Thursday, July 11, 2019
Registration and refreshments
Tim Burroughs, Managing Editor, ASIAN VENTURE CAPITAL JOURNAL
Asian Private Equity: where next?
Now representing 26% of the global private equity ecosystem, Asian private equity has achieved heavyweight status, with deal value and exit value again reaching record highs last year. Successful GPs have focused on finding niches within popular sectors, delivering thoughtful value creation, and fulfilling the exit potential for Asia. However, the market still faces challenges, with dry powder at an all-time high, competition for deals intensifying, overheated Internet and technology sectors, and macroeconomic headwinds on the horizon, fund managers need to be increasingly creative in order to deliver alpha. Our leading Asian fund managers share their insights into the future of Asian private equity.
- What is the correct investment thesis for Asian private equity?
- What techniques and capabilities are managers building to source deals more effectively?
- How are fund managers incorporating ESG into their investments and value creation strategies?
- What are managers’ outlooks for the region in 2019 and beyond into 2020?
Moderated by: Hemal Mirani, Managing Director, HARBOURVEST PARTNERS (ASIA)
Anthony Kerwick, Managing Director, ADAMANTEM CAPITAL
David H. Li, Chairman and CEO, CENTURIUM CAPITAL
Rodney Muse, Managing Partner, NAVIS CAPITAL PARTNERS
Jun Tsusaka, Managing Partner, CIO and Founding Member, NSSK
Presentation & Q&A: An overview of Japanese Private Equity
In recent years, Japanese private equity has firmly been in the spotlight. At all stages of the market, private equity investors have demonstrated an ability to identify the right targets in the right industries, added value, and delivered attractive exits. Naturally, with interest so high, fund sizes have increased and competition has intensified. Moving forward, fund managers must remain disciplined and have clearly defined strategies to ensure continued success in the market.
Presentation: T.J. Kono, Partner, UNISON CAPITAL
Q&A moderated by: Tim Burroughs, Managing Editor, ASIAN VENTURE CAPITAL JOURNAL
T.J. Kono, Partner, UNISON CAPITAL
Jun Tsusaka, Managing Partner, CIO and Founding Member, NSSK
Networking coffee break
India: On the cusp
With deal value reaching record levels, Indian private equity momentum has continued to propel the industry forwards—the Internet and technology sectors are providing good deal flow, and exits continue to deliver. For established GPs, it is now all about diligent deal sourcing that looks deeper into sectors for attractive or justifiable valuations, and spotting sub-sectors that still have the potential for strong growth. Developing effective value creation plans with hands on input from managers, as well as coming up with the right exit strategy is also crucial. Political uncertainty, intense competition, and high expectations for pricing when selling are notable concerns. Our panel of experts discuss what is next for Indian private equity.
Moderated by: Michael Taylor, Managing Director, HARBOURVEST PARTNERS (ASIA)
Gaurav Ahuja, Managing Director, CHRYSCAPITAL
Suneel G. Kaji, Managing Director, EVERSTONE CAPITAL
Chinese private equity: Continuing to evolve
Chinese private equity faced a tricky 2018 with economic growth moderating, a decline in consumer sentiment, and antagonism between the US and China over trade. For GPs, the focus remains on fundamentals and growth, but there is more emphasis on sectors that will benefit from structural growth rather than previous macro tailwinds. GPs are adapting and honing their strategies so that they can take advantage as the economy opens up to more private investment. However, transition is hard, and speed is a frustration for fund managers. Coupled with the potential for an impasse on trade, managers must work even harder to define what will continue to drive success in China. Our panel will analyse developments and showcase their approaches.
- How is the GP landscape evolving, what is the reality of doing buyouts in China, and is specialism becoming more prevalent?
- What is the right approach for delivering value creation in China?
- Which capabilities or partnerships should GPs be developing in order to take advantage of upcoming opportunities and challenges?
- Has China solved its exits problem, and will regulatory reform mean more IPOs?
