Day 1 – Tuesday, 14 May

(Foyer) | Breakfast

7:15-8:10 (Salon III) | Middle Market Roundtable/Breakfast


  • • What aspects of the middle market make it a compelling investment opportunity? What structural and cyclical factors are relevant for investors across different geographies and sectors?
  • How do GPs operating in this segment think about value creation? What tools and practices are particularly relevant?
  • How can institutions lacking the time and resources to independently evaluate EM middle-market opportunities gain access to these offerings in a sustainable and cost-effective manner?

Panelist:

8:15-8:25 (Salon I-II) | Opening Remarks & Welcome:

  • Maria C. Kozloski, Global Head and Chief Investment Officer, Private Equity Funds, International Finance Corporation (IFC)

8:25-8:40 (Salon I-II) | Opening Keynote:

8:40-9:00 | Keynote Address: How a Devolution of Power Can Drive Prosperity

  • Raghuram Rajan, Katherine Dusak Miller Distinguished Service Professor of Finance, University of Chicago Booth School of Business and Author, Third Pillar: How Markets and The State Leave the Community Behind

9:00-9:25 (Salon I-II) | Keynote Interview: The Case for Emerging Markets


Panelists:

Interviewed by:

  • Henny Sender, Chief Correspondent, International Finance, Financial Times

9:25-10:10 (Salon I-II) | Geopolitics and the Global Economy

  • Which current geopolitical and macroeconomic forces are  most impacting emerging markets?
  • What effect will “slowbalization” have on emerging markets?
  • What is the outlook for emerging markets over the next year? The next five years?

Panelists:

  • Larry Brainard, Chief Economist, Emerging Markets, TS Lombard
  • Michael  Warren, Trustee and Chair of the Investment Committee, District of Columbia Retirement Board and Managing Director, Albright Stonebridge Group
  • Rachel Ziemba, Adjunct Senior Fellow, Center for a New American Security (CNAS)

Moderator:

  • Maggie Lake, Veteran Journalist and Former Business Anchor and Correspondent, CNN International

10:10-11:10 (Salon I-II) | Leaders Panel – What is Next for Emerging Markets?
PE Leaders with discuss the state of the global private equity industry and emerging markets private capital outlook

  • How are investors reacting to geopolitical and macroeconomic upheavals? How are these changes affecting the relative attractiveness of emerging markets?
  • What elements of emerging markets present the biggest opportunities? What major challenges to investment remain?
  • What themes will define the investment landscape of the future?
  • How can investors capitalize on innovation and create businesses that achieve scale?
  • How are investors creating lasting impact and value in their markets?

Panelists:

Moderator:

11:10-11:25 (Foyer) | Networking and Refreshments Break

Networking Lounge Opens at 11:00 am (PLAZA BALLROOM)

11:25-11:45 (Salon I-II) | Keynote Conversation: Releasing $150 Trillion of Blocked Assets in Emerging Markets


11:45-12:35 (Salon I-II) | Keynote Introduction: IFC’s Operating Principles for Impact Management Investing Market


Philippe Le Houérou
, CEO, International Finance Corporation (IFC)


  • Modern investment professionals are often maligned as “short-termists”, operating with little regard for their impact on society. Can a different model prevail? Will it?
  • To what extent is it in the interest of mainstream investors to care about the social or environmental implications of their activities?
  • What tools can active investors in emerging and frontier economies utilize to improve outcomes for investee companies and local communities?
  • How can investors integrate impact consideration into all phases of the investment lifecycle?
  • Implementation: what changes in annual disclosure and independent verification practices are required? How do the Principles for Impact Management address concerns of “impact washing”?

Panelists:

Moderator:

  • Homi Karas, Interim Vice President and Director – Global Economy and Development, Brookings

12:35-13:20 (Salon I-II) | Plenary Panel: Value Creation and Exits

  • Global Overview: what are the strengths and weaknesses of exit environments in countries where your fund invests? Is the exit environment getting better or worse, and why?
  • Case Study: what is an example of a specific value creation tasks that enhanced the ultimate exit value of an investment?
  • Case Study: what is an example of a deal in which value creation did not materialize as originally anticipated?

