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Wednesday, 15 November 2017
Global picture: The state of private markets
LPs have responded to the low interest rate environment by taking on more risk in their pursuit of returns. As a result, capital has flooded into the private market asset class, enabling firms to raise ever larger funds, and this - coupled with the availability of cheap debt - has contributed to ambitious deal-making. Concerns abound about levels of dry powder and escalating credit and equity valuations. Our panel examines what private market managers can do to prevail in these conditions.
- - How is geo-politics affecting the investment landscape?
- - What are the strategic priorities for 2018 and beyond?
- - Where does Asia fit into the global picture?
- - What issues keep managers awake at night?>/
Networking coffee break
Asian private equity: Then, now and the future
Asian private equity has seen plenty of ups and downs over the past three decades, but the quantum of capital now under management has surpassed all expectations. As the industry matures – occupying a more significant portion of LPs’ portfolios, accommodating large firms with diversified strategies, and encouraging managers to spin out and start their own shops – what will be the key trends of the next 30 years. Our industry stalwarts examine their crystal balls.
- - Which strategies can deliver consistent, outsized returns?
- - How do managers maintain an edge in an increasingly competitive market?
- - How has the evolution of GPs influenced the investment landscape?
- - What can managers do to mange LP relationships more effectively?
Middle-market opportunities: An Asian sweet spot
Asia’s middle market is flourishing. In developed economies, corporate spin-outs, generational transitions, and turnarounds present numerous potential investments for managers, while emerging markets continue to deliver growth capital opportunities. For GPs, success is contingent on having the skills and local knowledge to originate transactions – a process may involve winning over founders who are suspicious of private equity – support the development of companies, and plot realistic exit routes. Our expert panel share their experiences.
- - What does middle market mean in different Asian markets?
- - Are managers really generating proprietary deal flow?
- - What can developing markets GPs learn from succession situations in developed markets?
- - How do investors in this space differentiate themselves?
Networking lunch break
TracksPlease select a track:
Track 1: Asia venture capital: The next phase
Venture capital is the asset class that has defined this decade, as technology has disrupted traditional industries, creating a host of valuable brands in the process. The returns generated have prompted renewed interest from a range of LPs, from pension funds to family offices. Even though the euphoria has subsided somewhat, with down rounds in certain market segments, the VC outlook is still positive. Our panel of experts plots the future for Asia.
- - What is the best approach for new investors in VC?
- - How does activity compare in Asia, Europe and the US?
- - Which segments are most likely to deliver sustainable business models?
- - What innovation will bring the next iPhone-like breakthrough?
Track 2: Asia distress: A buyers’ market
Market volatility continues to drive distress and restructuring opportunities across Asia, and global and regional players have responded by expanding their offerings. China and India have emerged as focal points, given the size of their non-performing loan problems. The question for offshore investors is how they address these markets, by putting resources on the ground or through partnerships with local players. Our panel debates where the best opportunities lie and how to access them.
- - Which themes offer the most promise for distress investors?
- - How much competition is there from local and foreign players?
- - What kind of resources are required for post-deal management?
- - Have Asia distress plays delivered strong returns?
Networking coffee break
TracksPlease select a track:
Track 1: Chinese private equity: At a crossroads
Chinese private equity is in a state of flux. On one hand, the technology and consumer sectors continue to flourish, control deals are gradually emerging, and GPs are finding ways to deliver value. On the other, high profile spin-outs, a surge in renminbi fundraising, a fickle exit environment and uncertainty over outbound investment are prompting more questions than answers. Our panellists offer insights into a market that has yet to properly define itself.
- - Is it still possible to find value in the consumer and technology sectors?
- - To what extent is renminbi fundraising reshaping the market?
- - What is the reality of control deals in China?
- - How can GPs address concerns over liquidity and realisations?
Track 2: Healthcare: A value diagnosis
Asian healthcare has emerged as a popular sector for investors on the back of an aging population and the rise of a middle class willing to pay a premium for better quality service. At the same time, valuations have skyrocketed and regulation is proving a hindrance in certain markets. The onus is on GPs to identify potential industry leaders, be creative in deal structuring, and devise workable plans to deliver efficiency gains. Our sector specialists discuss.
- - Which sector segments contain the most attractive targets?
- - What are the key factors in deal sourcing?
- - How is the cross-border theme playing out?
- - Do the exit multiples live up to the hype?
Big beasts: Navigating change in the LP landscape
A subset of LPs, defined by their access to large pools of capital and the depth of their expertise, are responsible for a distortion of the institutional investor landscape. Under pressure to deploy increasing amounts of capital, they have stepped outside the realm of traditional private equity structures – but they still see themselves as complementary to the GP community, rather than its adversary. Our panel discusses how managers should engage with these LPs.
- - How do large investors position themselves within the PE landscape?
- - How are they partnering with GPs beyond typical fund structures?
- - To what extent is shadow capital distorting the market?
- - What is the future for funds in these increasingly direct programs?
Gala cocktail reception