- Day One – Tuesday, 16 May 2017
- Day Two – Wednesday, 17 May 2017
Day One – Tuesday, 16 May 2017
- TIME: 7:30-8:30
Opening Remarks: Fernando Borges, President, ABVCAP and EMPEA Board Member
Presentation: Deals, Valuation, and the Current Investment Scenario in Brazil
- Joao Busin, Partner, TozziniFreire Advogados
- Jaime Cardoso, Partner and Private Equity Co-Head, Bozano Investimentos
- Gabriel Felzenszwalb, Partner, Vinci Partners
- Alvaro Gonçalves, Chief Executive Officer and Managing Partner, Stratus Group
- Dirk Donath, Managing Partner, Latin America, L Catterton
Moderator: João Busin, Partner, TozziniFreire Advogados
To register you interest to attend the Brazil Breakfast Briefing, please click here.
- TIME: 7:30-8:30
Maria C. Kozloski, Global Head and Chief Investment Officer, Private Equity Funds, International Finance Corporation (IFC)
- TIME: 8:30-8:40
- How do current socio, political and economic trends affect trade, investment and exports from emerging markets to developed markets?
- When does the risk-return trade-off favor emerging markets?
- Real vs. perceived risks – what is the current risk/return assessment and what factors should investors be mindful of as the macro environment continues to shift dramatically?
- Overcoming real challenges of currency and political risk and identifying opportunities in a diverse yet often turbulent environment
- Heidi Crebo-Rediker, Chief Executive Officer, International Capital Strategies and Senior Fellow, Council on Foreign Relations
- Vali Nasr, Dean, Paul H. Nitze School of Advanced International Studies, Johns Hopkins University
Moderator: Shawn Donnan, World Trade Editor, Financial Times
- TIME: 8:40-9:15
Opening Remarks: Gavin Wilson, Chief Executive Officer, IFC Asset Management Company
- Why is private business and private capital critical for achieving the Sustainable Development Goals (SDGs)?
- How large is the SDG market opportunity?
- How can business leaders take advantage of this opportunity and what are the main constraints?
- What is the Commission’s purpose and how is it addressing these issues?
- What does it all mean for investors?
- Sev Vettivetpillai, Managing Partner and Global Head of Impact Investing, The Abraaj Group
- Lise Kingo, CEO & Executive Director, United Nations Global Compact
- Gavin Wilson, Chief Executive Officer, IFC Asset Management Company
Moderator: Matthew Bishop, Senior Editor, The Economist
- TIME: 9:15-10:10
- What regions and countries may be ripe for investment? What is private credit’s place?
- How do you address LP duration concerns? Are you considering alternative fund structures?
- What covenants and contractual terms do you rely on to provide downside protection to minimize the possibilities of loss in case a company proves to be disappointing?
- From a due diligence perspective, what tools might you place greater emphasis on to arrive at a true assessment of risk? How do you mitigate currency risk?
- What trends are evolving within the LP-GP relationship? Are you facing increasing pressure to offer more co-investment opportunities to LPs, or to go beyond just a financial relationship and move towards a partnership wherein the GP can help the LP develop skills and gain better market insights?
- What are you surprised by your LPs asking? What questions should your LPs be asking?
- Stewart Langdon, Partner, Leapfrog Investments
- Stuart MacKenzie, Chief Executive Officer, Ethos
- Pavan A. Gupte, Managing Director, Samena Capital
- Michael Calvey, Senior Partner and Director, Baring Private Equity International
Moderator: John Holton, Partner, Akin Gump Strauss Hauer & Feld LLP
- TIME: 10:10-11:20
- TIME: 10:45
- TIME: 11:00-11:20
- In terms of performance, what is behind this apparent slowdown in private equity relative to public equity? Is it still critical that private equity be part of a major institution’s portfolio? Why or why not?
- What principles guide the thinking of major limited partners? When is it sensible to co-invest with a GP, and when to “go it alone”? As an LP, how do you respond to other LPs demanding special treatment?
- Recent trends have demonstrated that increasingly longer investments are needed to maximize value. What is the ideal way to address this new time paradigm for deals? Do evergreen funds make sense?
- There is a falling share of private equity funds being devoted to emerging markets. Is this pattern likely to reverse itself? Have the reactions of limited partners to these patterns been rational?
