18th June 2018
Registration and refreshments
Opening remarks & market overview
Hideya Sadanaga, Managing Director, Head of Private Equity Investment, JAPAN POST BANK
World view: Picking the key investment destinations across the globe
The various political changes of recent years are a strong reminder that infrastructure investors of all stripes face a new norm of global volatility. How and if these macro developments will affect the industry remains to be seen, as the business community formulates strategies to navigate potential issues. However, a number of key senior political figures have tabled increased infrastructure as a strategic economic imperative, and across the globe, governments are turning to infrastructure as an instrument of economic policy. Which geographies are ready for large-scale infrastructure projects, and how do the experts view the developed tried and tested regions versus the emerging markets?
- What drivers are behind the call from agencies and governments across the globe to call for increased infrastructure spending?
- What geographies would the global investor with an appetite for risk look at over the next five years?
- How welcoming is Japan towards foreign investors in infrastructure?
- What fundamental technology shifts in the next 5-10 years will have the biggest impact on investment theses and portfolio returns?
Moderated by: Etienne Gelencsér, Partner, Project Development & Finance, SHEARMAN & STERLING
Deepa Bharadwaj, Executive Director, Infrastructure, IFM INVESTORS
Hiroshi Jinno, Chief Investment Officer, INTERNATIONAL FINANCE CORPORATION
Anthony Muh, Chief Executive Officer, Asia, H.R.L. MORRISON AND CO
Networking coffee break
The institutional investor spotlight: Where, when, and how to invest in infrastructure
In recent years, large institutional investors in Japan have increased allocation in infrastructure in the hunt for consistent returns against the backdrop of slow growth and economic uncertainty. Japanese LPs have been among the most active across the globe in terms of committing to alternatives. As they have become more sophisticated, they have transitioned from putting capital to work in captive funds, to co-investment on deals and separate accounts. In this panel, a group of investors will share their strategy for investing in infrastructure, as well as their views on the global opportunity.
- Which markets and sectors present the best outlook? What are the trends driving the supply of new infrastructure opportunities?
- What is the impact of the global supply of capital, and are assets increasingly becoming overvalued?
- How can domestic LPs select the right partners and geographies for infrastructure investment?
- How do you evolve your programme to include co-investment and separate accounts?
- How do you build a team capable of managing a diverse range of investments and strategies?
Moderated by: Yukie Tanaka, Managing Director, STEPSTONE
Masashi Kataoka, General Manager, Alternative Investment Group, Equity Investment Dept., THE DAI-ICHI LIFE INSURANCE COMPANY
Tadasu Matsuo, Head of Alternative Investment, Alternative Investment Office, JAPAN POST INSURANCE
Yasuhiro Ono, Director, JAPAN POST BANK
Eugene Zhuchenko, Executive Director, LTIIA
Japan: Harnessing the domestic play
The Abe government has been more aggressive in driving a concessions pipeline as part of its economic growth strategy in light of high costs to maintain public infrastructure. Therefore, infrastructure investors focusing on domestic opportunities are hopeful that a decent volume of deals are on the horizon. The private sector has found investor opportunities in sewage systems, airports, and renewables, but will we see an increase in concessions, and should LPs bet on a domestic play?
- Can Japan follow Canada and Australia with a national infrastructure programme?
- How do international GPs view Japan as an investment destination?
- Where are the opportunities for GPs, and how is the pipeline for deals?
- What needs to happen for Japan to develop a strong infrastructure market?
