Investment Summit, 2011

07:45

Registration

08:20

Welcome address
Jonathon Whiteley, Managing Director, AVCJ
Graeme Maxton, Conference Chairman

08:30

Opening remarks
K C Chan, Secretary for Financial Services & the Treasury, THE GOVERNMENT OF HKSAR

08:45

Opening keynote address
James Coulter, Founding Partner, TPG CAPITAL

09:15

Keynote panel: Asia in the global context
In the past few years, private equity has seen its fair share of challenges. The downward spiral spurred by the global financial crisis has seen many plans put on hold as the industry prioritises survival ahead of innovation. With the market now turning a corner. GPs and LPs are revisiting their strategies with greater focus on China. Our panel of senior global investors examines the outlook for private equity globally and considers the implications of the irresistible rise of Asia:

• The state of private equity globally
• Limited partners’ appetite for private equity partnerships
• The role of Asia in a global portfolio
• How will private equity continue to produce superior returns?
  

10:05

The future of Asian buyouts
With its steadily growing economies, a pipeline of profitable exits and increasing clear regulatory frameworks, the Asian story, from a buyout fund's perspective, seems largely intact. However, the scarcity of large-size opportunities, particularly in once abundant in Asia's more developed markets, makes it difficult to convince LPs to re-up on previous allocations. Can private equity's biggest players withstand this drought and revive buyout prospects in Asia? Leaders from the region's leading buyout funds discuss the realities of the market and their strategies for finding opportunities today.

• What is the ideal size for buyout funds in today's markets?
• Will the buyout model work in China and India?
• Building a team of professionals with the right skill set
• Which buyout markets hold the most promise for outsized returns in the near-to-mid term?

10:55

Networking coffee break

Big issues

Country workshops

11:15

Capitalising on growth
The amount of capital invested by Asia-focused private equity funds has rebounded to almost pre-crisis levels. This surge in Asian deals are largely driven by the urbanisation and the expansion of the middle-class in major Asian markets such as India and China, as well as, the newer markets of Indonesia and Malaysia. Can private equity continue to ride this wave of growing consumer confidence? The sector's top names discuss the opportunities.

• What have been the standout sectors for 2011 and where is 2012 headed?
• What are the hot buyout markets and why is the time ripe for general partners to use a roll-up strategy to accelerate organic growth?
• How are general partners helping their portfolio companies with the non-financial challenges that growth brings?
• How can growth investors differentiate themselves from their peers?
• The outlook for Pre-IPO investments?

The next stage of Australian private equity
With a mature economy that operates in a transparent and regulated business environment, Australia provides PE investors with an attractive alternative to other Asian countries where investors face the risks of corruption and economic and political uncertainty. A broad middle market and the capacity for larger deals has translated to consistent returns by both domestic PE firms and global firms active in the market.

• What is the current PE landscape in Australia?
• Where are the opportunities in the Australian middle market?
• Which industries have the most compelling projected growth profiles in the near and long term?
• How do LPs view Australia versus the high-growth Asian economies?

Moderated by: Katherine Woodthorpe, Chief Executive, THE AUSTRALIAN PRIVATE EQUITY & VENTURE CAPITAL ASSOCIATION
Su-Ming Wong, Managing Director, CHAMP VENTURES
Ian Johnson, Managing Director, HELMSMAN FUNDS MANAGEMENT LTD
Paul Evans, Founding Partner, IRONBRIDGE CAPITAL
Peter Dowding, Co-Founder & Managing Director, PROPEL INVESTMENTS

12:10

Keynote address
David Rubenstein, Co-Founder & Managing Director, THE CARLYLE GROUP

12:40

Networking lunch

13:40

Keynote address
Jonathan M Nelson, CEO, PROVIDENCE EQUITY PARTNERS
Interviewed by: John Dawson, Anchor, BLOOMBERG TELEVISION

14:10

China: Will the market overheat?
China needs to rebalance its economy - reducing dependence on investment and exports in favour of  domestic consumption - in order to deliver sustainable long-term growth. This may open up even more openings for private equity, which despite the glamour and prestige, accounts for a relatively insignificant 0.3% of GDP (compared to 1-1.5% in the US). Will this be enough to sustain an industry that, thanks in part to the emergence of local investors and renminbi-denominated funds, has been in hyper-growth mode? China's premier GPs discusses the future of the world's most promising private equity opportunity.

• Navigating regulatory hurdles in China
• SWOT analysis: USD vs. RMB denominated funds
• Raising RMB funds from local limited partners

Southeast Asia: Asian private equity's fastest growing market
Southeast Asia is fast becoming a favoured destination for private equity investors looking for opportunities beyond the likes of China and India. Indonesia, with its large-scale market, tops the agenda for most firms, but Malaysia, Thailand and Vietnam are also attracting considerable interest. Singapore, though rich in opportunities itself, serves as a platform from which to access these varied markets. While growth capital deals abound, buyouts tend to be sparse - a lot of the plumb assets are held by family-owned conglomerates that are only looking for minority partners. Senior practitioners discuss the opportunities in key markets.