Panelists:

Moderator:

  • Roger Leeds,  Senior Research Professor and Director of the Center for International Business and Public Policy,  Johns Hopkins School of Advanced International Studies (SAIS)

13:20-13:25 (Salon I-II) | Networking Luncheon – Brazil Luncheon


Opening Remarks:


13:25- 13:35 Presentation: IPO Scenario in Brazil
Leonardo Resende
, IPO Director, B3


13:35- 14:20 | Plenary Panel: What Lies Ahead for Private Equity in Brazil

The beginning of a new political and economic era in Brazil coincided with a surge in fundraising for the country in 2018 by both veteran GPs and newer teams. With an increasingly diverse range of strategies on offer—from buyouts to tech and private credit—what are key considerations for investors seeking to take advantage of untapped opportunities in Brazil?


Panelists:

Moderator:

13:20-14:20 (Salon III) | Turkey Luncheon

  • How do you pitch the investment opportunity in Turkey to investors? How does this practice differ for domestic versus international investors?
  • What is the current role of local capital in Turkish private equity? How do you see this role evolving?
  • Turkey ranked 9 out of 10 in EMPEA’s 2019 Global Limited Partners Survey market attractiveness, with 69% of LPs citing political risk as a deterrent to investing in the country. Are LPs’ fears justified? Do Turkey’s positive attributes outweigh the country’s risks?
  • What are the most promising exit prospects in Turkey? How do you prepare for an exit when investing in a portfolio company?

Panelists:

  • Murat Ali Cengelci, The Presidency of the Republic of Turkey Finance Office
  • Zafer Sonmez, CEO, Turkiye Wealth Fund
  • Goksel Asan, President, The Presidency of the Republic of Turkey Finance Office
  • Baris Gen, Principal Investment Officer Regional Lead, Private Equity Funds Europe and Central Asia, (IFC)
  • Erman Kalkandelen, Chief Executive Officer Turkey, Franklin Templeton Emerging Markets Equity, Templeton Asset Management Ltd.
  • A. Murat Özgen, Chief Executive Officer, İş Private Equity

Moderator:

14:20-15:05 (Salon I-II) | Breakout Sessions – New Approaches to Long-term Investing in Africa

  • What can we learn from past investment cycles on the continent?
  • How have platform investing models been used to scale local businesses to regional markets?
  • How is the model for private investments in African businesses evolving?
  • Do African companies require more patient capital than the traditional fund model allows?
  • What innovations might help to satisfy the unique requirements for investing in Africa?

Panelists:

  • Paul Boynton, Chief Executive Officer, Old Mutual
    Alternative Investments
  • Eric Kump, Managing Director and Head of Carlyle Sub-Saharan Africa Fund, The Carlyle Group
  • Stuart MacKenzie, Chief Executive Officer, Ethos Private Equity
  • Coenraad Vrolijk, Regional CEO of Africa, Allianz
  • Ziad Oueslati, Co-Founding Partner and Managing Director, AfricInvest

Moderator:

  • Clarisa De Franco,Managing Director, Funds and Capital Partnerships,  CDC Group plc

14:20-15:05 (Salon III) | Breakout Sessions – Investing Across Borders in ASEAN

  • How are investors from across the private capital spectrum—from early-stage VC to buyout to credit—positioning businesses to succeed across a diverse set of countries?
  • What role is technology playing in the region’s growth?
  • Is further regional integration necessary for ASEAN businesses to reach their full potential?
  • Which themes and sectors are relevant for single-country and regional strategies?
  • Despite often being thought of as a unit, SE Asia’s markets are disparate and few fund managers have successfully been able to be active across the region. What are key factors in their success?

Panelists: 

Moderator:

  • Ralph Keitel, Principal Investment Officer, International Finance Corporation (IFC)

15:05-15:50 (Salon I-II) | Private Capital in China: Navigating a Market in Transition

  • While commitments from international LPs continue to pour into China, the appetite of local investors has declined amid more stringent regulations governing alternative assets. How can GPs adapt to this changing investor base? How do GPs bolster their operational capabilities and tweak their strategies to stand out from the pack?
  • Is the rise in late-stage technology deals sustainable and what effect will it have on long-term returns? Which companies will ultimately succeed?
  • What kind of opportunities—corporate carve-outs, succession planning, distress—have risen from the current state of the economy? Do local GPs possess the skill sets to successfully execute these deals?
  • How are stock market regimes influencing exit opportunities?

