India Limited Partners Summit 2017
Alternate Investment Funds in Asia: Finding the silver lining in the emerging markets
With a population of over 1.3 billion and most of it below 35 years, India has an unmatched potential as a market for consumption of goods and services. Add to that the government’s efforts to attract foreign investment by easing taxes and making processes more transparent, the Indian economy has perhaps never looked more inviting to investors worldwide. Globally, recent election results in the US and Britain’s decision to leave the EU, and within Asia slowing down of China and Indonesia point to a silver lining for other emerging markets, including India.
However, some steps taken by the present government, including the recent demonetisation of high-value currency notes, have raised questions over the ability of the economy to grow faster than the other giants in Asia. In the wake of global, regional and local developments, it will be interesting to see whether investors will be bullish or bearish towards India.
India Limited Partners Summit 2017, presented by News Corp VCCircle, is a unique platform to discuss these and other key issues facing the investor community in Asia Pacific. The platform will see India’s leading private equity funds (general partners or GPs), top global and Indian limited partners (LPs), and other major players in the private equity ecosystem gather under one roof to brainstorm the weightiest issues facing the fund managers and their investors in the region.
Over the past seven years, the summit has been attended by more than 300 speakers and 2,100 participants.
Through interactive panel discussions, breakout sessions and keynotes from industry stalwarts, this two-day conference will offer an excellent combination of insights and interaction where attendees gain both practical and strategic knowledge and, at the same time, develop their network of contacts significantly.
Key topics for discussion:
• India as the emerging silver lining in Asia - What do LPs expect in terms of government reforms?
• Mapping India’s macro to micro business environment
• India vs BRICS vs others - What can GPs do to position the India story better?
• Selling the AIF story to domestic investors - Learnings from emerging markets
• Debutant fund managers - LPs’ views on first-time fund managers
• Co-investment strategies and platform deals - How different is the Indian market vs Asia
• Indian VCs and deployment dilemma
• PEs disguising as the new VCs for mid- to late-stage investments - From an LP’s perspective
• Exits and the dollar conundrum - Best practices for hedging the IRR risk
• Buyouts and control deals - Indian promoters’ ideology and key trends
• Sunrise sectors from PE lens - Sector-specific vs sector-agnostics funds
Block your calendar to join us for India's premier alternative investments conference that will identify global and local trends for Asia-focussed investors.
Day - I
Keynote Panel: India as the emerging silver lining in Asia
The Modi government is now mid-way into its term and probably has one more year to undertake new reforms before it gets on to populist measures to prepare for the next elections. How do top economists view the government’s agenda and what do they expect to roll out in the coming two years? With Make in India, GST and higher FDI in several sectors, the government has showed openness and boldness to push through much delayed reforms and invite foreign capital. The government, however, has not been successful in creating big-bang employment generation opportunities and consumption boom. What is LPs view of the current government and what do they expect from it?
Panel: Mapping the macro to micro business environment
Participants will discuss what the budget means at a macro and micro level for investors in India. The panel will have a mix of LPs, GPs, economists and entrepreneurs who will decipher what the budget means for those eyeing India as an investment destination as well as where it places the economy in comparison with other Asian countries such as China, Japan and Southeast Asian countries.
Fireside chat: Understanding the changing dynamics of a LP-GP relationship
It is needless to say that the relationship and roles that LPs and GPs play in a deal have evolved during the last decade. What are these changes and how do they impact the market? Have these changes been a boon or bane for entrepreneurs?
Panel: India vs BRICS vs others - What can GPs do to position the India story better?
As the fastest-growing major economy, India has maintained some credibility in the eyes of investors looking at emerging markets. But is that enough? How do LPs read the India vs other emerging markets story? How is country allocations changing and why? What can Indian GPs do to attract more LP interest? How do Indian GPs differ from peers in the emerging markets and what do they need to do catch the LPs’ eye? Do they need to show sharper and disciplined investment strategy for a sector, or is it execution and better portfolio choice that wins the hearts and LP cheques?
Panel: Selling the AIF story to domestic investors - Learnings from the emerging markets
As a growing number of foreign investors enter India, what are the domestic investors thinking? We are yet to see enough big-ticket investments happening and this panel will try to decipher ways of selling the AIF story to domestic investors, especially cash-rich companies as the investor pool, so far, has been limited to big players only including Reliance Industries, Infosys, Wipro and so on. What’s stopping private NPS fund managers from betting on AIFs after the government allowed such investments this year? Is 2% of NPS corpus for AIFs too low? What are the norms globally and what needs to be done?
Panel: Sunrise sectors from PE lens - Sector-specific versus sector-agnostics funds
Which sectors have turned out the best performance in terms of real exits for LPs and GPs and look most rosy for 2017 and beyond? How about investment strategy: How do LPs differentiate between a sector-agnostic and focused sector fund? Why are special situation funds gaining traction and does it say something about the lack of activity or boldness among asset reconstruction firms or the regulatory norm for such assets?
While initially lot of money was committed to infrastructure funds, that side has seen some hold-up. PEs at large had also seen lot of interest but SEBI data show VCs have recorded unprecedented LP commitment in Q3. Do LPs see more attractiveness for VC investments in India or PE?
