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Wednesday, 12 July 2017




Regional Update: How to identify the winning strategies in Asian private equity
With geopolitical uncertainty, on top of a low-growth macroeconomic environment and volatile equities markets, fund managers in Asia face a myriad of challenges. To prevail in this climate, GPs must demonstrate two qualities. First, an ability to adapt quickly to changing conditions, whether that means tweaking existing strategies or rolling out new ones. Second, an appetite and aptitude to work harder to identify investments with potential, create real value, and secure well-timed and well-devised exits. Our leading Asian fund managers share insights into the challenges and near-term prospects for the asset class.

  • How has private equity matured in Asia?
  • What are GPs doing to differentiate themselves?
  • Are geopolitical risks impacting investments?
  • Is cross-border still an attractive investment strategy?
  • What is the outlook for the exit market in 2017?

Moderated by: Peter Keehn, Global Head of Private Equity, ALLSTATE INVESTMENTS
Mark Chiba, Group Chairman & Partner, THE LONGREACH GROUP
Martin Mok, Partner & Head of Asia, EQT PARTNERS ASIA
Wassim Moukahhal, Managing Director - Private Equity, SAMENA CAPITAL INVESTMENTS
Kyle Shaw, Founder and Managing Partner, SHAWKWEI & PARTNERS


North Asia: Korea and Japan - standouts in Asian Private Equity
Private equity investors have prospered in South Korea and Japan, over the past couple of years. In Japan, from the domestic middle-market GPs to international buyout players, investors are seeing increased deal flow as a result of demographics-driven succession-planning situations, divestment activity by conglomerates that are narrowing their scope, and local companies seeking partners as they try to go global. It has also helped that PE firms can point to past success stories when they pitch for these opportunities. In South Korea deal flow remains strong given the underpenetrated middle market and potential for further divestments by local corporates. However, challenges remain around regulation, working with local partners, and securing exits. In this session we will delve into both markets with our country experts.

Moderated by: Tim Burroughs, Managing Editor, ASIAN VENTURE CAPITAL JOURNAL
Tatsuo Kawasaki, Founding Partner, UNISON CAPITAL
T. J. Kono, Partner, UNISON CAPITAL


Networking coffee break


China: What does it take to be successful in Chinese private equity?
Following the emergence of a host of new managers in China's venture capital space, private equity has followed suit in recent years. This reflects both the maturation of the industry and the development of the Chinese economy. Technology, healthcare, and consumers remain the stalwarts of most generalist portfolios, but the range of opportunities within these sectors has encouraged more specialists to set up shop. The role of sector expertise, in all private equity firms, has arguably never been more important as GPs look to control and value creation as drivers of returns in response to slowing economic growth. Our panellists share the secrets of their success.

  • How will Chinese private equity develop over the next five years?
  • How have GPs adapted their strategies in line with slowing growth?
  • To what extent are high valuations still a concern and which sectors are most affected?
  • What will be the impact of renewed interest in renminbi funds?
  • How can GPs address the concerns over liquidity and realisations?

Moderated by: Chris Lerner, Partner and Head of Asia, EATON PARTNERS
Hugh Li, Co-Founder and Managing Director, GENBRIDGE CAPITAL
Stuart Schonberger, Managing Director, Head of Investor Relations, CDH INVESTMENTS
Selina Zheng, Co-Founder and President, DCL INVESTMENTS


India: Making strides in the right direction
India's private equity industry has finally started to deliver a steady stream of exits, although the LP community remains somewhat divided on the prospects for the country. As a result, there is intense interest around a handful of established GPs and managers with first-time funds still finding it hard to raise capital. Among the incumbents there is more balance in terms of fund size, sector focus, and value creation strategies: they know what they are good at and how to deliver returns from it. Government support for the industry is another key factor. However, issues remain around high valuations and GP diversification. Our India experts explain why India is worth looking at.

Moderated by: Jonathan A. English, Managing Director, PORTFOLIO ADVISORS, LLC
Gaurav Ahuja, Managing Director, CHRYSCAPITAL
Akhil Awasthi, Managing Partner, TATA CAPITAL GROWTH FUND


Plenary address: Asia: Factory of the World to generator of brands
Ravi Thakran, Chairman, and Managing Partner, L CATTERTON ASIA


Networking lunch


Managing and mitigating currency risk in Asian portfolios
Sunil Mody, Managing Director, MORGAN STANLEY


Consumer: The Asia Play
Investors are betting big on Asia's consumers to drive the next wave of investment opportunities in Asia. Steady urbanisation, a buoyant middle class, and rising lifestyle expectations across the region all underpin this view. Successful firms are defining key consumer trends and developing investment themes to identify and prioritise target acquisitions. Prominent fund managers highlight the sectors and strategies that can best access the consumer story.

