Thursday, 12th July 2018
Registration and refreshments
Global Macro Perspectives and the Rise of Private Capital in Asia
World output has recovered strongly in the past two years, with Asia contributing meaningfully to the global economic upswing. However, future growth prospects look more challenging as policy support is gradually fading in some major economies. With global asset price volatility set to continue to normalize, macro risk mispricing becomes more likely. Private equity investors taking a long-term view are well positioned to exploit periods of heightened volatility, enhancing the secular trend towards private markets.
• As the role of private capital continues to rise, what role will Asia play in investors’ portfolios?
• How do global investors access the Asian private equity market and what are the risk-adjusted return implications of different investment strategies?
• To what extent does diversification at the (sub-) regional level matter?
Peter Cornelius, Managing Director, ALPINVEST PARTNERS
Asian Private Equity: Building a winning portfolio
Asian private equity has entered a new phase, with fundraising,deal value, and exits all reaching peak highs, showing the reality of a maturing market. For investors, this has helped solidify Asia’s position within the global private equity ecosystem. However, the market still holds its challenges, with valuations across the region at all-time highs, and stiffer competition for deals. To prevail, GPs must develop new capabilities to distinguish themselves and deliver superior returns. Our leading Asian fund managers share their insights into the best way to effectively approach the region.
• As Asian private equity enters a new era, where are the hotspots for investors?
• How do you source attractive deals in an increasingly competitive and expensive market?
• What has been the impact of the trade tariffs imposed by China and the US for private equity?
• How is the exit market evolving in Asia, and how will GPs make sure they continue to deliver strong results?
Moderated by: Hemal Mirani, Managing Director, HARBOURVEST PARTNERS (ASIA)
Hans Allegaert, Managing Director, CITIC CAPITAL PARTNERS
Rodney Muse, Co-Managing Partner, NAVIS CAPITAL PARTNERS
Hamilton Tang, Managing Director, CDIB CAPITAL INTERNATIONAL CORPORATION
Japan: On global investors radar
Japanese private equity is flourishing. From domestic middle-market GPs to international buyout players, investors are seeing increased deal flow as a result of demographic-driven succession-planning situations, divestment activity by conglomerates, and local companies seeking partners as they try to go global. Coupled with impressive exit numbers, foreign LPs’ interest in the market has spiked. Our expert panel will share their views on the opportunity set.
• How have GPs won the trust of owners and management teams?
• As competition intensifies, what sectors show the most promise?
• What are GPs doing to differentiate themselves?
• What type of multiples are expected?
Moderated by: Enrico Granata, Partner, MORRISON & FOERSTER LLP
Gregory R. Hara, President and Representative Director, J-STAR CO., LTD
Tatsuo Kawasaki, Founding Partner, UNISON CAPITAL
Megumi Kiyozuka, Managing Director / Head of Japan, CLSA CAPITAL PARTNERS (JAPAN) KK
Networking coffee break
India: Moving forward
Indian private equity gone from strength to strength in recent years, with investment and exits both reaching all-time in highs by value in 2017. The momentum appears to be continuing in 2018, with a steady stream of IPOs and Flipkart delivering a bumper payday for some tech investors. It remains to be seen how the industry moves forward. The investment environment is certainly evolving, with GPs increasingly focused on buyouts and operational improvement at one end of the spectrum and emerging niche areas such as venture debt – an option for promoters that want to pursue growth without ceding control – at the other. At the same time, valuations remain high and competition for deals is intense. Our experts discuss what lies ahead for Indian private equity.
Moderated by: Tim Burroughs, Managing Editor, ASIAN VENTURE CAPITAL JOURNAL
Gaurav Ahuja, Managing Director, CHRYSCAPITAL
Rahul Khanna, Co-Founder and Managing Partner, TRIFECTA CAPITAL
Chinese Private Equity: Approaches, strategies and tips for success
Chinese private equity continues to mature, from its original focus on growth capital, into more diverse approaches, including privatisations, succession planning situations, and corporate carve-outs as a general acceptance of private equity funding growth. However, new opportunities present new challenges and GPs must adjust their strategies to succeed. Our panel analyses developments and discusses how to access emerging opportunities.
• How is the buyout landscape developing, and what parts of the market are providing the best opportunities?
• Despite high valuations, which sectors remain attractive?
• What new strategies do firms need to employ to deliver true value creation?
• How is the exit environment evolving, and how are GPs providing liquidity?
