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Allen Lee, Publisher, ASIAN VENTURE CAPITAL JOURNAL
Interviewer: Tim Burroughs, Managing Editor, ASIAN VENTURE CAPITAL JOURNAL
Interviewee: Jon Winkelried, Co-Chief Executive Officer and Partner, TPG
Given how sentiment withered as 2018 wore on, it comes as little surprise that 2019 has thus far been characterized by uncertainty. Concerns about the macro climate, high valuations, and unclear paths to exit are primarily to blame. GPs want to be sure their thesis is watertight before pulling the trigger, which means more time spent on due diligence and value creation plans. Our panel of top investors assess the current state of the market.
Moderated by: Lars Aagaard, Head of M&A, Asia Pacific and Head of Financial Sponsors, Asia Pacific, BARCLAYS
Nicholas Bloy, Managing Partner, NAVIS CAPITAL PARTNERS
Boon Chew, Senior Managing Director and Managing Partner, CITIC CAPITAL PARTNERS
Brian Hong, Partner, CVC CAPITAL PARTNERS
Tatsuo Kawasaki, Founding Partner, UNISON CAPITAL
Teck Sien Lau, CEO and Partner, HOPU INVESTMENTS
Asia has become a compelling part of a PE portfolio as more managers back up attractive growth stories with stable track records. For some LPs, the next step is diversification by country, sector and niche. While concerns about a downturn remain, establishing strong partnerships with managers that prevail across cycles is the cornerstone of an institutional approach to the asset class. Our seasoned investors explain the thinking behind their current portfolios and future allocation plans.
Moderated by: Dennis Kwan, Managing Director, MVISION PRIVATE EQUITY ADVISERS
Doug Coulter, Partner, LGT CAPITAL PARTNERS
Maria Guo, Investment Manager, Private Markets, SUNSUPER
Jim Pittman, Senior Vice President, Private Equity, BRITISH COLUMBIA INVESTMENT MANAGEMENT CORPORATION (BCIMC)
Frank Su, Managing Director, Head of Private Equity Asia, CPPIB
Capital has flocked to VC strategies in Asia as LPs look to penetrate a larger portion of the technology value chain, backing start-ups from early stages to maturity. This has enabled incumbent managers to raise larger funds, but the space is becoming increasingly populated as corporates ramp up investment activity and teams spin-out from established VCs. LPs explain how they make sense of the venture opportunity and identify managers that can take advantage of it.
Moderated by: James Hahn, Managing Partner, ASIA ALPHA VC
Rishi Dua, Senior Investment Analyst, FIRST STATE SUPER
Jie Gong, Partner, PANTHEON
Josh Stern, Director, Private Investments, ROBERT WOOD JOHNSON FOUNDATION
Interviewer: Carman Chan, Founder & Managing Partner, CLICK VENTURES
Interviewee: Scott Sandell, Managing General Partner, NEA
Co-investment is becoming a higher priority for LPs as they become more sophisticated, more knowledgeable of the markets they are investing in, and more desirous to reduce net fee exposure. However, the same adverse selection risks remain if GPs are given additional firepower to pursue deals that might be outside their sweet spot. In this session, our experienced LP co-investors delve into the issues surrounding this phenomenon and discuss the requirements for a successful co-investment programme.
Moderated by: Ben Hart, Partner & Head of Investor Relations (Asia), ADAMS STREET PARTNERS
David Chan, Portfolio Manager, MLC PRIVATE EQUITY
Edward J. Grefenstette, President & CIO, THE DIETRICH FOUNDATION
Dave Hong, Senior Portfolio Manager, BRITISH COLUMBIA INVESTMENT MANAGEMENT CORPORATION (BCIMC)
Kaitlin Miles, Investment Manager, TEACHER RETIREMENT SYSTEM OF TEXAS
Oliver Gottschalg, Professor, HEC SCHOOL OF MANAGEMENT, PARIS
Addressing environmental, social and governance concerns within a private equity portfolio requires more than just a boilerplate policy. Institutional investors increasingly want to see detailed annual reporting that sets out ESG objectives on a case-by-case basis, explains approaches to monitoring and measurement, and captures meaningful performance. Our panel of early ESG adopters share their thoughts on moving from box-checking to substance, what it has meant for GP relationships, and the nuances apparent in Asia.
Moderated by: Steven R. Okun, CEO, APAC Advisors & ASEAN Representative, EMPEA Panellists:
Adam Black, Head of ESG & Sustainability, COLLER CAPITAL
Deborah Ng, Director Strategy & Risk, Head of Responsible Investing, ONTARIO TEACHERS’ PENSION PLAN
Anders Strömblad, Head of Alternative Investments, AP2
Levels of development vary markedly across Asia’s venture capital markets, but all are to some extent benefiting from growing investor interest – domestic and international, high net worth and institutional – in the asset class. The combination of maturity and the scope to participate at more points along the value chain as start-ups stay under private ownership for longer is encouraging diversification in strategy and skillsets. Investors operating in different markets share their tips for success.
Moderated by: Ferish Patel, Partner, COOLEY
Amit Anand, Founding Partner, JUNGLE VENTURES
Manish Kheterpal, Managing Partner, WATERBRIDGE VENTURES
Nisa Leung, Managing Partner, QIMING VENTURE PARTNERS
Shinichi Takamiya, Managing Partner, GLOBIS CAPITAL PARTNERS
Wei Zhou, Founding Managing Partner, CCV
Alongside international investors, Asian investors have become a mainstay of the alternatives space. Those with more advanced programmes have built up strong in-house skills and become active co-investors, with direct investment the next priority in select areas. For more recent arrivals, the challenge is choosing where and with whom to allocate capital, always conscious of j-curve mitigation. Our panellists explain how their approaches are evolving and what managers must do to win favour in the current market.
Moderated by: Hemal Mirani, Managing Director, HARBOURVEST PARTNERS (ASIA)
Tanya Carmichael, Managing Director, Global Funds, ONTARIO TEACHERS’ PENSION PLAN
Maria Guo, Investment Manager, Private Markets, SUNSUPER
Kathy Wong, Head of Private Equity and Direct Investment, HONG KONG MONETARY AUTHORITY