  • Where are the most interesting deals being found?
  • Which parts of the consumer sector present the best opportunities?
  • Will we see more specialist strategies or consumer focused GPs?
  • What kind of investment team is best for a consumer play?
  • What are the best exit routes for a consumer investment?

Moderated by: Euan Rellie, Co-Founder and Senior Managing Director, BDA PARTNERS
Gaurav Ahuja, Managing Director, CHRYSCAPITAL
William A Chen, Founding Managing Partner, CLEARVUE PARTNERS
Rob Genovese, Vice President , LUNAR CAPITAL


The rise of credit and special situations investing in Asia
The credit and special situations sector is on an upward trajectory across the region. Funds are increasingly focused in this area, as they react to banks tightening up on lending and the need to further diversify their product offerings, as they evolve to become both providers of credit and value creators for distressed companies. For LPs, this provides yet another option for diversification of their portfolios in Asia, though concerns remain around track record and exit expectations. Our panel offers insights into the evolving credit market across Asia.

  • How is the market developing and where are the most favourable deals being found?
  • Does a lack of competition create unique opportunities in the region?
  • What is the reality of the NPL opportunity in China?
  • Where does distressed investing fit in the picture?
  • How do regulatory regimes impact deal structuring?

Moderated by: Jeff Schlapinski, Director of Research, EMPEA
Amit Gupta, Partner and Co-Founder, CLEARWATER CAPITAL PARTNERS
Tony Liu, Chief Operating Officer, SHORELINE CAPITAL
Jeff Robinson, Managing Director, BAIN CAPITAL CREDIT


Networking coffee break


Southeast Asia: What is the best approach for this diverse set of geographies?
For many institutional investors, Southeast Asia is a conundrum; interesting and rewarding, yet filled with uncertainties. A lack of fund managers, issues around scalability of investments, and inconsistent track records have long been problems in the region. However, a number of managers have developed niche strategies with the potential to deliver a winning formula for approaching Southeast Asia. Our panel showcases what is working for this diverse region.

  • Where are the best opportunities currently when looking at Southeast Asia?
  • How can a theoretical investment thesis be turned into realistic opportunities?
  • Which strategy works when looking at cross-border deals?
  • How important is scalability for success in Southeast Asia?
  • What does the exit landscape look like for 2017 and beyond?

Moderator: Meera Narayanaswamy, Senior Investment Officer, INTERNATIONAL FINANCE CORPORATION (IFC)
Andy Ho, Chief Investment Officer, VINACAPITAL
Rodney Muse, Managing Partner, NAVIS CAPITAL PARTNERS
D. Cyril Noerhadi, Senior Managing Director, CREADOR


Sector Focus: Top tips for accessing the healthcare story in China
The popularity of healthcare assets among private equity investors shows no sign of waning-the combination of rising demand for quality products and services in emerging markets and low levels of supply make sure of that. In theory, all parts of the healthcare supply chain present opportunities for private equity and venture capital, but high valuations and regulatory bureaucracy can complicate matters. Specialist knowledge of the sector is imperative. Our panel offers insights into navigating the healthcare space.

Moderator: Yiqin Shen, Senior Reporter, MERGERMARKET / DEALREPORTER

Sean Cao, Managing Director, C-BRIDGE CAPITAL
Steven Wang, Managing and Founding Partner, HIGHLIGHT CAPITAL
Dan Zabrowski, Venture Partner, DECHENG CAPITAL


Asia highlights: Where, why, and how should LPs look to invest in the region
Asian exit values reached $74 billion in 2016 and outperformed most other asset classes. This was the third year in a row fund managers have returned cash to investors, highlighting the importance of Asia as part of a diversified global portfolio. What remains crucial is picking the right partners, who are able to develop and execute real value creation strategies in today's markets. Our panel shares their experiences of investing in Asia.

  • How do you learn the landscape in Asia and how do you pick the right partners?
  • Which sectors and regions are the most attractive to investors?
  • What do GPs miss when pitching US LPs on Asian investments?
  • How do you justify Asian allocations to your investment committee? Should global LPs be increasing their exposure to Asia at this time?
  • What has delivered the best returns from Asia?

Moderated by: Hemal Mirani, Managing Director, HARBOURVEST PARTNERS (ASIA) LIMITED
Amy C. Falls, Chief Investment Officer and Vice President, THE ROCKEFELLER UNIVERSITY
Maurice Gordon, Managing Director and Head of Private Equity, GUARDIAN LIFE INSURANCE COMPANY
Gregory Jania, Head of Fund Investments, Global Private Equity, APG ASSET MANAGEMENT


Close of conference and cocktail reception

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