- Hideya Sadanaga, Head of Private Equity Investment Department, Japan Post Bank
- Abdiel Santiago, CEO/CIO, Fondo de Ahorro de Panamá (Sovereign Wealth Fund of the Republic of Panamá)
- Rashad Kaldany, Executive Vice-President, Growth Markets, Caisse de dépôt et placement du Québec
- Frank Morgan, President, Coller Capital
Moderator: Josh Lerner, Chair, Entrepreneurial Management Unit, Jacob H. Schiff Professor of Investment Banking Harvard Business School
- TIME: 11:20-12:10
Dan Ariely, Head of Research for Irrational Innovations, Professor, Duke University and Founder, The Centre for Advanced Hindsight; Author, Predictably Irrational, The Upside of Irrationality, and The Honest Truth About Dishonesty
Dan Ariely will discuss how the principles of behavioral economics can help us understand some of the irrationalities that influence everyday behavior, including the choices we make when it comes to thinking and caring about the long term, pricing, and the effects that expectations have on our decisions.
Using these basic behavioral economic principles, Dan will discuss mistakes we make when it comes to financial decisions and saving. He will focus in particular on how we are influenced by contextual factors and by our emotions.
- TIME: 12:10 - 12:35
India Luncheon: Join India’s leading investors to explore where opportunities exist and discuss expectations for the evolution of India’s private capital landscape.
- There has been significant interest in distressed debt, especially after the bankruptcy law was passed. What will be the government’s approach to revive these stressed assets? What role can private equity firms play?
- GPs have shown significant interest in the education sector. How does that tie into broader economic growth for the country? What makes the sector attractive?
- Venture capital has slowed down over the past year, making it increasingly difficult for early-stage startups to raise capital. What can be done to turn the trend around?
- Girish Nadkarni, Partner, Private Equity, IDFC Alternatives
- K.I. Mani, Country Head and Chief General Manager, SIDBI
- Sudhir Sethi, Founder, Chairman & Managing Director, IDG Ventures
- Vikram Raju, Executive Director, Morgan Stanley AIP
Moderator: Mukund Krishnaswami, Founder and Senior Partner, Lighthouse India
- TIME: 12:35 - 13:35
Dr. Richard Haass will address the current state of the world, how we arrived at this point, the consequences, and what can be done about it. His discussion will cover the role of globalization and disruptive technologies in shifting the global order and what the United States can do about this world in disarray.
Richard Haass, President, Council on Foreign Relations and Author, World in Disarray: American Foreign Policy and the Crisis of the Old Order
- TIME: 13:35 - 14:00
- Monetary policy is becoming clearer in Nigeria and the government appears willing to improve the investment environment to attract foreign direct investment. Will these initiatives appease GP fears regarding currency volatility and lead them to deploy more capital?
- Can emerging companies focused on renewable energy through innovative models (pay-as-you-go, mini-grids) help in a meaningful manner? How do they plan to face obstacles such as cross-country expansion and long lead times? Are they commercially viable? What role can governments play in propelling them forward?
- Which sectors and geographies will GPs target to deploy large amounts of capital?
- Ladell Robbins, Principal, African Capital Alliance
- Skander Oueslati, Senior Partner, AfricInvest
- Susan Lund, Partner, McKinsey & Company
- Paul Boynton, CEO, Old Mutual Alternative Investments
Moderator:Aubrey Hruby, Partner, Baylis Emerging Markets Fund and Co-Founder, Africa Expert Network (AXN)
- What are the key opportunities for investors in frontier markets?
- What are ways that fund managers can mitigate the risks inherent in these countries (especially political and regulatory)?
- What are realistic exit paths available in these frontier markets?
- What needs to be the mindset/perspective of a GP looking to enter these frontier markets for the first time? What key lessons have you learned? What are the most common pitfalls to avoid?
- Marvin Yeo, Founding Partner, Golden Rock
- Lew Oon Yew, Managing Partner, Proventeus Capital
- Honorio Pablodor, Managing Partner, Navegar
- Mukul Gulati, Co-Founder and Managing Director, Zephyr Peacock Management India Pvt Ltd.
Moderator: Dan Keeler, Frontier Markets Editor, The Wall Street Journal
- TIME: 14:00-14:45
- Managers in MENA have begun to increasingly move away from the traditional LP-GP Private Equity model. Do you foresee this trend continuing?
- The Oil & Gas sector has dominated investment totals in MENA in recent years. However, there seems to be a renewed interest in technology and VC in the region, with firms like Tiger Global Management and companies such as Amazon investing in MENA’s tech sector. Why do you think MENA has seen a growth in VC deals recently?
- How can governments and investors in MENA spur the growth and development of more fund managers in the region?