Panelists:

  • Priscilla Lu, Managing Partner, Sustainable Investments Group, Deutsche Bank DWS Asset Management
  • Stuart Schonberger, Managing Director, CDH Investments
  • Rebecca Xu, Co-Founder and Managing Director, Asia Alternatives and Vice Chair, EMPEA
  • Judy Ye, Founder, YiMei Capital
  • Lin-Lin Zhou, Chief Executive Officer and Co-Founder, Principle Capital

Moderator:

  • Tim Burroughs, Managing Editor, Asian Venture Capital Journal (AVCJ)

15:05-15:50 (Salon III) | Breakout Session – Central and Eastern Europe

  • Many LPs are now considering the countries of CEE, especially EU member states, as part of their European allocations rather than their emerging market portfolios. How do you differentiate your countries or region from the rest of Europe to LPs? What strengths does the region offer compared to Western Europe?
  • Is it most effective to take a regional or country-focused approach when targeting CEE? Do you aim to have your portfolio companies expand outside of their home country, or to have local champions in many countries independently?
  • What types of investors are best positioned to invest in CEE funds, many of which are in the mid-market space? What has been the role of local capital and how do you see this evolving?

Panelists:

Moderator:

15:45-16:05 (Foyer) | Networking & Refreshments Break

16:05-16:50 (Salon I-II) | Breakout Session – India: Revival of Investments and Investor Returns?

  • The Indian private equity industry boasts an increasingly more professional and astute investor class, but will India be able to deliver attractive returns to investors? If so, is different now?
  • Which verticals present the most promising opportunities for investors?
  • What have been the effects of economic and financial challenges, such as currency volatility, liquidity crises, and non-performing assets? How are fund managers adjusting their strategies to keep pace?
  • Despite record exit activity, Indian PE still has a large amount of capital locked into deals and zombie funds. What are the lessons learned from the last decade and opportunities to achieve timely and optimum exits in the near future?

Panelists:

Moderator:

  • Nishith Desai, Founder and Managing Partner, Nishith Desai Associates

16:05-16:50 (Salon III) | Breakout Session – Latin America

  • What have been the drivers of growth for Latin America’s tech ecosystem? What characteristics distinguish the opportunity set in Latin America from other markets?
  • How are investors identifying the technology companies best positioned to address the structural inefficiencies of the region’s economies?
  • More than USD2 billion has been invested in Latin American fintech companies by private capital investors over the last decade. How have the region’s financial startups been able to disrupt the costly existing financial system to reduce consumer costs and reach unbanked populations?

Panelists:

Moderator:

16:50-17:10 (Salon I-II) | Keynote Presentation: The Future of Capitalism – Dissecting Contemporary Failures and Suggestions for Reform

  • Paul Collier, Professor of Economics and Public Policy, Blavatnik School of Government, Professorial Fellow, St Antony’s College, University of Oxford and Autor, The Future of Capitalism

Panelists:

Moderator: 

17:10-17:35 (Salon I-II) | Climate Change: Opportunities for Investors

  • Where do you see the main climate-related opportunities in the markets where you invest? What are the emerging trends and drivers of these opportunities?
  • What is the growth potential of these markets?
  • How you go about identifying climate-related opportunities?
  • What are the main challenges and risks associated with an investment in green or climate-resilient investments? How you address and overcome these?
  • What is needed to drive more capital into investments with positive climate impacts?
  • Dhanpal Jhaveri, Managing Partner, Everstone Capital & CEO, EverSource Capital
  • Frederick Long, Managing Director, Olympus Capital Representative

Moderator:

  • Daisy Streatfeild, Investor Practices Programme Director, Institutional Investors Group on Climate Change (IIGCC)

17:35-18:15 (Salon I-II) | Closing Keynote Panel – LP Perspectives: What Drives Allocations?

