The Emerging Markets Private Equity Forum: London 2009
Co-hosted by Private Equity International (PEI) and the Emerging Markets Private Equity Association (EMPEA)
Light at the end of the tunnel
Merchant Taylor’s Hall, London
03-04 November, 2009
Day 1: Tuesday 3rd November, 2009
08:00 - 08:45
Coffee and Registration
08:45 – 09:00
Chairman’s welcome
Philip Borel, Editor in Chief, PEI Media
09:00 – 09:30
Opening Keynote Address: Light at the end of the tunnel - where does emerging markets private equity go from here?
Charles R. Kaye, Co-President, Warburg Pincus
09:30 – 10:30
Setting the stage: an EMPEA review of 2008 and 2009 market update
Opening panel session: From chaos to order - what lessons have been learned in the last 12 months?
• Emerging markets – stronger for the credit crunch?
• What has the renewed focus on portfolio companies highlighted?
• Has it been all about retrenchment or is now the time to be diversifying – sectorally and geographically?
Moderator:
Sarah Alexander, President, EMPEA
Panel members:
Tom Gibian, Chief Executive Officer, Emerging Capital Partners
Richard Laing, Chief Executive Officer, CDC
George Siguler, Managing Director, Siguler Guff
Steven Wisch, Managing Director, India Equity Partners
10:30 – 11:00 Coffee
11:00 – 11:45
Panel session: Distressed investing in emerging markets: how, where and why?
- Can distressed investors kick start the recovery in emerging markets?
- Has the window for making distressed investments closed?
- Does buying from a distressed investor make sense for a “regular” emerging markets private equity investor?
Moderator:
Jennifer Choi, Director of Research, EMPEA
Panel Members:
Dirk Donath, Senior Managing Director & Partner, Eton Park Capital Management
Phil Groves, Managing Partner, DAC Management
Patrick O’Brien, Partner, ADM Capital
Parham Pouladdej, Managing Director, CRG Capital
11:45 – 12:45
The Big Debate: This House believes that the traditional private equity model needs to evolve specifically for
managers investing in emerging markets
Moderator:
Nicholas Lockley, Deputy Director Conferences – PEI Media
FOR THE MOTION:
Ahmed Heikal, Chairman & Founder, Citadel Capital
Sev Vettivetpillai, Chief Executive Officer, Aureos Capital
AGAINST THE MOTION:
Graham Thomas, Managing Director, Standard Bank Private Equity
Patricia M. Cloherty, Chairman & CEO, Delta Private Equity Partners
12:45 – 13:45 Lunch
13:45 – 14:15
The PEI Interview: Managing risk is the key to making successful emerging markets investments
Interviewer: Philip Borel, Editor in Chief, PEI Media
Interviewee: Paul Fletcher, Senior Partner, Actis
14:15 – 15:00
Panel session: Ask the audience
A group of highly regarded emerging markets experts will pose a number of questions to the audience, whose responses via the instantaneous electronic response system will be analysed and discussed by the panel.
Moderator:
David Wilton, Chief Private Equity Specialist, IFC
Panel Members:
Geoffrey P. Burgess, Partner, Debevoise & Plimpton
Greg Durst, Principal, Horizon Equity Partners
Jim Hansley, Director of Private Equity, OPIC
Sanju Vaswani, Managing Partner, Verny Capital
15:00 – 15:30 Coffee
15:30 – 16:30
REGIONAL ROUNDTABLES (X4)
BRAZIL
Facilitator:
Alvaro Goncalves, Managing Director, The Stratus Group
Participants:
Fernando Borges, Managing Director, The Carlyle Group
Eduardo da Sa, Head of Private Equity Funds Department, BNDES
Erwin Russel, Managing Partner, Artesia Capital Management
EMERGING EUROPE
Facilitator:
Matthew Judd, Co-head Investment Funds Group, White & Case
Participants:
Horia Manda, Managing Partner, Axxess Capital
Alessandra Pasian, Senior Banker, European Bank for Reconstruction and Development (EBRD)
Henry Potter, Partner, Alpha Associates
MIDDLE EAST AND NORTH AFRICA
Facilitator:
Nadiya Satyamurthy, Research Associate, EMPEA
Participants:
Ihsan Sancay, Senior Director, Global Capital Management
Kashif Siddiqui, Private Equity Managing Partner, EFG Hermes
Nabil Triki, Managing Director & Head of Private Equity, Swicorp
SUB SAHARAN AFRICA
Facilitator:
Paul E. Tierney, Jr. Founder & Chairman, Development Capital, LLC
Participants:
Bim Hundal, Chairman & Partner, Lion’s Head Global Partners
Paul Kokoricha, Partner, African Capital Alliance
Jean Marc Savi De Tove, Portfolio Director, CDC Group
Ole Sand, Managing Director, Global Environment Fund
16:30 – 17:30
WORKSHOPS (x3)
Workshop A: Fundraising
- Optimal fund size – is there such a thing today in emerging markets?
