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Programme
Grand Ballroom Main Sessions and Asian Private Equity & Buyouts stream
Harbour View Ballroom Asian Venture Capital & Tech and Asian Private Equity & Buyouts streams
| Thursday, 12 November 2009 |
| 8:00 |
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Registration and networking breakfast |
| 8:20 |
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Welcome remarks |
| 8:30 |
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Opening keynote address
David Rubenstein, Co-Founder & Managing Director, THE CARLYLE GROUP |
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Asian Private Equity & Buyouts |
Asian Venture Capital & Tech |
| 9:00 / |
Keynote panel: The brave new world of private equity
As the recessionary environment tightens its grip on the private equity world, general partners are feeling the heat. The years of excess have finally come to an end. Fundraising and deal activity are down substantially. Leverage has dried up, and GPs are now reapplying disciplines from an earlier era where private equity firms relied less on financial engineering and more on management skills and value add. Senior global practitioners discuss the lessons learned in the past year and how they can be applied:
- Seismic shifts in market sentiment: How best to manage?
- The current focus of US and European private equity firms: What are they and what, if any, effect do they have on Asian investors?
- Who will emerge the strongest coming out of the recession?
Moderator
Jeremy Coller, CIO, COLLER CAPITAL
Panelists
Joncarlo Mark, Sr. Portfolio Manager, Alternative Investment Management, CalPERs
Jonathan Zhu, Managing Director, BAIN CAPITAL ASIA, LLC
Mark Chiba, Group Chairman & Partner, THE LONGREACH GROUP
Andrew Liu, Managing Partner & CEO, ASIA, UNITAS CAPITAL |
Keynote panel: Venture tests its new limits
Another victim of the global downturn, venture capital has seen fundraising stymied, exits closed, and distributions to LPs virtually non-existent. Worldwide, venture is facing new challenges and requiring new answers that will drive it far from its historic bias towards structures evolved to suit the 1980s Silicon Valley. Most funds have yielded few significant returns since the 2001-02 dotcom blowout, and VCs are coming to prefer trade sales over IPOs as the only viable exit option and aiming to ‘do better with less' in their portfolios. Strategic VCs, meanwhile, are using their corporate resources and freedom from LP-driven constraints to take a larger share of the market, while newly fashionable investment areas like cleantech require different investment dynamics than traditional VC funds.
- Are the leading VC firms doomed to consolidate and contract?
- Will generational change in the VC industry lead to new structures or a hemorrhage of talent?
- What part will VC play in driving innovation and development in the future?
Moderator
Scott Sandell, General Partner, NEA
Panelists
Dixon Doll, Co-Founder & General Partner, DCM
James H. Boettcher, General Partner, FOCUS VENTURES
Lip-Bu Tan, Chairman, WALDEN INTERNATIONAL
Don S. Williams, Partner, WILSON SONSINI GOODRICH & ROSATI |
| 10:00 / |
Coffee / tea networking break |
| 10:20 / |
Re-creating value: Is it back to basics for private equity?
Private equity has always prided itself on investing in and nurturing growth. Though this story has been eclipsed in recent years by that of financial engineering and leveraged buyouts, PE fund managers have not forgotten their roots, and many are now returning to the hands-on model to see their existing portfolios through the current turmoil. Join our group of experienced managers as they discuss:
- Which sectors still pose growth potential in a shrinking global economy?
- What strategies are successful GPs implementing for their portfolio companies?
- Organic growth versus the buy-and-build model
Moderator
Simon Cooke, Partner, CLIFFORD CHANCE LLP
Panelists
KY Tang, Chairman & Managing Partner, AFFINITY EQUITY PARTNERS
Atul Kapur, Co-Founder & Managing Partner, EVERSTONE CAPITA
Nicholas Bloy, Co Founder & Managing Partner, NAVIS CAPITAL PARTNERS
Daniel R. Mintz, Founding Managing Director, OLYMPUS CAPITAL HOLDINGS ASIA |
Creating companies in the downturn
Venture funding across the globe has slowed dramatically in the past year. Furthermore the financial crisis has compounded the challenge of making new ideas into profitable companies. While Asia has carved itself a number of successful niches in technology, the chances of continued success will depend on entrepreneurs and investors' innovation, creativity and perseverance. A panel of expert investors and entrepreneurs share their views on:
- The newest and brightest ideas from Asian minds
- The opportunities and prospects for monetising local ideas
- Asian entrepreneurs' ability to leverage technologies developed elsewhere into profitable business models.
