Day 1 | Day 2
Tuesday, 4th December 2018
Registration and refreshments
Opening keynote address
Global turbulence, regional solutions: India outlook
Fund managers face a myriad of challenges, including geopolitical uncertainty, a low-growth economic environment, and volatile equity markets. Success hinges on the ability to react quickly to changing conditions, whether that means tweaking existing strategies or rolling out new ones. GPs must also work harder to identify target investments, create real value, and secure well-timed and well-devised exits. Leading Indian fund managers will share insights into the current state of the market.
- Which sectors, themes, and markets have delivered in 2018?
- What is the outlook for 2019?
- What constitutes a differentiated strategy in India?
- What are the key ingredients to real value creation?
Networking coffee break
The rise of control deals
It is fair to say that there has been a rise in the number of large-cap deals in Asia in recent years. It is also fair to say that the volume is still far below the expectations or potential of the market. Competition is heating up, as a greater number of global and local GPs set their sights on the Indian market as a key destination for them to deploy dry powder. In this session, a panel of leading GPs share their views and predictions on the buyout opportunities.
- What does the pipeline for deals look like in 2018 and beyond?
- How competitive is the market, and how do you differentiate yourself from the competition?
- What sectors are most attractive and open to private equity?
Finding alpha in credit and distressed-investing strategies
As banks tighten up on lending and further diversify their product offerings – evolving into being both providers of credit and value creators for distressed companies – funds are becoming increasingly focused on the debt market. Next to private equity, private debt is expected to deliver the highest returns over the next 3-5 years. With a strong appetite from LPs, private equity players are moving to establish offerings and teams to exploit this opportunity.
- What macro factors are contributing to the rise of debt-oriented strategies and direct lending specifically?
- Where does private debt fit in an LP's allocation strategy, and are these allocations increasing?
- Are distressed debt and credit opportunities now a significant part of the private equity business?
- How attractive for GPs are non-performing loans (NPLs), high yield bonds, defaulted bonds, and NPL securitisations?
- How is venture debt finding its place?
The India infrastructure story: Opportunities and challenges
The Indian government has infrastructure as one of the key priorities for investment as a way of enabling economic growth and improving connectivity and living standards. The current estimates are that India will require infrastructure investment of about US$4.5 trillion by 2040. Thus, the role of private investors in closing the funding gap has become more apparent. A panel of infrastructure investors will share their thoughts on how to find and manage deals, as well as overcome any challenges.
- What are the priority projects for investment?
- What can private investors offer in addition to funding?
- How are PPP projects progressing?
- How and when should international LPs look to commit to the market?
- Where are the most attractive long-term opportunities, and what are the most effective structures to access them?
Networking coffee break
Fundraising: The next generation of managers
The investor interest in India is heating up, and various Government regulations and tax breaks are enabling significant increase in managers fundraising. Distressed assets funds are also gathering plenty of interest as well, thus almost doubling the number of managers. In addition, given the strong record of investments and exits in the last two years, it is no surprise many first-time managers are encouraged to go on their own. In this session a panel of new managers will share their views on why they believe now is the right time to launch.
- What sources of capital are they expecting to commit to their funds?
- Are new GPs able to be nimbler when it comes to terms and fees, and investment strategy?
- Is there a gap in the market for a low-fee private equity manager?
- Are spin-out funds a by-product of a maturing market or a result of succession issues?
- How can deal-by-deal GPs compete for investments with established funds?
The crystal ball: Venture capital and technology
The fortunes of the technology unicorns have diverged as the market has cooled – some continue to raise money at higher valuations while others have been forced into down rounds. Beneath these high-profile cases, venture capital is relatively robust across the region, with GPs building teams intended to provide deeper operational support to start-ups, and a host of new LPs seeking exposure to the asset class. Our panellists discuss the relevant challenges and opportunities.
- What technology shifts will make the most impact over the next 5-10 years?
- What does value creation mean in a venture capital context?
- What types of LPs are investing in venture capital?
- How early must investors go to access the best opportunities?
- Will there be more down rounds?
- What will the market look like in 12 months’ time?
Close of day 1 and networking cocktail