Moderated by: Kaoru Onishi, Chief Portfolio Manager, NISSAY ASSET MANAGEMENT
Takanori Fukushima, General Manager, PPP & Infrastructure Investment Research, SUMITOMO MITSUI TRUST RESEARCH INSTITUTE
Shinichi Nao, CEO and CIO, MARUNOUCHI INFRASTRUCTURE
Yoshihisa Otake, Executive Officer, CANADIAN SOLAR INFRASTRUCTURE FUND; CEO & Representative Director, CANADIAN SOLAR ASSET
Takahide Taniwaki, President, SPARX GREEN ENERGY
Fabian Gröne, Partner, Singapore, EQT PARTNERS
The rise in demand for infrastructure debt
Infrastructure debt is expected to remain a favourable investment for institutional investors in the near term, due to banking regulations limiting their ability to fund certain deals. Many GPs have raised considerable debt funds recently and found the deal pipeline to be strong. Naturally, there is a growing appetite among LPs for debt strategies, as they search for portfolio diversification, as well as strive to combat the J-Curve and achieve consistent yield. An international panel of debt experts will discuss the burgeoning opportunity, and how LPs can take advantage of this gap in the market both at home and abroad.
- What are the different debt strategies available to LPs?
- How does the risk profiled compare between senior and mezzanine opportunities?
- Will infrastructure debt remain a niche business or become more accessible?
- Globally, where are the best debt opportunities present?
Moderated by: Tomoko Kitao, Managing Director, HAMILTON LANE
Laurent Jacquemin, Head of Asia-Pacific, AXA REAL ESTATE INVESTMENT MANAGERS JAPAN KK
Shiva Rajaraman, Chief Executive Officer, L&T INFRA DEBT FUND LTD.
Jack Wang, Fund Manager, MIZUHO GLOBAL ALTERNATIVE INVESTMENTS, LTD.
The regional view: Accessing Asian infrastructure the right way
Governments across Asia have made infrastructure development a key priority. Estimates are that the region requires billions in funding for a diverse checklist of projects over the next decade, including roads, water treatment and distribution facilities, telecommunications networks, energy generation plants, air and sea networks, and mining operations. Asia does come with a higher risk premium, so where are the key investment destinations? Furthermore, how can Japanese investors, who have largely been focused on OECD countries, access the opportunities, and in a hot market, is now the time to diversify? In this session, a panel of Asia-focused experts will share their strategy for effective investing and delivering returns across the region.
- Can effective deal sourcing be done without inside connections in Southeast Asia?
- Which countries have made the most progress in establishing an effective institutional framework to attract private sector participation?
- How and when should Japanese LPs look to commit to the region?
- Where is the most promise for infrastructure investments – the Philippines, Indonesia, Thailand, India, or Vietnam?
- What is the role of PPPs across the region?
Moderated by: Kosei Terami, Senior Client Relations Manager, IFC ASSET MANAGEMENT
Mari Oi, Executive Officer, Senior General Manager, Structured and Trade Finance Insurance, NIPPON EXPORT AND INVESTMENT INSURANCE (NEXI)
Geoffrey Tan, Managing Director, Asia Pacific, OVERSEAS PRIVATE INVESTMENT CORPORATION
Yosuke Watanabe, Director General, Infrastructure and Environment Finance Group, JAPAN BANK FOR INTERNATIONAL COOPERATION (JBIC)
Networking coffee break
The domestic corporate pension funds view: Venturing into private markets
Japan’s LPs are increasingly investing in infrastructure, as their funding needs to evolve and as they seek higher returns. However, actual commitment levels have been low, so in the near future, will we see domestic LPs backing the asset class to deliver returns? In this session, a panel of leading domestic investors will discuss their investment strategy, portfolio construction philosophies in terms of manager selection, and thoughts on committing to infrastructure.
- What do Japan’s LPs want and need from infrastructure?
- What factors are causing domestic LPs to increasingly look to alternative assets, and will this trend continue and translate into more commitments?
- How can pension funds widen their reach and select the right funds for their investments?
- How do you select the right partners to develop a risk-adjusted portfolio?
Moderated by: Takako Koizumi, Head of Infrastructure, TOKIO MARINE ASSET MANAGEMENT
Masanori Asawaka, Managing Director, Chief Investment Officer, DENSO PENSION FUND
Hisashi Hatta, Managing Director, AISIN EMPLOYEES' PENSION FUND
Yoshi Kiguchi, CIO, OKAYAMA METAL & MACHINERY PENSION FUND
Closing keynote address
Jesper Koll, Chief Executive Officer, WISDOMTREE INVESTMENTS