Day 1 | Day 2
Tuesday, 3 December 2019
Registration and refreshments
Opening keynote address
Big picture: India and the world
Elections, trade wars, global political unrest, and economic uncertainty – 2019 has brought macro challenges aplenty. It remains to be seen what impact this has on an investment environment already burdened by record levels of dry powder and valuation volatility. In this session a group of leading fund GPs to share their views on the current state of the market and what the future might hold.
- Have strategies changed in response to the macro climate?
- Which sectors will deliver the best deal flow over the next five years?
- What is the outlook for exits?
- What question do you most fear getting from LPs?
Networking coffee break
Buyouts: Controlling your destiny?
India buyouts are a slow-burn story, but managers say they are seeing more control opportunities. Rising interest from well-funded global and regional players has helped loosen previously unavailable assets. Meanwhile, on the supply side, divestments and restructuring situations feature strongly. Graduating from minority to majority positions represents a difficult transition that asks different questions of investors. Our panellists will offer some answers,
- Do larger fund sizes mean more control deals?
- How big is the succession planning opportunity in India?
- How can buyout investors take advantage of the insolvency reforms?
- What skillsets do minority investors need when refocusing on control?
Good governance: Private markets oversight
From the high-profile implosion of The Abraaj Group to the assorted misdemeanours that seldom spread beyond LP advisory committee meetings, governance is a prominent concern within the industry. Our panellists discuss what private equity firms can do to create a culture of integrity and an ethical framework that serves the interests of all stakeholders, from fund managers to LPs to portfolio companies.
- What can LPs do to ensure strong governance at fund manager level?
- Is enough emphasis placed on terms such as GP removal?
- What steps can fund managers take to improve portfolio oversight?
- How are technology and cybersecurity risks being managed?
The liquidity question: Exits in India
In the absence of another bumper trade sale like Flipkart, it is highly unlikely that India will come close to matching the record exit total – in US dollar terms – set last year. This high point came despite a drop in the absolute number of liquidity events, largely due to public market volatility. Our panelists share their thoughts on creating a sustainable pipeline of exits.
- Do the numbers fail to capture nuances of the India exit story?
- Will private equity-backed IPOs always follow a cyclical pattern?
- How is the market for sales to other financial sponsors developing?
- Is the fund restructuring opportunity living up to expectations?
India PE: An industry 20 years in the making
The AVCJ India Forum has chronicled private equity’s highs and lows over the past two decades, from financial crises to technology awakenings to landmark economic reforms. The industry’s growing pains underscore how much further it can go – how much potential has yet to be realized – but also that victories are often hard won. A panel of industry veterans revisits the past and looks to the future.
Networking coffee break
Money matters: The fundraising landscape
Improving investor sentiment is a positive for India-focused fundraising, but it remains a market of mixed fortunes. While a handful of managers move swiftly to final closes, a majority find their processes bogged down by the same set of questions about unrealized investments and unrealistic strategies. Our panelists offer insights into how to sell the India story, from differentiated sourcing to operational expertise.
- Are the fundraising challenges different from other Asian markets?
- To what extent are sector specialists emerging in India?
- What are the most common due diligence roadblocks?
- How difficult is to get commitments from domestic LPs?
Venture capital: Coming of age?
India’s VC ecosystem is attracting a wider variety of investors, with larger international players and corporates working alongside early-stage incumbents. This has created more exit opportunities as start-ups evolve. The general sense of positivity is underpinned by a belief that India’s internet industry has yet to catch up with China, implying a wealth of untapped potential. A panel of senior VCs share their outlook.
- Are comparisons with the US and China fair?
- How creative are GPs being in terms of fund structure and strategy?
- Why aren’t there more Indian internet IPOs?
- What will the ecosystem look like in five years?
Close of day 1 and networking cocktail