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Eduardo Elejalde
Founding Partner
Latin American Enterprise Fund Managers
Carlos Alberto Rosa
Investment Officer
FUNCEF
Pedro Pablo Kuczynski
Senior Advisor
The Rohatyn Group
Former Prime Minister
Government of Peru
Duncan Littlejohn
Latin American Representative
Paul Capital
Nicolas Aguzin
Managing Director, Chairman of Latin America
JPMorgan
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Conference:
Day 1
June 4th, 8am - 5:30pm
Day 2
June 5th, 8am - 5:30pm
Post-conference workshop:
June 6th, 8am - 4 pm
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Programme
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Wednesday, June 4: Conference Day One
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9am | Keynote address: How greater discretionary spending and the growth of a middle class supports the economies of Latin American countries
- Systematic trends leading to rising income levels
- Sector and industry overview
- Country specific analysis
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| 9.30am | GP executive roundtable
- Outlook on IPOs and other exit opportunities.
- Availability of leverage
- Review of the top deals of 2007-08
- What are the best cities to do business?
- Overcoming market concentration for global opportunities
- Sector drilldown
| | | Roger Berry, Partner, Climate Change Capital Limited, Peru
| 10.15am | Coffee
| 10.45am | Evolution of private equity in Latin America
- The rise of sector or country specific specialists
- How do hedge funds investing in private equity impact the market?
- The role of secondary funds in private equity projects
- Unconventional investment structures
- Cross border investments in private equity
| | | Cate Ambrose, Executive Director, Latin American Venture Capital Association Nicolas Aguzin, Managing Director, Chairman of Latin America, JPMorgan, United States
| | PRIVATE EQUITY AND THE GREATER ECONOMY | The Latin American private equity market has grown complex when compared to ten years ago, when it consisted primarily of generalist funds. Now, investors are faced with a myriad of new choices, such as sector or country specific funds. Hedge funds have entered the fray, with an aggressive approach subject funds to new risks such as redemptions and with leverage, are subject to accelerated loans. A secondary market has created new options for liquidity. How are these developments changing the way investors approach private equity in the region?
| 11.30am | The growing availability of leverage in Latin America
- Investing using mezzanine debt
- Reviewing the covenant
- Barriers to using debt financing in Latin America
| | | Dirk Donath, Managing Director, Eton Park Capital Management Mauricio Levitin, Managing Director, Peninsula Investments Group , United States Mark Tuttle, Head of Debt Capital Markets - Latin America, JPMorgan
| 12.15pm | LUNCHEON
| | THE LP’S PERSPECTIVE: PRIVATE EQUITY AND THE INSTITUTIONAL PORTFOLIO | | 1.45pm | The role of emerging market private equity holdings in pension funds, insurance companies, endowments, and other institutional funds.
- How much should be in private equity?
- Why Latin America?
- Diversification within the region
- Which holdings have shown returns?
- Exit strategies
- Regulatory issues of concern to institutional investors
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| 2.20pm | Legal and tax aspects of structuring transactions in Latin America
- How to design investment vehicles that work from a legal perspective.
- Analysis of investment mechanisms and incentives in Brazil and Mexico
- Structuring cross border secured finance transactions
| | | Claudia Prado, Principal, Trench Rossi E Watanabe Advogados, Brazil
| 3pm | SPEED NETWORKING & COFFEE
| | DEVELOPING TRENDS IN EMERGING MARKETS PRIVATE EQUITY INVESTMENTS THROUGHOUT THE WORLD | Many larger investors consider their emerging markets private equity deals without consideration to region. They want deals that promise returns. As Latin America experiences a resurgence in private investment activity, what lessons can be learned from the past and from older emerging markets such as China, India, or Eastern Europe?
| 3.45pm | Lessons learned from emerging markets in Eastern Europe, India, and China
- How can Latin American private equity markets fundraise and position against other competing markets?
- What lessons can be learned from China, India, and Eastern Europe
- A comparison of private equity in developed versus emerging markets
- What laws allow for private equity investment?
| | | Bernard McGuire, Director, Investment Funds Group, Overseas Private Investment Corporation Brian Kim, Managing Director, Zephyr Management LP
| | THE ENTREPRENEURS’ PERSPECTIVE |
| 4.30pm | Panel: Entrepreneurs securing funding in Latin America
- Challenges entrepreneurs face in securing funding
- Examples of successful small business financing efforts
- Working with private equity firms
- The landscape: what investment opportunities does the region hold?
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| 5.15pm | Adding value beyond funding
- What are target companies’ main value-added expectations from PE funds beyond equity infusions?
