Programme

Day 1 | Day 2

  • Tuesday, 13 October 2020 (All times JST)

  • 09:00

    Opening keynote interview

  • 09:30

    Going global: Navigating a new normal

    Even before COVID-19 hit, the private equity industry was facing multiple challenges, from US-China tensions to Brexit, while the stream of capital entering the asset class was pushing up valuations. The market has since been turned on its head. Valuations might have come off, but are managers in a position to act? Addressing problems with existing portfolios is the priority; then it remains to be seen when conditions are stable enough to consider new deals. Seasoned investors share their outlook.    

    • What issues keep managers awake at night?
    • How have theses and practices changed in response to the pandemic?
    • Will there be a surge in distress opportunities?
    • What will the recovery look like and where will it begin?
  • 10:00

    Discussion and Q&A

  • 10:15

    Networking break

  • 10:30

    Japan update: State of the market

    Japan is known within Asian private equity for its relative stability and countercyclical qualities. For the most part, returns in recent years have been strong. Competition in the upper tiers has intensified as global GPs have ramped up their local presence and domestic managers look to raise larger funds. COVID-19 will likely prompt a reassessment. Even though Japanese banks are likely to be accommodating on deal financing, the prospects for certain sectors are fundamentally changed. Our panellists identify threats and opportunities.

    • What impact is the pandemic having on fundraising?
    • Which sectors are most attractive right now?
    • What operational challenges do GPs face?
    • Is there enough local private equity talent?
  • 11:00

    Discussion and Q&A

  • 11:15

    Presentation

  • 11:30

    Discussion and Q&A

  • 11:45

    Networking break

  • 12:00

    The middle market: Changing dynamics?

    Time is on the side of Japan’s middle market. Ageing company owners confronted by succession problems are a longstanding source of deal flow. As these founder-entrepreneurs become more familiar with the asset class – and see their peers profit from partnerships with external investors – they are more amenable to private equity advances. The succession phenomenon could be accelerated by an economic downturn, but investors must still come armed with convincing value creation plans. A selection of local experts give their prognoses.

    • Valuations and expectations – how have they changed?
    • Who are the sellers – ageing founders or serial entrepreneurs?
    • Does intermediation necessarily result in more competitive processes?
    • What can managers do to differentiate their value proposition?
  • 12:30

    Discussion and Q&A

  • 12:45

    Intermission

  • 14:30

    The big end of town: The art of buyouts

    Expectations of increased large-cap deal flow have spurred global GPs to focus more intently on Japan. COVID-19 might speed up this process as domestic conglomerates refocus on their primary business operations and divest non-core assets. It remains to be seen how quickly the market can deliver – probably a handful of distress-driven sales and a longer tail of transactions initiated by companies that can wait for the macroeconomic situation to normalize – and how much investors will have to pay to play.

    • What does the pipeline look like for 2021?
    • How do you get comfortable with valuations?
    • What can GPs do to establish a competitive edge before an auction?
    • Which value creation levers are most useful in Japan?
  • 15:00

    Discussion and Q&A

  • 15:15

    Networking break

  • 15:30

    LP portfolio construction: Entering alternatives

    When head-hunters are looking for Japanese-speaking investor relations executives, you know that Tokyo has become a fundraising hotspot. Local LPs are building up exposure to alternatives, relying on third-party advisors and gatekeepers or accumulating in-house investment talent. It is not an easy task, especially for those with limited resources. Our panellists offer insights into best practices across strategy development, recruitment, manager selection, portfolio construction and oversight, and how they have sought to protect their interests during the pandemic.

    • What should LPs consider when appointing advisors?
    • How do you set up reporting and analytics to allow good program visibility?
    • What are the most common mistakes made by newcomers to alternatives?
    • How have priorities changed since the start of the year?
  • 16:00

    Discussion and Q&A