Moderator
Paul Asel, Partner, NOKIA GROWTH PARTNERS
Panelists
Yossi Sela, Managing Partner, GEMINI ISRAEL FUNDS
Soichi Kariyazono, Partner, GLOBIS CAPITAL PARTNERS
Roger Li, General Partner, INFOTECH PACIFIC VENTURES
John Ball, Founder & Managing Director, STEAMBOAT VENTURES |
| 11:20 / |
Growth capital: Opportunities in adversity
Growth capital is the mainstay of the Asian private equity industry, yet it has been eclipsed in the press in recent years by headline-grabbing mega buyouts. As the liquidity crunch drains leverage financing from the LBOs, however, larger firms are also encroaching on this space as they search for lucrative opportunities in a world where financing is hard to come by. Veterans in the growth capital space discuss:
- The opportunities for larger funds in the growth capital space
- Alignment of interests: Creating win-win situations
- Control companies without majority stakes
Moderator
Yash A. Rana, Partner, GOODWIN PROCTER LLP
Panelists
Ashish Dhawan, Sr. Managing Director, CHRYSCAPITAL
Peter Amour, CEO, AIF CAPITAL
Kathy Xu, Founder & Managing Partner, CAPITAL TODAY |
The next big tech trends—and how to monetise them
The popularity of Facebook, Google, YouTube and iPhone has proved that technologies changing the way people live, work and play are going to win over the market. Fields such as biotech, cleantech, web 2.0, wireless, gaming and cloud computing all possess this potential. Venture capitalists will stand or fall though by their effectiveness in fitting selected companies into their portfolios and monetising their products.
- What are the next big tech trends?
- What attributes qualify them, and their developers, for success?
- iFund has emerged to support iPhone application developers: What else
can VCs do in order to flourish with the future tech trends?
- How will the current market conditions affect the formation of the next
tech wave?
Moderator
Gary Rieschel, Founder & Managing Director, QIMING VENTURE PARTNERS
Panelists
Erhai Liu, Managing Director, LEGEND CAPITAL
Hugo Shong, Founding General Partner, IDG CAPITAL PARTNERS
Ching TAN, Managing Director, SIGULER GUFF
Jeffrey Chi, Managing Director & Partner, VICKERS VENTURE PARTNERS |
| 12:20 / |
Keynote address
Mark Nunnelly, Managing Director, BAIN CAPITAL |
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| 12:40 / |
Luncheon
Keynote address
Jonathan M. Nelson, CEO, PROVIDENCE EQUITY PARTNERS |
Luncheon
Unveiling the venture capital potential in the Greater China region
Moderator
Vincent Chan, CEO and Co-Founder, SPRING CAPITAL
Panelists
York Chen, President & Managing General Partner, ID TECHVENTURES INC
Joe Zhou, Founder & Managing Partner, KEYTONE VENTURES
Kabir Misra, President, SOFTBANK CHINA AND INDIA HOLDINGS
Vincent Chan, CEO and Co-Founder, SPRING CAPITAL |
| 14:00 / |
Keynote address
Martin Halusa, CEO, APAX PARTNERS |
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Asian Private Equity & Buyouts |
Asian Private Equity & Buyouts |
| 14:30 / |
China
Despite the global recession, China is still poised for strong growth. The manufacturer to the world may be feeling pressure as exports fall but the government's US$586 bn bailout plan is designed to pre-empt damage by stimulating domestic growth. Experienced investors in the Mainland discuss:
- Which industries and regions are likely to benefit from the Chinese central government's $586 bn stimulus package?
- Has the time now come for consolidation across China's many over-populated industry sectors?
