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Program
Decoupling Asia: Private equity's role in building Asia's growth economy
JW Marriott Hotel, Hong Kong
| Thursday, 13 November 2008 |
| 8:00 / |
Registration and networking breakfast |
| 8:20 / |
Welcome remarks |
| 8:30 / |
Opening keynote address
DAVID BONDERMAN, Founding Partner, TPG CAPITAL LP |
| 9:15 / |
Keynote panel: Decoupling Asia—will private equity play a role?
If not the world's largest, Asia's economies are its fastest growing. Governments are flush with reserves, banking systems are healthy, currencies strong and demographics compelling. Do these conditions harbinger a decoupling from the more mature—and financially challenged—US and European economies? The region's speed bumps include developing economies that foster sustainable competition, transparent capital markets and the well-being of their labour forces. Private equity's speed and smarts may well play an important role in catalysing this process. Panelists discuss these strengths in creating a foundation for a robust Asian super economy.- Asia's sustainable economic ecosystem
- Cross-border investing—overcoming Asia's disparate economic and
political community
- The impact of Asia's sovereign wealth funds
- Accelerating the development of public debt and equity markets
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| 10:15 / |
Coffee / tea networking break 
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| 10:45 / |
Morning keynote address
PAUL B. EDGERLEY, Managing Director, BAIN CAPITAL |
| 11:15 / |
Building Asia's private equity Super Firms of the future
The industry's global mega firms have, in many ways, set the bar for
the skill sets required to build businesses and to reward investors. Many
regional firms have also operated successfully, building the local contacts
and trust necessary to source deals and engage government officials.
Panelists share their insights on what building the next generation private
equity firm will take.
- Core competencies
- Private equity and venture as a spur to innovation
- Will private equity inherit an entrepreneur's role for company building?
- What private equity brings to the table: vendor introductions, management
resources, best practices and more
- Facilitating consolidation, bridging short-term volatility
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| 12:15 / |
Luncheon
Keynote address
DAVID RUBENSTEIN, Co-Founder & Managing Director,
THE CARLYLE GROUP |
| 13:45 / |
Leveraging growth, not debt: Opportunities for private equity in 2009
The credit markets gave private equity a rough ride in 2008: If there's
one takeaway from this year's freeze, it's that fostering growth rather than
financial leverage will drive returns in the near future. Moreover, while
US and European banks are lining up at the discount window, Asian
banks remain well capitalised and eager to lend. All of which makes for a
promising, albeit challenging, private equity landscape. Practitioners share their insights on the investments they made and the opportunities that
lie ahead
- US and European credit markets update
- The future of Asian P2P
- Growth opportunities in Asian private equity
- Where the capital is, what new deal structures will look like
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| 14:45 / |
Coffee / tea networking break
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Stream one |
Stream two |
| 15:15 / |
Middle East
As the fourth largest centre for private equity, the GCC and Middle East
present an exciting new market: Boom for everything with money in
the bank to pay for it. Homegrown GPs explain the vast opportunities in
growth, minority and majority buyouts of established family businesses,
and highlight the challenges posed by regulations, recruiting talent and
developing relationships.
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India
India's private equity market has stratified beyond infrastructure and
outsourcing stories. Growth-related plays in consumer/retail, healthcare,
hospitality and education hold great upside. India's leading GPs discuss
the opportunities in what is still one of Asia's hottest markets.
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| 16:15 / |
The Middle Market: Smaller size, healthy returns
From Seoul to Sydney, Delhi to Hanoi, middle market companies form the
core of the Asian corporate landscape. With financing for mega deals all
but unavailable, middle market deals will likely take the spotlight for big
and smaller firms alike over the near term. Panelists discuss the similarities
and differences with mega-deals, focusing on pricing, structure, and exits.
Why a smaller check can still produce excellent returns.
