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Asian Private Equity & Buyouts Forum Asian Private Equity: Global Force in the ‘Smart Economy’ Conrad Hong Kong Friday, 16 November 2007 8:00 / Registration and Coffee 8:30 / Economist Briefing: Today’s ‘Smart Economy’ Stephen S. Roach, Chairman, Morgan Stanley Asia More than dot-com bytes vs bricks, today’s ‘SMART ECONOMY’ has been shaped by forces ultimately unleashed by the Internet: competition that rewards mind over muscle, speed over size, and market intelligence over market share. Its capital markets have a life separate from the underlying economy, increasingly driven by debt and derivatives. And it’s one in which externalities, including the environment (‘global warming’), population growth, and security concerns will invariably impact investment decisions. Our economist briefing updates on the economy. 9:00 / Keynote Address Stephen PagliuCa, Managing Director, Bain Capital 9:30 / Keynote Session: 20 Years—Making the World Safe for Asian Private Equity and Venture In late 1987 several pioneers founded the Asian Venture Capital Journal and began “the long march” to today’s global presence. The journey has not been easy, and many challenges still remain. But its “Founding Fathers” have accomplished their task with integrity, drive, resilience and intellectual skill. Our “Hall of- Framers” offer their perspective on the past 20 years and peer into the decades ahead. 10:30 / Tea / Coffee Break - Sponsored by - 11:00 / Public-to-Privates: Paradise Lost? Private equity funds privatizing large public companies seemed to be a match made in heaven: GPs can put large sums to work, banks/intermediaries earn generous fees, public shareholders receive a premium for their shares, and the newly-privatized fund can unlock undervalued assets. The company then reemerges on the exchange (or in the portfolio of another fund) to the cheers of LPs, incentivized management and, of course, the GPs themselves. But, at least in Asia, the play hasn’t always followed the script, if for no other reason than others want in on the plot: governments, hedge funds and public, as well as institutional shareholders to name a few. The art form remains viable but more is required than a cookie-cutter approach. Panelists tackle the issues: • Alternative structures • Getting to control • Incentivizing new management • Dealing with hedge funds • Institutional and public shareholders • Leverage: covenant lite, CLOs, and more? 12:00 / Government Policy, the Media and Private Equity In many parts of Asia (and for that matter, the world), private equity is unloved by politicians and regulators, while its first cousin, venture, remains the toast of bureaus and ministries. Private equity has now entered the world of policy and government as newspaper headlines and the recently formed “Private Equity Council” in the US suggest. Panelists discuss key trends impacting the industry, implications for fund managers and country-specific issues. 13:00 / Luncheon - Sponsored by - Institutional Investors Discuss Their ‘Asia Strategies’ Our traditional, popular and always informative concluding session. A distinguished panel of Asian and global institutions size-up the current state of the Asian private equity and venture markets for plan sponsors, family offices and other institutional investors. Beyond access-to-funds issues, our experts analyze investment into the asset class and look at best practices from around the world in terms of innovative fund structures, fees/ carry and selecting a fund manager. Concluding Remarks Conference Concludes 15:30 / Post Forum Workshop: Investing in India (See page 9 for details.) 8:00 / Breakfast Roundtables Friday, 16 November 2007 • Island Shangri-La Ballroom - Hosted by - - Co-sponsored by - Early risers are invited to participate in our Breakfast Roundtable discussions, starting at 8:00 AM on Friday morning. Participants will have an opportunity for smaller, more interactive discussions with experts on the topics below*. Join us for coffee, breakfast and food for thought! • Indonesia: Private equity returns • Australia: Accessing the Superfunds • Islamic Finance: Be good, be profitable • Vietnam: Ho-ho, the market soars • Pakistan: Beyond the TV cameras • Taiwan: Chips and more • Korea: Middle market opportunities • Japan: Buyouts begin • Singapore: Hedge fund central • Hong Kong: 10 years and stronger than ever * Breakfast roundtable topics are subject to change Confirmed Roundtable Moderators (Partial List) STEFAN HEPP Chief Executive Officer SCM Strategic Capital Management AG IVAN VERCOUTERE Partner LGT Capital Partners Ltd P.V. WANG Partner Adams Street Partners