- Opportunities in the improved cross-Strait relationship with Taiwan
Moderator
Thomas Chou, Partner, MORRISON & FOERSTER
Panelists
Xiaoyang Yu, Founding Partner, CHINA NEW ENTERPRISE INVESTMENT
Mark Qiu, CEO & Managing Director, CHINA RENAISSANCE CAPITAL INVESTMENT INC
David H. Liu, Partner and Head of Greater China, KKR
Junfeng Wang, Executive Director, LEGEND CAPITAL
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Secondaries enter center stage
Institutional investors are curbing their appetites for private equity funds as they search for liquidity by selling parts of their existing portfolios. With an estimated US$100 bn of limited partnership stakes needing to find new owners, a number of secondary funds are currently in the market raising capital. Many investors, though, are still unfamiliar with secondary funds or have outdated perceptions of how they operate. Representatives from leading secondaries provide the latest update on their niche in the market.
Moderator
Matthew Arkinstall, Investment Director, GREENPARK CAPITAL
Panelists
Jason S. Gull, Partner, ADAMS STREET PARTNERS
Kyungoh Kook, Director, Alternative Investment Team, KOREA INVESTMENT CORPORATION
Edwin Chan, Associate Director, PROBITAS PARTNERS |
| 15:30 / |
Coffee / tea networking break |
| 15:50 / |
Australia
The credit crunch, though not as brutal as many had feared, has still impacted the LBO mega deals once commonplace in Australia. Below this top tranche though, companies continue to compete, and the likely weeding of the corporate gene pool may yet prove a boon for the PE species. Australia has recently benefitted from the flow-through of China’s “big spend”, especially in the mining and resources sectors. But how is this impacting other sectors? Will it last? And how does it affect private equity in the land down under?
- How do institutional investors see Australia versus world markets? How do they plan to play the current uncertainty?
- Have government initiatives to stimulate investment in innovation borne fruit?
- What are the growth drivers for Australia's middle market?
- How has the increase in pressure globally to add value impacted Australian fund managers?
- Are LBO players still feeling the pinch? How are they adapting to survive?
- Has Australia escaped the fate of its G8 cousins? What is the message for PE?
Moderator
Philip M. Bilden, Managing Director, HARBOURVEST PARTNERS (ASIA) LIMITED
Panelists
Peter Wiggs, Managing Partner, ARCHER CAPITAL
David Jones, Managing Director, CHAMP PRIVATE EQUITY
Simon Pillar, Managing Director, PACIFIC EQUITY PARTNERS |
Korea
As a result of South Korea’s growing economy and the ongoing structural changes such as consolidation, privatisations, divestitures of non-core assets by chaebol and generational changes in corporate ownership, South Korea is expected to continue to grow its private equity investment opportunities. Meanwhile, local LPs such as the National Pension Service and Korea Investment Corporation are upping their allocations to alternative assets, making the land of the morning calm a prime destination for private equity fundraisers.
- What opportunities exist for foreign PE firms?
- What opportunities have been created by initiatives made by the government through KDB, KIC and NPS?
- How far will relaxation of foreign ownership rules help fund managers tap chaebol for deals?
- How vibrant is the non-chaebol growth opportunity in South Korea?
- Will Korean companies accept PE as partners in their globalisation efforts?
Moderator
Boris Bong, Managing Director, SQUADRON CAPITAL
Panelists
Chul-Joon Park, Partner, Head of Asia Private Equity Group, BAIN & COMPANY
Kyungoh Kook, Director, Allternative Investment Team, KOREA INVESTMENT CORPORATION
Bon-yong Koo, Sr. Managing Director, KTB PRIVATE EQUIT
Jason Shin, Founding Partner, Vogo Fund |
| 16:45 / |
India and the Subcontinent
Established PE investors in Asia's second emerging mega-economy deliver the lowdown on the latest developments and their plans for the future:
- Are recent corporate governance lapses endemic to Indian companies or the exception to the rule?
- What is the future for PIPE deals completed in the past 18 months to two years?
Moderator
Dimple Sanghi, Managing Director, EVERSTONE CAPITAL
Panelists
Raja Parthasarathy, Managing Director, IDFC PRIVATE EQUITY
Steven Wisch, Founder & Managing Partner, INDIA EQUITY PARTNERS / IREO
Akhil Awasthi, Managing Partner, TATA CAPITAL GROWTH FUND
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Southeast Asia
The February 2009 ASEAN meeting renewed commitments to free trade in the region as well as the promotion of stronger economic ties and coordinated recovery plans between its members. But how do Singapore, Malaysia, Thailand, Vietnam and the Philippines compare to other investment destinations in Asia and the world?