Moderated by: Paul Denning, Chief Executive Officer, DENNING AND COMPANY, LLC
David Lin, Managing Director, PRIMAVERA CAPITAL
Simon Guo, Director, OCEAN LINK
Jenny Wu, Founding and Managing Partner, BAIDU CAPITAL
Pei Zhou, Managing Director and Head of Healthcare, PAGODA INVESTMENT
Southeast Asia: What is the best approach?
Southeast Asia presents a myriad of challenges, especially for investors from outside the region. With an under developed private equity ecosystem and fragmented development of its economies, it can be a difficult proposition for LPs. However, exit values jumped 86% in 2017, highlighting the true potential for this part of the region, and the internet, consumer, and tech sectors, continue to thrive by providing strong deal flow. Our Southeast Asia stalwarts share their tips for navigating this interesting part of the Asia story.
Moderated by: Euan Rellie, Co-Founder and Senior Managing Director, BDA PARTNERS
Rodney Muse, Co-Managing Partner, NAVIS CAPITAL PARTNERS
Ati Sugiharti, Founding Partner, Deputy Chairperson of the Investment Committee, TAEL PARTNERS
China Venture Capital: Capturing the opportunity
Chinese Venture Capital is at a crossroads as it defines its position in the global VC landscape. With the emergence of a number of spinouts from global and domestic brand names, a proliferation of state-backed funds, the dominance of innovation across AI, robotics, and big data, and strong exit
routes means Chinese venture capital has been propelled to centre stage. However, questions remain around attractive deal sourcing, sustained high valuations, and intense competition. Our industry specialists share their thoughts on where the Chinese venture capital industry might go next.
• How do you choose which VC funds to invest with in China, and what is key when looking at first-time funds?
• Which parts of the hot sectors are still providing interesting opportunities?
• Has China taken over broad leadership of technology development? Where are the most interesting innovations?
• What will the Chinese venture capital landscape look like in five years?
Moderated by: Chris Lerner, Partner and Head of Asia, EATON PARTNERS
Peter Mao, Partner, PANDA CAPITAL
Wayne Shiong, Partner, CHINA GROWTH CAPITAL
Wei Zhou, Founding and Managing Partner, CHINA CREATION VENTURES (CCV)
Networking coffee break
Where success has no limit
Jinyo (J.Y.) Jung, Deputy Director, INVEST KOREA (KOTRA)
Korea: Solid and Dependent performer
South Korea’s private equity market is flourishing, enjoying a record year for exits in 2017. Deal flow is strong led by divestments from local conglomerates, and plenty of middle-market deals via succession opportunities and firms looking to scale and modernize. However, General Partners need to make sure they can differentiate themselves amongst intensified competition and steep valuations. Our panellists assess the investment landscape.
- Which sectors are most interesting when looking at proprietary deals in the small and mid-cap environment?
- Are cross-border strategies playing out as expected?
- How are successful GPs exiting their investments?
- What does the state of relations between the North and South mean for investors?
Moderated by: Kenneth S. Blazejewski, Counsel, CLEARY GOTTLIEB STEEN & HAMILTON LLP
T.J. Kono, Partner, UNISON CAPITAL
Jason Shin, Managing Partner, VIG PARTNERS
LP panel: Asia, a consistent in a global portfolio
As Asian exit values continue to reach all-time highs and managers deliver consistent returns to investors, Asia has strengthened its position as an essential part of a diversified portfolio. However, for investors the challenge remains, choosing the right strategy, amongst a variety of fund types,
sector specialists, fund sizes, and varying terms. Our panel discusses their approaches when looking at Asia.
• How can technology help you learn the landscape in Asia and help you pick the right partners?
• Which sectors and regions remain attractive to investors, and what are their biggest concerns?
• How do LPs cope with currency risk when looking at Asia?
• What has delivered the best returns from Asia, and how has the secondaries market developed?
Moderated by: Michael Taylor, Managing Director, HARBOURVEST PARTNERS (ASIA)
Kevin Fedewa, Senior Portfolio Manager, STATE OF MICHIGAN RETIREMENT SYSTEMS
Maurice Gordon, Managing Director and Head of Private Equity, GUARDIAN LIFE INSURANCE COMPANY
Peter Keehn, Global Head of Private Equity, ALLSTATE INVESTMENTS
Reginald Tucker, Senior Investment Officer, NEW YORK STATE COMMON RETIREMENT FUND
Close of conference