Programme - Investment Summit (Day two), 15 November

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  • 09:00

    Opening keynote address

    Interviewer: Tim Burroughs, Managing Editor, ASIAN VENTURE CAPITAL JOURNAL
    Interviewee: Clara Chan, Chief Investment Officer (Private Markets), HONG KONG MONETARY AUTHORITY

    * Held under Chatham House Rule

  • 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?

    Moderated by:
    Oliver Stratton, Managing Director, ALVAREZ & MARSAL
    Panelists:
    Mark Chiba, Group Chairman and Partner, THE LONGREACH GROUP
    Alvin Lam, Principal, CVC CAPITAL PARTNERS
    Kyle Shaw, Founder and Managing Partner, SHAWKWEI & PARTNERS

  • 10:30

    Networking coffee break

    Sponsored by:


  • 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?

    Moderated by:
    Jonathan A. English, Managing Director, PORTFOLIO ADVISORS, LLC
    Panelists:
    Sanjay Kukreja, Managing Partner, CHRYSCAPITAL
    Ranjit Shah, Managing Partner and Co-Founder, GAJA CAPITAL

  • 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?

    Moderated by:
    Yukie Tanaka, Managing Director, STEPSTONE GROUP
    Panelists:
    Richard Folsom, Representative Partner, ADVANTAGE PARTNERS
    Tadasu Matsuo, Managing Director, Head of Alternative Investment, Alternative Investment Office, JAPAN POST INSURANCE
    Kazuhiro Yamada, Managing Director and Head of Carlyle Japan Buyout Advisory Team, THE CARLYLE GROUP

  • 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?

    Moderated by:
    Ron Thompson, Managing Director, ALVAREZ & MARSAL
    Panelists:
    Lucas Detor, Managing Principal, CARVAL INVESTORS
    Ilfryn Carstairs, Partner and Co-Chief Investment Officer, VÄRDE PARTNERS
    Wooseok Jun, Head of Asia Pacific – Equity and Mezzanine, ICG
    Manjot Rana, Senior Principal, APAC Credit, CPPIB

    * Held under Chatham House Rule

  • 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 have new entrants changed the competitive environment?
    • How is digital transformation driving value creation?
    • What impact has the public market correction had on private market opportunities?


    Moderated by:
    Weichou Su, Partner and Head of Asia, STEPSTONE GROUP
    Panelists:
    Victor Ai, Managing Director, CHINA EVERBRIGHT LIMITED
    Gordon Ding, Managing Director, WARBURG PINCUS
    Tony Zhang, Partner, JENERATION CAPITAL

  • 12:30

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

    If viewed as one region, Southeast Asia appears to be sizeable in terms of population and economic value, with several of its individual members growing at above average rates. At closer inspection, the region can seem fragmented with just as many differences as similarities between markets. How to capture more than just a single market’s prospects? 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 destination. However, managing a cross-border strategy requires unique skills and resources. Our panelists discuss how they see the opportunity set developing and how they are going about executing on it.

    • Is reality catching up with expectations around cross-border activity in ASEAN?
    • What markets are best suited to pursue cross-border opportunities in or between?
    • What industries and business models are best suited for a multi-market approach?
    • What execution challenges exist in cross-border transactions?

    Moderated by:
    Thomas Lanyi, Managing Director, CDH INVESTMENTS
    Panelists:
    Paul DiGiacomo, Managing Director, BDA PARTNERS
    Ralph Keitel, Principal Investment Officer and Regional Lead East Asia, Private Equity Funds, INTERNATIONAL FINANCE CORPORATION
    Bert Kwan, Managing Director, NORTHSTAR GROUP
    Rodney Muse, Managing Partner, NAVIS CAPITAL PARTNERS

  • 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?
    • What drives value creation in the current environment?
    • How has the competitive landscape evolved and what do GPs need to do in terms of differentiation?
    • Can Korea continue to deliver strong exits?

    Moderated by:
    John Y.S. Lee, Principal, LEXINGTON PARTNERS
    Panelists:
    Younggi Han, Executive Director, VIG PARTNERS
    T.J. Kono, Partner, UNISON CAPITAL
    Hae-Joon Joseph Lee, Partner and CIO, IMM PRIVATE EQUITY

  • 13:15

    Networking lunch break

  • 14:15

    Wheel of commitment

    After standing room only last year, don’t miss the return of this light-hearted look at the market.

    Moderated by:
    Doug Coulter, Partner, LGT CAPITAL PARTNERS
    Judging panel:
    Shane Chesson, Partner, OPENSPACE VENTURES
    Jireh Li, Chief of Staff, SOURCE CODE CAPITAL
    Contestants:
    Eric Marchand, Principal, UNIGESTION
    Katja Salovaara, Senior Private Equity Portfolio Manager, ILMARINEN
    Kelvin Yap, Managing Director, Hong Kong, HARBOURVEST PARTNERS (ASIA) LTD.

  • 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?

    Moderated by:
    Lorna Chen, Head of Greater China and Partner, SHEARMAN & STERLING LLP
    Panelists:
    Scott Chen, Partner and Managing Director, TPG
    Darren Massara, Managing Partner, NEWQUEST CAPITAL PARTNERS
    James Mi, Founding Partner, LIGHTSPEED CHINA PARTNERS
    Emmett Thomas, Partner Head of Asia, ADVANTAGE PARTNERS

    * Held under Chatham House Rule

  • 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?

    Moderated by:
    Jackson Chan, Managing Director, EATON PARTNERS
    Panelists:
    Jamie Cayzer-Colvin, Head of Funds pool, CALEDONIA INVESTMENTS
    Sherry Lin, Head of Global Venture Capital, WILLETT ADVISORS
    Sam Robinson, Managing Partner, NORTH-EAST PRIVATE EQUITY ASIA
    Catherine Shiang, Managing Director, ACA LTD.
    Daina Spedding, Investment Manager, LEWIS TRUST GROUP

  • 16:30

    Close of summit