- Corruption and rule of law: How prevalent is the one? How strong the other
- Economies: Which countries are in the best position to escape the crisis first? Do “remittances” offer a stable base for recovery?
- Given the turmoil of recent times, how stable are the regimes in Southeast Asia? Is political stability a prerequisite for recovery and growth?
Moderator
Sarah E. Alexander, President, EMERGING MARKETS PRIVATE EQUITY ASSOCIATION
Panelists
Chihtsung Lam, Managing Director, AXIOM ASIA PRIVATE CAPITAL
Dominic Scriven OBE, Co-Founder, Director, DRAGON CAPITAL
Ronil Sujan, Managing Director, RABOBANK INTERNATIONAL
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| 18:30 |
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Gala cocktail reception |
| 19:30 |
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Gala banquet dinner
Keynote address
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| Friday, 13 November 2009 |
| 8:00 |
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Registration and networking breakfast |
| 8:30 |
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Keynote address
Howard Marks, Chairman, OAKTREE |
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Asian Private Equity & Buyouts |
Asian Venture Capital & Tech |
| 9:00 / |
Strategies for a credit-constrained environment
The door to credit, shut tight in December 2008, has opened a crack since then: Regional lenders, their balance sheets and resolve bolstered by government intervention and improving sentiments have begun to lend once more. Even international banks, although they've seen their market share diminish since many were bailed out by their governments, are back in business—soberly:
- What impact has this return to discipline meant for Asia's family businesses and SOEs?
- How have PE fund managers responded to the challenges to refinancing debt and meeting covenants?
- Will acquisition multiples come to reflect this reduced purchasing power or will PE have to find new ways of closing deals?
- How are PE fund managers structuring acquisitions to make them more capital efficient? Have we changed trains from consolidation to carve-out?
Moderator
Honson To, Partner, KPMG HUAZHEN
Panelists
William Owens, Managing Director, AEA INVESTORS (ASIA) LTD
Robert Petty, Managing Partner, CLEARWATER CAPITAL PARTNERS
Benjamin Jenkins, Sr. Managing Director & Co-Head of Asian Corporate Private Equity, THE BLACKSTONE GROUP
Maarten Ruijs, Managing Partner & CIO, CVC ASIA PACIFIC |
The evolution of cleantech and alternative energy investing in Asia
With more than half the world's population living in the developing part of Asia and striving to attain the same standard of living as that of their counterparts in the West, the challenge for the region remains how to achieve continued economic growth in an environmentally-friendly, sustainable and low carbon way. Market-based transfers of Western clean technologies would be one way, but room also exists for local development of even better technologies. What part can private equity and venture capital play in 'cleaning up' Asia? Panelists consider:
- The effects of the economic downturn on the pursuit of sustainable development, and how governments in Asia can support the adoption of clean technologies through their policies (e.g. legal and taxation)
- Existing best-practice models of incubating creativity and entrepreneurship that Asian nations can aspire to
- Cleantech and alternative energy investment opportunities in Asia for PE and VC funds
- How multinational organisations can bridge technology and capital
Moderator
Nicholas Parker, Executive Chairman, CLEANTECH GROUP
Panelists
Ron Mahabir, Managing Director, ASIA CLEANTECH CAPITAL
Edgare Kerkwijk, Managing Director & Co-founder, ASIA GREEN CAPITAL
Calvin Xu, Sr. Industrial Specialist – Energy & Climate Change, Global Financial Markets Department, INTERNATIONAL FINANCE CORPORATION
David Lam, Managing Director, WI HARPER |
| 10:00 / |
Coffee / tea networking break |
| 10:30 / |
Distressed investing and special situations
Distressed investments or distressed investors? The increasing numbers of investors needing to restructure debt off their balance sheets offers an opportunity for PE to enter a company's capital structure above the “net assets” line rather than in the ownership segment of a balance sheet. Investors consider:
- What special structures does investing through debt require?