Asian Venture Capital & Tech Forum Tech, IT and Beyond: Venture Reaches for Scale in Asia’s High Growth Economies Island Shangri-La Thursday, 15 November 2007 8:00 / Registration and Coffee 8:15 / 2006/2007 - The Year in Stats [at the Conrad Hong Kong] AVCJ’s and IE Consulting’s crack research teams provide a statistical overview and analysis of Asian private equity (venture capital) for 2006/2007. All you need to know about where the deals are, who’s doing them, and what may lie ahead. 9:00 / Welcome Remarks 9:10 / Keynote Address [via video conference] 9:45 / Keynote Address: Venture and Public Policy Ted Schlein, Managing Partner, Kleiner Perkins Caufield & Byers Venture has fared better than private equity with most Asian governments, reflecting New Economy imperatives and the lure of creating the next Silicon Valley. But securities laws, listing requirements and tax incentives are among the many topics on VC’s and the Keynote agenda. 10:30 / Tea / Coffee Break 11:00 / Keynote Session: Venture – “The New Private Equity” In Asia and elsewhere, venture is migrating away from pure tech. Fund managers are devoting their time, talent and capital to investing in retail, media, consumer and now, even alternative energy. At the same time, as venture funds grow larger, they have shied away from investing in smaller deals. Panelists explore the forces driving the future of venture capital in Asia and beyond. • The future of tech, IT and innovation? • Venture capital—now private equity for SMEs? • Venture across Asia: different models for different markets • Can Asian regional firms thrive in a changed, competitive landscape? • Will the next 30 years further transform venture into asset management—from building businesses to collecting fees? 12:00 / Deal Structuring: Same Bed, Different Dreams As the distinctions between asset classes become increasingly blurred, lead GPs often find themselves structuring a deal among different asset classes (e.g. venture, hedge funds, strategic investors) with different interests, skill sets and return expectations. What’s a fund manager to do? Panelists discuss the issues and how to structure around them. • Where do hedge funds fit in venture: from Series C to Series E investors? • Rise of venture debt • Differing expectations among owners and various investors about when to take a company public 13:00 / Luncheon Keynote Address [via video conference] 14:00 / AMCHIND Bridge: Linking Capital, People and Technology AVCJ’s “Asia-US Venture Capital Highway” has become the New Economy’s AMCHIND bridge connecting the US, China and India. The VCs are following the entrepreneurs, and the entrepreneurs are transplanting the technology across continents and time zones. While China and India have turned in spectacular growth, American and American-trained VCs and entrepreneurs have largely provided the business models to lift these economies into orbit. Panelists survey the world’s longest span of capital, people and technology, and the role each will play in the years ahead. • ABCs, NRIs return to their roots—everyone welcome! Or not? • Is the “front end/back end” model sustainable? • Partnering with the locals • European venture: not so venturesome? • Protecting IP 15:00 / Tea / Coffee Break 15:30 / Venture: What’s Hot, What’s Warm Today’s venture capitalists haven’t totally bailed out of Geekdom. Though the garage start-up has morphed into incubators and science parks, the rush to develop tomorrow’s “killer apps” remains as robust as ever. Panelists discuss: • Open Source • Mobility • Life sciences/healthcare/biotech • Alternative energy/solar/cleantech • Games, SMS 16:30 / Digital Media: Content and Connections Among the business plans stacked high on VC credenzas, digital media concepts may well offer the most tantalizing opportunities. As China and other Asian governments relax their control over the media and freedom of expression, reaching 6 billion eyes could well represent the Xanadu (and Shangri-la) of the Internet. Web 2.0, Google ads and vertical search are only rest stops along the way as panelists go back to the future of content and ways to monetize it. • Can Asia take the lead in innovation here? • What markets are most advanced? • How is censorship impacting digital media investments and portfolio companies? • What are the strategies that will connect media with its digital reward? 18:00 / Buses leave the Conrad at 6:00 pm sharp for Four Seasons Hotel 18:30 / Gala Cocktail Reception Four Seasons Hotel • Central Grand Ballroom Foyer - Sponsored by - 19:30 / Annual Gala Banquet Dinner Four Seasons Hotel • Central • Grand Ballroom Keynote Interview Hamilton James, President & Chief Operating Officer, Blackstone Group - Sponsored by - Friday, 16 November 2007 8:00 / Registration and Coffee Breakfast Roundtables 9:00 / Keynote Address 9:30 / Keynote Session: 20 Years—Making the World Safe for Asian Private Equity and Venture [via video conference] 10:30 / Tea / Coffee Break 11:00 / Innovation in Asia: The Sun Also Rises in the Middle Kingdom and the Land of the Morning Calm While much investor attention is focused on the developing technology markets in China and India, it is Korea and Japan that are the region’s first major centers of innovation: Korea in wireless, gaming and flat panel display; and Japan in telecom and hand-held devices. Panelists survey Asia’s potential to launch the next “new, new thing”; what it might be and where it’s likely to come from. 12:00 / China: Building a Better Place to do Business China’s venture capital community has been on a roll since the AsiaInfo and Sina.com IPOs in 2000. But overseas GPs frequently complain about the need to develop a core value system around a sound legal infrastructure and financial transparency. Panelists offer a report card on: • Anti-corruption—better than it was, but where should it be? • Legal system—the need for standardization • Business practices—from favoritism to who has the best idea? • Great marketplace—but will China also become a center for innovation? 13:00 / Luncheon Institutional Investors Discuss Their ‘Asia Strategies’ Concluding Remarks Conference Concludes - Sponsored by - 15:30 / Post Forum Workshop: Investing in India (See page 9 for details.)
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