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Day 1 - Wednesday, 15 November 2017

08:00

Registration

08:50

Opening remarks

09:00

In conversation with a leading global investor

09:30

Global picture: The state of private markets
The investment environment remains uncertain, characterized by lingering economic and political concerns on one hand, and intense competition, high valuations, and an abundance of capital on the other. However, leading managers have responded with new product offerings, more rigorous deal sourcing and selection, a greater emphasis on deep value creation, and careful consideration of exit options. Our panel examines what private equity firms can do to prevail under the new normal.

  • How is geo-politics affecting the investment landscape?

  • Where does Asia fit into the global picture?

  • What have been the strategic priorities in 2017?

  • What issues keep managers awake at night?

10:30

Networking coffee break

11:15

Asian private equity: The next 30 years
Asian private equity has seen plenty of ups and downs over the past three decades, but the quantum of capital now under management has surpassed all expectations. As the industry matures - occupying a more significant portion of LPs' portfolios, accommodating large firms with diversified strategies, and encouraging managers to spin out and start their own shops - what will be the key trends of the next 30 years. Our industry stalwarts examine their crystal balls.

  • Which strategies can deliver consistent, outsize returns?

  • How do managers maintain an edge in an increasingly competitive market?

  • How has the evolution of GPs influenced the investment landscape?

  • What can managers do to manage LP relationships more effectively?

12:00

Middle-market opportunities: An Asian sweet spot
Asia's middle market is flourishing. In developed economies, corporate spin-outs, generational transitions, and turnarounds present numerous potential investments for managers, while emerging markets continue to deliver growth capital opportunities. For GPs, success is contingent on having the skills and local knowledge to originate transactions - a process may involve winning over founders who are suspicious of private equity - support the development of companies, and plot realistic exit routes. Our expert panel share their experiences.

 

  • What does middle market mean in different Asian markets?
  • Are managers really generating proprietary deal flow?
  • What can developing markets GPs learn from succession situations in developed markets? 
  • How do investors in this space differentiate themselves?

 

12:45

Keynote address

13:15

Networking Lunch

14:15

Track 1: Global venture capital: The next phase
Venture capital is the asset class that has defined this decade, as technology has disrupted traditional industries, creating a host of valuable brands in the process. The returns generated have prompted renewed interest from a range of LPs, from pension funds to family offices. Even though the euphoria has subsided somewhat, with down rounds in certain market segments, the VC outlook is still positive. Our panel of experts plots the future for Asia.

  • What is the best approach for new investors in VC?

  • How does activity compare in Asia, Europe and the US?

  • Which segments are most likely to deliver sustainable business models?

  • What innovation will bring the next iPhone-like breakthrough?

Track 2: Asia distress: A buyers' market
Market volatility continues to drive distress and restructuring opportunities across Asia, and global and regional players have responded by expanding their offerings. China and India have emerged as focal points, given the size of their non-performing loan problems. The question for offshore investors is how they address these markets, by putting resources on the ground or through partnerships with local players. Our panel debates where the best opportunities lie and how to access them.

  • Which themes offer the most promise for distress investors?

  • How much competition is there from local and foreign players?

  • What kind of resources are required for post-deal management?

  • Have Asia distress plays delivered strong returns?

15:00

Fireside chat

15:30

Networking coffee break

16:00

Data digest: Finding value in numbers

16:30

Track 1: Chinese private equity: At a crossroads
Chinese private equity is in a state of flux. On one hand, the technology and consumer sectors continue to flourish, control deals are gradually emerging, and GPs are finding ways to deliver value. On the other, high profile spin-outs, a surge in renminbi fundraising, a fickle exit environment and uncertainty over outbound investment are prompting more questions than answers. Our panellists offer insights into a market that has yet to properly define itself.

  •  Is it still possible to find value in the consumer and technology sectors?

  • To what extent is renminbi fundraising reshaping the market?

  • What is the reality of control deals in China?

  • How can GPs address concerns over liquidity and realisations?

Track 2: Healthcare: A value diagnosis
Asian healthcare has emerged as a popular sector for investors on the back of an aging population and the rise of a middle class willing to pay a premium for better quality service. At the same time, valuations have skyrocketed and regulation is proving a hindrance in certain markets. The onus is on GPs to identify potential industry leaders, be creative in deal structuring, and devise workable plans to deliver efficiency gains. Our sector specialists discuss.

  • Which sector segments contain the most attractive targets?

  • What are the key factors in deal sourcing?

  • How is the cross-border theme playing out?o the exit multiples live up to the hype?

17:15

Big beasts: Navigating change in the LP landscape
A subset of LPs, defined by their access to large pools of capital and the depth of their expertise, are responsible for a distortion of the institutional investor landscape. Under pressure to deploy increasing amounts of capital, they have stepped outside the realm of traditional private equity structures - but they still see themselves as complementary to the GP community, rather than its adversary. Our panel discusses how managers should engage with these LPs.

  • How do large investors position themselves within the PE landscape?

  • How are they partnering with GPs beyond typical fund structures?

  • To what extent is shadow capital distorting the market?

  • What is the future for funds in these increasingly direct programs?

18:10

Closing remarks

18:15

Gala cocktail reception
shearman-12sep2013sponsored-by

19:00

Gala dinner
sponsorby-affinity-equity

 

Day 2 - Thursday, 16 November 2017

09:00

Opening keynote address

09:30

Value creation: Moving the discussion forward
Proper value creation has arguably never been more important to generating alpha in Asia. The essential ingredients are the same: approaching target companies with clear business development ideas; engaging management from the outset and establishing mutual respect and a position of influence, even as a minority investor; and devising and implementing post-acquisition initiatives that bring immediate and long-term improvements. Our panel goes a step further, exploring the nuances of value creation.

  • What approaches to value creation have been most successful?

  • What are the best ways to ensure management team buy-in?

  • Why do some improvement initiatives fall short of their intended goals?

  • How has the role of consultants and advisors changed in Asia?

10:30

Networking coffee break

11:00

Track 1: India: Defining its position in Asian private equity
Indian private equity is finally proving itself, thanks to steady stream of exits, but LPs are still wary. As a result, commitments are directed to a handful of established GPs, while first-time funds struggle to raise capital. Among the incumbents, more thought is being given to fund size and sector focus - increasingly, they know what they are good at - but industry-wide concerns remain about valuations and GP diversification. Our India experts make a case for the country.

  • Which sectors show the most promise for investors?

  • Are GPs doing enough to differentiate themselves?

  • How is the buyout market developing in India?

  • What has been the impact of tax and regulatory reforms?

Track 2: Japan: The 2017 private equity hot spot
Japanese private equity is enjoying its moment in the sun. From domestic middle-market GPs to international buyout players, investors are seeing increased deal flow as a result of demographics-driven succession-planning situations, divestment activity by conglomerates that are narrowing their scope, and local companies seeking partners as they try to go global. This bullish outlook is underpinned by a strong exit environment over the past couple of years. Our market experts assess the potential.

  • How big an opportunity is corporate distress?

  • What level of competition is there in different market segments?

  • How do GPs win the trust of owners and management teams?

  • What will it take for more Japanese companies to go global?

11:45

Track 1: Credit strategies: A window of opportunity
Capital has flooded into credit strategies globally as LPs seek diversification and yield, but the Asia investment opportunity remains largely untapped. Approaches to the region range from one-stop-shops that cover direct lending, distressed and stressed debt, structured products and mezzanine to niche managers focusing on single credit strategies. Whatever the approach, interest and competition is likely to intensify in response to rising investor demand. Our panel offers insights into Asia's evolving credit markets.

  • What are the advantages and disadvantages of multi-product offerings?

  • Which segments of the market are most attractive to LPs?

  • Why are there still relatively few dedicated Asia credit managers?

  • How do Asia returns compare with global returns?

Track 2: Technology: An unavoidable angle
The technology sector attracts more capital and attention than any other - and it is not just an early-stage game. As start-ups spend longer under private ownership, raising larger funding rounds, more investors are able to participate. Even if a GP doesn't have direct exposure to this space, it must follow technology trends, ensuring current and prospective portfolio companies can adapt to innovations rather than be disrupted by them. Our specialists dive into this compelling sector.

  • Do lofty valuations justify exposure to high-growth tech companies?

  • How do GPs assess deals in terms of growth prospects and value add?

  • What is the optimal stage in terms of risk and reward?

  • Where are the best prospects in software and tech-enabled services?

12:30

Track 1: Cross-border investment: Still one to watch?
Cross-border strategies have gained prominence in recent years as GPs look to bring technologies and expertise from developed markets to Asia, especially China. Prospects now appear less certain amid concerns about US trade policies and EU instability including Brexit, while restrictions on outbound investment from China have reduced the number of potential partners for private equity firms. Our panellists share their tips on devising a sustainable approach to cross-border investment.

  • How are macro and political conditions impacting deal flow? 

  • What qualities do GPs look for in potential cross-border plays?

  • What are the key challenges when entering new markets?

  • Which sectors are best suited to a cross-border strategy?

Track 2: South Korea: A key part of the ecosystem
Domestic political scandal and tensions on the Korean peninsula have meant a shaky start to 2017 for one of Asia's most successful PE markets. Nevertheless, GPs are optimistic that a new government will introduce favourable reforms, and that a combination of corporate divestments and succession planning situations will continue to deliver deal flow. They are also looking at cross-border opportunities driven by international demand for Korean consumer assets. Our panellists discuss the best strategies.

  • How do GPs source proprietary deals in a highly competitive market?
  • What is the policy environment around chaebol restructuring?
  • How does Korea differ from other markets in terms of value-add
  • Are exit channels becoming more diversified?

13:15

Networking lunch

14:15

Wheel of fortune: 30th anniversary edition
After standing room only in its first year, don't miss out on this light-hearted look at the market.

15:00

Delivering exits in 2017: What are the options?
Overall deal volume and exit values dipped in 2016 following two years of record performance - the result of fewer large-ticket transactions and public market volatility, particularly in China. While some GPs secured attractive exits on the back of Chinese demand for overseas assets, regulatory constraints have slowed activity in this area. Nevertheless, leading GPs are still able to find paths to exit, and our panel examines how best to get there.

  • Which exit channels have proved most fruitful in 2017?

  • Are secondary buyouts started to play more of a role in the region?

  • What challenges do GPs face in creating liquidity events?

  • How does the evolution of exits in Asia compare to the US and Europe?

15:45

Family offices: Hype versus reality
Knowing one family office is not like knowing them all. This varied segment of the LP community has long been touted as the new source of capital for private equity, but GPs have struggled to make a breakthrough. Asia's family offices are characterized by a high level of patriarchal involvement, minimal reliance on formal programs run by professionals, and a preference for direct investment. Our panel looks at how PE can work with these groups.

  • How do family offices view alternatives, especially private equity?

  • To what extent are they competitors for deals rather than partners?

  • Are family offices able to react faster to opportunities than other LPs?

  • Are family office club deals happening in Asia?

16:30

Close of summit

 

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