- What – if anything - can a first-time fund offer prospective LPs in lieu of performance history?
- What is more important: selling the team, selling the fund or selling the opportunity?
- What are LPs now demanding and where are the pressures on the LP-GP relationship??
Moderator:
Paul Denning, Chief Executive Officer, Denning & Company
Participants:
Isak Antika, Managing Partner, Actera Group
Robert Graffam, Senior Managing Director – Europe, Darby Overseas Investments
David Hutchings, Head of Private Equity, Albourne Partners
Workshop B: Cleantech in emerging markets
- Rethinking traditional investment sectors and the impact of developing a cleantech approach
- Partnering with operating businesses – the key to success?
- Are governments in emerging markets helping or hindering cleantech investment opportunities?
Moderator:
Roger Berry, Partner, C Change Investments Management
Participants:
Andrew Affleck, Chairman, Low Carbon Accelerator
Cyrille Arnould, Head of GEEREF Operations, EIB
Andrew Reicher, Chairman of the Investment Committee of Berkeley Energy’s Renewable Energy Asia Fund
Workshop C: Fund terms and conditions in the new world order
- Is the balance of power shifting between GPs and LPs?
- Are GPs more willing to be flexible to secure commitments and close funds?
- What key areas do LPs concentrate on for emerging markets funds?
Moderator:
Geoffrey Kittredge, Partner, Debevoise & Plimpton
Participants:
Trey Block, Principal, Carlyle Group
Warren Hibbert, Partner, MVision Private Equity Advisers
Marc Mezey, Legal Counsel for East Asia & Pacific, IFC
17:30 – 19:30
Cocktail reception, hosted by Debevoise & Plimpton
Day 2: Wednesday 4th November 2009
08:00 – 09:00
LP breakfast (by invitation only, hosted by EMPEA)
09:00 – 09:15
Chairman’s introduction
Roger Leeds, Chairman, EMPEA
09:15 – 09:45
LP Keynote interview: The LP perspective on emerging markets
Juan Delgado-Moreira, Managing Director, Hamilton Lane
09:45 – 10:30
Panel Session: Infrastructure: the key to emerging markets
- What are the opportunities for private equity players in the EM infrastructure space?
- The public private financial partnership – why governments need private capital
- Build it and they will come: where infrastructure funds lead, private equity firms will follow
Moderator:
Jason Glover, Partner, Clifford Chance
Panel Members:
Alok Gupta, Managing Director & CEO, Axis Private Equity
Raja Parthasarathy, Managing Director, IDFC Private Equity
Raj Rao, Senior Principal, Global Infrastructure Partners
Riaz Siddiqi, Managing Partner, Denham Capital
10:30 – 11:15 Coffee
11:15 – 11:45
The LP clinic: how to best position your fund in today’s market
Practical tips and guidance for emerging markets fund managers from 2 seasoned investors
Moderator:
Nicholas Lockley, Deputy Director Conferences, PEI Media
Participants:
Yvonne Bakkum, Director - Private Equity, Netherlands Development Finance Company (FMO)
Graeme Gunn, Partner, SL Capital Partners
11:45 – 12:30
Closing LP panel session: Institutional investors discuss their attitudes to and appetite for emerging markets private equity
- Given the volatility of Western PE markets, are LPs more disposed to investing in emerging markets generally?
- Is there still a risk premium attached to emerging markets?
- How do corporate governance and social responsibility issues affect the LP decision making process - if at all?
Moderator:
Daniel Green, Investment Director, Greenpark Capital
Panel Members:
Kathleen Bacon, Managing Director, HarbourVest
Neil Harper, Executive Director, Morgan Stanley AIP
Janusz Heath, Managing Director, Capital Dynamics
12:30 – 14:00
Lunch and close of forum