Programme
Day 1 | Day 2
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Wednesday, 14 October 2020 (All times JST)
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09:00
Opening keynote interview
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09:30
Asia spotlight: Developing a regional program of winners
Stretching from New Zealand to India, Asia is an idiosyncratic collection of languages, cultures, economies and commercial environments. Within private equity, pan-regional funds are the most straightforward means of getting a piece of most of them. But some LPs want more nuanced exposure, based on their risk-return expectations and their assessments of which geographies – or indeed fund sizes and strategies – are most likely to shine. In this session, experts drawn from across the region debate the merits of different approaches.
- COVID-19 aside, what are the biggest challenges facing Asia?
- Are developed market buyouts preferable to emerging markets growth equity?
- Where can the best returns be found in venture capital?
- Which geographies and sectors are most resilient in a downturn?
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10:00
Discussion and Q&A
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10:15
Networking break
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10:30
Early stage awakening: Venture goes big in Japan
In 2018, the Japanese government outlined plans to create 20 unicorns within five years. Since then, Mercari has gone public, having earlier crossed the $1 billion threshold, while three more start-ups – Preferred Networks, Liquid Group, and SmartNews – have achieved unicorn status. However, a domestic VC ecosystem poised to go into overdrive has been thrust into a period of uncertainty. There are no guarantees that even the worthiest start-ups will be able to raise follow-on funding although the best bets look to be in the scientific/deep-tech space, where there have been a number of successful investments like PeptiDream, and B2C and B2B technologies. Our panellists consider next steps.
- How big can a Japanese start-up become without going global?
- What can local GPs do to help facilitate later-stage funding rounds?
- Are companies pursuing IPOs too early in their lifecycles?
- How has the pandemic changed Japan VC?
- Can scientific/deep-tech Japanese startups transcend country border?
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11:00
Discussion and Q&A
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11:15
Networking break
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11:30
Keynote presentation: Beyond Abenomics — Policy Challenges and Investment Opportunities Japan 2021/22
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12:00
Intermission
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14:00
Credit: Still riding the wave
Credit retains its appeal among Japanese institutional investors – and many of their global peers as well – for its consistent, yield-based returns and its in-built downside protection. While those with existing exposure to subordinated debt should look carefully at their portfolios, the pandemic is likely to create a swath of new lending opportunities. Companies caught in a financing void, unable to tap banking or capital markets channels, will re-evaluate alternative credit solutions. Experts analyse a fast-growing industry vertical.
- Where will be best the opportunities in the next 12 months?
- How does the opportunity set change based on the point in the cycle?
- Are large global credit players destined to dominate the market?
- What have the returns been like – globally and for Asia specifically?
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14:30
Discussion and Q&A
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14:45
Networking break
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15:00
LP spotlight: Where, when and how?
An LP’s approach to private equity is often a function of maturity and size. Experience and existing exposure to the asset class shape future preferences. Risk appetite will also be impacted by internal resources, specifically the ability to underwrite and maintain oversight of a portfolio. And then then quantum of capital that can be committed dictates the mode of entry – co-mingled products, separately managed accounts or direct fund investments. A group of experienced LPs discuss how their programs have evolved.
- Should investment theses change post-COVID-19?
- How should LPs think about geographical exposure and home market bias?
- What internal resources are required to be an effective co-investor?
- How do you assess technology risk across a portfolio?
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15:30
Discussion and Q&A
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15:45
Conference ends
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