Day 1 – Tuesday, 14 May
7:00-8:15 (Foyer) | Registration & Breakfast
7:15-8:15 (Salon III) | Spotlight Conversation/Roundtable8:25-8:30 (Salon I-II) | Opening Remarks & Welcome: Maria C. Kozloski, Global Head and Chief Investment Officer, Private Equity Funds, International Finance Corporation (IFC) 8:30-8:55 (Salon I-II) | Opening Keynote: Incoming World Bank President 8:55-9:20 (Salon I-II) |Keynote Interview: Case for Emerging Markets 9:20-10:00 (Salon I-II) | Washington Keynote Roundtable: Geopolitics and the Global Economy
- What geopolitical and macroeconomic forces are shaping the emerging markets?
- What effect will “globalization” have on the emerging markets?
- How are investors reacting to geopolitical and macroeconomic upheavals and what are they hearing from LPs about the relative attractiveness of emerging markets?
- What presents the biggest opportunities? What challenges must be overcome?
- 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?
Networking Lounge Opens at 11:00am (PLAZA BALLROOM)11:45-12:15 (Salon I-II) | Plenary Panel – Preparing for the Economy of the Future
- How do physical and digital infrastructure advancements enable innovation in other sectors of the economy?
- How do physical and digital infrastructure advancements enable innovation in other sectors of the economy? How is the work of investment institutions evolving through technology and what characteristics must they develop in order to keep up with these changes?
- Modern investment professionals are often maligned as short-termists 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 investors active in emerging and frontier economies use to create better outcomes for investee companies and local communities?
- 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 will the model for private investments in African businesses evolve?
- Do African companies require even more patient capital than the traditional fund model allows? What innovations can be used to satisfy these requirements?
- 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, respectively?
- 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?
- 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 are the unique advantages of a CEE-focused approach? What strengths does the region offer compared to Western Europe?
- While CEE is a large portion of Europe’s population and economy, its countries are smaller than most Western European states, and the region also is home to several different languages. Is it possible to take a regional approach when targeting CEE, or do you prefer country-focused strategies? Do you aim to have your portfolio companies expand outside of their home country, or to have local champions in many countries independently?
- The mid-market is arguably the strongest opportunity for private capital in CEE. However, funds small and local enough to target this market segment are often too small for large international investors. How have you succeeded in attracting new investors to your funds, including local LPs such as pensions and family offices?
- Turkish private equity firms have executed several exits via public offerings and sales in recent years, both in Istanbul and on exchanges abroad. With recent public markets volatility in the US and abroad, as well as continued rate hikes by the Federal Reserve, will public markets remain a viable exit path going forward? How much do you plan for an exit when completing the initial investment in a portfolio company?
- Despite relative stability in the government of Turkey, xx% of prospective LPs cite political risk as a deterrent to investing in Turkey. How have the recent elections affected investor perception or sentiment in Turkey? Are LPs’ fears unfounded, or grounded in reality?
- How do you pitch the investment opportunity in Turkey to international investors? To Turkish investors? Have you found success in attracting local capital and having local LPs in the same funds as international LPs?
- Despite the Chinese government’s regulations restricting capital allocated to “risky” alternative assets, fundraising in China, led by USD denominated funds, has boomed, growing from USD15B in 2017 to USD35B in 2018. How are GPs raising capital in this environment? Do GPs locally or abroad hold the upper hand?
- China’s VC gold-rush drew in a plethora of foreign firms new to investing in the region, providing an excess of capital that fueled high company valuations and competition. How will this phenomenon impact returns?
- In the midst of China’s stock market turbulence in 2018, the Hong-Kong Stock Exchange broadened its listing regime for biotech companies while the Shanghai stock exchange announced a similar policy for ‘innovative science and technology companies’. Will such efforts effectively influence China-based companies to list locally in the long-term? What are the risks of such policies?
- The Made in China 2025 policy has successfully guided private capital investment into specific sectors. Has investing along the lines of Chinese policies historically provided favorable returns or are these policies too short and sporadic?
