The Private Equity International India Forum 2008:
The road ahead

Day 1: 30 September 2008

08:45 – 08:55: PEI Welcome & Chairman welcome
David Hawkins, Managing Director & Publisher, PEI Media

08:55 – 09:20: Introduction:
EMPEA and IVCA map the trends shaping emerging market and Indian private equity
Sarah Alexander, President, EMPEA
Saurabh Srivastava, Chairman, IVCA     

09:20-10:00: Keynote Address:
The growing influence of the Middle East in emerging markets – challenges and opportunities
Anand Krishnan, Chief Operating Officer, Dubai International Capital
                                         
10:00-10:50: Scene setting panel:
A look at India from a pan-Asian, macro perspective

• Corporate India goes international: the role for international fund managers
• China versus India – are there grounds for comparison?
• India 2010: will it resemble the more developed private equity markets?

Moderator:
Anne-Maree Byworth, Founder, Watledge Consulting Limited
Panel Members:
Anil Ahuja, Managing Director & Co-Head of Asia, 3i Asia
PK Basu, Chief Economist, Asia Ex-Japan, Daiwa Institute of Research
Richard Pyvis, Executive Chairman, CLSA Capital Partners
Roopa Purushothaman, Head of Research, Future Capital Holdings

10:50 – 11:20 Coffee break

11:20 - 12:10: Deal panel:
Origination, execution, transformation and exit

• Sourcing and pricing assets today: in both the public and private markets
• Financing realities and the capital structure: offshore leveraging
• Exit alternatives and preferences : implications of public market corrections

Moderator:
Prakash Mehta, Partner, Akin Gump Strauss Hauer & Feld
Panel Members: 
Gopal Jain, Founder & Managing Director, Gaja Capital Partners
Shankar Narayanan, Managing Director, The Carlyle Group
Sanjiv Kapur, Managing Director, Wolfensohn India Advisors Private Limited
PR Srinivasan, Managing Director, Citi Venture Capital International


12:10 – 13:00: Infrastructure panel:
Investing in India’s growth

• How infrastructure differs from private equity: return profile, fund duration, operational expertise
• Unlocking opportunities: key sectors for investment
• Overcoming bureaucracy and the challenges of working with public bodies

Moderator:
Jason Glover, Partner, Clifford Chance
Panel Members:
Vipul Bhagat, Manager, Infrastructure Advisory Services, South Asia, IFC
Dr Archana Hingorani, Executive Director, IL&FS Investment Managers
Nasser Munjee, Executive Chairman, Quantum Equity Advisor  
Tapasije Mishra, Group CEO, IDFC-SSKI

13:00 – 14:30 Lunch

14:30 – 15:30: Workshops I

Workshop A: Fund structures

• Assessing the key clauses in the partnership agreement
• Alternatives to Mauritius as a fund domicile
• A review of tax benefits for funds registered with SEBI

Moderator:
Jai Mavani, Executive Director - Tax & Regulatory, KPMG
Participants:
Shujaat Khan, Co-Founder & Managing Director, Blue River Capital Management
Siddharth Shah, Head, Funds Practice Group, Nishith Desai Associates
Rupa Vora, Chief Financial Officer, IDFC Private Equity

Workshop B: The future of venture investing in India

• Is India (and China) shaping the new model of venture capital investing? What is the relevance of traditional classifications of 'VC funds' based on US models in the India context?
• Deal origination: Opportunities in India beyond IT and ITES sectors
• Indian VC performance update: how does India compare to Silicon Valley or China?

Moderator:
Alex Bangash, Managing Director, Rumson
Participants:
Sanjeev Aggarwal, Managing Director, Helion Ventures Private Limited
Mohit Bhatnagar, Operating Partner, Sequoia Capital India
Sarath Naru, Managing Partner, Ventureast

15:30 – 16:00 Coffee break

16:00 – 17:00: Workshops II

Workshops C: Volatile valuations and the implications for private equity portfolios

• What has been the effect of market volatility on deal valuations and structures?
• How are LPs evaluating track records in these volatile markets?
• Will changing reporting standards and expectations affect portfolio construction and valuation?

