Programme - Investment Summit (Day one), 13 November
Wednesday, 13th November 2019
Tim Burroughs, Managing Editor, ASIAN VENTURE CAPITAL JOURNAL
Global private markets: Future echoes
It’s dangerous to call the top of a market. As the wait for the inevitable downturn continues, private markets remain popular with LPs, enabling managers to raise ever larger funds. The flood of capital into the asset class also has implications for the channels through which investors can participate. Structures and strategies are evolving, offering greater variety in terms of risk, return and investment horizon. Our panellists consider what the present says about the future.
- What are the biggest late-stage cycle concerns?
- Which geographies present the most attractive opportunities?
- How are macroeconomic issues shaping the investment environment?
- What will characterize the next wave in private markets product innovation?
Moderated by: Peter Kim, Partner, COLLER CAPITAL
Kurt Björklund, Co-Managing Partner, PERMIRA
Angela M. Rodell, Chief Executive Officer, ALASKA PERMANENT FUND CORPORATION
Ivan Vercoutere, Managing Partner, CIO, LGT CAPITAL PARTNERS
Networking coffee break
Interviewer: Tim Burroughs, Managing Editor, ASIAN VENTURE CAPITAL JOURNAL
Interviewee: John Connaughton, Co-Managing Partner, BAIN CAPITAL
Asia buyouts: Maintaining a competitive edge
A disproportionate amount of the capital allocated to Asian private equity in recent years has ended up with pan-regional managers, but what must these GPs do to stay relevant? LPs have more choice than ever before in terms of where to put their money and some might be comfortable enough to look beyond diversified portfolios of large-ticket bets. Our industry veterans explain how they leverage their resources to the full in a complex investment environment.
- How do managers define their investment DNA?
- What has been the most significant change in the GP-LP relationship?
- How have approaches to exit planning evolved in recent years?
- What are the biggest challenges facing the industry?
Moderated by: Yar-Ping Soo, Partner, ADAMS STREET PARTNERS
Jean Eric Salata, Chief Executive and Founding Partner, BARING PRIVATE EQUITY ASIA
Kok Yew Tang, Founding Chairman and Managing Partner, AFFINITY EQUITY PARTNERS
Ming Lu, Head of Asia Pacific, KKR
Fireside chat: Private equity in a digital era
In an ever-changing environment, understanding the opportunities of digital transformation is crucial for businesses to remain relevant, sustainable and successful. Technology shifts have always kept businesses and societies on their toes - the digital era is no exception but now change is much faster. Key is to have access to the right skills and never lose the passion for making a difference and developing things for the better. Those unable to keep up with rapid change will be left behind - the ones embracing technological transformation and integrate it into its business models will have long-term success and be part of a prosperous society. EQT has a mission to future-proof itself and the companies invested in and will elaborate on how digital strategies makes all the difference in private equity, in Asia Pacific and globally.
Interviewer: Andrew Thompson, Head of Private Equity Asia Pacific, Head of Deal Advisory, KPMG
Interviewees: Olof Hernell, Chief Digital Officer, EQT
Thomas von Koch, Deputy Managing Partner and Chairman of Asia, EQT
The middle market: Buyouts and beyond
The middle-market has been a consistent performer in Asia, even as the success – and subsequent fundraising prowess – of certain managers has stretched the definition of this space to breaking point. Succession planning situations, corporate carve-outs, and partnerships with founder-entrepreneurs vary by geography, but demonstrating an ability to add value is a common theme. Our diverse collection of panellists drawn from across the region considers the key ingredients to a sustainable middle-market investment strategy.
- What is the optimal middle-market fund strategy and size for different jurisdictions?
- How are vendors’ expectations of private equity changing especially in the buyout space?
- What are the most challenging aspects of roll-up strategies?
- How prominently does technology feature in value creation efforts?
Moderated by: Marcia Ellis, Co-head of Asia Private Equity Practice, MORRISON & FOERSTER
Atul Kapur, Co-Founder and Chief Investment Officer, EVERSTONE CAPITAL
Rob Koczkar, Managing Director, ADAMANTEM CAPITAL
Brian Lim, Partner, PANTHEON
Raju Ruparelia, Managing Director, Direct Investing, Private Capital, ONTARIO TEACHERS’ PENSION PLAN
Track 1: Venture capital: Behind the headlines
Early-stage exposure to the next generation of ground-breaking technology companies has become a prized commodity in the LP community. At the same time, the market is at risk of saturation as managers raise ever larger funds or introduce additional strategies and valuations reach new highs. It remains to be seen whether recent vintages can match the success of their predecessors. In this session, leading investors discuss how the opportunity set is evolving.
- To what extent is global venture capital all about the US, China, and Israel?
- Is there a sizeable gap between mega managers and the rest?
