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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.
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.
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.
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.
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.
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.How
can private equity investors participate in chaebol restructuring?
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.
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.
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.
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.