APEF2017

APEF2017

APEF2017

 

 

Hong Kong, 18 January 2017 – The Asia Private Equity Forum (APEF) organised by the Hong Kong Venture Capital and Private Equity Association (HKVCA) today successfully concluded its seventh consecutive forum. Since its first Forum held in 2011, the number of delegates has more than doubled with close to 650 senior partners and advisors attending.
 
Held at the Hong Kong Convention and Exhibition Centre, distinguished guests included: Paul Chan Mo-po, GBS, MH, JP, Financial Secretary, Government of the Hong Kong SAR; Martin Mok, Partner and Head of Asia, EQT Partners Asia Limited, Jean Salata, Founder and CEO of Baring Private Equity Asia, and Ming Lu, Head of Asia Private Equity, KKR.
 
Eric Mason, Chairman of the HKVCA said: “Once again, HKVCA provides the private equity community a platform to discuss new trends, opportunities and current issues facing the industry. With private equity investment growth on the rise, HKVCA has again brought together a unique combination of GPs, LPs, and service providers to discuss critical issues of the day.”
 
David Pierce, Chairman of APEF, added: “The Asian Private Equity Forum continues to attract a large host of high-level speakers and panelists to address the key issues, developments and trends in private market investing. Asia is an essential market for private equity practitioners and it will continue to attract and bring increasing value to investors.”
 
During the Forum leading industry practitioners addressed Hong Kong’s ever changing role in private equity in Asia and how global investors are viewing Asian private equity investment. Other key issues discussed included co-investments, fundraising and investor relations, private debt, private equity real estate, secondaries, value creation and venture capital.

 

Program of APEF 2017


MORNING SESSION

08:30 Call to order by Conference Chairman, Mr. David Pierce
08:32 Welcome and introduction of Guest of Honor by HKVCA Chairman, Mr. Eric Mason
08:35 Opening Remarks by Guest of Honor
Mr. Chan Mo-po, Paul, GBS, MH, JP, Financial Secretary, HKSAR
08:45 Opening Keynote: “The State of Private Markets in China”
Martin Mok, Partner & Head of Asia, EQT Partners Asia
09:05 Greater China Panel Discussion
Moderator: Peter Fuhrman, Chairman & CEO, China First Capital
Panelists: Harry Hui, Founder & Managing Partner, ClearVue Partners
Bin Li, Partner, Ally Bridge Group
Derek Sulger, Partner, Lunar Capital
Kenneth Wong, Partner, Primavera Capital
  • What forces will shape the investment landscape in China in next 3-5 years?
  • How will the regulation vs reform pendulum swing in 2017? What will be the effect on exits from private equity investments in China? 
  • Renminbi fundraising continues to soar. What will be the impact? 
  • Do any competitive advantages remain today for US dollar funds in China?
  • Are changes in US policies toward the region likely to affect the flow of capital into Chinese private equity?
09:50 Regional Funds Panel Discussion 
Moderator: Mounir Guen, CEO, MVision
Panelists: Jim Hildebrandt, Managing Director, Bain Capital
David Shen, Regional Managing Director, Olympus Capital Holdings Asia
Edward Sippel, Managing Director, TA Associates Asia Pacific
Ravi Thakran, Group President, LVMH South & Southeast Asia and Middle East; Chairman & Managing Partner, L Catterton Asia
  • Are investors specifically looking for region / geography-specific funds to commit to?
  • Does focusing on a particular geography present more opportunities or challenges to GPs?
  • What are the effects of the increase in outbound investment from Asia on investment strategies?
  • Is Japan going to become an active market for regional funds or will it remain small and domestic?
  • Will the flow of capital out of hedge funds and into private equity have a negative impact on returns?
10:40 Coffee break
[After Coffee Session Split in Three Streams].


Stream A
11:10 Value Creation Panel Discussion 
Moderator: Joseph Wan, Operating Partner, Cinven HK
Panelists: Alice Au, Global Head, Financial Services Practice & Board of Director, Spencer Stuart
Alvin Lam, Senior Managing Director, CVC Capital Partners
Kevin Loh, Managing Director, Creador
Vivian Wan, Operating Director, TPG Capital
  • What do operating teams do? How do they work with deal teams and management?
  • What is the current model of involvement (e.g. board vs project, push vs pull, post-acquisition only vs pre and post)?
  • What are the tools/capabilities that GPs/operating teams bring to bear? How to decide between insourcing vs outsourcing these
  • What are examples of cases where the operating model really worked well? What are the enabling factors? How much of it is push versus pull?
  • What happens if an investment underperforms? How is that defined and what will happen when a company starts to underperform? What role(s) will the operations team take?
11:50 Private Equity Real Estate Panel Discussion
Moderator: Varun Bery, Senior Advisor, Latitude Capital Management
Panelists: Kenneth Gaw, President & Managing Principal, Gaw Capital Partners
Christopher Heady, Chairman of Asia Pacific & Head of Real Estate Asia, Blackstone
Jason Lee, Managing Director & Head of Asia Real Estate, The Carlyle Group
Bryan Southergill, Managing Director, Real Estate, KKR
  • How has the impact of rising US interest rates and fund outflow from EM affected deal flow, pricing and exits?
  • How is the geographic landscape evolving? Which are the attractive markets?
  • Is there a risk of a real estate bubble in China?
  • What segments are currently attractive and which are best avoided?
  • Where is the competition for deals coming from and how are private equity fund managers able to win transactions?



