Program
| Monday, 8 September 2008 |
| 18:30 |
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Welcome cocktail reception |
| Tuesday, 9 September 2008 |
| 08:00 |
/ |
Breakfast and registration |
| 08:50 |
/ |
Welcome remarks |
| 09:00 |
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Opening keynote address
Chang Yong Rhee, Vice Chairman, FINANCIAL SERVICE COMMISSION (FSC) |
| 09:30 |
/ |
Buyouts in Korea: Will privatisation herald a new era for Korean private equity?
While a number of recent buyouts have been completed by strategic investors, PE investors are getting in on the action too. Besides the usual suspects, an increasing number of domestic firms have amassed large war chests and are setting their sights higher than the mid-cap growth-type deals from which they have prospered in recent years. With the new government's privatisation plans being set in motion, these up and coming domestic powerhouses are in pole position to modernise the state-owned enterprises up for sale. Panelists discuss this and other opportunities.
- What role can private equity play in the upcoming privatisation?
- Where are the major sectors of opportunity for Korean buyouts?
- What are the opportunities in P-to-P transactions in Korea's exchanges?
- Is financing available for Korean buyouts or has it dried up like other markets?
Moderator
Jae Woo Lee, Founding Partner, VOGO FUND
Panelists
Jim Hildebrandt, Managing Director, BAIN CAPITAL ASIA LLC
Do Hyun Chung, Head of Private Equity, Managing Director, EUGENE ASSET MANAGEMENT
Sih Kyoung Yang, Partner, Corporate & Finance Practice Group, BAE, KIM & LEE LLC
|
| 10:45 |
/ |
Coffee / tea break |
| 11:15 |
/ |
Mid-market transactions: Co-investors increase the bite
size of domestic PE funds
In Korea, as in many markets, the "mid-market" offers the greatest choice of
deals and sees the largest deal volume. This deal volume increased in the
years following the Asian Financial Crisis of 1997, with struggling chaebol
unwinding cross-holdings and divesting of non-core assets. This activity
seemed to have peaked in 2002-03, but reportedly momentum has recently
been building once again. One of the drivers, encouragingly, appears to be
a desire to improve corporate governance. Panelists explore:
- The likely key drivers for mid-market activity over the coming year;
- Co-investment by the large domestic Korean pension and mutual funds:
What does it mean for deal structures and returns?
- The way ahead for co-investment with strategic buyers: How can funds
move from competition to cooperation?
- Why syndicate deals are becoming more popular, and what this means
for management control and post-completion decision making at
portfolio companies.
Moderator
David Yoon, Director, CDIB CAPITAL KOREA
Panelists
Han I. Lee, Managing Director, CORNERSTONE EQUITY PARTNERS
Jeehoon Park, Sr. Investment Manager, STIC INVESTMENT
|
| 12:30 |
/ |
Luncheon
Keynote address
Euoo-Sung Min, Chairman & CEO, KOREA DEVELOPMENT BANK |
| 14:00 |
/ |
China and Korea: A win-win deal
Beijing will soon join Seoul (1988) as one of the few Asian cities to ever host the Olympic Games. This is a crowning achievement for the miracle economy that has continued to keep up its pace of growth. While cheap manufacturing was once the PRC's main attraction, Chinese companies are now aspiring to become leading innovators and are not shy about acquiring foreign know-how to aid in the process. From state-owned funds investing in private equity firms and Mainland companies taking over overseas counterparts, China now faces new challenges in raising its economy to the next level. With their expertise and experience gained over several economic cycles, South Korean investors and companies are in a unique position to help create win-win situations. Panelists from both Olympic host countries discuss:
- Where Sino-Korean collaboration is most effective
- The effects of the continued appreciation of the RMB
- Chinese investors in Korean deals and vice versa
Moderator
Sung Yoon, CEO, KTB VENTURES
Panelists
Charles Wu, Managing Partner, China Investment Fund, IBM GCG; Vice President, IBM GCG
Thomas Chan-Soo Kang, Founder & CEO, KANG & COMPANY
Jason J. H. Kim, President & Founder, LINDEMAN ASIA INVESTMENT CORP
|
| 15:00 |
/ |
Venture transactions in the Korean arena
Since 2005 a number of local VCs have moved towards making larger, mid-market investments. Some of the deal flow for these investments has come as a result of spin-outs from larger companies' R&D departments, and some of the deals have been growth capital investments in independent entities. Dominated by local firms, the market is opaque and complex. Panelists discuss:
- What are the major growth sectors in Korean VC today?