- How can companies avoid the need to come to PE fund managers to fund their term-debt needs?
- How are returns from debt products like these likely to compare with historic PE returns?
Moderator
Warren D. Allderige, CEO & Managing Director, PACIFIC HARBOR GROUP
Panelists
Kanak Kapur, Managing Director, PACIFIC ALLIANCE GROUP
Benjamin Fanger, Co-Founder & Managing Director, SHORELINE CAPITAL MANAGEMENT
Jean-Louis Lelogeais, Co-Founder, STRATEGIC VALUE PARTNERS |
LP perspectives on venture capital in Asia
Asian venture capital funds have had their fair share of difficulties in raising capital. Shunned by LPs in favour of their pan-Asian buyout counterparts, VCs have also blurred allocations by moving beyond their traditional comfort zones to include anything from technology start-ups to consumer-oriented plays. With the times being tough and institutional investors looking for greater returns from smaller commitments, will LPs gain an appetite for Asian venture? A panel of experienced LPs considers:
- The venture capital prospects in Asia
- The diversification strategies of Asian VC funds
- Are foreign brands more attractive than homegrown names?
Moderator
C. Ashton Newhall, General Partner, MONTAGU NEWHALL ASSOCIATES
Panelists
Yew Hong Goh, Managing Director, AXIOM ASIA PRIVATE CAPITAL
Ralph Günther, Head of Private Equity Advisory and Fund-of-Funds, bmp AG
Eric I. Chan, Managing Director, Private Equity Group, JP MORGAN ASSET MANAGEMENT |
| 11:30 / |
Emerging opportunities in Asian alternatives
The credit markets may be strangling the economy but opportunities for innovative investors with an appetite for deals beyond the traditional venture capital, buyout and growth avenues have abounded. In particular, local real estate and infrastructure companies are taking a beating, and many deals at steep discounts in these sectors are now available. Meanwhile, with stock markets down substantially, a large number of listed companies are also on the lookout for white knights to rescue them from the wrath of the financial crisis. Senior professionals discuss the opportunities and pitfalls ahead in both Australia and Asia.
- Public-to-private transactions
- Real estate
- Mezzanine
- Infrastructure
Moderators
Olivia Lee, Partner & Head of Greater China Practice, TROUTMAN SANDERS, SOLICITORS AND INTERNATIONAL LAWYERS
Panelists
Joseph W. Ferrigno III, Managing Partner, ASIA MEZZANINE CAPITAL GROUP
Mark B. Fogle, Managing Director & CIO, RREEF ASIA PACIFIC
David Edwards, Regional Director, Fund President, Asia Property Fund, LASALLE INVESTMENT MANAGEMENT, ASIA PACIFIC
David Roberts, Head of Greater China Infrastructure Team, MACQUARIE CAPITAL ADVISERS |
| 12:30 / |
Luncheon |
| 13:00 / |
Limited partners discuss the new paradigm
LPs have been hit from all sides in the subprime burnout, the subsequent credit crunch and recession. Public perceptions are a consideration for many LPs, but even those with liquidity are cautious about investing in PE away from their home jurisdictions. There are nerves about importing additional risk and propping up portfolios acquired at ambitious valuations. This group of international LPs shares their concerns for the asset class in Asia and some of the inner workings of their respective investment committees.
- How does the risk-return profile of Asian growth PE compare with US and European distressed / recovery situations?
- What is the LP's appetite for Asian PE in the next three to five years?
- Will LPs become closer partners or remain capital providers?
Moderator Grant Kelley, Founder & CEO, HOLDFAST CAPITAL Panelists
T. Bondurant French, CEO, ADAMS STREET PARTNERS
Aazar Zafar, Principal, Private Equity, ALBERTA INVESTMENT MANAGEMENT CORP
John B. Breen, Vice-President & Head of Funds & Secondaries, CANADA PENSION PLAN INVESTMENT BOARD
Steve Byrom, Head of Private Equity, FUTURE FUND
Stewart Hay, Partner, SL CAPITAL PARTNERS LLP
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| 14:30 |
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Concluding remarks
Conference concludes |
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