• The opportunities for foreign private equity firms in Southeast Asia's leading economies
• The art of partnering with local/regional companies on deals
• Update on the latest regulatory changes

14:55

Keynote address
J Christopher Flowers, Chairman & Chief Executive Officer, J. C. FLOWERS & CO. LLC.

15:25

Networking coffee break

15:45

Infrastructure: the building blocks of progress 
As the emerging markets of Asia continue on their path of high growth, they are now facing road blocks due to poor infrastructure. While the opportunities in the headline markets of India and China are well known, other up and coming markets like Indonesia, Vietnam and Thailand also have enormous needs for infrastructure, both soft and hard. Investors discuss the opportunities.

• How is India tackling its power generation, transmission and distribution challenges, and what is PE's role in this sector?
• Is PE relevant to the infrastructure space in China? Or is foreign capital swamped out by state funds?
• Will the Land Acquisition Bill be the solution for Indonesia's infrastructure woes?

North Asia: Japan and Korea return to center stage
While opportunities for international private equity managers in Japan and South Korea may appear limited, indigenous funds have made profitable investments in mid-market companies. At the same time, chinese enterprises have emerged as potential strategic partners for local companies looking to tap growth in Asia's biggest economy. Tokyo and Seoul are now also considered fundraising destinations as cash-rich local institutions look to increase their exposure to alternative investments.

• Is there a future in these markets for global/regional funds patiently waiting for big ticket deals?
• Where do Japanese and Korean limited partners see the best potential returns?
• Tapping the burgeoning middle market segment 

Moderated by: Michael Chae, Managing Director, Alternative Investments - Japan, PINEBRIDGE INVESTMENTS
Megumi Kiyozuka, Managing Director, CLSA CAPITAL PARTNERS JAPAN KK
Keisuke Ide, Principal, GLOBIS CAPITAL PARTNERS
Jason Shin, Managing Partner, VOGO FUND

16:30

Will Asia become the world's most important fundraising destination?

As Asian countries and corporations continue to accumulate wealth and profits, Asian pensions, sovereign wealth funds and companies have emerged as important investors and are making the region the leading destination for private equity fundraisers. Asian LPs have also become more sophisticated and have stepped outside the traditional role of passive LPs; looking for opportunities to co-invest in deals with the GPs they invest in. A panel of senior investors discusses the role of Asian LPs in the global private equity industry.

• Why are Asian LPs looking into private equity?
• The rationale for investing in private equity management companies as opposed to being just ordinary LPs
• Creating win-win partnerships with Asian LPs

Harnessing commodities and GDP growth in frontier markets
As far as private equity is concerned, Mongolia, Laos, Cambodia, Sri Lanka and the former Soviet states of Central Asia represent frontier investing. These nations are rich in natural resources and capital is flooding in from foreign governments and corporate as well as private equity. However, the terrain is difficult for even the most seasoned of investors, with numerous legal and regulatory issues still to be addressed. Private equity managers share their experiences doing business in Asia's frontier markets.

• The general business landscape for Asia's frontier markets
• The opportunities and challenges for foreign investors
• Is the current regulatory environment robust enough for international funds?

17:30

Closing remarks day 1

18:00

Cocktail reception

19:30

Gala dinner
Keynote address
Henry Kravis, Co-Founder, Co-Chairman and Co-CEO, KOHLBERG KRAVIS ROBERTS & CO
Dinner speakers
K Y Tang, Chairman & Managing Partner, AFFINITY EQUITY PARTNERS
Fredrik Härén, Founder, THE INTERESTING ORGANISATION

08:50

Welcome remarks

09:00

Opening Keynote address
Howard Marks, Chairman, OAKTREE

09:30

PE's authentic route to superior returns
The global financial crisis was a timely reminder to general partners that they cannot always rely on economic growth and financial engineering to generate returns. While the fundamentals of buying high potential companies at reasonable valuations remain true, general partners can also bank on the private equity tradition of giving companies more than just capital. Senior professionals from funds well known for delivering value add share their strategies.

• What lessons have fund managers learned during the global financial crisis, which they can now apply to its long tail?
• How do you optimise a company's operations, whilst making sure it's nimble enough to capitalise on opportunities and overcome future setbacks?
• What are the exit strategies available today?

10:15

VCs return to early stage
The venture industry is, once again, in top gear. Spurred by the success of earlier efforts and, in many cases, crowded out of the increasingly pricey growth capital market, venture capitalists have returned to their roots as funders of early-stage companies. How long can the US markets’ appetite for Chinese technology IPOs be sustained? Is Silicon Valley still a force to be reckoned with? Leaders of the venture world discuss the outlook for their industry.

• Where is the venture industry headed?
• Lessons learned from the past and tips for the future
• Where is the innovation (and opportunities) coming from?