  • Where will the best opportunities be found in the next two years? How do investors rate the current EM landscape from a relative value perspective?
  • The missing middle: middle market GPs are having a harder and harder time raising capital from large international LPs. What are the causes of this? How can GPs overcome this and successfully fundraise? What are some examples of success and failure in this space? Is the solution to ‘go big’? What role do local LPs have to play?
  • Private equity in Emerging Asia has grown substantially over the last several years while other regions are emerging from extended bouts of volatility and subdued growth. Are Asian markets, particularly China and India, overheated? Do track records in these markets justify commitments regardless of the amount of competing for investment
  • How important is broad exposure to an array of different strategies in emerging markets—from mega funds to the middle market to tech-focused early-stage VC? How does the importance of diversification vary across different regions?
  • Global LP networks are increasingly focused on issues of governance, transparency, and incentive alignment. Are GPs in emerging markets making strides in this area? What are the key factors to consider during due diligence? How can GPs and LPs work together to ensure long-term alignment?

Panelists:

  • Roberta Brzezinski, Managing Principal, Strategic Partnerships, Caisse de dépôt et placement du Québec (CDPQ)
  • Andrea Kaufman, Vice President Impact Investments, Prudential
  • Stephen Moseley, Head of Alternative Investments, Alaska Permanent Fund Corporation
  • Brad Thawley, Senior Director, UTIMCO

Moderator:

18:15 (Salon I-II) | Closing Remarks

Maria C. Kozloski, Global Head and Chief Investment Officer, Private Equity Funds, International Finance Corporation (IFC)

18:30-22:00 | Joint IFC and EMPEA Reception (World Bank Atrium)

Day 2 – Wednesday, 15 May

7:30-8:25 (Salon III) | LP-Only Breakfast (Invitation Only)

  • Has an institutional appetite for emerging markets grown or diminished? Why and to what extent?
  • Are institutional investors increasing focus on the impact of their investments? To what extent are LPs’ stakeholders asking them to consider the non-financial metrics of their portfolios?
  • What are the sentiments of institutional investors regarding the recent high-profile governance issues in EM funds? How will these scandals inform allocation decisions and due diligence practices?
  • Which recent regulatory changes in key markets are cause a cause for concern or encouragement for institutional investors?

Moderator(s):

8:30-8:35 (Salon I-II) | Opening Remarks & Welcome: Robert Petty, Chairman, EMPEA

8:35-9:00 (Salon I-II) | Opening Keynote Conversation

  • William J. Burns, President, Carnegie Endowment for International Peace and Former U.S. Deputy Secretary of State
  • Vali Nasr, Dean, Paul H. Nitze School of Advanced International Studies, Johns Hopkins University

9:00-9:45 (Salon I-II) | Plenary Panel:  Venture Capital in Emerging Markets – What Does the Future Hold?

  • Venture capital investment activity in emerging markets as a whole reached new heights in 2018, but individual markets remain at vastly different levels of maturity. Given this diversity, how do VC firms think about sourcing across very different ecosystems?
  • Where do VC firms see the potential for tech to develop the most robustly in their markets? One of the biggest challenges facing VCs globally is the lag between paper gains and realized returns. How are firms finding liquidity within their own markets?
  • Corporate investors: are they competitors, partners, or both?

Panelists:

Moderator:

  • Xiaomin Mou, China Head IFC Venture Capital, International Finance Corporation (IFC)

9:45-10:05 (Salon I-II) | Moving Toward Gender Balance in Private Equity and Venture Capital

  • Why should GPs care about the gender diversity of their leadership? Does gender diversity have an impact on fund performance and investment returns?
  • Women are severely underrepresented in private equity and venture capital. What would it take to change this? What tools and initiatives exist and what still needs to be developed?

Video Presentation

Speakers:

  • Shruti Chandrasekhar, Head, SME Ventures, International Finance Corporation (IFC)
  • Joanne Yoo, Co-Chair, PEWIN and Head Investor Relations, Development Partners International (DPI)
  • Laura Kemp-Pedersen, Accelerating Gender Parity Working Group Co-Chair, EMPEA and Chief Marketing Officer, LeapFrog Investments

10:05-10:35 | Keynote Address or Interview

10:35-11:25 (Salon I-II) |  Plenary Panel: The Rise of Family Offices

  • What accounts for the increased involvement of family offices in the private equity space?
  • What role do family offices play in providing the seed capital for emerging market, emerging manager, and sector-specific funds?
  • How can family offices address capital tied up in investment vehicles and identify liquidity solutions for GPs and LPs?
  • How is the role of family offices likely to evolve in emerging markets private equity? How can these investors coordinate to increase their impact in emerging economies?

