Programme - Venture Capital Summit, 12 November

Private Equity Leaders' Summit | Venture Capital Summit | Limited Partners' Summit | Investment Summit (Day one) | Investment Summit (Day two)

  • Tuesday, 12th November 2019

  • 08:00

    Registration

  • 08:50

    Opening remarks

    Allen Lee, Publisher, ASIAN VENTURE CAPITAL JOURNAL

  • 09:00

    Fireside chat: Building an organization for the future (Joint session with the PE Leaders’ and Limited Partners’ Summits)

    Interviewer: Tim Burroughs, Managing Editor, ASIAN VENTURE CAPITAL JOURNAL
    Interviewee: Jon Winkelried, Co-Chief Executive Officer and Partner, TPG

  • 09:30

    Asian private equity: What next? (Joint session with the PE Leaders’ and Limited Partners’ Summits)

    Given how sentiment withered as 2018 wore on, it comes as little surprise that 2019 has thus far been characterized by uncertainty. Concerns about the macro climate, high valuations, and unclear paths to exit are primarily to blame. GPs want to be sure their thesis is watertight before pulling the trigger, which means more time spent on due diligence and value creation plans. Our panel of top investors assess the current state of the market.

    • What positives can be drawn from 2019?
    • How are managers looking to differentiate themselves?
    • Is it still a seller’s market? What is the key to a successful exit process?
    • What is the outlook for the next 12 months?

    Moderated by: Lars Aagaard, Head of M&A, Asia Pacific and Head of Financial Sponsors, Asia Pacific, BARCLAYS
    Panellists:
    Nicholas Bloy, Managing Partner, NAVIS CAPITAL PARTNERS
    Boon Chew, Senior Managing Director and Managing Partner, CITIC CAPITAL PARTNERS
    Brian Hong, Partner, CVC CAPITAL PARTNERS
    Tatsuo Kawasaki, Founding Partner, UNISON CAPITAL
    Teck Sien Lau, CEO and Partner, HOPU INVESTMENTS

  • 10:30

    Networking coffee break

    Sponsored by:

  • 11:00

    Transformative technology: Finger on the pulse

    Technology serves as an enabler across almost every industry, bringing about fundamental changes in how people eat, sleep, shop, trade and socialize. Investors must be able to spot the next big monetization opportunity. This could mean shepherding a start-up through its early rounds or betting on the ability of an established player to achieve significant scale. Our diverse collection of investors explain how they identify transformative technologies and work with founders to realise this potential.

    • Will the current leaders in artificial intelligence be the ultimate winners?
    • How does the level of innovation in Asia compare to the US?
    • What are the criteria for assessing the commercial application of a technology?
    • Which segments will deliver the next generation of multi-billion-dollar start-ups?

    Moderated by: Patrick Loofbourrow, Partner, COOLEY
    Panellists:
    Jeffrey Chi, Managing Director and Vice Chairman, VICKERS VENTURE PARTNERS
    Erhai Liu, Founding & Managing Partner, JOY CAPITAL
    Andrew Ng, Managing Partner, AI FUND
    Jerry Talton, Director of Data & Machine Learning, CARTA

  • 11:45

    Hands-on VC: Playing a role in value creation

    In a climate of abundant capital, VC investors remain competitive by finding ways to make themselves relevant and useful to entrepreneurs. Post-investment services are increasingly part of the engagement toolkit in Asia, whether it involves serving as a high-level sounding board to founders or utilising internal and external resources to help with recruitment, marketing, and finance. In this session a panel of investors discusses their hands-on efforts to drive value creation in start-ups.

    • Where do entrepreneurs tend to require the most support?
    • To what extent do VCs use third-party consultants?
    • What is the process for scaling back resources for struggling start-ups? 
    • How is change effected in situations where founders and investors do not agree?

    Moderated by: Henry Yin, Partner, COOLEY
    Panellists:
    Emre Hidekazu Yuasa, Director, GLOBIS CAPITAL PARTNERS
    Melisa Irene, Partner, EAST VENTURES
    Han Kim, Managing Director and Co-Founder, ALTOS VENTURES
    Steven Wang, Managing Partner, HIGHLIGHT CAPITAL

  • 12:30

    Fireside chat: Perspectives on global venture capital investing (Joint session with the PE Leaders’ and Limited Partners’ Summits)

    Interviewer: Carman Chan, Founder & Managing Partner, CLICK VENTURES
    Interviewee: Scott Sandell, Managing General Partner, NEA

  • 13:00

    Networking lunch

  • 14:00

    VC and beyond: The changing deal environment

    Private equity firms, sovereign wealth funds, hedge funds, and strategic players are all active in this space, as are multi-strategy VC firms keen to continue backing portfolio companies – and make new investments – in later-stage rounds. Our seasoned industry practitioners consider the implications of broader investor participation in technology.

