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conference day one, Wednesday 22 October 2008
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8am | Registration and welcome refreshments
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8.45am | Welcome remarks by chairperson
Member of SAVCA
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| PRIVATE EQUITY – WHERE ARE WE AND WHERE TO FROM HERE? |
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9am | Private equity into Africa – the last frontier?
- New developments and opportunities in African private equity markets
- How Africa compares to international markets for private equity
- Assessing the impact of international funds and cashboxes
- What are the areas of future growth?
- Overcoming the challenges in private equity investment
Mawuli Ababio, Managing Director,
African Venture Capital Association, SA
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9.30am | Debt capital markets – sighting the best opportunities
- Local and international perspectives
- Where really are the best deals to be found?
- The road ahead – assessing the next 12 months
- The credit crunch – how much of a crunch is it?
Andre Pottas, Partner Corporate Finance, Deloitte,
South Africa
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10am | Panel discussion: Future of private equity in Africa – trends, developments, opportunities and challenges
- State of the market vs. investment trends
- New deal structures and fundraising strategies
- Major trends in large and mid-sized funds
Panelists:
Emile du Toit, Head: Corporate Finance
Development Bank of Southern Africa, South Africa
Warren Watkins, Managing Director Transaction Services, Head of Private Equity Markets
KPMG Services, South Africa
Malcom Segal, Executive Director, Sasfin,
South Africa
Joseph Stoltz, Chief Executive Officer
The Median Fund, South Africa
Ndaba Mpofu, CIO, VPB, Botswana
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10.45am | Morning refreshments
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| LP-GP RELATIONSHIP – LET’S TALK DYNAMICS |
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11.15am | LP’s and GP’s relationship: what makes a successful GP?
- Examining the dynamics of the relationship between LP’s and GP's
- What are the different expectations?
- What due diligence should be performed prior to choosing a GP?
- Identifying the best private equity funds for your business
- Differentiating between the good, the bad and the ugly GP
- How can LP’s assess and manage?
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11.45am | Investor focus discussion: Are private equity investments flexible enough for institutional investors?
- How can private equity investments attract investors?
- The GP-LP relationship: choosing the right GP for you
- Looking for the best investor methodologies
- Manager selection and due diligence – finding the right way
- Investing in a fund of funds vs. investing directly – pro’s and con's
- It’s about perfect matchmaking – what a fund of funds looks for in a single fund
- Why would an LP choose to invest in a fund of funds as opposed to a single fund?
- Evaluating the advantages and disadvantages of each strategy
Panelists:
Godfrey Albertyn, Portfolio Manager
Metropolitan Asset Managers, South Africa
Jarred Glansbeek, Chief Executive Officer
RisCura, South Africa
Matthew Hunt, Director
Vunani Private Equity Partners, South Africa
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12.30pm | Networking luncheon
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| EXITING IN EMERGING MARKETS – THE STRENGTHS AND WEAKNESSES |
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2pm | Panel discussion: IPO or secondary market?
- What is the best exit strategy?
- Why exit via IPO and key considerations to note
- Opportunities for Private Investments in Public Equities (PIPE)
- What is the state of the secondary market in SA?
- When is the secondary market the best option for your investment?
- Does private equity take too much of a short-term view on selling?
Panelist:
Mark Casey, Partner Corporate Finance
Deloitte, South Africa
Rowan Williams, Director
i capital, South Africa
Andrew Brooking, Director
Java Capital, South Africa
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2.45pm | Finding the successful exit in emerging markets
- Is it more difficult to achieve exits in emerging markets – the difficulties of minority stakes
- Routes to liquidity – choosing the best exit option available
- Strength of local capital markets and viable alternatives
- The role of the fund manager
- Success in trade sales, resales to management, exits to other firms, IPO and mergers
Warren Watkins, Managing Director Transaction Services, Head of Private Equity Markets
KPMG Services, South Africa
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3.15pm | Speed networking
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| TREADING ON THE TAX AND REGULATORY MINEFIELD |
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4pm | International terms and conditions of private equity funds
- Knowing the relevant trends in the market and making these work for you
- Terms as indicators of GP performance
- Emerging market managers and future outlook
Sonya Pauls, Partner
SJ Berwin, Germany
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4.30pm | Regulatory panel discussion: Legal, tax and regulatory changes and their implications
- The Companies Act amendments – how will this affect the structuring of deals?
- Investing beyond our borders – venturing into the unknown
- Tax – knowing what new dispensations mean for deal structuring
- Realising taxation of gains on disposable shares
Panelists:
Kevin Cron, Director
Deneys Reitz, South Africa
Kyle Mandy, Tax Partner
Werksmans Attorneys, South Africa
Shaun Teichner, Director
Werksmans Attorneys, South Africa
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5.15pm | Closing remarks by chairperson and close of day one
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conference day two, Thursday 23 October 2008
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8.45am | Opening remarks by chairperson
Member of AVCA
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| INVESTING IN THE MID-CAP MARKET – THE VALUE PROPOSITION |
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9am | South African perspective: investing in the mid-cap market
– will rewards outweigh risks?
- How do mid-cap buyouts perform in comparison to large buyouts?
- Why, and more importantly when, should mid-caps look for private equity financing?
- What is the value add to the institutional private equity portfolio?