Stream B
11:10 Japan Panel Discussion
Moderator: Dongao Yan, Senior Vice President, HQ Capital
Panelists: Richard Folsom, Representative Partner, Advantage Partners
Ryosuke Iinuma, Representative Director & Managing Partner, Ant Capital Partners
Megumi Kiyozuka, Managing Director (Head of Japan), CLSA Capital Partners Japan
Reijiro Yamamoto, Founding Partner, Integral Corporation
  • What is the trend of Japan's private equity market
  • How would GPs compete and differentiate, particularly in the mid-market buyout space?
  • Would current fundraising momentum become a concern of raising too much capital?
  • What are factors behind cyclical private equity performance in Japan?
  • 2016 was a year full of surprises. How could global economic uncertainty affect Japan's private equity market?
11:50 Korea Panel Discussion
Moderator: Denis Tse, Managing Partner, Asia-IO Advisors
Panelists: Kevin Lee, Managing Partner, Crescendo Equity Partners
Junghyung Cho, Partner, Excelsior
David Ko, Managing Director, SkyLake Investment
Peter Ko, Managing Director, ShawKwei & Partners
  • How will the political sentiment affect private equity opportunities arising from corporate actions at large chaebols?
  • The Korean M&A market has been growing for the past several years. Has it now run its course?
  • What are the next private equity growth themes coming out of Korea?
  • The Korean private equity market is increasingly competitive, with activity from global firms to Asian regional players to local GPs. Does this mean that returns will inevitably decline?
  • Korea technology: how do you generate superior private equity return there?

Stream C
11:10 Venture Capital Panel Discussion
Moderator: Tommy Yip, Founding Partner, Unicorn Capital Partners
Panelists: Mohanjit Jolly, Partner, Iron Pillar
Judith Li, Partner, Lilly Asia Ventures
Henry Chan, ShopBack
Nisa Leung, Managing Partner, Qiming Ventures
  • Venture in India is back on the map but there seems a gap in the capital markets for later stage investment. How can Indian start-ups fund growth beyond Series A?
  • Why are investors excited about the venture markets in Southeast Asia now?  How do investors and entrepreneurs cope with the high level of execution risk associated with regional expansion?
  • What does outbound Chinese investment mean for start-up companies in India and Southeast Asia?
  • In China, what are some of the “new” opportunities in the healthcare sector that are attracting venture capital today? What skill sets do managers need to successful invest in these new areas of opportunity?
  • Given the combination of returning scientists, local talent and China’s strong R&D base, together with a growing demand for medicines from an aging population, are we seeing improving opportunities in China’s innovative drug and biotech space?
11:50 Private Debt Panel Discussion
Moderator: David Larsen, Managing Director, Duff & Phelps
Panelists: Mintoo Bhandari, Senior Partner, Apollo Global Management LLC
Amit Gupta, Partner & Co-founder, Clearwater Capital Partners
Simon Sham, Managing Director, Darby Private Equity
Mei Colani Li, Partner & Head of Asia Investments, ADM Capital
  • What impact will more volatile exchange rates have on sourcing deals and exits?
  • Will the potential for rising interest rates help or hurt the debt market?
  • Has the tenfold increase in Chinese debt over the past decade created a tipping point or is there still room for debt financing to facilitate growth?
  • Is default risk increasing? How can it be managed in a portfolio?
  • Are Asian debt markets helped or hurt by global political and regulatory changes?

END OF MORNING SESSION


LUNCH SESSION (CHANCELLOR ROOM)
12:40 Luncheon
13:30 Luncheon Keynote:“The Challenges and Opportunities of Investing Across Asia”
Jean Salata, Chief Executive and Founding Partner, Baring Private Equity Asia
[After Lunch Session Split in Three Streams]