- Examples of key initiatives funds are taking to improve value in their portfolio companies
- Are majority equity positions necessary to achieve these goals? What if things go wrong?
- Obstacles to active investing strategies in Latin America (e.g. legal, cultural, managers’ time commitment)
- Latin America active-investing market dynamics vs. United States and other world regions. Industry evolution.
- How important are these value-added initiatives to create substantial returns vs. other factors (e.g. market appreciation)?
- What are some of the necessary skills, processes and characteristics funds require to improve value in portfolio companies?
| | | Dean Donovan, Managing Director, Columbia Equity Partners, United States
| 6pm | END OF DAY ONE
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Thursday, June 5: Conference Day Two
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| EXIT STRATEGIES FOR LATIN AMERICAN INVESTORS: PRESENT AND FUTURE | | 8.45am | Public markets on a national and worldwide scale
- Will Brazil’s IPO market last?
- The role of Bolsa Mexicana.
- Issuing an IPO on the international stage
- Taking a General Partner public
| | | Hernan Lopez, Regional Director for Latin America, NASDAQ OMX Group, Inc. Andreas Maciel, Associate, JP Morgan Latin America Capital Markets, United States
| 9.15am | Maxcom Telecomunicaciones Initial Public Offering
- Kirkland & Ellis represented Maxcom in its US$215 million initial public offering
- Sophisticated blend of U.S. federal and Mexican securities laws and stock market requirements involved in taking a Mexican company public in the U.S. and Mexico
- The complex restructuring of Maxcom's capital structure necessary to meet various legal and technical requirements
- Understand the benefits and burdens of taking a foreign portfolio company public, including the potential for enhanced value and liquidity for the PE investor
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| 9.45am | Strategic buyers and other successful exit strategies
- Selling to strategic buyers
- Selling to the secondary market
- Cross border mergers and acquisitions
- Buybacks from company founders.
- Dual track processes in Latin America
| | | Julio Marquez, Managing Director, Head of Latin America, Global Emerging Markets Group
| 10.30am | Case study: Exit strategies in Central America | | |
| 10.50am | Coffee
| | PREPARING TO INVEST: DUE DILIGENCE AND ORIGINAL OWNERS | | 11.15am | A guide to due diligence for private equity firms and corporates.
- Due diligence in choosing your management team
- How does due diligence differ in emerging markets versus developed markets
- Due diligence in assessing family businesses
- Risk management, information technology, human resources, markets, taxation
- Whether to use a national or international accounting firm, or to bring due diligence in-house
- Assessing environmental and political risk
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| 12pm | Investing in family owned businesses
- Sharing control with investors
- Internal management
- Due diligence with family businesses
| | | Erik Carlberg, Managing Director, Alta Growth Capital Mexico, Mexico Erik Peterson, Regional Managing Partner for Latin America, AUREOS CAPITAL, United Kingdom
| 12.45pm | LUNCHEON
| | SECTOR OVERVIEW I: OPPORTUNITIES FOR GROWTH | | 2.15pm | Energy as an infrastructure investment and as a natural resource
- Public Private Partnerships
- Private infrastructure investing
- Power plants
- Oil and gas
- New developments in bio fuel
- Alternative energy sources
| | | Guido Cerini, Managing Director, Head of Natural Resources, Latin America, JPMorgan, USA
| 3pm | Residential and commercial real estate projects
- How to deal with developer/construction risk?
- Is the sales plan realistic?
- Examples of PE structures mitigating these risks
- Location, location, location
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| 3.45pm | Coffee
| | SECTOR OVERVIEW II: COMPARATIVE | | 4.15pm | Agribusiness and forestry
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Friday, June 6th: Post-conference workshop
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| Raising Assets for Private Equity Funds |
| 9am | Registration and refreshments
| 9.30am | Introduction
| 10am | Understanding your unique selling proposition and where
you fit into the market
| 11am | Morning coffee
| 11.30am | How to develop effective marketing materials
- Private placement memorandum
- Executive summary
- Pitchbook
| 12.30pm | Lunch
| 2pm | The mechanics of the selling process
- The pros and cons of using placement agents
- Selling your fund to different audiences
- Options for full time funds
| 3.30pm | Workshop concludes
| | About your workshop leaders | Timothy Cunningham
President & Co-Founder
Touchstone Group, LLC
- Mr. Cunningham is President and Co-Founder of Touchstone Group, LLC, a financial services firm that raises institutional capital for hedge fund and private equity managers in the United States, Canada, Europe, and Australasia. Mr. Cunningham co-founded and managed a group of venture capital funds headquartered in Philadelphia.
Stephen Dreskin
Managing Director
Touchstone Group
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