Eldon Beinart, Principal
Molash Capital, South Africa
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9.30am | Case study: Healthcare fund – private equity investment
into healthcare opportunities in Africa, double bottom line returns versus IRR driven investments
- Types of investors in such funds and potential conflicts between investors
- The challenge in the balance of social return vs. IRR
- Overcoming the obstacles when using private equity funds to deliver a social return
Heather Sherwin, Fund Manager
Bioventures and Africa Healthcare Fund, South Africa
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10am | Are there enough profitable SA private equity deals under
R3 million?
- The LP perspective – why invest in mid-cap funds?
- Where will tomorrow’s mid-cap deals come from?
Joseph Stoltz, Chief Executive Officer
The Median Fund, South Africa
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10.30am | Morning refreshments
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11am | Things that keep you awake at night
You have voted for these topics! Your chosen speakers will now offer you real-time, spontaneous solutions and commentary on the issues that keep you awake at night.
Bring your questions to this spontaneous discussion.
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| A NEW VENTURE CAPITAL MODEL FOR SA? |
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11.30am | Early stage investments – will venture capital still have the last word in South Africa?
- Analysing the various investment patterns, recent exit returns and future trends
- Assessing the investment and fundraising trends
- Evaluating the success of the traditional VC model in SA –what does the new model look like?
- The global VC market, and its relevance to emerging markets
Julia Long, Chief Executive Officer
HBD Venture Capital, South Africa
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| REGIONAL OUTLOOK – UNDER WHICH RAINBOW DOES THE POT OF GOLD LIE? |
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12pm | Private equity in Africa – is it the new or last frontier?
- Developments over the past year, where has private equity in Africa been growing the most?
- Which obstacles do GP’s face when entering Africa?
- Understanding the regional market environment
- Africa vs. Asia, Middle East and LatAm – why are we the lagging emerging market?
Davinder Sikand, Regional Managing Partner, Africa
Aureos Capital, Kenya
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12.30pm | Networking luncheon
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1.30pm | Case study: North Africa focus, looking in the right places
- Analysing the investment environment ahead
- Which sectors provide the greatest opportunity for private equity investment?
Anis Fatallah, Tuninvest, Tunisia
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2pm | Case study: SADC focus, emerging the emerged
- Challenges and opportunities in portfolio management
- De-risking the portfolio
- Analysing the investment trends
Ron den Besten, Managing Partner
Aureos South Africa Advisors, South Africa
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2.30pm | Regional forum: The African experience – let’s
share notes
- Negotiations – challenges and opportunities
- How to find the best local partners?
- Risk management, corporate governance issues and solutions
- Management of Pan-African investments – what is the best strategy?
- Exit implications
- What is the role of environmental and social responsibility?
Panelists:
Davinder Sikand, Regional Managing Partner, Africa
Aureos Capital, Kenya
Ron den Besten, Managing Partner Southern Africa
Aureos South Africa Advisors, South Africa
Ziyad Oueslati, General Manager
Tuninvest, Tunisia
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3.15pm | Afternoon refreshments
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| PRIVATE EQUITY AND BEE – HOW FAR HAVE WE COME? |
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3.45pm | Women private equity funds – facilitating gender
empowerment using a private equity model
- Private equity as a catalyst for transformation
- Private equity funds focused on women
- Women entrepreneurship in South Africa
- Achievements and challenges faced
- Overlaps with BEE
Alun Frost, Executive Director
Glenhove Fund Managers, South Africa
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4.15pm | BEE and transformation panel discussion: Finding the black diamonds
- BEE deal flow on transactions, is it a viable solution?
- Assessing the transformation
- Prospecting the prospects
- Planning the next step and taking it
Panelists:
Masedi Molosiwa, Chief Executive Officer
ABSIP, South Africa
Alun Frost, Executive Director
Glenhove Fund Managers South Africa
Frencel Gillion, Chief Investment Officer
National Empowerment Fund, South Africa
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5pm | Closing remarks by chairperson and close of the conference
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masterclass I, Tuesday 21 October 2008
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8.30am | Private equity and venture capital in your portfolio – the why’s, the what’s and the how’s
Registration for the masterclasses will commence at 08:30. The masterclass will commence at 09:00 and conclude at 17:00. Morning and afternoon
refreshments, as well as lunch, are scheduled into the day’s proceedings.
Agenda
Asset allocation – Private Equity and Venture Capital in your portfolio
• PE and VC versus other asset classes
Accessing the market – GP fundraising, placement agents and fund of funds
- Co-investments
- Directs
- Secondaries – fund interests vs. directs
- Valuing positions and making exits – active portfolio management
How to build and manage a private equity programme
What to look for in a GP
- Returns and relationships
- Managing your GP’s
- Analysing fund performance
- Communicating with your GP’s
Liquidity and returns
- J-Curves
- Returns and cash flow analysis
- Secondary markets
Limited partnerships
- Negotiating key terms and conditions
- Management fees and carry
- Tactics, pitfalls and what to look for
How to be a good LP:
Due diligence
Reporting and what to look out for Fees and Carry
Advisory boards
The media and their interest in PE
Exercises – review agreements/comparing funds and case studies
About your masterclass presenter:
Sonya Pauls
Partner
SJ Berwin, Germany
Sonya Pauls is a partner in the Munich Office of SJ Berwin. She specialises in advising private equity and venture capital fund managers on the structuring and establishment of German and pan-European
investment funds.
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