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China
Outsiders opine that the easy money in this market is over, but those on
the ground know that the Middle Kingdom's economic growth is still in
its infancy. That said, new challenges have replaced previous hurdles: The
world's manufacturer now deals with more than a few major concerns,
including a cheap US dollar and rising labour and energy costs. China
veterans share their views on deal flows in the PRC, the IPO market,
regulatory terrain, the RMB, the country's growth trajectory and what this
means for private equity. |
| 18:00 / |
Buses leave from the JW Marriott lobby entrance for the Four Seasons Hotel |
| 18:30 / |
Gala cocktail reception
Venue: Four Seasons Hotel, Level 2, Grand Ballroom Foyer |
| 19:30 / |
Gala banquet dinner
Venue: Four Seasons Hotel, Level 2, Grand Ballroom
Keynote address
GEORGE R. ROBERTS, Founding Partner,
KOHLBERG KRAVIS ROBERTS & CO
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| Friday, 14 November 2008 |
| 8:00 / |
Registration and networking breakfast |
| 8:30 / |
Keynote briefing
Active ownership: Insights into Alpha creation
CONOR KEHOE, Sr. Partner & Global Research Leader, PE Practice, MCKINSEY & COMPANY
|
| 9:00 / |
Keynote address
HOWARD MARKS, Chairman, OAKTREE
|
| 9:30 / |
Private equity strategies for tough times
The private equity world has changed mightily over the past year, though not necessarily for the worse. Tight credit markets and no exits on one hand, bountiful deal flow and willing LPs on the other. With strategic buyers taking full advantage of the lull in p-to-p's and buyouts, general partners have become more creative by refining their repertoire of deals to suit the circumstances: investing in wounded financial services companies, taking large growth capital positions, and homing in on distress situations have all attracted their attention. Asian private equity fund managers highlight their thoughts--and strategies--for making hay while the sun isn't shining.
- Is real estate still an opportunity?
- Can buyout firms deploy growth capital?
- Restructuring SOEs and Asian family firms
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| 10:30 / |
Coffee / tea networking break
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| 11:00 / |
The globalisation of Asian private equity
With local markets becoming more crowded, country-focused GPs are now competing with their regional and international counterparts across Asia and overseas. With an evolved strategy comes new risks and challenges. From accessing foreign and domestic investment opportunities, to negotiating with domestic and foreign sellers, to navigating cross-border regulatory issues, these once local-only private equity dealmakers have mastered the learning curve quickly. Panelists share war stories and winning strategies in today's "everyone wants in" world.
- The domestic conditions that make certain markets attractive for overseas expansion
- Creating winning partnerships with local firms
- Alleviating regulatory risk by managing the process—regulatory and political trigger points
- Value creation through cross-border M&A
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| 12:00 / |
When less is more—growth capital seals the deal
Asian GPs are learning that in many regional markets, a minority stake is the
first step to eventual ownership. In others, a minority investment enables
fund managers to showcase their mettle for skeptical family members.
In short, these investments may well unlock deal sources and fund the
region's growth, separating them from their non-Asian counterparts.
- Is growth capital the best way to access Asia's economic boom?
- Taking minority stakes with control covenants
- Preventing 'growth capital' from becoming 'captive capital'
- How do the top growth investors keep interests aligned?
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| 13:00 / |
Luncheon
LP panel: The effects of the financial crisis
As the mortgage and liquidity crisis continue to affect the economies of the West, the Asian economic miracle has remained robust and powered the region to a relative new level of wealth. Yet Asian fund managers still continue to travel to the US and Europe when fundraising for new investment vehicles, while Asian fundraising destinations remain few and scattered. Yet this may all be changing as cash rich institutions and governments look for superior returns and diversify into private equity. Western LPs are also increasing their Asian allocations to shelter their portfolios from their rocky home markets. Our diverse panel shares their views on fundraising in 2009 and beyond.
- The effects of the crisis on LP allocations
- Will Asian funds continue to attract commitments?
- Will the GP/LP relationship change as the market affects fund returns?
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| 14:30 / |
Concluding remarks
Conference concludes |
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