Panelists:

Moderator:

11:25-11:55 (Foyer) | Networking & Refreshments Break

11:55-12:40 (Salon I-II) |Plenary Panel: The Potential of Private Credit

  • What does EMPEA’s recently released report, Private Credit Solutions: A Closer Look at the Opportunity in Emerging Markets, reveal about the potential of private credit outside of North America and Western Europe?
  • How do gross returns, leverage levels, and downside protections compare in emerging and developed markets? What is driving deal flow?
  • Can private credit complement equity-focused strategies in investors’ portfolios? How do they compare in terms of liquidity profile and investment targets?
  • How have creditor rights evolved in emerging markets? How are private credit firms addressing currency risk?

Panelists:

  • Johnny F. Jones, Associate Partner, Vantage Capital
  • Sanjay Nayar,  Member & CEO, KKR India
  • Paul Sanford, Chief Investment Officer, TriLinc Global
  • S. Sriniwasan, Managing Director, Kotak Investment Advisors Limited

Moderator: 

12:45-13:30 (Salon I-II) | Breakout Session – Opening Emerging Markets for Better Access to Health

The private sector is beginning to engage with the health sector in emerging markets.  How do investors see this relationship developing? What have been successful strategies for catalyzing private sector investments in this market sector?  How can investors support a healthcare model which includes the lowest rungs of the socio-economic pyramid?



Panelists:

  • Claudio Lilienfeld, Senior Director, Government Affairs Gilead
  • Sari Miller, CEO, Sarjay, Inc.Sciences
  • Helmut Schuehsler, Chairman and CEO, TVM Capital Healthcare Partners
  • Kevin Xie, President, Fosun Healthcare Holdings

Moderator:

12:45-13:30 (Salon IIIA) | Breakout Session – Fund and Co-Investment Terms and Conditions

Fund and investment terms are evolving in new and sometimes unexpected ways. What is driving these changes, and how are they impacting the way emerging market investors do business? How have expectations around co-investment opportunities and fund terms changed the relationship between GPs and LPs?


Panelists:

  • Mark Kenderdine-Davies, General Counsel, CDC Group plc
  • George McPherson, Managing Director and Investment Committee Member, Criterion Africa Partners
  • Lexi Novitske, Principal Investment Officer, Singularity Investments
  • Christopher Yebuah, Real Assets Investment Officer, Casey Family Programs

Moderator:

12:45-13:30 (Salon IIIB) | Breakout Session – Lessons Learned from EMPEA’s ESG Community: The Future of Governance

Recent turbulence in EM PE firms has emphasized the importance of governance and thrown the entire asset class under a spotlight. Yet, until the recent release by the Governance Working Group of the EMPEA ESG Community, there was no comprehensive, practical guide to governance in EM PE. How can fund managers implement the best corporate governance and business integrity practices on the firm, fund, and portfolio company levels?


Panelists:

Moderator:

13:30-14:30 (Foyer) | Networking Luncheon

14:30-15:15 (Salon IIIB) | Breakout Session – New Financing Models to Support Growth in Emerging Markets

Since the emergence of mobile banking, fintech has promised a new level of financial inclusion globally, particularly amongst underrepresented populations in emerging markets. Has this potential been realized? What opportunities remain? How can financial technologies in emerging markets leapfrog inefficiencies in developed markets? What determines which companies will succeed at achieving scale?


Panelists:

Moderator:

  • Aubrey Hruby, Co-Founder, Insider and the Africa Expert Network (AXN)

14:30-15:15 (Salon IIIA) | Breakout Session – Risk Mitigation

Assessing risk through due diligence is one of the most difficult elements of investment in any market. However, emerging markets pose unique challenges. How can investors better identify and address potential risks in their portfolio? What can investors hope to achieve through political risk insurance and similar mechanisms?