Moderator:
Roberto Pilotto, Head of Private Equity Funds Team, PPM Managers (Prudential Plc)
Participants:
SM Sundaram, CFO & Partner, Baring Private Equity Partners India Limited
Wen Tan, Investment Director, Squadron Capital
Srini Vudayagiri, Managing Director, Lightspeed Advisory Services India

Workshop D: Private equity real estate

• Defining the private equity real estate proposition in India
• Sector specific opportunities: Hospitality/Commercial/Residential
• How does India compare to other emerging markets?

Moderator:
Jai Mavani, Executive Director - Tax & Regulatory, KPMG
Participants: 
Ved Prakash Arya, Managing Director & CEO, Milestone Capital Advisors
Chetan Dave, CEO & Managing Director, SUN-Apollo Real Estate Advisors

 17:00 – 17:45: GP Panel: 
Shaping investment strategy

• Assessing current investment environment in the context of changed domestic and global economics
• Are investment strategies being re-evaluated: do private equity firms need a different formula to succeed in this environment?
• Key market opportunities and developments: have return expectations changed?

Moderator:
Deepa Sankaran, Principal, Darby Asia Investors (India)
Panel Members:
Achal Ghai, Founder & Managing Partner, Avigo Capital Partners
Manish Kanchan, Managing Director & Co-Founder, Sage Capital Funds Management
Leo Puri, Managing Director, Warburg Pincus India Pvt Ltd

17:45 – 20:00: Cocktail reception hosted by Clifford Chance, CC Asia Limited

Day 2: 1 October 2008

08:50 – 09:00: Chairman’s recap
Ranjit Shastri, Executive Director, IVCA

09:00 – 09:20: Opening address: 
Complementing public markets - the maturing of Private Equity investing in India
Ravi Narain, Managing Director & CEO, National Stock Exchange of India 
 
09:20 – 10:10 GP & LP panel:
Getting on the same page

• Fund terms and conditions and fundraising requirements specific to India
• Optimal fund sizes and deploying capital effectively
• Where are appetites strongest [Local, Middle East, Asia, West] and why?

Moderator:
Jonathan Blake, Senior Partner, SJ Berwin
Panel Members:
Nishith Desai, Founder, Nishith Desai Associates
Nitin Deshmukh, Chief Executive Officer, Kotak Private Equity
Darius Pandole, Partner, New Silk Route
Anubha Shrivastava, Portfolio Director - South Asia, CDC Group

10:10 – 10:50  Head-to-head interview:
A leading Indian GP discusses the future of private equity in India

Interviewer:
David Hawkins, Managing Director & Publisher, PEI Media
Renuka Ramnath, Managing Director & CEO, ICICI Venture Funds Management Company Limited

10:50 – 11:10: Coffee break

11:10 – 12:00:  LP panel:
What LPs want from investing in India

• How the asset class is perceived in the Indian market
• Indian report card: or is it too soon to tell?
• Return expectations: India versus elsewhere

Moderator:
Hugh Dyus, Senior Vice-President, Macquarie Funds Group
Panel Members:
Mark Delaney, Chief Investments Officer, AustralianSuper
Toshiyuki Kumura, Head of Private Equity Group, Tokio Marine Asset Management
Han Seng Low, Executive Director, United Overseas Bank
Harold Weiss, Partner & Head of Horizon21 Private Equity, Horizon21

12:00 – 13:00: The closing panel: A view from the top
Head of funds discuss the challenges and opportunities for private equity investors in India.

• Ingredients for success
• Sectors that matter
• The road ahead

Moderator:
Catherine Crockett, Founder & General Partner, Grove Street Advisors
Panel Members:
Dr Archana Hingorani, Executive Director, IL&FS Investment Managers
Manish Kejriwal, Senior Managing Director, Temasek Holdings
Luis Miranda, President & CEO, IDFC Private Equity
Ajay Relan, Founder & Managing Partner, CX Partners

13:00 –14:30: Lunch and close of conference