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?
- Is Infrastructure investments increasingly the victim of geopolitical tension
- Are 'non-core' and 'core' definitions losing relevance for GPs?
- How do infrastructure investors navigate the valuation environment as the asset class becomes more popular?
Moderated by: Andrew Rose, Chief Executive, GLOBAL INFRASTRUCTURE INVESTOR ASSOCIATION (GIIA)
Hans-Martin Aerts, Managing Director, Head of Infrastructure Investments, Asia Pacific, APG ASSET MANAGEMENT ASIA
Neil Doherty, Investment Director, IFM INVESTORS
Jie Gong, Partner, PANTHEON VENTURES
Takahiro Kato, Head of Global Fund Investments, DBJ ASSET MANAGEMENT
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?
Moderated by: Hiroshi Aikawa, Head of Japan, STEPSTONE
Takanori Fukushima, General Manager, PPP & Infrastructure Investment Research, SUMITOMO MITSUI TRUST RESEARCH INSTITUTE
Shinichi Nao, CEO, MARUNOUCHI INFRASTRUCTURE
Hideki Yahata, Director, Deal Advisory, KPMG FAS CO., LTD
Networking coffee break
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?
Moderated by: Kosei Terami, Senior Client Relations Manager, IFC ASSET MANAGEMENT
Masahiko Furukawa, Head of Investment Management Dept., MITSUI & CO. ALTERNATIVE INVESTMENTS
Hironobu Nakamura, Chief Investment Officer and Head of Infrastructure Investment, ASSET MANAGEMENT ONE ALTERNATIVE INVESTMENTS
Tony Nakamura, CEO & Representative Director, CANADIAN SOLAR ASSET MANAGEMENT K.K.
Takahide Taniwaki, President, SPARX GREEN ENERGY
Neil Doherty, Investment Director, IFM INVESTORS
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?
Moderated by: Akitoshi Yamada, Managing Director / Head of Japan, PANTHEON VENTURES
Yoshifumi Kida, Manager, Foreign Equity & Alternative Investment Dept., NIPPON LIFE INSURANCE COMPANY
Yoshi Kiguchi, Chief Investment Officer, OKAYAMA METAL & MACHINERY PENSION FUND
Yasuhiro Ono, Director, JAPAN POST BANK
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?
Moderated by: Tomoko Kitao, Managing Director, HAMILTON LANE
Patrick Boocock, Managing Partner, Head of Asia, BROOKFIELD ASSET MANAGEMENT
Daniel Hu, Managing Director, Overseas Infrastructure Investments, CHINA EVERBRIGHT LIMITED
Anthony Muh, Senior Partner, H.R.L. MORRISON AND CO
Networking coffee break
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?
Moderated by: Takako Koizumi, General Manager, Infrastructure Investments, TOKIO MARINE ASSET MANAGEMENT
Hiroyuki Hashizume, Manager, Finance Team, OSAKA GAS PENSION FUND
Takeshi Ito, COO & Senior Investment Officer, AISIN EMPLOYEES' PENSION FUND
Toru Yamane, Investment Managing Director, DAIWA HOUSE INDUSTRY PENSION FUND
Keynote address: Outlook for the Economic Environment in Japan
With the deterioration in the economic outlook and the rising fear of trade wars, central banks around the world are bracing themselves to cut rates. When push comes to shoves, Japanese policymakers will need to consider embarking on another wave of fiscal and monetary stimulus. While many would argue that there is no more room for interest rates in Japan to come down, a fear of rapid yen appreciation may leave the Bank of Japan no choice but to lower its policy rate further into negative territory. This presentation will focus on the outlook for the Japan economy and what this means for domestic investors that are looking at committing capital to overseas investment opportunities.
- What has Abenomics achieved in terms of reflating Japan?
- What are the policy choices if Japan comes to face another bout of deflation?
- What impact will this have on Japanese investors investing overseas?
- Is there any rooms for the monetary policy in Japan to be eased?
Takuji Okubo, Managing Director and Chief Economist, JAPAN MACRO ADVISORS