- Are IPOs allowing start-ups to deliver on their private valuations?
- What role are strategic investors playing in venture capital?
Moderated by: Will Cai, Partner, COOLEY
Raj Ganguly, Co-Founder & Managing Partner, B CAPITAL GROUP
Ronen Nir, General Partner, VIOLA VENTURES
Peter Pham, Co-Founder, SCIENCE VENTURES
Patrick Cheung, Founding & Managing Partner, ZWC PARTNERS
Track 2: The China opportunity: Digging deeper
Almost every institutional investor has some exposure to China, whether it’s through global, regional and country-specific funds or portfolio companies in other markets selling to and sourcing from Chinese customers. The opportunity is obvious, but the landscape is increasingly complicated: growth is slowing, the institutional infrastructure is immature, relations with the US are fraught, while GPs and investment strategies are often unproven. In this special briefing, a selection of successful domestic managers offer their insights.
- Is China decoupling from the US in terms of trade, technology and finance?
- What infrastructure and skills are required to execute buyouts in China and do local managers have them?
- Is technology a critical criteria for your investment decisions?
- How do you assess the current out-bound, in-bound and domestic M&A opportunities in China?
Moderated by: John Ma, Managing Partner, CVCAPITAL
Linda Cai, Partner, LOYAL VALLEY CAPITAL
Yi-Dan Chen, Denise, Executive Partner, Head of International BD, GTJA INVESTMENT GROUP
Roger Wu, Senior Partner, MAISON CAPITAL
Nicholas Ng, Managing Director, Private Equity, PING AN OVERSEAS HOLDINGS
ILPA principles 3.0-An update on the most recent guidelines and the impact for LPs
Steve Nelson, Chief Executive Officer, ILPA
Introduction to Sino-Ocean Capital
Stephen Chen, Managing Director, Head of Asset Management, SINO-OCEAN CAPITAL
Networking coffee break
Track 1: China: Finding the bright spots
Is now the best time to invest in China? A slowing economy, trade tensions with the US, volatile public markets, and weak consumer sentiment have taken some of the shine off Asia’s largest economy. GPs must decide when, where and at what valuation to reengage. The ability to identify overlooked pockets of growth, drive value through operational involvement, and secure a path to exit have never been more important. Our China experts assess the market.
- Should LPs be concerned at how much capital is entering technology deals?
- How important is sector specialization in China?
- Are there enough buyouts to justify a control investment strategy?
- Where would you prefer to IPO – China, Hong Kong or the US?
Moderated by: Serena Tan, Partner, MORRISON & FOERSTER
Michael Chen, Managing Director, CENTURIUM CAPITAL
Edward Huang, Head of Private Equity for Greater China and Korea, BLACKSTONE
Frank Tang, Chairman and CEO, FOUNTAINVEST PARTNERS
Track 2: Distress: Capturing the advantage
There is renewed interest in distress strategies, largely on the back of two developments. First, the growing pile of non-performing loans held by China’s banks, which has spurred hopes among investors of more portfolio sales. Second, reforms in India have forced a dozen large companies into bankruptcy and forced countless others to consider their options in terms of restructuring. Our panellists give their take on the competitive landscape and how best to crack these markets.
- What are the main challenges in sourcing distress deals?
- Where do the opportunities lie globally and across Asia?
- Does a geographically flexible mandate work better than a single country strategy?
- What on-the-ground resources are required to be successful?
Moderated by: Wilson Pang, Partner, Head of Advisory, Southern China,
Head of Portfolio Solutions Group, China & Asia Pacific, KPMG
Sandeep Chandak, Managing Director, VÄRDE PARTNERS
Henry Wang, Partner, BC PARTNERS
Edwin Wong, Managing Partner & Chief Investment Officer, SSG CAPITAL MANAGEMENT
Institutional perspective: How the LP model is changing
Large Investors continue to push the boundaries of the GP-LP relationship, whether that involves forming strategic partnerships at the fund level or coming into deals as a co-underwriter. Customization is the name of the game and it’s here to stay provided the check sizes continue increasing. Our panel of leading investors share what they want from the asset class, how they plan on getting it, and their ideas for the PE model of the future.
- Which GP-LP alignment issues are most concerning?
- Does most favoured nation status still matter?
- How do you mitigate the risks of increased private markets exposure?
- What do LPs want from GPs in terms of sustainability, diversity and inclusion?
Moderated by: Mounir Guen, Chief Executive Officer, MVISION PRIVATE EQUITY ADVISERS
Eric Lang, Senior Managing Director, Private Markets, TEACHER RETIREMENT SYSTEM OF TEXAS
Guthrie Stewart, Senior Vice President and Global Head of Private Investments, PSP INVESTMENTS
Stephen Wesson, Managing Director and Head of Global Private Equity, HQ CAPITAL
Gala cocktail reception