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Asian Private Equity & Buyouts Forum<br />
Asian Private Equity: Global Force in the ‘Smart Economy’<br />
Conrad Hong Kong<br />
Friday, 16 November 2007<br />
8:00 / Registration and Coffee<br />
8:30 / Economist Briefing: Today’s ‘Smart Economy’<br />
Stephen S. Roach, Chairman, Morgan Stanley Asia<br />
More than dot-com bytes vs bricks, today’s ‘SMART ECONOMY’<br />
has been shaped by forces ultimately unleashed by the Internet:<br />
competition that rewards mind over muscle, speed over size,<br />
and market intelligence over market share. Its capital markets<br />
have a life separate from the underlying economy, increasingly<br />
driven by debt and derivatives. And it’s one in which externalities,<br />
including the environment (‘global warming’), population<br />
growth, and security concerns will invariably impact investment<br />
decisions. Our economist briefing updates on the economy.<br />
9:00 / Keynote Address<br />
Stephen PagliuCa, Managing Director, Bain Capital<br />
9:30 / Keynote Session: 20 Years—Making the World<br />
Safe for Asian Private Equity and Venture<br />
In late 1987 several pioneers founded the Asian Venture Capital<br />
Journal and began “the long march” to today’s global presence.<br />
The journey has not been easy, and many challenges still<br />
remain. But its “Founding Fathers” have accomplished their task<br />
with integrity, drive, resilience and intellectual skill. Our “Hall of-<br />
Framers” offer their perspective on the past 20 years and peer<br />
into the decades ahead.<br />
10:30 / Tea / Coffee Break<br />
- Sponsored by -<br />
11:00 / Public-to-Privates: Paradise Lost?<br />
Private equity funds privatizing large public companies seemed<br />
to be a match made in heaven: GPs can put large sums to work,<br />
banks/intermediaries earn generous fees, public shareholders<br />
receive a premium for their shares, and the newly-privatized<br />
fund can unlock undervalued assets. The company then reemerges<br />
on the exchange (or in the portfolio of another fund)<br />
to the cheers of LPs, incentivized management and, of course,<br />
the GPs themselves. But, at least in Asia, the play hasn’t always<br />
followed the script, if for no other reason than others want in<br />
on the plot: governments, hedge funds and public, as well as<br />
institutional shareholders to name a few. The art form remains<br />
viable but more is required than a cookie-cutter approach.<br />
Panelists tackle the issues:<br />
• Alternative structures<br />
• Getting to control<br />
• Incentivizing new management<br />
• Dealing with hedge funds<br />
• Institutional and public shareholders<br />
• Leverage: covenant lite, CLOs, and more?<br />
12:00 / Government Policy, the Media and Private Equity<br />
In many parts of Asia (and for that matter, the world), private<br />
equity is unloved by politicians and regulators, while its first<br />
cousin, venture, remains the toast of bureaus and ministries.<br />
Private equity has now entered the world of policy and<br />
government as newspaper headlines and the recently formed<br />
“Private Equity Council” in the US suggest. Panelists discuss key<br />
trends impacting the industry, implications for fund managers<br />
and country-specific issues.<br />
13:00 / Luncheon<br />
- Sponsored by -<br />
Institutional <strong>Invest</strong>ors Discuss<br />
Their ‘Asia Strategies’<br />
Our traditional, popular and always informative concluding<br />
session. A distinguished panel of Asian and global institutions<br />
size-up the current state of the Asian private equity and venture<br />
markets for plan sponsors, family offices and other institutional<br />
investors. Beyond access-to-funds issues, our experts analyze<br />
investment into the asset class and look at best practices from<br />
around the world in terms of innovative fund structures, fees/<br />
carry and selecting a fund manager.<br />
Concluding Remarks<br />
Conference Concludes<br />
15:30 / Post Forum Workshop: <strong>Invest</strong>ing in India<br />
(See page 9 for details.)<br />
8:00 / Breakfast Roundtables<br />
Friday, 16 November 2007 • Island Shangri-La Ballroom<br />
- Hosted by -<br />
- Co-sponsored by -<br />
Early risers are invited to participate in our Breakfast Roundtable discussions, starting at 8:00 AM on Friday morning.<br />
Participants will have an opportunity for smaller, more interactive discussions with experts on the topics below*. Join us for<br />
coffee, breakfast and food for thought!<br />
• Indonesia: Private equity returns<br />
• Australia: Accessing the Superfunds<br />
• Islamic Finance: Be good, be profitable<br />
• Vietnam: Ho-ho, the market soars<br />
• Pakistan: Beyond the TV cameras<br />
• Taiwan: Chips and more<br />
• Korea: Middle market opportunities<br />
• Japan: Buyouts begin<br />
• Singapore: Hedge fund central<br />
• Hong Kong: 10 years and stronger<br />
than ever<br />
* Breakfast roundtable topics are subject to change<br />
Confirmed Roundtable Moderators (Partial List)<br />
STEFAN HEPP<br />
Chief Executive Officer<br />
SCM Strategic Capital<br />
Management AG<br />
IVAN VERCOUTERE<br />
Partner<br />
LGT Capital Partners Ltd<br />
P.V. WANG<br />
Partner<br />
Adams Street Partners