The biggest PE deals to date have been to the order of $1-2 billion. M&As, however, had broken the multi-billion-dollar threshold several times in the past. Is there a scope for such large buyouts in the near to medium term? Which sectors could see such activity?
The size problem: Barring infrastructure funds, most large fund houses operate with assets of $500-700 million. Does this turn off large LPs who do not want to bet small sums of $50-100 million with one GP as it increases the overhead of managing small portfolio accounts? Indeed, even large firms have bridled their ambitions for larger funds. Does it again reflect a deployment problem for PEs at large?
Day - II
Panel: Exits and the dollar conundrum - Best practices for hedging the IRR risk
No matter how hard the GPs are working to sweat LPs money, there is the forex angle to neutralise the efforts. How can LPs hedge against currency risk and what’s the international practice in emerging markets prone to such swings? Is a forex premium being added to the target IRRs that GPs promise to their LPs?
Panel: Co-investment strategies and platform deals -How different is the Indian market vs Asia
Though the Indian market is booming and offers limitless opportunities, entering it poses many strategic challenges for both LPs and GPs. A deep understanding of the country’s multi-faceted market dynamics and deep insights into the Indian consumer attitudes and expectations is essential to their success in India. We will hear from Indian market specialists on how to make it happen.
Blind pool, co-investments or platforms: Which strategy has worked best in India and why? What are the early lessons from platform deals where large LPs form JVs with GPs? What are the pitfalls of such active co-investment strategy? Given the time, energy and resources required to be deployed for a platform deal, does it shake up the economics of returns for LPs? Why are there less LP co-investments in India as compared to other markets and is it a natural thing to expect for it to gain traction? How should LPs prepare themselves?
Fireside chat: Buyouts and control deals - Indian promoter’s ideology and key trends
The Indian market is still nascent for buyouts, but lately more control deals are happening. Is there a fundamental shift seen in the promoter ideology or are these one-off examples?
Panel: Indian VCs and deployment dilemma
Do Indian VCs have a deployment problem? The surge in value investments in startups in 2015 was led by e-commerce and consumer Internet. Now that the proverbial bubble has burst and startup valuation at large has moderated, how are VCs going to deploy the multi-billion-dollar dry powder, which is piling up with new GPs coming to play? What are the new domains which can suck in hordes of cash without fuelling another round of mindless cash burn? Is India now waiting for a consolidation among VCs as was witnessed in the PE domain in the past five years where several GPs ended up (and continue) managing zombie funds?
Panel: PEs disguising as the new VCs for mid- to late-stage investments - From an LP’s perspective
In 2015 and partly in 2016, hedge funds, PEs and growth equity investors have been eating up the mid- to late-stage VC investment space. In fact, lately some PEs has also nibbled in early-stage VC type of deals. How do LPs view such a strategy? Is that likely to continue in the next year or so or is the market expected to fall back to the conventional angel-VC-PE cycle of investments? What does it mean for startup valuations?
With rising expectations from the Indian economy, political stability and industrial consolidation, more global buyout companies are strengthening their focus here. Many family-run businesses are realising the value of having an international partner to expand. All this is creating a huge opportunity for buyouts. Several questions arise out of this trend – do we have enough mid- to large-size transactions to create a market? Will valuations be feasible for PEs? Which sectors will see more opportunities and what will be the role of local partners to make such deals happen? This session will focus on answering these questions to evaluate how sustainable is the Indian buyout opportunity.
Panel: Debutant fund managers - LPs’ view on first-time fund managers
Hordes of first-time fund managers are out in the market to raise PE or VC funds. How do LPs take a call on such GPs? What are the factors that need a tick mark before buying into a debutant’s story? Can one rely on past funds they managed as part of a different group? What due diligence do LPs insist on before backing a GP and how many notches does this escalate in the case of first-time fund managers or those going solo?
Date: 1st - 2nd March
Address : Taj Lands End, Mumbai
Byramji Jeejeebhoy Road, Band Stand, Bandra West,
Mumbai, Maharashtra 400050
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The Singapore Venture Capital & Private Equity Association (SVCA) was formed in 1992 to promote the development of the venture capital (VC) and private equity (PE) industry. Our Mission is to foster greater understanding of the importance of venture capital and private equity to the economy in support of entrepreneurship and innovation and to look after the interests of our members.
The association strives to promote the professional development of the industry as well as facilitate interaction and collaboration among its members. The association also acts as a platform for dialogue on regulatory and policy issues pertaining to VC and PE and builds linkages to centres of VC and PE activities in the region.
The Malaysian Venture Capital and Private Equity Association (MVCA) was formed in 1995. The organisation comprises leading and active players in the venture capital and private equity industry.
Its mission is to promote and develop the venture capital and private equity industry in Malaysia, and advocates policies that enhance the environment for venture capital and private equity activities. It also serves as the authorised platform for members to express their views to policy makers in resolving issues and removing obstacles that impede the growth of the venture capital and private equity industry.
Among others, the Association also strives to:
• stimulate the promotion, research and analysis of venture capital in Malaysia and in other countries.
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INR 32000 + Service tax (15%) per attendee
Early Bird Discount: 20% till 25th January:
INR 25600 + Service tax (15%) per attendee
Special Discount: 10% till 3rd February
INR 28800/- + Service tax (15%) per attendee
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