Conference Day One: Monday 24 September 2007
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| 08.20 | Registration and refreshments
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| 08.50 | Chairperson’s opening remarks
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| THE PROSPECTS FOR GERMAN PRIVATE EQUITY IN A GLOBAL
CONTEXT |
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| 09.00 | Comparing the German market with that of its
counterparts
- What are the defining features of the German market?
- Deciding where to invest: how does Germany contrast with
other markets?
- Do LPs and GPs agree on the benefits of investing in
German private equity: where do their perceptions differ? |
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| THE IMPACT OF THE REGULATORY ENVIRONMENT ON PRIVATE
EQUITY INVESTING |
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| 09.30 | The regulatory landscape: how is the 2008 reform expected
to impact the market?
- Why is change necessary and what are the factors that have lead to the reform?
- Assessing and evaluating the key features of the reform
- Examining the benefits and costs for investors
- What will investors need to do in order to comply with the reform?
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| PRIVATE EQUITY AS THE ASSET CLASS OF CHOICE FOR LPs |
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| 10.00 | Portfolio diversification: assessing the virtues of private equity as a diversification tool
- Highlighting the need and establishing the benefits of a diversified portfolio
- Assessing strategies for achieving diversification within the asset class
- How do the difficulties quantifying total returns impact on an LPs ability to ensure their portfolio is diversified: can these difficulties be overcome?
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| 10.30 | Morning refreshments and networking
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| 11.00 | Panel discussion: what advice can existing LPs offer to new institutional investors?
- What is a realistic timeframe for private equity investing?
- The importance of taking your time and being selective
- Examining the resources required to successfully manage a portfolio
- Comparing the strategies available to mitigate the risks of private equity investing
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| | Carolyn White, Senior Investment Manager, West Midlands Pension Fund
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| 11.40 | Speed Networking
The revolutionary, exciting, quick and non-pressurised way to meet fellow conference delegates and industry peers. These brief meetings are the starting point for conversation and networking throughout the conference. This is where long-lasting and fruitful relationships begin.
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| 12.20 | Networking Lunch
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| ADDRESSING THE TACTICAL INVESTMENT CHOICES – TIMING,
VEHICLES AND POOLING (SESSION I) |
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| 13.40 | Results of empirical research: how best for LPs to integrate private equity into their portfolios
- A comparison of the different methods for measuring risk and return
- How to model cashflows: which strategies should LPs implement?
- What are the optimal weights of private equity?
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| 14.10 | Venture capital investment: an “Adults Only” asset class?
- LPs and their responsibilities for Darwin’s Law
- Value creation in venture capital: strategy is key
- Venture capital in Europe: can LPs afford the risk and how?
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| 14.40 | Private equity pooling: assessing how this method can
increase freedom whilst reducing costs
- The advantages and drawbacks of private equity pooling
- Critically comparing the new German Spezialfonds with foreign funds: where should you invest?
- Developing a customised investment process
- One year of experience in review
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| 15.10 | Afternoon refreshments and networking
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| LP PERSPECTIVES – HOW TO SELECT GPs & OPTIMISE YOUR
PORTFOLIO |
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| 15.40 | Case study Bayerische Versorgungskammer (BVK):
exploring private equity from a pension fund’s perspective: learning from those who have done it
- Why pension funds should approach private equity as an asset class
- Defining the procedures and processes that BVK had to go through in order to implement private equity
- How they achieved a diversified private equity portfolio
- Experience to date and lessons to be learnt
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| | Daniel Just, Chief Executive and Member of the Board, Bayerische Versorgungskammer
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| 16.10 | Panel discussion: the relationship between LPs and GPs:
what makes for a successful GP?
- Examining the dynamics of the relationship between LPs and GPs: what are the different expectations?
- What due diligence should be performed prior to choosing a GP: how to identify the best private equity funds
- How to differentiate between a good GP and a bad GP: how can LPs assess and measure performance?
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| | Helmut Vorndran, CEO & Managing Partner, VENTIZZ Capital Partners Advisory AG
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| 16.50 | Case study West Midlands Pension Fund: exploring private
equity from a pension fund’s perspective – learning from
those who have done it
- Why invest into private equity?
- Examining the investment strategies implemented by the West Midlands Pension Fund
- How they have addressed changes over time
- Words of warning for potential investors
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| | Carolyn White, Senior Investment Manager, West Midlands Pension Fund
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| 17.20 | Close of day one and networking drinks reception
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Conference Day Two: Tuesday 25 September 2007
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| 08.50 | Chairperson’s opening remarks
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| 09.00 | Keynote address: putting 2007 into context – future trends
and developments in the private equity market
- Highlighting the key developments over the last 12 months and assessing their effects
- Examining the factors leading to recent negative press: has this impacted the market?
- Will Germany ever become the top destination for private equity funds: assessing the success factors
- The future for German private equity
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| ADDRESSING THE TACTICAL INVESTMENT CHOICES – TIMING,
VEHICLES & POOLING (SESSION II) |
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| 09.30 | A comparison of investing in a fund of funds versus
investing directly: what is right for you?
- What is a fund of funds and how does it work?
- Why would an LP choose to invest in a fund of funds as opposed to a single fund?
- What are the advantages and disadvantages of each investment strategy?
