Programme - Investment Summit (Day one), 14 November

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  • 08:00


  • 08:50

    Welcome remarks

  • 09:00

    Opening address

  • 09:30

    Global big picture: Will the golden age continue?

    With dry powder and valuation multiples at record highs, and fund sizes becoming ever larger, concerns about the amount
    of capital entering private markets are rife. But fund managers argue that they are no longer wedded to traditional cycles
    as evidenced by product offerings becoming more diversified, greater variety in fund terms and time horizons, and more
    innovative approaches to returning capital. Our experts contemplate the state of the market and what happens next.

    • How are global macro developments likely to impact private markets?
    • What represents the most significant step forward in product innovation?
    • How can private equity take advantage of technological change?
    • What will be the biggest changes in the investment landscape over the next five years?
  • 10:30

    Networking coffee break

  • 11:00

    Fireside chat

  • 11:30

    Private equity in Asia: The view from the top

    Investment in the region reached a new high in 2017 due to a surge in mega deals, with corporate divestments, publicto-
    privates, and late-stage rounds for technology start-ups the major trends. However, intensifying competition in certain
    segments means GPs are paying more for assets. They must therefore drive greater transformation during the ownership
    period – through aggressive value-creation initiatives and ambitious bolt-on acquisition strategies – to meet return
    expectations. Our Asia experts share their secrets for success.

    • What is behind the rise in large buyouts and is it sustainable?
    • What skills are most useful to a GP when valuations are high?
    • Are firms’ internal structures changing to deliver a sharper operational focus?
    • What are the biggest threats to the current bullish investment climate?
  • 12:25

    Middle market: Being a preferred partner

    Asia’s middle-market remains an attractive proposition for buyout and growth capital investors. Opportunities, almost
    regardless of country, are based on founders and management teams recognizing that third-party capital and expertise
    can help them address a challenge: it might be succession planning, cross-border expansion, modernization, or product
    line revitalization. Success in this space is contingent on being able to identify the right companies and then forge strong
    partnerships with them. Our panel discusses industry best practices.

    • How does the middle market differ by country within Asia?
    • What qualities does a founder value most in a private equity partner?
    • How do mid-size GPs develop strong operating capabilities?
    • Are sales to larger PE firms becoming a prevalent exit channel?
  • 13:15

    Networking lunch break

  • 14:15

    Track 1: Global venture capital: Riding the wave

    Venture capital has a loyal following among LPs globally, but the prospect of getting early exposure to technologies that have
    the potential to be both lucrative and life-changing is drawing capital from a wider variety of sources. At the same time, deal
    sizes and company valuations have increased across all stages, raising questions as to whether managers can match the
    performance of previous vintages. Our panel of investors assess the current state of affairs.

    • Is there a bifurcation in the industry between mega managers and the rest?
    • How are strategies changing in terms of support for portfolio companies?
    • What is the IPO outlook like globally?
    • How will the role of strategic investors evolve in venture capital?
    • How will the Foreign Investment Risk Review Modernisation Act (FIRRMA) impact Asian VCs ability to invest in US startups?
  • 14:15

    Track 2: Healthcare: The China story

    The underlying fundamentals that make China’s healthcare sector attractive are unchanged: rising disposable incomes,
    changing demographics, and supportive government policy. As a result, it remains popular among investors, even though
    valuations and a limited number of quality assets have made areas such as hospitals more complicated. GPs are also looking
    more closely at the pharmaceutical segment, with a handful of drug developers raising sizeable rounds as their products edge
    towards commercialisation. Our sector specialists discuss.

    • Which is the most attractive segment – devices, services or pharmaceuticals?
    • Where is valuation pressure the greatest?
    • To what extent has the type of investors participating in the market changed?
    • How significant is the move to allow zero-revenue biotech firms to list in Hong Kong?
  • 15:00

    Fireside chat

  • 15:30

    Networking coffee break

  • 16:00

    Plenary address

  • 16:30

    Track 1: China private equity: Transition time

    As the Chinese economy matures, so does the private equity opportunity set. Technology, consumer, and services – including
    hotspots like healthcare and education – are the primary areas of interest, and valuations reflect that. But the real draw for investors
    is the greater availability of buyouts as founders retire, corporates divest, and management teams seek third-party assistance. GPs
    must demonstrate they have the skills to take advantage of a changing economy. Our panellists offer their insights.

    • How has the investment environment evolved in the last 12 months?
    • Can managers make US dollar and renminbi funds work in tandem?
    • To what extent are GPs collaborating with strategic investors?
    • Is China closer to solving its exits problem?
  • 16:30

    Track 2: Asia distress: The expectations game

    Investors anticipate a proliferation of distress and restructuring opportunities in Asia, notably as China and India seek remedies
    to their non-performing loan (NPL) problems. It’s not just a developing markets story, with greater interest in the likes of South
    Korea, Australia and Japan as well, but the execution challenges are similar wherever one goes. Local knowledge is vital in
    navigating the regulatory environment and finding the right partners. Our panel debates how to access opportunities.

    • Is China living up to expectations in terms of NPL deal flow?
    • What needs to happen to kickstart the market in India?
    • What on-the-ground resources are required for different strategies?
    • Is Asia distress delivering strong returns?
  • 17:15

    The LP landscape: Generating robust returns

    The institutional landscape has become distorted in recent years as the size and scope of the investor community has
    widened, but the primary consideration for all LPs is still generating returns. They have to decide what is the best fit for their
    resources and risk appetite, whether it is small commitments to a range of funds or a concentrated portfolio with a focus on
    co-investment. Our panelists offer insights into their decision-making processes.

    • How difficult is it to build a truly diversified Asian portfolio?
    • Which types of partnerships between LPs and GPs have been most successful?
    • To what extent is ESG playing a larger role in allocation decisions?
    • How is the LP community likely to evolve over the next five years?
  • 18:10

    Closing remarks

  • 18:15

    Gala cocktail reception

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  • 19:00

    Gala dinner

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