- Walid Cherif, Senior Managing Director, Gulf Capital
- Karim Ben Salah, Founding Partner and Head of Private Equity, Tell Group
- Albert Alsina, Founder, Chief Executive Officer, and Managing Partner, Mediterrania Capital Partners Private Equity
- Emad Barsoum, Founder & Managing Director, Ezdehar
Moderator: Kamran Anwar, Managing Director, Private Equity & Real Estate Services, SS&C Technologies
- How have China’s recent capital outflow restrictions affected fund managers’ investment and exit strategies?
- To what extent does rising debt in China create both challenges and opportunities for investment?
- How has the surge in RMB investors (both commercial and government-backed) affected valuations and competition?
- While public market volatility has subsided since the crash in 2015, challenging exit opportunities still remain. Outside of public equities, what other exit avenues are most promising?
- Yi Li, Partner, Lunar Capital
- Robert Petty, Managing Partner and Co-Founder, Clearwater Capital Partners
- WeiChou Su, Partner and Head of Asia, StepStone Group
- Kian Woon Yap, Chief Investment Officer and Partner, CMIA Capital Partners
Moderator: Ralph Keitel, Principal Investment Officer, International Finance Corporation (IFC)
- TIME: 14:50-15:35
- TIME: 15:40-16:00
- Looking at Colombia, Chile, Argentina and Peru, this panel bills as ‘Latin America’s Rising Markets’. Would you agree with this assessment? Why or why not?
- What factors in these markets are driving the opportunities or creating challenges for fund managers?
- Do you expect the prospects for these ‘rising markets’ to change over the course of the next few years as Brazil’s economy recovers?
- Many countries in the region have new administrations that have shifted to market-oriented policies. What has been the effect of those changes so far, and how do you see that playing out in the near future?
- Marco Peschiera, Managing Director and Head of the Peru Advising Team, The Carlyle Group
- Nicolas Rohatyn, Chief Executive Officer/Chief Investment Officer, The Rohatyn Group
- Mauricio Camargo, Founder and Director, Altra Investments
Moderator: Peter Schechter, Senior Vice President, Atlantic Council and Director, Adrienne Arsht Latin America Center
- Why do you think LPs are able to look past fears regarding political risk in Turkey to commit so much capital to the country last year? What makes Turkey particularly attractive to PE investors? Do you think the recent referendum in Turkey and politics in Turkey and Europe will allow fundraising efforts to continue going forward?
- Turkey’s PE ecosystem has room to improve compared to some other comparable economies. How can Turkey develop its local PE infrastructure?
- What are the investment trends in Turkey and what are the growing sectors?
- Ahmet Burak Dağlioğlu, Department Head, Investment Support and Promotion Agency of Turkey (ISPAT)
- A. Murat Özgen, Chief Executive Officer, İş Private Equity
- Seymur Tari, Founder and Chief Financial Officer, Turkven Private Equity
- Mehmet Bostan, Chairman, Turkiye Wealth Fund
Moderator: Bariş Öney, Founder and Managing Partner, Globalturk Capital and Turkey Representative, EMPEA
- TIME: 16:00-16:45
- What is the competitive landscape for hiring and training leaders in emerging markets?
- What leadership qualities and skillsets are the most sought after or most needed for firms that operate in emerging markets?
- What are the current hiring channels for potential employees and are these working?
- How do you identify and cultivate leaders within firms?
- Kelvin Thompson, Founder and Managing Partner, MontaRosa
- Will Poole, Managing Partner, Capria
- Shoma Chatterjee, Principal, ghSMART & Company, Inc.
- Dabney Tonelli, Investor Relations Partner, Helios Investment Partners
Moderator: Andy Whitehouse, Former Chief Communications Officer, IBM and Founder, Copperfield Advisory
- TIME: 16:50-17:35
- TIME: 18:00
- TIME: 18:00 - 19:00
Day Two – Wednesday, 17 May 2017
- TIME: 7:30-8:30
LPs-Only Breakfast, co-hosted by EMPEA and ILPA (By Invitation Only)
Roundtable Discussion – The Evolving Regulatory Landscape for PE: How Will This Take Shape over the Medium – to Long-Term Horizon?
- Regulatory policy and changes and trends on the horizon. The new SEC leadership and administration policy.
- Regulatory issues that interest and concern the institutional investor community in 2017 and looking forward
- LP and GP representation work – what are clients focused on and what improvements do we see in regulatory regimes and behaviors across our markets -a practitioner’s perspective.