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| 10.00 | The tailored approach: using proprietary fund of funds to
tailor a solution specific to your needs
- Defining proprietary fund of funds: what are they and how do they work?
- A practical example of how a proprietary fund of funds can be tailored to the needs of a pension fund
- Do the benefits of a tailored solution outweigh the fees?
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| | Varun Sood, Co-Founder & Managing Director, Capvent AG
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| 10.30 | Morning refreshments and networking
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| 10.55 | Best practice strategies to help you access top-tier funds
- Why is accessing top funds a major issue: which types of funds pose the greatest challenge?
- How has the birth of mega-funds affected access: are smaller investors being priced-out?
- A detailed examination of the tools and strategies to help you access the top funds
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| 11.25 | Is liquidity an issue: how to access private equity yet
remain liquid
- Listed private equity: how does it work and what are the benefits?
- Does listed private equity still offer diversification?
- Can fund of funds managers or other market participants take on the role of market maker?
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| 11.26 | THE BENEFITS THAT SECONDARY INVESTING BRINGS TO THE
PORTFOLIO
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| 11.55 | Secondary investing: why buy and sell through the
secondary market?
- What is secondary investing and why is everyone jumping on the bandwagon?
- What are the consequences of the current competitive environment: will prices continue to rise?
- Assessing the various methods to gain access to the secondary market
- Is secondary investing a short-term phenomenon?
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| 12.25 | Generating quick returns: can secondary investing mitigate
the J-Curve?
- Can secondary investing allow you to generate quick returns and meet your allocation requirements?
- What other means are there of mitigating the J-curve and how is this achieved?
- Critically comparing secondary investing with these other methods
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| 12.55 | Networking Lunch
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| INVESTING IN EMERGING ECONOMIES – PRIZES AND PITFALLS |
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| 14.05 | An examination of private equity investments into
Cleantech: where do the opportunities lie?
- What makes Cleantech an attractive investment option?
- What challenges does investing in Cleantech give rise to?
- How easy is it for German companies to invest into Cleantech: highlighting the challenges and developing solutions
- Assessing the various methods available to access Cleantech
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| 14.35 | Panel discussion: China or India – which is the better longterm investment?
- A comparison of investment valuation in China and India
- How do different industry sectors perform in each country?
- Cultural differences: the importance of local partnerships
- What are the exit opportunities?
- Prepare for the unexpected: what events could impact the markets?
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| | Luis Miranda, President and Chief Executive, IDFC Private Equity Varun Sood, Co-Founder & Managing Director, Capvent AG
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| 15.15 | Afternoon refreshments and networking
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| BEST PRACTICE APPROACHES FOR EXITING THE MARKET |
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| 15.35 | Exiting via an IPO: how to make the most of public market
exit options
- An overview of the IPO market: what is the current condition and what does the future hold?
- Why exit via an IPO: an assessment of the advantages of such an exit strategy
- What considerations should be made prior to adopting a public market exit option: are there any associated disadvantages?
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| 16.05 | The exit environment in Europe: an assessment of the
available options and timing strategies
- The different exit routes available: the pros and cons of recapitalisations, sponsor to sponsor sales, trade sales and IPO’s
- Do exit options differ within venture capital, small buyouts and large buyouts?
- Is private equity taking too short term a view on selling assets?
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| 16.35 | Chairperson’s closing remarks
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| 16.45 | End of conference
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Post-conference Workshop: Wednesday 26 September 2007
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| Emerging Markets: prize or pitfall? |
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Andrew Lebus, Managing Partner, Pantheon
Rationale and Benefits
Over the last 3 years fundraising for emerging markets private equity has seen unprecedented growth. According to data from the Emerging Markets Private Equity Association, a total of 162 private equity funds focusing on investing in the emerging markets of Asia, Eastern Europe, Latin America, the Middle East and Africa, raised $33.2bn in capital commitments in 2006. This represents a 29% increase over the $25.8bn raised in 2005.
Emerging markets private equity not only brings diversification to investor portfolios but also boasts higher returns than developed markets. With investors keen to reap these rewards, it’s no surprise that the growth experienced in the last few years is set to continue beyond 2007.
This workshop will be investigating the opportunities that emerging markets can bring to investors. Whether you are a mature investor already making allocations to emerging markets or an investor considering gaining access to these markets, this workshop is essential for you if you wish to dramatically increase your understanding of the prizes and pitfalls. Such an increased level of knowledge will enable you to make informed decisions enabling you to diversify your portfolios and maximise your returns.
Key topics include:
• Recent trends in emerging markets – key developments over the last 12 months - How performance compares amongst the different regions - Are returns still out-performing other private equity markets? - Have the levels of geographic and deal diversity continued to rise?
• Why emerging markets are attractive to investors
• An examination of the different markets: where do the opportunities lie? - The dominance of China and India: is Asia still attracting the most capital? - The rest: Latin America, the Middle East and Africa, CEE and Russia
• How easy is it for German companies to invest into emerging markets: a comparison of the available methods
• What potential challenges should investors be aware of: how to mitigate the risks - An examination of the types of risks: political, currency and legal - Should emerging markets be seen as a ‘risk’ or an ‘opportunity’? - Best practice strategies to minimise your exposure
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