Thursday, 7 September 2017
Registration and refreshments
Opening keynote address
Jeff Diehl, Managing Partner and Head of Investments, ADAMS STREET PARTNERS
Views from the top: Private investment opportunities amid global volatility
Macro challenges abound for private markets in 2017 - Trump, Brexit, geopolitical uncertainty, political scandals, currency fluctuations, and a low-growth macroeconomic environment. All have contributed to a new normal of global volatility. Yet difficulties create opportunities for savvy GPs with differentiated strategies and creative approaches. How will these macro global trends affect the private equity industry and Asia? Our panel of global and regional leaders share insights.
- How are macro trends impacting private equity worldwide and in Asia? How will the escalating political tensions affect South Korea?
- What are GPs doing to differentiate themselves?
- What are the next investment opportunities - are they regional or sector based, or simply sourced by great GPs?
- Where does South Korea fit in fund managers' Asian strategies?
- How is the exit market in Asia evolving? What does this mean for 2017 and beyond?
Moderated by: Yar-Ping Soo, Partner, Singapore, ADAMS STREET PARTNERS
Nicholas Bloy, Co-Founder and Managing Partner, NAVIS CAPITAL PARTNER
Stuart Schonberger, Founding Partner, CDH INVESTMENTS
Andy Shinn, Partner, PAG ASIA CAPITAL, SEOUL
Edward F. Sippel, Managing Director, TA ASSOCIATES
Networking coffee break
South Korean private equity: An evolving landscape
Private equity investors are thriving in South Korea. Chaebol reform and restructuring should be top of the agenda for the new government, yielding plentiful divestment opportunities. Meanwhile, the middle market remains a sweet spot, with solid proprietary deal flow, and SMEs seeking top-line growth. Despite high valuations and difficult exits, leading GPs, especially mature ones, continue to raise larger funds and gain traction from international LPs. Our panel of experts discuss the best strategy for South Korea and where the industry is heading next.
- What is the reality of chaebol reform?
- How can foreign and local private equity investors play in chaebol restructuring?
- Where will GPs find businesses in the small and mid-cap space that can deliver growth?
- How do local GPs attract new capital, especially from international LPs?
- How are successful GPs exiting their investments? Will the opening up of the IPO market to private equity firms affect the exit environment and the industry?
Moderated by: Yi-Dong Kim, Partner, KPMG KOREA
Gordon Cho, Head of Korea and Managing Director, THE ROHATYN GROUP
T. J. Kono, Partner, UNISON CAPITAL
Chulmin Lee, Managing Partner, VIG PARTNERS
Cross-border opportunities: Realising the promises
M&A and cross-border activity in South Korea has increased during the first half of 2017. Fuelled by an interest in domestic consumer products across the region, foreign investors are primed to take advantage of their expertise and connections to bring South Korean branded goods into their respective markets, as well as help the businesses flourish abroad. In fact, M&A and cross-border activity across the region continues to be substantial, as local strategic investors and PE funds look for growth via overseas expansion. Our panel of experts will discuss:
- Whether Korean companies have the right skill set and capabilities to successfully expand abroad, and how can GPs add value?
- Which sectors and countries have seen the most active cross-border activity?
- What are driving cross-border deals and how do they differ from what we have seen before?
- What are the key challenges to investing in emerging Asian markets, and how can they can be addressed?
Moderated by: DC Choi, Michael, Senior Deputy Director, GLOBAL M&A CENTER (KOTRA)
James Ahn, Managing Director, Head of Asia, CLAYTON, DUBILLER & RICE
Taeyub Kim, Managing Director and Head of Korea, STANDARD CHARTERED PRIVATE EQUITY
Howard (Hyun) Lee, Managing Director / Head of BDA Seoul Office, BDA PARTNERS
Ravi Thakran, Chairman and Managing Partner, L CATTERTON
South Korean VC resurgent: Turning a cycle into a sustainable industry
After hitting its highest fundraising total ever last year, South Korean venture capital is back in favour - according to the Small and Medium Business Administration of South Korea. Strong tech capabilities, a massive pool of innovative entrepreneurs, and solid government support have provided momentum, pushing South Korea into the limelight for local and overseas VC investors. However, success is measured by returns, not feel-good factor. GPs need to display a winning strategy, from seed capital to late stage and exit, to ensure this current cycle does not unwind, and instead boosts South Korean start-ups to go global. Our panel discuss:
- Where are the entrepreneurs and industries that will put South Korea on the map as a world-class start-up ecosystem?