- Focus on the broader financial dynamics (NPLs, distress, NBFCs) and how fund managers are fitting their strategies into that
- Currency volatility and solvency proceedings against NBFCs are giving rise to credit shortages for portfolio companies as well as investment opportunities in non-performing assets. How can GPs adjust their investment strategies in light of these challenges and opportunities? Will credit deals/debt components become the new norm? or
- Exit strategies: the issues listed above are also creating concerns over exit strategies. What are the best exit opportunities likely to be in the near future?
16:00-16:45 (Salon III) | Breakout Session – Mexico or LatAm
Mexico: Adapting to Changes in the Local Industry
- With new CERPI regulations established in 2018, most of the capital raised through locally listed vehicles in Mexico in 2018 is destined to be invested outside the country as local pension funds now have access to overseas funds. What effects will this new dynamic have on the local industry? How can Mexican GPs adapt to potential shifts in local LP allocations?
LatAm: The Rise and Rise of Venture Capital in Latin America
- Venture Capital investment in Latin America has grown at a yearly compound rate of 31% over the last eight years. What have been the drivers of this growth? How have investors identified the key structural deficiencies of the region’s economies and the companies best positioned to address them? What unique characteristics of the VC ecosystem in Latin America distinguish it from other regions like the US or China?
- Financial inclusion/fintech theme: How have the region’s financial startups been able to disrupt the existing financial ecosystem to reach unbanked populations and reduce customers financing costs?
- The missing middle: middle market GPs are having a harder and harder time raising capital from international LPs – think barbell distribution. What are the causes of this? How can GPs overcome this and successful fundraise? What are some good examples of success and failure here? 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 at the same time as other regions like Africa and Latin America are emerging from extended bouts of volatility and subdued growth. Are Asian markets like China and India overheated? Do track records in these markets justify commitments regardless of the amount of capital coming in
- Where are the best opportunities going to be found in the next two years? How do investors rate the current EM landscape from a relative value perspective?
- How important is broad exposure to an array of different strategies in emerging markets—from mega funds to the middle market to early-stage tech/VC? How does this vary across different regions?
- Global LP networks are increasingly focused on issues of governance, transparency and allignment. Are GPs in emerging markets making strides in this area? What are key factors to consider during due diligence? How can GPs and LPs work together to ensure long-term alignment?
Day 2 – Wednesday, 15 May7:30-8:30 (Foyer) | Registration & Breakfast 7:30-8:25 (Plaza Ballroom) | LP-Only Breakfast (Invitation Only)
- Entity Governance
- Supreme Court Ruling against IFC on absolute immunity,
- ILPA request to SEC to enforce fiduciary duty protection and limit hedge clauses
- Cyber risk/regulatory Technology Issues
- Venture capital investment activity in emerging markets reached new heights in 2018. While markets like China exert global influence, others are at a much earlier stage of development. Given this diversity, how can investors identify the best opportunities and how do VC firms think about sourcing across very different ecosystems?
- How can we develop more robust tech ecosystems in emerging markets?
- One of the biggest challenges facing VCs globally is the lag between paper gains and realized returns. How are you finding liquidity within your own markets?
- Corporate investors: competition, partners, or both?
- David Rubenstein, Co-Founder and Co-Executive Chairman, The Carlyle Group
Oxford-Style Debate12:10-12:20 | Spotlight 12:20-13:05 (Salon I-II) | Breakout Session – Fintech and Financial Services 12:20-13:05 (Salon IIIA) | Breakout Session – Fund and Co-Investment Terms and Conditions 12:20-13:05 (Salon IIIB) | Breakout Session – Corporate Governance: Lessons Learned from EMPEA’s ESG Community The Future of Governance
- Have emerging markets lost credibility with LPs? How can firms avoid similar problems?
- What has been the effect on the Middle East specifically? Is the traditional fund model essentially dead there?
- Gillian Tett, US Managing Director, The Financial Times