Programme - Private Equity Leaders' Summit, 12 November
Tuesday, 12th November 2019
Allen Lee, Publisher, ASIAN VENTURE CAPITAL JOURNAL
Fireside chat: Building an organization for the future (Joint session with the Venture Capital and Limited Partners’ Summits)
Interviewer: Tim Burroughs, Managing Editor, ASIAN VENTURE CAPITAL JOURNAL
Interviewee: Jon Winkelried, Co-Chief Executive Officer and Partner, TPG
Asian private equity: What next? (Joint session with the Venture Capital and Limited Partners’ Summits)
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.
- What positives can be drawn from 2019?
- How are managers looking to differentiate themselves?
- Is it still a seller’s market? What is the key to a successful exit process?
- What is the outlook for the next 12 months?
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
Networking coffee break
Risk management: The growing threat of cybersecurity
Cloud computing and advancements in connectivity allow businesses to perform functions that were facets of science fiction just a few years ago. These changes have also created a swath of data management challenges, including system breaches and information theft. The potential consequences at fund or portfolio company level – such as willfully misdirected drawdown notices or loss of intellectual property – are wide-ranging. In this session, a group of experts explain how they manage cybersecurity.
- How do GPs safeguard portfolios against data breaches, hacking and cloud abuse?
- What kind of investment is required in terms of in-house competencies?
- How is the regulatory environment influencing approaches to cybersecurity?
- What should be included in a post-breach crisis management plan?
Moderated by: Alex Wilmerding, Partner, PANTHEON
Richard Blair, Managing Director, BLACKSTONE
Kapil Kirpalani, Director and Chief Compliance Officer, KKR
Michael Steinkuhl, Director, APAC, EZE CASTLE INTEGRATION
Fundraising in Asia: Follow the money
Some private equity firms close funds in a matter of weeks while others spend two years in the market, but fundraising as become increasingly nuanced for everyone. Whether the driving factor is accommodating large LPs or generating momentum for a first-time fundraise, GPs have to offer more flexibility on terms and conditions. They must also be thoughtful about how they are marketing themselves and to whom. Our experts discuss the nuts and bolts of fundraising.
- How has the GP-LP balance shifted in negotiations?
- What are the prevailing trends on governance and co-investment?
- How is the role of the in-house investor relations executive evolving?
- Are intermediaries managing to cultivate new sources of capital?
Moderated by: Wen Tan, Co-Head of Private Equity Asia Pacific, Private Markets, ABERDEEN STANDARD INVESTMENTS
Daisuke (Dice) Imaeda, Principal, Head of Investor Relations, J-STAR CO., LTD.
Wei Fu, CEO, CBC GROUP
Richard Kunzer, Partner, Co-Head of Investor Relations, BC PARTNERS
Chris Lerner, Partner and Head of Asia, EATON PARTNERS
Fireside chat: Perspectives on global venture capital investing (Joint session with the Venture Capital and Limited Partners’ Summits)
Interviewer: Carman Chan, Founder & Managing Partner, CLICK VENTURES
Interviewee: Scott Sandell, Managing General Partner, NEA
Improving efficiencies: Taking advantage of technology
Many private equity firms have been relatively slow in implementing technology to advance their own businesses. For administration and back office functions alone, a wealth of resources is now available that take the capture of information to a new level, as well as facilitating communication with LPs. On the deal side, data can play a transformational role in sourcing, due diligence and value creation. Our experts chart the progress being made in this area.
- To what extent can technology replace people in the back office?
- How are data analytics changing internal operations?
- What do GPs look for in third-party technology platforms and solutions?
- Can artificial intelligence be employed in deal sourcing?
- What are the priorities when integrating automation and AI in the administration and back office functions?
Moderated by: PV Wang, Managing Director & COO, LEGEND CAPITAL
Gary Judd, Regional Director of Product Development, APAC, MERRILL CORPORATION
Amit Lalwani, SVP, Global Business Development, DEALCLOUD
Henry Lin, Founder and CEO, LINNOVATE PARTNERS
Jun Tsusaka, Managing Partner, CIO and Founding Member, NSSK
Due diligence: The next generation
Investors have more information at their disposal than ever before, but how do they identify actionable data amidst the white noise? Knowing what to look for doesn’t just stop a private equity firm from backing the wrong thesis or entrepreneur, it can turn a good investment into a great one by offering insights into what can be done to maximize value post-acquisition. Our panellists explain what they do to understand to really understand businesses.
- Which is more resource intensive – operational or management due diligence?
- How are GPs utilising technology to deliver insights into companies?
- What must service providers do to stay relevant?
- What will industry best practice look like 10 years from now?
Moderated by: Paul Ford, Partner, Deal Advisory, Head of Private Equity, KPMG FAS CO., LTD.
Matt Conger, CEO, CADENCE TRANSLATE
Mohit Ralhan, Managing Partner & CIO, TIW PRIVATE EQUITY
Conrad Tsang, Founder and Chairman, STRATEGIC YEAR HOLDINGS
Jaideep Das, Partner, ERM
Fund set-up and administration: Changing dynamics in 2019
Never before has so much been expected during the fund administration and formation process. From selecting a domicile, regulatory reporting requirements, to staying ahead of technological and product progression. For service providers, the complexity is in achieving the goal of structuring the most efficient and effective fund vehicles in the most appropriate jurisdictions for GPs and their investors. In this session, a panel of experts reviews the prevailing trends across fund set-up and administration and how to manage the needs of a diverse LP base.
- Where are the best domiciles of choice for Asian funds?
- What fund structures are being used and how does this differ by fund size?
- How are GPs responding to LP demands for clearer and more frequent reporting?
- What will the industry look like in five years based on the current policy trajectory?
Moderated by: Lorna Chen, Asia Managing Partner and Head of Greater China, SHEARMAN & STERLING
Katsuya Baba, Partner, Chief Administrative Officer, ADVANTAGE PARTNERS
Bonnie Lo, Partner & COO, NEWQUEST CAPITAL PARTNERS
Brian Lee, General Counsel, FOUNTAINVEST PARTNERS
Michael Padarin, Partner, CAREY OLSEN
Networking coffee break
Asian venture capital: A new maturity (Joint session with the Venture Capital and Limited Partners’ Summits)
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.
- In which geographies, and at what stages, are valuations a major concern?
- What are the implications of Chinese VCs entering other markets in Asia?
- How creative are firms being in terms of fund structure and strategy?
- What is the exit outlook for the next 12 months?
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
Institutional perspective: How LPs view the world (Joint session with the Venture Capital and Limited Partners’ Summits)
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.
- What do LPs want from their alternatives programmes?
- What can be done to access top managers in Asia and globally?
- Where do ESG, diversity and impact investing fit on the agenda?
- What are the major frustrations when dealing with GPs?
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
Close of summit