Thursday, 17 July 2014
||Registration and refreshments
|| Welcome remarks
||Opening keynote address
David Carbon, Chief Economist, DBS BANK
Industry leaders panel: The Asian private equity proposition in 2014
The signs are promising for Asian private equity. The exit market has reopened and is providing LPs with good returns. This is translating back into a desire on their side to make new commitments to Asian funds. North Asia is generating the greatest interest for investment in the region, the scalability of Southeast Asia is still a compelling story, China is still viewed favourably and the contrarian would say now is the time to revisit India. However, given the rebound of Western economies and the patchy performance of some Asian funds, LPs are employing greater scrutiny when selecting a GP. In the current economic climate, the ability to generate alpha will be more important than ever to achieve superior private equity returns and justify the increased risk for LPs when investing in the region.
- Which markets and sectors are GPs and their investors most bullish about?
- Will currency depreciation and high valuations hurt the market, and is this likely to continue in the long term?
- Is an upswing in market conditions in Europe and the US causing LPs to lose their appetite for emerging markets?
- How will the rise of "shadow capital" controlled by big institutional investors affect the industry?
- Has the evolution of the private equity model to now include diversification into real assets, debt and mezzanine finance been accepted as an industry standard?
- What will the economic landscape look like in five years when the next crop of funds are looking to sell their portfolio companies?
Moderated by: Hiro Mizuno, Partner, COLLER CAPITAL
Han Seng Low, Executive Director, UNITED OVERSEAS BANK LIMITED
Jan Nielsen, Senior Managing Director, Private Equity Group, THE BLACKSTONE GROUP
Tim Sims, Managing Director, PACIFIC EQUITY PARTNERS
Emmett Thomas, Partner, Head of Asia ADVANTAGE PARTNERS. LLP
||Networking coffee break
Finding the next wave of opportunity in Southeast Asia
Southeast Asia continues to be one of the most talked about investment regions globally. The theoretical attributes that excite investors-such as strong consumer demand and an increasingly affluent population-are present, but this has not transformed into a boom for private equity. There has been a steady flow of opportunistic deals but we are yet to see the obstacles of political and regulatory uncertainty and lack of transparency subside and make way for a large-scale investment arena that drills down to the individual country level.
- Where will the next hot spot be and does the associated enthusiasm drive up valuations and competition prematurely?
- Where does Singapore sit in its position as a hub for Asian private equity?
- Will political unrest continue to derail Thailand's aspirations for foreign investment, or is the risk worth taking?
- Are control deals a prerequisite for minimising risk and safeguarding your capital when investing in Southeast Asia?
- Will local connections and individual skill to spot and negotiate a favourable deal ultimately determine success and failure?
- How will the elections in Indonesia affect foreign investors and the private equity industry?
- Have increased bureaucracy and cost of labour in China resulted in an opportunity for manufacturing in Southeast Asia?
- How will the ASEAN Charter drive growth and intra-region trade?
Moderated by: Andrew Thompson, Partner and Head of Private Equity, South East Asia, KPMG SINGAPORE
Paul Kang, Senior Partner, Head of Southeast Asia, HEADLAND CAPITAL PARTNERS
Eugene Lai, Managing Director, SOUTHERN CAPITAL GROUP
Kabir Mathur, Director, South East Asia, KKR ASIA LIMITED
Singapore and the mission to become Southeast Asia's Silicon Valley
Venture capital tech investments in Singapore last year totalled $1.71bn, outstripping those in Japan, South Korea and Hong Kong. International interest has included well-known US venture capital firms such as Andreessen Horowitz committing funds to local start-ups in Singapore. The government has seized on the local entrepreneurial spirit and has established numerous initiatives to co-invest in start-ups and encourage entrepreneurs and venture capitalists to set up shop and profit from the growing tech boom. So can Singapore become the hub for venture capital across Southeast Asia?
- How can the VC industry ensure that the injection of government funding is used correctly?
- What cluster groups exist and how mature is the start-up ecosystem when benchmarked globally?
- Which industries present the best opportunities for success for VC right now?
- Does Singapore have a strong talent pool, and can it attract the world-class tech professionals required for a sustainable tech industry?
- Can Singapore recreate the Silicon Valley start-up model and what role will the government plaPy in becoming a tech hub?