    • What are the pros and cons of backing a multi-strategy VC firm?
    • How prominent is corporate venture capital in the ecosystem?
    • How are longer holding periods changing investor bases and liquidity options? 
    • Can IPOs live up to lofty private markets valuations?

    Moderated by: Pang Lee, Partner, COOLEY
    Panellists:
    Ben Cheng, Managing Partner, C VENTURES
    Michelle Deaker, Managing Partner, ONEVENTURES
    Xiaodong Jiang, Managing Partner, LONG HILL CAPITAL
    Haiyan Wu, Managing Partner, CHINA GROWTH CAPITAL (CGC)
    Anna Xu, Founding Partner, HIKE CAPITAL

  • 15:00

    VC fundraising: Many flavours

    As the global technology investment opportunity has grown, so have the ways in which VC firms harness capital. Activity stretches from the mainstream – early-stage funds raised in parallel with growth vehicles, enabling investors to continue backing companies that are saying private longer – to niches such as highly specialized funds or evergreen pools of capital. The question for LPs is whether their interests remain aligned with those of managers. A diverse group of GPs share their experiences.

    • To what extent is interest in venture a structural rather than a cyclical trend?
    • Will Asia become the main source of capital for Asia-focused VC funds?
    • Are political and regulatory issues making it harder to raise capital in the US and Europe?
    • Which terms tend to be the most fiercely negotiated?

    Moderated by: Jingyi Xu, Counsel, COOLEY
    Panellists:
    Shane Chesson, Partner, OPENSPACE VENTURES
    Frances Du, Founding Partner, THE JIANGMEN VENTURES
    Paul Keung, Partner & COO, INCE CAPITAL
    Abhay Pandey, General Partner, A91 PARTNERS

  • 16:00

    Networking coffee break

    Sponsored by:

  • 16:30

    Asian venture capital: A new maturity (Joint session with the PE Leaders’ and Limited Partners’ Summits)

    Levels of development vary markedly across Asia’s venture capital markets, but all are to some extent benefiting from growing investor interest – domestic and international, high net worth and institutional – in the asset class. The combination of maturity and the scope to participate at more points along the value chain as start-ups stay under private ownership for longer is encouraging diversification in strategy and skillsets. Investors operating in different markets share their tips for success.

    • In which geographies, and at what stages, are valuations a major concern?
    • What are the implications of Chinese VCs entering other markets in Asia?
    • How creative are firms being in terms of fund structure and strategy?
    • What is the exit outlook for the next 12 months?

    Moderated by: Ferish Patel, Partner, COOLEY
    Panellists:
    Amit Anand, Founding Partner, JUNGLE VENTURES
    Manish Kheterpal, Managing Partner, WATERBRIDGE VENTURES
    Nisa Leung, Managing Partner, QIMING VENTURE PARTNERS
    Shinichi Takamiya, Managing Partner, GLOBIS CAPITAL PARTNERS
    Wei Zhou, Founding Managing Partner, CCV

  • 17:15

    Institutional perspective: How LPs view the world(Joint session with the PE Leaders’ and Limited Partners’ Summits)

    Alongside international investors, Asian investors have become a mainstay of the alternatives space. Those with more advanced programmes have built up strong in-house skills and become active co-investors, with direct investment the next priority in select areas. For more recent arrivals, the challenge is choosing where and with whom to allocate capital, always conscious of j-curve mitigation. Our panellists explain how their approaches are evolving and what managers must do to win favour in the current market.

    • What do LPs want from their alternatives programmes?
    • What can be done to access top managers in Asia and globally?
    • Where do ESG, diversity and impact investing on the agenda?
    • What are the major frustrations when dealing with GPs?

    Moderated by: Hemal Mirani, Managing Director, HARBOURVEST PARTNERS (ASIA)
    Panellists:
    Tanya Carmichael, Managing Director, Global Funds, ONTARIO TEACHERS’ PENSION PLAN
    Maria Guo, Investment Manager, Private Markets, SUNSUPER
    Kathy Wong, Head of Private Equity and Direct Investment, HONG KONG MONETARY AUTHORITY

  • 18:00

    Close of summit

  • 18:15

    Cocktail reception

    Sponsored by: