Programme - Investment Summit (Day two), 15 November

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  • 09:00

    Opening keynote address

  • 09:30

    Operations: Seizing the initiative

    In a climate of high valuations and intense competition, having the ability to drive operational improvement is crucial. GPs
    must move quickly, identifying problems and growth opportunities during the due diligence process and acting soon after the
    deal closes. From sourcing bolt-on acquisitions to matching talent with business objectives to conducting technology impact
    audits, approaches to value-add are being sharpened. Our panel looks at how investors get it right – and wrong.

    • How is the operating partner model evolving?
    • Is the 100-day plan approach still relevant?
    • How are operating teams adding digital competencies?
    • Are LPs satisfied with how GPs are approaching value creation in Asia?
  • 10:30

    Networking coffee break

  • 11:00

    Track 1: India: Gradual evolution

    A measure of India’s development as a private equity market is the emergence of more deals of significant size. There were
    two dozen investments of $200 million or above in 2017; the average for the five years before that was nine. It means there is
    more for pan-regional GPs to feed on, but managers across the spectrum are developing their India strategies, focusing more
    heavily on value creation. Our country specialists share their expertise.

    • To what extent are control transactions becoming more available?
    • What are the main obstacles to implementing operational improvement strategies?
    • How is the industry doing in terms of exits?
    • What will Indian private equity look like in five years’ time?
  • 11:00

    Track 2: Japan: Ready to deliver?

    The overriding question for Japanese private equity is can the reality live up to the hype. A string of corporate carve-outs
    confirmed the longstanding divestment thesis and now investors want to see more. Similarly, a flurry of activity in the middle
    market around succession planning has created a level of expectation. In both segments, even if assets are available, pricing is
    likely to be a challenge. Our Japanese stalwarts discuss the market.

    • What level of competition is there in different market segments?
    • How are GPs helping portfolio companies with outbound M&A?
    • What is the right approach to value creation in Japan?
    • How do middle-market GPs differentiate themselves?
  • 11:45

    Track 1: Credit strategies: A firm favourite

    Credit managers see ample investment opportunities in Asia while there is healthy appetite for the strategy among LPs seeking
    portfolio diversification and to combat the j-curve. These dynamics are responsible for an expansion in the number of players
    in this space, with private equity firms adding credit offerings and new specialist players emerging. Whatever the approach –
    multi-product solutions or single credit niches – competition is likely to intensify. Our panel explores the key market themes.

    • How are GPs building up their resources across the region?
    • Which segments of the market are most attractive?
    • How do returns in Asia compare with the US and Europe?
    • What questions should LPs be asking about different strategies?
  • 11:45

    Track 2: Technology: Still on top

    Technology remains a focal point for investors of all kinds, receiving more capital than any other sector as companies raise
    ever larger private funding rounds. Some private equity firms are now active participants in this space, while others hang
    back – but there is no escaping innovation. If GPs aren’t actively investing in technology, they need to understand how it might
    enhance or impede their portfolio companies. Our specialists discuss how best to build up competency.

    • Are large highly visible deals distorting the landscape?
    • How do PE firms get comfortable with limited voting rights and board seats?
    • How is digital transformation driving value creation?
    • What impact is SoftBank’s Vision Fund making on the sector?
  • 12:30

    Track 1: Cross-border expansion: Southeast Asia and beyond

    The pull of Asia’s emerging markets is largely based on consumer growth that in some cases has barely been realized. This is
    arguably no more apparent than in Southeast Asia. Domestic GPs across nearly every market are looking for scalable assets
    with multi-jurisdictional appeal, while companies from elsewhere in Asia see it as a natural expansion target. However, going
    cross-border strategy requires deep local knowledge. Our panelists discuss how they see the opportunity set developing.

    • What business models are best suited to a multiple-market approach?
    • How difficult is it to find good local partners or employees?
    • What are the execution challenges in cross-border deals?
    • Is Southeast Asia’s risk profile changing?
  • 12:30

    Track 2: South Korea: Consistent performer

    South Korea enjoyed a record year for exits in 2017, driven by sales to strategic and private equity buyers plus some relatively
    small but significant IPO activity. With some investors showing that they can get money out of Korea, others are happy to put
    more in. Divestments by local conglomerates are the big-ticket opportunity, but there are also plenty of middle-market deals
    involving succession planning and modernization. Our panellists assess the investment landscape.

    • How can private equity investors participate in chaebol restructuring?
    • Are cross-border strategies playing out as expected?
    • How much of a competitive threat is posed by local strategic and financial investors?
    • What does the state of relations between the North and South mean for investors?
  • 13:15

    Networking lunch break

  • 14:15

    Wheel of commitment

    Don’t miss out on this light-hearted look at the market as managers play to win or lose it all on the spin of a wheel.

  • 15:00

    Exits: An evolving landscape

    Private equity exits reached a record high in Asia last year, largely on the back of substantial trade sale activity as strategic
    investors – and increasingly GPs – aggressively pursued Asian assets. As a result, distributions from funds in Asia once again
    exceeded capital calls, with the returns from top-quartile managers exceeding many LPs’ expectations. However, it remains to
    be seen whether performance can be maintained in more recent vintages. Our panelists consider what the future holds.

    • Which exit routes have proved most fruitful in 2018?
    • Will Asia inevitably see more secondary buyouts?
    • What can investors do in the early stages of ownership to maximize exit options?
    • How do fund managers address the currency risk issue with LPs?
  • 15:45

    Family offices: Finding the right fit

    Able to respond quickly to opportunities, unafraid to discard traditional institutional investor mindsets, and sometimes making
    valuable strategic input, a family office can be a very useful LP. The challenge for GPs is finding groups that are a good fit for
    their strategy. Family offices vary enormously in terms of resources, risk appetite, professionalization, and appreciation for blind
    pool funds. Our panel discusses the ways in which private equity firms can work with them.

    • What do family offices really mean when they say they want to be partners?
    • How should GPs go about cultivating these groups as potential investors?
    • What sectors, geographies, and strategies are most appealing in Asia?
    • How are Asian family offices evolving in terms of structure and professionalisation?
  • 16:30

    Close of summit