Moderated by: Jeffrey Paine, Founding Partner, GOLDEN GATE VENTURE
Jeffrey Chi, Managing Director, VICKERS VENTURE PARTNERS
Patrick Grove, Chairman and Group CEO, CATCHA GROUP
Steve Leonard, Executive Deputy Chairman, INFOCOMM DEVELOPMENT AUTHORITY OF SINGAPORE (IDA)
Henry H. Wong, Managing Director, GARAGE TECHNOLOGY VENTURES
Marie Charles, Managing General Partner, TIGER HEALTHCARE PRIVATE EQUITY
Expert discussion: Asian private equity stories from fund managers in the trenches
Fund managers operating in a region that often contrasts with their own culture and business methods have to be resourceful and adaptive when navigating the sometimes rewarding and often unpredictable markets of Asia. In this session, a group of successful fund managers will share anecdotes on the investments and deals that have provided the most challenges over the years and the invaluable lessons they have learned along the way through their professional journey in Asia.
Moderated by: Chris Loh, Partner, AXIOM ASIA PRIVATE CAPITAL
Shane Gong, Director, CHAMP PRIVATE EQUITY
Jean-Christophe Marti, Senior Partner, NAVIS CAPITAL PARTNERS
Kay Mock, Founding Partner, SARATOGA CAPITAL
Real assets across the globe
Real assets are playing an increasingly important role for investors thanks to a strong desire globally for improved infrastructure development and a fierce appetite for these types of investments from LPs. Although private sector funding is essential for many infrastructure and real estate projects, these investments are often perceived as high risk and are complicated by regulatory hurdles and lengthy project completion plans that don't necessarily fit into the private equity model. In spite of these factors, GPs are increasingly looking to enter the real assets space because of the need for large scale projects and the recognised potential for consistent returns.
- Which areas are most promising for private equity: energy, real estate, mining, transportation, clean tech?
- How can GPs partner with multilateral agencies in development projects?
- Greenfield versus brownfield: Where are the best investment opportunities?
- Are the lengthy project time tables associated with infrastructure development compatible with the private equity investment model?
- What are the most urgent infrastructure needs today, and how can private equity get involved in the development process?
- How can LPs best align their interests and strategies with GPs for this style of investing?
Moderated by: Vijay Pattabhiraman, Managing Director and CIO, Global Real Assets - Asia Infrastructure, JP MORGAN ASSET MANAGEMENT
Johan Bastin, CEO, CAPASIA
James Davies, Head of Funds Management, NEW FORESTS ASSET MANAGEMENT
||Networking coffee break
Indian PE: building a sustainable market after the boom and bust years
Signs of a recovery in India are clear as private equity investment in the first quarter of 2014 reached USD 2.4 billion, double the figure in the corresponding period 12 months ago. As dry powder recedes and entry valuations stabilise many are returning to the country as they see attractive buying opportunities and less competition for deal. So with a new government and new found optimism, can the Indian PE industry develop the foundations for a sustained period of success?
- How will the new government affect the economic outlook for India and what knock-on effect will this have on the PE industry?
- What lessons can be learnt from the last 2-3 years and be used to create a stable PE environment?
- Where are the smart real estate investments and are the best opportunities for exponential growth in micro markets?
- What trends have we seen in exits and are LPs happy with the returns being achieved
Moderated by: Anand Prasanna, Director, MORGAN CREEK CAPITAL MANAGEMENT
Sanjoy Chatterjee, Chief Operating Officer, EVERSTONE CAPITAL
Neha Grover, India CFO and Senior Vice President, BARING PRIVATE EQUITY PARTNERS INDIA
Shankar Narayanan, Managing Director, THE CARLYLE GROUP
The audience sets the agenda: The investment destinations you want to hear
Attendees had the chance to select the countries they want to have on the agenda in this session. When the votes had been counted, country experts from Myanmar, Philippines and Vietnam were selected by the audience to deliver a 10-minute pitch and field questions on their destination of choice before each member of the audience votes on the pitch that would win their investment.
Moderated by: Tim Burroughs, Managing Editor, ASIAN VENTURE CAPITAL JOURNAL
David Do, Managing Director, VI GROUP
Genevieve Heng, Director & Co-Founder, ANTHEM ASIA LIMITED
Dennis Montecillo, President, BPI CAPITAL CORPORATION
||Close of conference day 1
Friday, 18 July 2014
||Registration and refreshments
More than just a great idea: How Singapore's startup ecosystem is delivering ROI
Exits like Zopim's sale to Silicon Valley customer support platform Zendesk, and Viki's acquisition by Japanese ecommerce giant Rakuten tell the world that Singapore is a hub for commercially viable innovation. More so, it is a clear indication to entrepreneurs and savvy investors globally that the region could be the origin of the next big success story like whatsapp. Also, while large exits are lucrative for investors, their benefits go beyond the monetary as they create a cycle of innovation that sustains the startup ecosystem and develops a blueprint for commercial success.