Stream A
14:00 Fundraising & Investor Relations Panel Discussion
Moderator: Lorna Chen, Partner, Shearman & Sterling
Panelists: James Ahn, Partner, Principle Capital
Edwin Chan, Regional Head, Asia, Probitas Partners
Frances Wang, Director, IDI Emerging Markets Partners
Benjamin Wiley, Partner, Sixpoint Partners
  • How should an Asian GP answer the question “What risk premium is reasonable for investing in your market?”
  • What is required from an Asian GP seeking to raise capital from institutional investors?
  • Are LP expectations about fees, offsets, transparency and reporting reasonable?
  • What specific challenges do Asian GPs face when dealing with LPs also based within the region?
  • Does every Asian GP need a professional dedicated to investor relations?
14:45 Co-Investments Panel Discussion
Moderator: Kent Chen, Managing Director, Neuberger Berman
Panelists: Nicholas Cator, Executive Director, Verlinvest Asia Pte
John Kim, Principal, AlpInvest Partners
Alexander Pestalozzi, Managing Director, Mueller Asia
Wei Wu, Representative, Allstate Investments
  • What do LPs mean when they say they want co-investments?
  • What are some of the good, bad and ugly experiences of a co-investment program?
  • How is the demand for co-investment demand affecting GP behaviour?
  • Are all investors equal in the co-investment game?
  • Do co-investments really enhance returns?

Stream B
14:00 India Panel Discussion 
Moderator: Praneet Garg, Managing Director, Asia Alternatives
Panelists: Jayanta Banerjee, Managing Partner, ASK Pravi Capital Advisors
Girish Nadkarni, Partner, Private Equity , IDFC Alternatives
Padmanabh Sinha, Managing Partner, Tata Opportunities Fund
  • How are the recent reform initiatives by the government expected to impact the existing private equity portfolios and future private equity opportunities?
  • What are the sectors and strategies that are most attractive going forward?
  • Are valuations at a realistic in India? Is the India market too intermediated?
  • Is Indian private equity delivering in terms of exits/ returns?
  • Have LPs been receptive to fundraising, and where are commitments coming from?
14:45 Southeast Asia Panel Discussion
Moderator: Lachmi-Niwas Sadani, Founder & Managing Partner, Lensbridge Capital
Panelists: Rodney Muse, Managing Partner, Navis Capital Partners
Brian O’Connor, Founding Partner, Falcon House Partners
Mary Tran, Deputy Managing Director, Private Equity Investments, VinaCapital
Pote Videt, Managing Director, Lombard
  • What are the macro themes impacting private equity investments in SE Asia?
  • Which sectors and geographies are most interesting to PE firms within the region?
  • What size and stage of deals does one come across?
  • What are the likely exit scenarios/options? What sort of exit track record currently exists?
  • What are some of the strategies that PE firms could use to differentiate themselves in this market?

Stream C
14:00 Environmental, Social and Governance Panel Discussion
Moderator: James Pearson, CEO, Pacific Risk Advisors
Panelists: Jie Gong, Partner, Pantheon Ventures
Andrew Hawkyard, Managing Director, Morgan Stanley
Daniel Spitzer, Chairman & CEO, Mountain Hazelnuts
Hamilton Tang, Managing Partner, SMC Capital (HK)
  • What are the ESG drivers and have these changed over the last 5-10 years?
  • Have ESG concerns opened up new avenues for investment?
  • Are ESG risks still considered a constraint to making an investment?
  • Are LPs asking the right questions and being given the best data on ESG risks?
  • How can Asia be the leader in ESG risk management and implementation?
14:45 Liquidity Solutions Panel Discussion
Moderator: Charles Knight, Partner, Global Director – M&A Services, Deloitte
Panelists: Tim Flower, Managing Director, HarbourVest Partners
Darren Massara, Managing Partner, NewQuest Capital Partners
Dominik Woessner, Greenhill Cogent
Jianyi Zhu, Co-founder & Partner, ADV Partners
  • What do we mean when we talk about liquidity solutions in private equity?
  • What is the driving force for the growth of secondary deals in Asia?
  • Where are the greatest opportunities for secondary investments across the region?
  • What are the biggest challenges for secondary players in Asia?
  • Does the Asian private equity industry have a “zombie fund” problem?

15:30 Coffee Break
 [After the coffee break the conference resumes in the main conference hall]
16:00 Performance Data Presentation
Mark O’Hare, Founder and Chief Executive, Preqin
16:20 Limited Partners Panel Discussion
Moderator: John Campbell, Chairman & Co-founder, Campbell Lutyens & Co.
Panelists: Joseph Chang, Head of Private Investments – Asia, Lockheed Martin Investment Management Company
Liam Coppinger, Managing Director, Private Equity, Manulife Asset Management
Yuka Hata, Chief Portfolio Manager, Alternative & Fund Investment, Nissay Asset Management Corporation
Piau-Voon Wang, Co-Chief Investment Officer, Noah Holdings (Hong Kong)
  • Role of Asian private equity within a global portfolio?
  • Which strategies in 2017 will prove to be top quartile?
  • Do investors really understand the diverse Asian private equity opportunity?
  • Is there a special role for funds of funds in Asia?
  • How to optimise an Asian private equity strategy?
17:00 Closing Keynote: “The Evolution of Private Market Investment in Asia
Ming Lu, Head of Asia Private Equity, KKR
17:20 Closing Remarks
17:30 Conference Cocktails (S421 Foyer)