Day 1 | Day 2
09:00Private debt: At an inflection point?
With other – often cheaper – pools of capital running dry in the first half of 2020, demand for private debt financing surged. In certain geographies and industries, there remains a pressing need for liquidity, even though the distress opportunity has yet to fully emerge. The key long-term trend in developed markets remains the withdrawal of banks from traditional lending, but private debt providers are still treading carefully. Experienced investors give their take on the market.
- How does the opportunity set change based on the point in the cycle?
- Is scale the major competitive advantage for private debt providers?
- What are the current trends in leveraged financing?
- How should LPs access the debt market?
10:00Venture capital: Australia on a roll
Led by a small group of managers raising ever larger funds, Australia’s venture capital space continues to thrive. A burgeoning ecosystem is building up around the first generation of success stories, creating the entrepreneurial talent behind another phalanx of start-ups. However, as the industry expands so do concerns around an oversupply of capital – especially at the growth stages – rising valuations, and when existing unicorns will be monetized. A panel of VCs consider the growth trajectory.
- What kind of structural shifts are driving deal flow?
- To what extent are GPs under pressure to realize paper returns?
- How is the late-stage investment space evolving?
- What makes an Australian healthcare start-up globally competitive?
10:55Asia spotlight: Assessing regional opportunities
Geographical diversification has arguably never been more important for LPs, in terms of protecting the downside and accessing growth opportunities. Asia is expected to be at the heart of the growth story, accounting for 50% of global GDP and 60% of consumption by 2040. Allocations to the region from Australian and New Zealand LPs have risen in recent years, but there are many ways to tap into these trends. GPs from across Asia discuss how.
- How has private equity performed in Asia compared to other markets?
- To what extent are sector specialist managers emerging in Asia?
- How much of a concern are Australia-China tensions?
- What are the major risk factors that come with Asian exposure?
11:45ESG Roadmap: From portfolio management to climate change
As the world continues to adapt to the changes broughtabout by the pandemic, it is clear that the continued progress of ESG is more crucial than ever before. The shifting regulatory environment is pushing managers to think about ESG factors more seriously and questions asked by LPs are rapidly evolving, while the demand for detailed ESG reporting and disclosure has never been greater. As the signs of global warming become increasingly clear, there is also growing awareness amongst the private equity community that climate change is a key risk to long-term investment performance and ongoing investor appetite for their fund. In this session a panel of GPs and LPs will share their roadmap for optimising ESG when investing in private equity and the key drivers for the future.
- What ESG initiatives have GPs implemented at the firm and portfolio level?
- What are LPs expecting from GPs from an ESG standpoint?
- How has the conversation between GP and LPs on climate change issues evolved, and what questions should GPs expect in the future?
- As we come out of the pandemic, what does the private equity industry need to do to ensure that ESG remains a top priority?
12:35LP update: Portfolio strategy for 2021
Contemporary and relevant information was a prized commodity among LPs as they tried to make sense of their private markets exposure even as portfolio managers were trying to do the same. Immediate concerns about liquidity issues duly faded, but the landscape is much changed: communication – from formal AGMs through informal catchups has gone virtual. This has implications for how LPs evaluate existing relationships, forge new ones, and participate in co-investments. Investors discuss the new normal.
- Has COVID-19 prompted changes in strategy at the LP level?
- Is there still ample demand – and supply – in terms of co-investment?
- How are LPs thinking about Asian exposure?
- What does superannuation fund benchmarking mean for PE?
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