- How have successful startups in Singapore gone from opening to exit?
- What are the current examples of fledgling companies in the region that have the potential to reach a mass audience and deliver a windfall on exit to its investors?
- What industries do we see the greatest skillset for innovation in the region and therefore the most inclined to deliver ROI?
- Are M&A transactions the most likely exit option or are there other routes that are attainable?
Moderated by: Yinglan Tan, Venture Partner, SEQUOIA CAPITAL
Amit Anand, Co-Founder and Managing Partner, JUNGLE VENTURES
Shane Chesson, Partner, NORTHSTAR SILICON ISLAND
Leslie Loh, Managing Director, RED DOT VENTURES
William Wijaya, Regional Manager, FENOX VENTURE CAPITAL
The awakening of the Chinese private equity market
Capital market reforms and the resumption of the IPO market mean the Chinese private equity market is experiencing an upturn in activity. A progressive VC industry and the creation of free trade zones are also adding to an improved market sentiment in 2014, but challenges are still present as deal quality and valuations remain an issue. Liquidity pressure is still prevalent despite the opening of the IPO market, as it is oversubscribed and quality of submissions is questionable.
- What key challenges does the industry face under the new IPO regulations?
- How could the Shanghai free-trade zone affect the private equity industry?
- How are new entrants into the market changing the investor landscape in China?
- Are valuations likely to come down and create a more favourable deal environment, or will competition keep them high?
- What is the future for the renminbi fund market?
- How is the macroeconomic situation impacting the Chinese private equity market?
Moderated by: Sam Robinson, Head of Asia Private Equity, ABERDEEN ASSET
Yi Li, Partner, LUNAR CAPITAL MANAGEMENT
Jie Lian, Partner, PRIMAVERA CAPITAL GROUP
Jonathan Zhu, Managing Director, BAIN CAPITAL ASIA, LLC
||Networking coffee break
Will Southeast Asia provide fertile ground for buyout deals?
As global buyout firms deploy more resources in Asia-Pacific and intensify their focus on Southeast Asia, using Singapore as a hub, there is an expectation that rising prosperity, political stability and industrial consolidation will create opportunities for buyout deals. But are there enough mid- to large-size transactions to go around, and will they come at reasonable prices?
- How critical is it to form relationships with local partners and business leaders to source and win deals?
- Will a greater availability of leverage increase the potential for buyout deal flow?
- What markets are most likely to provide opportunities for buyout deals that are available to private equity?
- Will large-size deals in the region be hundred-million-dollar rather than multi-billion-dollar transactions?
Karam Butalia, Executive Chairman, KV ASIA CAPITAL
Doug A. Coulter, Partner, LGT CAPITAL PARTNERS
Ashish Shastry, Managing Partner, NORTHSTAR GROUP
Chow Yin Tan, Senior Partner, NAVIS CAPITAL PARTNERS
The LPs' view: The Asian private equity proposition
The fundraising market in Asia has become increasingly competitive in recent years as LPs placing greater scrutiny on GPs' track records, seek increased flexibility for fees and terms, and look for collaborative investment opportunities. So what fund type, investment destinations and markets are LPs searching for when they seek investments in Asia and how have their Asian private equity portfolios performed thus far?
- How do LPs view Asia as an investment destination compared to the rest of the world?
- Do LPs prefer global, regional or country fund managers for accessing Asian markets?
- Is Southeast Asia only viable when viewed as one investment destination, or do LPs investigate specific countries in the region?
- Are control versus non-control deals a deal breaker or are LPs open to both investment styles?
- Do LPs in general view track record purely in terms of fund performance, or is the individual's record just as important?
- Have GPs' appetites to raise new funds exceeded LPs' ability to commit?
- How can a start-up fund attract commitments? Does it have to focus on a destination, structure or asset class to stand a chance?
- As GPs return capital and LPs' private equity portfolios shrink, is now the time for GPs to hit the road and start fundraising?
Moderated by: Irene Koh, Vice President, JP MORGAN ASSET MANAGEMENT
Andress Goh, Managing Director, ALLIANZ CAPITAL PARTNERS
Peter Martisek, Director, BLACKROCK PRIVATE EQUITY PARTNERS
Wee Teck Tay, Director, BANK OF SINGAPORE
Close of conference