Panelists:

  • Rupert Morgan, Executive Director, Credit and Political Risks, Gallagher International
  • Gregory Bowes, Managing Principal, Albright Capital Management
  • Lila Rymer, Head of US Political Risks & Credit, Beazley

Moderator:

  • Bailey McCann, Senior Editor, Opalesque

14:30-15:15 (Salon IIIB) | Breakout Session – New Financing Models to Support Growth in Emerging Markets

Blended finance holds the potential to uniquely target the underdeveloped sectors of emerging markets. Which sectors and markets can most benefit from blended finance? Which models have worked and which have not? What are the lessons learned and continued challenges?


Panelists:

Moderator:

  • Kruskaia Sierra-Escalante, Senior Manager, Blended Finance, International Finance Corporation (IFC)


15:20-16:05 (Salon IIIB) | Breakout Session – Real Estate –
Uncovering the Huge Potential

Real estate in emerging markets remains an under-penetrated sector. How does the real estate opportunity set in emerging markets differ from that of more conventional private equity strategies? How do approaches to value creation differ? Which sub-sectors (residential, commercial, industrial) and markets hold the most potential for investors?


Panelists:

  • Brian Finerty, Chief Investment Officer, Equity International
  • Peter Lesburg, Managing Director, Capital Markets & Investor Relations, Realterm/IndoSpace
  • Ron Rawald, Head of International Real Estate and Senior Managing Director, Cerberus Capital Management
  • Derrick Roper, Managing Director, Novare Equity Partners (Pty) Ltd

Moderator:

  • Jane Jenkinson, Real Estate Specialist, International Finance Corporation (IFC)

15:20-16:05 (Salon IIIA) | Breakout Session – GP-led Secondaries: Learning from Experience

GP-led secondary transactions have emerged as a viable way to unlock stuck capital in emerging markets. How can GPs take advantage of the burgeoning secondaries market to return capital to investors? What unique challenges exist for secondaries deal pricing? Which markets provide the best secondaries deal sourcing? How can GPs and LPs ensure transparency and alignment of interest in fund restructurings?


Panelists:

  • Pamela Fung, Executive Director, Morgan Stanley Alternative Investment Partners
  • Brian Lim, Partner, Pantheon
  • Stephen O’Neill, Managing Director, 57 Stars
  • Ben Wilson, Principal, Pantheon Ventures

Moderator:

  • Greg Durst, Managing Director, Corporate Development, Institutional Limited Partners Association

15:20-16:05 (Salon IIIB) | Breakout Session – Deep Dive into the so-called “Current Momentum” of Impact Investing:

Impact investing continues to gain momentum, as greater pressure from LPs to track the non-financial effects of their portfolios coincides with new fund manager entrants into space. What is driving this trend? Is it a bubble or is it sustainable? Where is this capital being invested and where are the gaps? Where are the highest financial returns being generated? What are the potential obstacles to fund manager and LP alignment (reporting practices, definitions, communication challenges, etc.)? How are these overcome?


Panelists: 

  • Stephen Lee, Principal, Impact Investing, TIAA
  • Siddhant Pandey, Chairman and CEO, Business Oxygen Pvt. Ltd. (BO2)
  • Vineet Rai, CEO and Managing Director, Aavishkaar
  • Jean-Michel Severino, Chief Executive Officer, Investisseurs & Partenaires

Moderator:

16:05-16:30 (Foyer) | Networking & Refreshments Break

16:30-17:05 (Salon I-II) | Oxford Style Debate: This House Believes That Only With Quotas, Mandates or Fixed Targets Can We Progress Toward Gender Parity Within Private Equity


Speaker in Proposition:


Speaker in Opposition

  • Jay Koh, Co-founder & Managing Director, The Lightsmith Group

Please note that conference organizers have assigned debate positions; therefore; debaters’ arguments may or may not reflect their own views.


Facilitator:

17:05-17:35 (Salon I-II) | Keynote Address: Through The Looking Glass: Betting On The Future Of Finance In An Uncertain World

17:35 (Salon I-II) | Closing Remarks: Nicholas Rohaytn, Vice Chairman, EMPEA

17:30-18:30 (Foyer) | Cocktail Reception