Moderated by: Jie Gong, Partner, PANTHEON VENTURES
Linda Cai, Partner, LOYAL VALLEY CAPITAL
James Ieong, Chairman / Managing Partner, PAGODA CAPITAL PARTNERS
Tony Jiang, Co-Founder and Partner, OCEAN LINK
David Wei, Chairman and Founding Partner, VISION KNIGHT CAPITAL
Jessie Yan, Director, LUNAR
Private Credit: A deeper look at the market
Private credit strategies in Asia have garnered considerable investor attention, given the scale of opportunity they represent, and the potential yield compared to the United States and Europe. While some managers have focused on one particular niche strategy, many providers offer multiple overlapping approaches in order to address the differing opportunities in each market. Specialist GPs are adding more people and resources, while a growing number of mainstream private equity firms have introduced private debt verticals. Success is contingent on understanding the market dynamics and nuances across various geographies. From direct lending and mezzanine, to distressed debt and special opportunities, our speakers will showcase the opportunities across the region.
Kanchan Jain, Managing Director, BARING PRIVATE EQUITY ASIA
Jeff Schlapinski, Senior Director of Research, EMPEA
Chinese venture capital: Capturing the opportunity
Chinese start-ups received 32% of invested global venture capital—up from 4% five years ago. With abundant interest in the Internet and technology sectors, the landscape has changed dramatically. Established players are developing new product offerings to take advantage of opportunities at each stage of the investment spectrum, corporate investment arms continue to grow, spinouts are still emerging, and traditional private equity players entering the market present a myriad of options for investors. Picking the right partners will be key in the next phase of development. What is clear, however, is that China has established itself as a true force in innovation, AI, and big data. Our experts share their thoughts on what is next for Chinese venture capital.
- Which strategies have been the most successful in Chinese venture capital?
- Where should the focus be in the overheated technology and healthcare sectors, and where else can you find value?
- Is value creation now an important part of the investment plan?
- How is the venture capital landscape evolving, and what will Chinese venture capital look like over the coming years?
Moderated by: Sherry Lin, Head of Global Venture and Asia, WILLETT ADVISORS
Teck Loon Goh, Head of Investor Relations, GGV CAPITAL
Yipin Ng, Founder and Managing Partner, YUNQI PARTNERS
Linda Li, Managing Director, Partner, VICKERS VENTURE PARTNERS
Update on the opportunity in Indian venture capital
Manish Kheterpal, Managing Partner, WATERBRIDGE VENTURES
Networking coffee break
Impact investment and ESG: An Asia update
ESG and impact investment have become priorities for many investors – the former mainly as an important aspect of manager due diligence and the latter as an investment strategy in its own right. Dedicated ESG professionals are being hired and detailed policies being implemented. Several, niche dedicated impact investment funds have popped up, and a cluster of global private equity firms have launched impact funds tailored to meet institutional investors’ requirements in terms of sustainability and attractive returns. In this session, a panel of experts will consider how GPs and LPs can establish robust responsible investment protocols.
- What progress are Asian GPs making on sustainable investment?
- How are ESG criteria used to drive value creation?
- How is technology contributing to sustainable growth models?
- Is there enough of a focus on diversity, and is it part of ESG?
Moderated by: David Wilton, CEO, ZHENG PARTNERS
Melissa Kang, Founder and Managing Partner, JUPITER IMPACT PARTNERS
Maureen E. O'Toole, Managing Director, ACTIS
Richard E. Zimmerman, Advisor, WE FAMILY OFFICES
LP panel: Asia - Picking the winning partnerships
In recent years, as returns have reached and in some cases exceeded expectations, Asia has strengthened its position as an essential part of a diversified portfolio. As investors flock to larger funds with proven track records, upper quartile performance at the smaller end of the market, and the ever-popular Internet and technology sectors, the market is bifurcating. Investors need to make sure that even the winners can demonstrate the right skillset to deliver on new strategies and product offerings, while maintaining the ability to deliver value if market conditions change. Our panel will share their approaches and the top factors for successful investing Asia.
- What is an optimal Asian private equity strategy?
- What frustrates investors the most about relationships with Asian managers?
- How do LPs view co-investment opportunities in the region, who are the right partners, and how has this evolved over recent years?
- Has Asia proved itself in regard to exits, how is the secondaries market developing, and what new innovative structures are there?
Moderated by: Chris Lerner, Partner and Head of Asia, EATON PARTNERS
Gregory Jania, Head of Fund Investments, Global Private Equity, APG ASSET MANAGEMENT
Thomas Lenehan, Deputy Chief Investment Officer, THE ROCKEFELLER UNIVERSITY
Josh Stern, Director, Private Investments, ROBERT WOOD JOHNSON FOUNDATION
Close of conference