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- AVCJ Japan Forum
- IIF Asia
Tuesday, 25th June 2019
Registration and refreshments
Opening remarks & market overview
The global outlook: The forces that will shape infrastructure in 2019 and beyond
Infrastructure investors search the globe to unearth and gain access to the best deals, at a price that can deliver the most attractive returns. North America and Europe still present the most stable investment arenas, but as the volume of dry powder reaches a record high and valuations sore, GPs must cast the net beyond the traditional core assets and markets to find value. In this session, a panel of experts from across the globe will discuss their future investment strategy and how they will prepare for the threat of global macroeconomic risks that are facing investors.
- What markets should LPs be looking at to build a diversified risk-adjusted portfolio?
- How are Greenfield funds sourcing and managing deals?
- Is Infrastructure investments increasingly the victim of geopolitical tensions?
- Are 'non-core' and 'core' definitions losing relevance for GPs?
Networking coffee break
Japan: Cracking the infrastructure code
There is greater optimism than in previous years for a rise in infrastructure activity, as a more diversified pipeline of deals emerges and legislative reforms kick in. We expect a range of concessions in addition to airport, water, sewerage, toll road among other infrastructure assets, as the Japanese government adds publicly-owned hydro power and industrial water facilities to its list. In this session, a group of local GPs will share where they expect to see a decent pipeline of deals and how they will execute and manage to ensure the creation on a buoyant domestic market
- Where are the opportunities for GPs, and how is the pipeline for deals?
- How can investors participate in opportunities in airports and offshore wind power projects?
- What needs to happen for Japan to develop a strong infrastructure market?
- What returns are expected and how will these be generated?
The rise of renewable energy for investors
A renewed drive for supportive policy, LP interest, government subsidies and global demand for alternative energy sources are providing fertile ground for investment in renewables. So which sectors of renewables are most investable –solar or wind – and how are investors executing deals, picking where to invest and dealing with Liquidity restraints? In this session, experts will discuss which technologies, projects, and funding structures stack up for investors.
- What types of renewable energy investments have delivered the best returns?
- How are deals in the renewables space being structured?
- What challenges remain in obtaining finance, and how are these being overcome?
- Where are GPs finding the expertise to drive value in the sector?
The LPs view on infrastructure
Commitments have been growing as institutions, like corporate pension funds and insurance companies, make strategic hires to increase their internal capabilities to manage an alternatives programme, and more are on the horizon. Japan is now firmly a hot spot on the global fundraising map, so it is imperative that LPs are equip to manage their drive into the asset class, utilizing gate keepers, advisors and building their own capabilities to manage the portfolio and gain access to the leading funds. In this session, a panel of domestic investors will discuss their investment strategy, portfolio construction philosophies and outlook for making commitments both at home and abroad.
- How should international funds approach domestic LPs when fundraising?
- What are the expectations of LPs as they look to initiate an infrastructure programme?
- How do LPs select the partners and advisors to help them take the first steps into investments and how should this evolve?
- When will we see a meaningful commitment to the asset class, and will this be a global play to EU and USA only?
Value creation: Driving returns on a variety of assets
Investors are gravitating towards non-core strategies, in the hunt for better return on a risk-weighted basis by delivering operational improvements. Whether it is an investment in a data centre, a telecom business, or a more traditional infrastructure asset, success or failure often amounts to the GPs ability to develop a holistic plan for delivering value and hire the right skillset to execute. In this session, a panel of experts will share real-life examples of value creation, and describe how to develop, execute, and manage a long-term plan.
How can fund managers deliver the capabilities to deliver value creation?
- How should you approach operational value creation on different assets?
- Where do you find the right expertise for your team?
- Are LPs more receptive to this type of strategy?
- Why do some improvement initiatives fall short of their intended goals?
Networking coffee break
The institutional investor: Outlook for allocating to global infrastructure
Large institutional investors in Japan continue to increase allocation in infrastructure in the hunt for steady returns. As the market heats up, and they grow in sophistication, we are seeing more LPs going direct into funds, whilst also considering other non-core strategies as a driver for value and diversification. In this session a group of experienced LPs will share their investment strategies, how they pick the right partners globally to manage their capital, and weigh utilising advisors, gate keepers, and co-investing in assets.
- Which markets and sectors present the best outlook?
- How do LPs view closed-ended vs. open-ended funds?
- Are other strategies, like Infrastructure debt and brownfield investment funds, gaining traction?
- How are LPs that invest directly into GPs developing and managing those programs?
Closing keynote address