11:00

Networking coffee break

11:30

Keynote address
John Connaughton, Managing Director, BAIN CAPITAL

Big Issues

Specialist Workshops

12:00

Indian PE: Opportunities beyond PIPEs
The Indian economy has been in overdrive, propelled by liberalisation policies, strong trade volumes and rising consumer demand. This economy is as diverse as it is large, with sectors from biotech to manufacturing and infrastructure to retail offering attractive opportunities for investors. The lows of 2009 long forgotten, Indian companies have been extremely busy signing off multi-million, or in some case multi-billion dollar private equity and venture capital deals. However, valuations are shooting up and a hotter deal climate means higher acquisition costs and greater pressure to create the same level of returns. On the ground investors look at what is happening.

• What is so compelling about the Indian landscape?
• How can PE effect change at India's many stagnant listed companies?
• Is the concern that a lot of money is flowing too quickly into India justified?
• How can PE funds overcome the price objections of India's super-savvy promoters?

Secondaries after the crisis
Already expanding rapidly before the global financial crisis, the secondaries market has gained even more impetus in its wake. First limited partners in search of liquidity sought to offload private equity interests. Now the global banks, forced to comply with Dodd-Frank and Basel III requirements on risk and exposure to alternative investments, are looking to auction off assets. Opportunities created by comprehensive restructuring will not last forever, but market participants have seen general recognition for the role they play in private equity grow - first in the US, then in Europe and next in Asia.

• What is the scale of the opportunity created by bank divestments?
• How does Asia's secondaries market differ from that of the US and Europe?
• What attractions would Asian / Emerging Markets secondaries funds offer to their investors
• How important is a liquid secondary market to encouraging limited partners to enter the PE market?

12:50

Networking lunch

14:00

The evolution of the distressed market
Is there still a market for distressed investments in Asia? While the global economy can be shaky at times, many of Asia's economies are thriving; this makes identifying investable assets, in the form of debt or equity, held by struggling companies even more difficult. Distressed funds have countered the situation in two ways - working harder at finding deals or moving into more traditional private equity value investing. Veteran distressed dealmakers discuss:

• The current state of the distressed market
• New investment themes for alternative investors
• The advantages of distressed managers over traditional general partners

Cleantech: Later stage deals on the rise
After years of dominating the venture capital space, green technology is now all grown up. According to the Cleantech Group, the number of later stage deals is on the rise as the allure of environmentally friendly investments stretches into private equity. At the same time, the scope of the sector has widened, making segments such as energy efficiency just as attractive as longstanding favorites like solar panels. Experienced investors from across the globe share their views on what's hot in saving the environment.

• The state of cleantech in Asia and beyond
• The opportunities and challenges for private equity investment
• The role of governments in creating a strong cleantech markets

14:45

The rise of local funds in China
Homegrown funds are becoming a mainstay of the Chinese private equity market. Inspired by the success of many well known names, and with one eye on high IPO exit multiples, new domestic vehicles continue to emerge at a rapid pace. Although China's regulatory system for alternative assets is still evolving, these funds are attracting capital from cash rich companies and individuals, and looking to leverage investment opportunities afforded by their superior local networks. Crossover between domestic players and regional and global funds is arguably still limited, but it has contributed to a more competitive investment environment. A panel of experts discusses the merits and debits of homegrown funds in China.

• Update on the latest regulations related to private equity in China
• Fundraising: Will RMB denominated funds continue to dominate?
• Strategies for startup funds in a competitive environment

15:30

Networking coffee break

16:00

Exits in Asia
Asia private equity firms have made a number of quality exits in the past year, taking advantage of a recovering market to boost their records ahead of planned fundraisings. However, the bleak outlook for the global economy has brought IPO markets grinding close to a halt although trade sales, especially to other private equity firms, have remained strong. A panel of experts weighs the pros and cons of exiting in the current environment and assesses options how to do it profitably.

• The outlook for IPOs in Asia
• Preparing your company for a secondary buyout
• Are corporates still hungry for assets?

16:45

LP panel: Will private equity fundraising continue to new heights?

The major global private equity funds are expected to embark on a fundraising spree in the second half of 2011, seeking capital commitments with a collective value of around $150 billion. Armed with the lessons learnt from the global financial crisis, the traditional LPs are likely to be more selective about the GPs they back. Will big buyout funds continue to be highly sought after or will smaller and more focused funds attract the new and savvier institutional investors? And what will be the impact of increasingly influential - and cash-rich - Asian LPs willing to make nine figure commitments to almost any fund launched by a brand-name firm? A diversified group of LPs discuss the current fundraising environment and what it means for private equity funds in Asia and beyond.

• The post-crisis private equity portfolio
• Is the fund-of-funds model outdated?
• Co-investments and separate accounts
• RMB Funds, QFLP and other LP-related issues in China

17:30

Closing remarks
Jonathon Whiteley, Managing Director, AVCJ

18:00

PE week closing cocktails