- Can local and global VCs collaborate? How can VCs help local start-ups expand outside South Korea?
- Are the LPs backing South Korean VC changing? Where are the new sources of private capital?
- How can the next wave of VCs create a sustainable market, and how has this been done in other regions?
- How can South Korea build its own Silicon Valley? What lessons can be applied?
Moderated by: David York, Chief Executive Officer and Managing Director, TOP TIER CAPITAL PARTNERS
Brian Kang, Managing Partner, SPARKLABS VENTURES
Han Kim, Managing Director and Co-Founder, ALTOS VENTURES
Sung-Bin Park, Co-Founder and Managing Director, TRANSLINK CAPITAL
The global view: The rise of credit and debt strategies
Global funds have increasingly focused on debt-orientated strategies, as they diversify their product offerings alongside traditional specific credit funds. This development has been fuelled by LPs' appetite for committing capital to credit. Next to private equity, private debt is expected to deliver the highest returns over the next three to five years, and typically it can deliver LPs liquidity more frequently than private equity. Our panel of global experts will analyse the investment landscape, identify global credit opportunities across the spectrum of offerings available, as well as discuss the risks and returns.
- What macro factors are contributing to the rise of debt-oriented strategies?
- Which segments of the debt market are providing the most attractive opportunities, and where can they be found?
- Are allocations to credit strategies increasing, and what are LPs' expectations?
- How do managers differentiate themselves as more players enter the market?
- How can Korean LPs access global debt opportunities?
Moderated by: Richard Kim, Principal, Country Head, FIRST AVENUE PARTNERS
Justin Ferrier, Managing Director, BLACKROCK
James Greenwood, Chief Executive Officer, PERMIRA DEBT MANAGERS
Chris Heine, Senior Managing Director & Head of Asia Pacific, ICG
Networking coffee break
Spotlight on alternatives: Strategies for mitigating the PE J-Curve
Many South Korean LPs are increasing their allocations to alternatives. While they are actively jumping on the private equity bandwagon, even more are still reviewing their options and weighing up the attributes of the asset class. Many of these potential LPs are deterred by the J-Curve effect. This panel brings together top professionals from diverse alternative investment disciplines to showcase other options besides PE and VC funds that help combat the J-Curve in their portfolio, including:
- Real estate
Moderated by: SungJi An, Principal, HAMILTON LANE
Eric (Yong-Hwan) Kim, Senior Managing Director and Head of Korea Infrastructure, MACQUARIE INFRASTRUCTURE AND REAL ASSETS
Hans Kim, CEO, SIMONE INVESTMENT MANAGEMENT
Lucian Wu, Managing Director, HQ CAPITAL
Myron Zhu, Co-Head of Private Equity Asia Pacific, ABERDEEN STANDARD INVESTMENTS
The domestic LPs' view: Venturing into private markets
South Korean LPs have ramped up their investments into alternative assets over the past years, as they hunt for yield in a low-growth environment. Alongside more experienced SWFs and pension funds, a number of emerging LPs have made notable commitments, and continue to deploy capital across the alternatives spectrum and explore new strategies. In this session, a panel of leading domestic investors discuss their investment strategy, portfolio construction philosophies, and outlook for making commitments both at home and abroad.
- What factors are causing domestic LPs to commit to private equity and alternatives, and how prevalent is this expected to become across the LP universe?
- What are the return requirements and expectations of LPs in South Korea?
- What geographies and fund types are LPs examining and investing in?
- How are LPs selecting advisors and partners for making investments?
- What top tips would LPs already on the alternatives journey share with new investors?
Moderated by: Shin Kim, Partner, Hong Kong / Seoul, Korea, STEPSTONE GROUP
Dong Hun Jang, Chief Investment Officer, PUBLIC OFFICIALS BENEFIT ASSOCIATION (POBA)
Kyung-Cheol Jeon, General Manager, Alternative Investment Department, HYUNDAI MARINE & FIRE INSURANCE
Hyun-Woo Jin, Deputy Director, Alternative Investment Division, KOREA POST INSURANCE
Philip Yoon, Head of Global Alternative Investment Team, KOREAN TEACHERS' CREDIT UNION