- Broadening the approach to regulatory change- examples of harnessing powerful, effective volunteer networks (Please move to fourth bullet point)
- Jennifer Choi, Managing Director, Industry Affairs, Institutional Limited Partners Association (ILPA)
- J. Andrew Spindler, President and CEO, Financial Services Volunteer Corps (FSVC)
- Sara Cortes, Assistant Director, Division of Investment Management, Investment Adviser Regulation Securities and Exchange Commission
- John Holton, Partner, Akin Gump Strauss Hauer & Feld LLP
Moderator: Mark Kenderdine-Davies, General Counsel, CDC Group plc and Legal and Regulatory Council Chair, EMPEA
- TIME: 7:30 - 8:30
Robert Petty, Chairman, EMPEA
- TIME: 8:30 - 8:35
William McGlashan, Jr., Founder and Managing Partner, TPG Growth and Chief Executive Officer, The Rise Fund
Interviewer: Matthew Bishop, Senior Editor, The Economist
- TIME: 8:35 - 9:00
- How is Asia ‘leapfrogging’ developed market innovations? Or are they just ‘copycats’ in disguise?
- How does India and China’s technology environments differ? What are the challenges and opportunities in each market?
- We’ve already seen a couple waves of competition in both markets, in which a number of similar companies raise successively larger rounds in the battle for market share. What distinguishes the winners and the losers?
- James Ahn, Managing Director, Clayton, Dubilier & Rice, LLC
- Gaurav Ahuja, Managing Director, ChrysCapital
Interviewer: Henny Sender, Chief Correspondent, International Finance, Financial Times
- TIME: 9:00 - 9:30
- How can investing responsibly go beyond risk mitigation to drive financial value?
- How do you make the idea of investing responsibly palatable to skeptical members of the community who would otherwise be too focused on financial return?
- How important is it for GPs to be culturally aligned with investors and prospective portfolio companies?
- What are some examples of responsible investment decisions made that models of ESG standards and saw an incredible ROI?
- Torbjorn Caesar, Senior Partner, Actis
Interviewer: Ainslie Chandler, Editor, Bloomberg Private Equity Brief
- TIME: 9:30 - 10:00
- Charles R. Kaye, Co-Chief Executive Officer, Warburg Pincus
Moderator: Kayla Tausche, On-Air Correspondent, CNBC
- TIME: 10:00-10:25
- TIME: 10:25-10:40
- TIME: 10:30
- Are we in a Fintech bubble or will many of the 12,500 Fintech firms operating globally survive and create a new ecosystem?
- Will Fintech replace or improve financial services, or make it worse?
- Where do you see the biggest potential for disruptive impact? Payments, Wealth Management, Risk Management, Asset management, Lending, Block-Chain applications, other?
- What should governments do to foster improvements in productivity and growth related to Fintech regulation – identity management, consumer protection, cyber-security, et al?
- Jason Oxman, Chief Executive Officer, Electronic Transactions Association (ETA)
- Kathryn Petralia, President, Chief Operating Officer, and Co-Founder, Kabbage, Inc.
- Iyin Aboyeji, Co-Founder and Managing Director, Flutterwave
Moderator: Andi Dervishi, Global Head, FinTech Investment Group, International Finance Corporation (IFC)
- TIME: 10:40-11:10
- What, how, and how much value is being created by impact investors across sectors, geographies and strategies? How is the value being measured?
- Why are private equity/private debt in emerging markets better positioned to create value in impact investing than public securities?
- What kinds of managerial skills and experience are most effective in driving value creation?
- What are the gaps in the impact investing universe that need to be filled to create more sustainable value?
- Lauren Cochran, Director of Private Investments, Blue Haven Initiative
- Chris Jurgens, Director, Impact Investing, Omidyar Network
- Amie Patel, Principal, Elevar Equity
- Stephen Lee, Principal, Impact Investing, TIAA Investments
Moderator: Patricia Dinneen, Chair, EMPEA Impact Investing Council and Senior Advisor, EMPEA
- Capital Contribution Cessation: Triggers, Free Rider Issues
- Look-Through Obligations at Portfolio Company Level: ESG, Access, Manager liability in Control vs Non-control situations
- Subscription Documents: Indemnity; Back-to-back representations; Provision of Information
- Investor “Horror Stories” driving need for Manager and team Personal Assets at Risk; Tax Distributions; Offshore financial center issues
- Papa Ndiaye, CEO, AFIG Funds
- Helen Ibbotson, Principal Counsel, International Finance Corporation (IFC)
- Jeffrey Liebert, CEO, Gazelle Finance
- Louise Ollier, Legal Counsel, CDC Group
Moderator: Mara Topping, Partner, White & Case
- TIME: 11:15 - 12:00
- TIME: 12:00 - 13:15
- How does private credit fare in this uncertain market environment and why has private credit steadily attracted more investor interest?
- How does private credit in emerging markets compare to private credit in developed market strategies?
