asset management division, covering private
funds, registered products, wrap-fee accounts, and separately managed accounts. Prior to his role in the industry, he
was a branch chief in the Office of Compliance, Inspections, and Examinations for the SEC in New York, where he
supervised and conducted numerous compliance inspections of registered mutual fund companies and registered
investments advisers, some of which were referred to enforcement.
Belanne Ungarelli
Phone: (646) 471-5431
Belanne is an assurance partner in the asset management practice. Belanne has significant experience with investment
companies in the private equity, venture capital, and hedge fund space. Specifically, she:
Professional Experience
Has led engagements for several private equity, private equity funds of funds and hedge funds dealing with
various issues related to valuation, capital allocations, ASC 740 ;
Was on the Firm's National ASC 820 implementation task force;
Worked with the firm's National Audit Quality group in developing the national audit policies and procedures
used in audits of Small Business Investment Company (SBIC) clients;
Has helped start-up funds in their structuring process
Additionally, Belanne has
Served a large number of venture-backed emerging growth companies and has assisted them through significant
transactions including initial public offerings, and
Has helped her fund clients resolve accounting issues at their controlled portfolio companies.
Areas of Expertise
Belanne is serving on the AICPA’s task force to develop the new industry guide, “Determining Fair Value of
Portfolio Company Investments of Venture Capital and Private Equity Firms.”
Professional Credentials
Belanne is a graduate of the University of Pennsylvania Wharton School. She is a member of the American
Institute of Certified Public Accountants, The New York State Society, and the American Woman’s Society of
CPAs, and is certified as a public accountant in New York, Connecticut and the District of Columbia.
Bruce Hutchison
Phone: (646) 471-6679
Bruce is a director in the Asset Management Advisory practice in the New York office. Bruce has over six years of
experience providing strategic, operational and technical solutions to US and European Alternative Asset Managers
and their Asset Servicers. Bruce’s area of expertise is Private Equity and has spent five years based in Europe servicing
the European Private Equity community.
Recently, Bruce assisted a global Alternative Asset Manager in the review and reconciliation of their proprietary
compensation system while developing the preferred future state compensation budgeting and forecasting
functionality. Bruce has led a project that developed the implementation roadmap for the integration of large Private
Equity Manager’s middle office shadow accounting function with their asset servicer’s accounting function. He has
assisted a global Private Equity Manager in the design of their future state investor relations function as part of their
transition to a client servicing function.
He has also been involved in the management and delivery of process improvement reporting regarding complex
revenue management systems and the associated internal information reporting. Bruce has provided operational and
compliance due diligence reporting for Europe’s largest E Commerce retailer with extensive experience in the design
and implementation of valuation models for private equity assets.
Bruce holds a Bachelor of Science (Honours) degree in Banking and Financial Management from the University of
Loughborough, UK. He is also a member of the Institute of Chartered Accountants in England and Wales.
Michael VanDemark
Phone: (646) 471-8859
Michael is a Principal within PwC's Financial Services practice and leads Asset Management Technology Consulting.
He has over twenty years of experience in operational strategy development and system/process design and
implementation efforts. Michael is currently focused on large scale transformational efforts focused on aligning
operational (front, middle and back) functions with the overall business strategy by developing scalable platforms to
support future growth while delivering cost savings and efficiency opportunities for leading global diversified
investment management firms.
Michael received a Bachelors of Business Administration with a Concentration in Accounting from Roanoke College
and a Masters of Business Administration from the Stern School of Business, New York University.
Shaan Elbaum
Phone: (646) 471-5598
Shaan is a Director in the Transaction Services, Private Equity Specialist Group, and helps to manage the PE valuation
work in NY and nationally.
As a valuation consultant for the past nine years, he has focused on valuation of private equity portfolio companies
working with both audit and non-audit clients (for both debt and equity securities), in accordance with ASC 820.
Shaan has also worked on numerous aspects of financial reporting valuations including ASC 805 purchase price
allocations, ASC 350 impairment studies, and ASC 718 private company stock valuations. Shaan has recently valued
business located both domestically and internationally in the life sciences industry as well as technology and financial
services industries. In addition he has worked on various due diligence advisory projects focused on accounting and
valuation related issues. Shaan also serves on an AICPA task force for the development of the Private Equity and
Venture Capital valuation practice aid.
Prior to joining the valuation practice, Shaan spent five years in the audit and business advisory services side of the
firm focused on the financial services industry. He has worked on numerous audits of financial institutions and
mortgage banking enterprises. On the advisory services side he has assisted in numerous strategic development and
operational re-engineering projects for top ten consumer finance and bank affiliated mortgage companies.
Shaan has an M.B.A. from Duke University’s Fuqua School of Business with a concentration in health sector
management and valuation. Shaan also earned a B.S. degree in accounting from Yeshiva University. He participated in
the AICPA National Banking School program at the University of Virginia, McIntire School of Commerce and is a
licensed Certified Public Accountant in New York.