- What sizes and stages of deals are Korean VCs focusing on?
- Where the preferred exit opportunities lie and why the majority of IPOs happen on domestic exchanges. Is this good for the international competitiveness of Korean technology?
Moderator
Brian Koo, Managing Partner & CEO, LB Investment
Panelists
Jung-Joon Hwang, Investment Director, BLUERUN VENTURES
Heung-Jun Park, Vice President, HANWHA VENTURE CAPITAL CO. LTD.
Sung-Tae Jin, Senior Vice President & General Partner, IDG Ventures Korea Ltd
Yepie Kim, Investment Manager, SK TELECOM
|
| 16:00 |
/ |
Coffee / tea break
|
| 16:30 |
/ |
Korea, Inc. goes global: A perfect match for foreign PE
fund managers?
As Corporate Korea steps onto the world stage, will it create more opportunities for foreign VC firms? Korean companies are heading overseas in search of growth, by making both complimentary and stand-alone acquisitions, but often what they have in determination, they lack in experience. Given that the Korean government is supporting this newly acquisitive stance (witness the Doosan takeover of Bobcat – a former Ingersoll-Rand subsidiary), panelists question:
- Is there an opportunity for foreign PE investors to provide strategic
financing alongside deal advisory and post-completion support to
these companies?
- What has caused this sudden expansionary interest, and is it likely to last?
Moderator
Richard Joung, President, Korea, JAFCO ASIA
Panelists
Shyam Sundar, Managing Director- Investments, IDFC PRIVATE EQUITY
Yong Hyun Kim, Director, THE CARLYLE GROUP
Stuart C. Baxter, Managing Director, THE RIVERSIDE COMPANY
|
| 18:30 |
/ |
Evening cocktail reception
|
| 19:30 |
/ |
Dinner banquet
|
| Wednesday, 10 September 2008 |
| 08:00 |
/ |
Breakfast and registration |
| 08:50 |
/ |
Welcome remarks |
| 09:00 |
/ |
The internationalisation of Korean PE: Korean managers look overseas for new funds, transactions and partners
A significant minority of Korean domestic private equity funds are looking
seriously at setting up overseas. On the face of it this could be seen as a
reaction to foreign firms' long-standing, and recently, increasing presence
in Korea's domestic market. Is this the whole story though? Korean private
equity fund managers give their views on:
- The domestic conditions that make overseas expansion attractive for
Korean domestic players;
- Whether managers are seeking deals, investors, strategic exit partners,
or all three;
- What the major hurdles are, facing those with global, or even just regional
ambitions, and how PE fund managers plan to overcome them; and
- For those looking overseas, where in the world are they looking, and why?
Moderator
Keun Mo Lee, Managing Partner, Samjong KPMG Advisory Inc
Panelists
Mu-Shin Kim, Investment Specialist Private Sector Operations Department, ASIA DEVELOPMENT BANK
Jeong-Suk Koh, President & CEO, ILSHIN INVESTMENT CO. LTD
Joo Dong Yu, Vice President, SAIF PARTNERS
|
| 10:15 |
/ |
Coffee / tea break |
| 10:45 |
/ |
Korean and international LPs: Their interest in Asia's
longest-developed market
A significant minority of Korea's oldest domestic funds have begun to
look overseas for future fundraising opportunities. Meanwhile, domestic
Korean institutions are active in the market, many employing a hybrid co-investment
strategy that gives them direct access to deals and a say in
their structure. Panelists explore:
- The size of overseas investors' appetite for Korean PE & VC, and what their
chief concerns are in respect of the country's investment landscape.
- How investors view the general economic outlook for Korea over the
next three years, and whether in light of this they favour the apparent
trend towards "internationalisation" of the industry.
- How well diversified domestic Korean investors are across the industry,
and whether this is likely to change in the short to medium term.
- What structural and performance limitations Korean LPs impose upon
their GPs as a result of their preferred funding mechanism.
Moderator
Jason Shin, Founding Partner, VOGO FUND
Panelists
Akihiko Yasuda, Managing Director, ASIA ALTERNATIVES MANAGEMENT LLC
Chang-Hyeon Kim, Managing Director, Corporate Finance Division MILITARY MUTUAL AID ASSOCIATION
Boris Bong, Investment Director & Member of Investment Committee, SQUADRON CAPITAL
|
| 12:00 |
/ |
Luncheon
|
| 13:00 |
/ |
Conference concludes
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