- How should LPs manage a private credit allocation?
- Where do various private credit strategies fall along the risk/reward spectrum?
- Paul Sanford, Chief Investment Officer, TriLinc Global
- Sabita Prakash, Head of Investor Relations, ADM Capital
- Ahmad Al-Sati, Managing Director, Albright Capital Management (ACM)
- Cem Bayulgen, Managing Director, NBK Capital Partners
Moderator: David Creighton, Senior Advisor, EMPEA
- The power sector has attracted the vast majority of private capital allocated to infrastructure opportunities in emerging markets. Yet looking beyond power to other infrastructure verticals, where are the greatest gaps and which segments present the most attractive investment opportunities currently?
- How have legal & regulatory frameworks and government support for private investment in transportation, water, sanitation, etc. evolved in recent years?
- Institutional investor allocations to infrastructure have expanded in recent years, but does investor appetite align with the scale and risk-return profile of opportunities on offer?
- Will the majority of deal flow in the years to come be greenfield or brownfield opportunities? Which provide better risk-adjusted returns and how does this vary by region and country?
- Jurie Swart, Chief Executive Officer, African Infrastructure Investment Managers (AIIM)
- Marc Immerman, Principal, Metier Sustainable Capital Practice
- Jiong Ma, Partner, Braemar Energy Ventures
- Viktor Kats, Co-Head, IFC Global Infrastructure Fund
- Keiko Honda, Executive Vice President and Chief Executive Officer, Multilateral Investment Guarantee Agency (MIGA)
Moderator: Mark Weisdorf, Managing Partner at Mark Weisdorf Associates, LLC
- TIME: 13:15-14:00
- Discuss how to balance maximizing impact against the need for risk mitigation
- Examining the challenges of involving co-investors in the deal structuring discussion
- Discuss tools to improve alignment of interests and mitigate risks
- Bernard McGuire, Jr., Managing Director, 57 Stars
- Carolyn Campbell, Founding Partner and Managing Director, Emerging Capital Partners
- Jay Koh, Managing Director, The Lightsmith Group
Moderator: Peter O’Driscoll, Partner and Head of Emerging Markets Group, Orrick
- What are the latest trends in secondaries, both globally and in emerging markets? How has secondary deal activity evolved as the market has matured?
- Can secondaries help unlock capital “stuck” in funds raised during the EM boom years around the 2008 global financial crisis?
- How is market perception of GP-led fund restructurings and direct secondaries evolving?
- Will this finally be the year that EM secondary activity takes off?
- Darren Massara, Managing Partner, NewQuest Capital Partners
- Chris Bonfield, Managing Director, Greenhill & Company, Inc.
Moderator: Jeff Schlapinski, Director of Research, EMPEA
- TIME: 14:10-15:00
- TIME: 15:00-15:25
- How is the digital revolution changing the landscape in your region?
- Why should LPs get excited this time around, where are the exits or when do they come?
- Why do EM funds seem more stage agnostic leaving >60%of their fund for the post-investment period? How is the investment strategy in your markets different from Silicon Valley VCs?
- With few players in the same geographies, why is there more competition and less collaboration among local funds?
- Gonzalo Costa, Co-Founder and Managing Partner, NXTP Labs
- Khaled Talhouni, Managing Partner, WAMDA Capital
- Pekka Mäki, Managing Partner, 3TS
- Ritesh Banglani, Founding Partner, Stellaris Venture Partners
Moderator: Ruzgar Barisik, Senior Investment Officer, International Finance Corporation (IFC)
- TIME: 15:30 - 16:05
Jeff Howe, Assistant Professor, Northeastern University, Visiting Scholar, MIT Media Lab, and Author, Crowdsourcing: How the Power of the Crowd is Driving the Future of Business (confirmed)
Jeff Howe will discuss his latest book WHIPLASH, a dynamic blueprint of the nine organizing principals to help you adapt and succeed in this unpredictable world. Drawing from the incredible case studies and leading-edge research and philosophies from the MIT Media Lab, Jeff will help you rethink your approach to all facets of your organization.
WHIPLASH is a postcard from the future. The world is more complex and volatile today than at any other time in history. The tools of modern existence are getting faster, cheaper, and smaller at an exponential rate, just as billions of strangers around the world are suddenly just one click or tweet or post away from each other. Such periods of dramatic change have always produced winners and losers. The people who succeed will be the ones who learn to think differently.
- TIME: 16:05 - 16:30
- Robert van Zwieten, President and Chief Executive Officer, EMPEA
- TIME: 16:30
- TIME: 16:30 - 17:30