Programme - Investment Summit (Day one), 14 November
Tim Burroughs, Managing Editor, ASIAN VENTURE CAPITAL JOURNAL
Opening LP interview
Interviewer: Robert Ohrenstein, Global Head of Private Equity, KPMG
Interviewee: Rohaya Mohammad Yusof, Head of Private Market, Investment Division, EMPLOYEES PROVIDENT FUND (EPF)
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?
Jeremy Coller, CIO and Chairman, COLLER CAPITAL
Bryan Lewis, Chief Investment Officer, PENNSYLVANIA STATE EMPLOYEES' RETIREMENT SYSTEM
David G Pierce, Managing Director and Head of Asia, HQ CAPITAL
Nikos Stathopoulos, Partner, BC PARTNERS
Stephen Trevor, Partner, CORNELL CAPITAL
Networking coffee break
Interviewer: Tim Burroughs, Managing Editor, ASIAN VENTURE CAPITAL JOURNAL
Interviewee: Jonathan S. Lavine, Co-Managing Partner, BAIN CAPITAL
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?
Hemal Mirani, Managing Director, HARBOURVEST PARTNERS (ASIA)
Ming Lu, Head of Asia Pacific, KKR ASIA LIMITED
Jean Eric Salata, Chief Executive and Founding Partner, BARING PRIVATE EQUITY ASIA
Kok Yew Tang, Founding Chairman and Managing Partner, AFFINITY EQUITY PARTNERS
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?
Doug Coulter, Partner, LGT CAPITAL PARTNERS
Atul Kapur, Co-Founder and CIO, EVERSTONE GROUP
Tatsuo Kawasaki, Founding Partner, UNISON CAPITAL
Shirish Saraf, Founder and Executive Vice Chairman, SAMENA CAPITAL
William Shen, CEO, CRE ALLIANCE (HK) CO., LTD.
Jason Shin, Managing Partner, VIG PARTNERS
Networking lunch break
Track 1: Global venture capital: Riding the wave
John Dado, Partner, COOLEY LLP
Scott Kupor, Managing Partner, ANDREESSEN HOROWITZ
Bernard Liautaud, Managing Partner, BALDERTON CAPITAL
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?
Yu Wang, Of Counsel, MORRISON & FOERSTER
James Huang, Managing Partner, PANACEA VENTURE
James Ieong, CEO and Managing Partner, PAGODA
Judith J. Li, Partner, LILLY ASIA VENTURES (LAV)
Frank Sun, Managing Director, Healthcare, YUNFENG CAPITAL
Interviewer: Kirk M. Beaton, Partner, LEXINGTON PARTNERS
Interviewee: Charles R. Kaye, Co-Chief Executive Officer, WARBURG PINCUS
Networking coffee break
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?
Serena Tan, Partner, MORRISON & FOERSTER
Tony Jiang, Co-Founder and Partner, OCEAN LINK
Derek Sulger, Partner, LUNAR
Eric Xin, Senior Managing Director and Managing Partner, CITIC CAPITAL
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?
Wilson Pang, Lead Partner, KPMG PORTFOLIO SOLUTIONS GROUP, CHINA & ASIA PACIFIC
Ravi Chachra, Founding Partner and Chief Investment Officer, EIGHT CAPITAL
Avery Colcord, Managing Director, CARVAL INVESTORS
Ted Goldthorpe, Partner, BC PARTNERS
Haseeb Malik, Senior Managing Director, VÄRDE PARTNER
Sebastiaan van den Berg, Chief Investment Officer, Alternatives, ARCH INVESTMENT MANAGEMENT
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?
Mounir Guen, Chief Executive Officer, MVISION PRIVATE EQUITY ADVISERS ASIA LIMITED
Frank Su, Managing Director, Head of Private Equity Asia, CPPIB
Ivan Vercoutere, Managing Partner, CIO, LGT CAPITAL PARTNERS
Nicholas Vickery, Global Portfolio Manager, Private Equity Funds, INTERNATIONAL FINANCE CORPORATION
Gala cocktail reception