Day One
30th March 2010
08:50 – 09:00
PEI welcome
Philip Borel, Editorial Director, PEI Media
09:00 – 09:10
Chairman’s welcome address
John Campbell, Senior Partner, Campbell Lutyens & Co. Ltd
Infrastructure at a point of reflection
09:10 – 09:40
Opening keynote address
Infrastructure in the last 12 months – weathering the storm of challenge and change
• Investment write downs and fund cancellations
• Discounted secondary market sales
• Brownfield to the fore: investing in existing assets
• Placement agent scandals
09:40 – 10:10
Data snapshot
Key global infrastructure trends and developments
• Infrastructure deal activity by geography and sector
• Evolution and status of fund activity
• Identifying the extent to which the market is changing structurally
• New relationships and coalitions that will support the new channels of capital flow
Richard Little, Director, The Keston Institute for Public Finance and Infrastructure Policy
University of Southern California
10:10 – 11:00
The Big Debate
This house believes the application of the standard private equity fund model hasn’t worked and needs replacing with something substantially different.
For the motion
John Campbell, Senior Partner, Campbell Lutyens & Co
John McCarthy, Managing Director, Global Head, RREEF Infrastructure
Against the motion
Renaud de Matharel, CEO & Managing Partner, Cube Infrastructure Fund
Peter Luchetti, Partner, Table Rock Capital
11:00 – 11:30
Morning refreshments
Availability of capital
11:30 – 12:20
Panel discussion
Infrastructure fundraising in difficult economic times
• Fundraising for listed private equity funds
• Fundraising for unlisted private equity funds
• Private equity ETFs
• Post-crisis evaluation - What went wrong?
Moderator: Philip Borel, Editorial Director, PEI Media
Mathias Burghardt, Head of Infrastructure, AXA Private Equity
Alain Rauscher, Founder and Chief Executive Officer, Antin Infrastructure Partners
Karsten Sinner, Senior Investment Officer, European Investment Bank
Directorate for Lending Operations in the European Union
12:20 – 13:10
Panel discussion
Raising and accessing debt in the current environment
• Is there sufficient capital available for debt financing
• When will banks start lending again?
• Capital markets appetite for infrastructure assets
• Refinancing options
Moderator: Simon Gray, Founding Partner, Arcus Infrastructure Partners
Marc Bajer, CEO, Hadrian’s Wall Capital
Spence Clunie, Senior Managing Director, Macquarie Capital Advisers
J-G Duthie Jackson, Partner, Citi Infrastructure Investors
James Miller, Head of Secured Debt Markets, RBS Global Banking & Markets
Chris O'Gorman, Head of Infrastructure & Executive Director, Mizuho Corporate Bank
13:10 - 14.20
Lunch and networking
Infrastructure as a business
14:20 – 15:10
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Workshop A |
Workshop B |
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Challenges and opportunities in global energy investments
• Energy infrastructure's risks and rewards
• What dynamics are driving electric power and oil & gas infrastructure investment?
• Alternative energy: Evolution and planning for the eventual end of government incentives
• Pros and cons of funds vs. direct investment
Moderator: Jeff Fulmer, Energy Portfolio Advisor, Tortoise Capital Advisors, LLC
Participants
Paul Rittersma, Partner, Voltiq
Peter Rossbach, Managing Director, Private Equity, Impax Asset Management
Dr. Barbara Weber, Founding Partner, BIBS CAPITAL AG
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Emerging markets infrastructure
• Identifying key emerging markets for infrastructure investments
• What is the role of emerging markets infrastructure in a portfolio?
• What are the risk-return opportunities?
• What are the benefits other than diversification?
Moderator: Bruno Alves, Editor-InfrastructureInvestor.com, PEI Media
Participants
Raja Parthasarathy, Managing Director, IDFC Private Equity
Anoop Seth, Co-Head of Asian Infrastructure, AMP Capital Investors
Dr Luís Wielewicki, Partner, Motta, Fernandes Rocha Advogados
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15:10 – 16:00
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Workshop C |
Workshop D |
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Identifying and managing risk
• Defining infrastructure investment risk
• Comparing relative levels of risk across assets and structures
• How do you price risk for both equity and debt?
• Managing uncertainty in the market place - regulation, political risk, inflation and interest rates
Moderator: Martin Bennett, Senior Vice President, Marsh Limited
Participants
Manuel Cary, Partner, TIIC - Transport Infrastructure Investment Company
Andrew Cox, Director of Infrastructure, London, 3i
Dr. Marcus Kleiner, Head of Transportation / PPP, Project & Community Finance, UniCredit Bank AG
Michael Winkler, Director and Project Manager in Project & Capital Advisory Frankfurt, Deutsche Bank AG |
Fund terms and fee structures for the post-crisis market
• Are private equity-style compensation structures appropriate in infrastructure?
• Can infrastructure sustain 2 and 20 fee terms?• Understanding the importance of a key-man clause when making allocations to an infrastructure fund
• Ensuring alignment between the LPs and GPs interests
Moderator: Michael Halford, Partner, SJ Berwin
Participants
Jeffrey Altmann, Senior Asset Manager, First State Investments
Chris Elliott, Managing Director and Head of Infrastructure Investing , Barclays Private Equity
Severin Hiller, Vice President, Campbell Lutyens & Co. Ltd
Dr. Christoph Schumacher, Director, Head of Indirect Investments, Generali Deutschland Immobilien |
16:00 – 16:30
Afternoon refreshments
16:30 – 17:20
Panel discussion
Developing a viable project syndicate
• Developing relationships with key players in a consortium
• What are the internal dynamics of a project consortium?
• How can syndicate interests be aligned?
• What if someone wants out?
Moderator: Thierry Déau, Chief Executive Officer, Meridiam Infrastructure
Participants
Stuart Baldwin, Senior Vice President of the Infrastructure Group, GIC Special Investments
Holger Linkweiler, Managing Director, HOCHTIEF AirPort
Macky Tall, Vice President, Investment-Infrastructure, Caisse de dépôt et placement du Québec
Stephen Vineburg, CEO – Infrastructure, CVC Capital Partners
17:20 – 17:50
Closing keynote interview
Key developments in infrastructure investing
• Infrastructure – alpha generator and / or liability matcher
• What is the right model – open versus closed funds structures
• Increasing governance - Fiduciary versus investment bank model
• Dealflow – which geographies / sectors offer value?
Interviewee
Danny Latham, Head of Infrastructure Investments for Europe, First State Investments
Interviewer
Cezary Podkul, Editor – InfrastructureInvestor.com, PEI Media
17:50 – 19:00
Close of day one and cocktail reception
Day Two
31st March 2010
08:00 – 09:00
LP breakfast (by invitation only)
Breakfast host: Macky Tall, Vice President, Investment-Infrastructure, Caisse de dépôt et placement du Québec
09:00 – 09:10
Chairman’s introduction
Andy Thomson, Senior Editor - InfrastructureInvestor Magazine, PEI Media
Investor expectations
09:10 – 09:40
Opening keynote address
Case Study: Active direct investment opportunities in infrastructure assets
• Infrastructure as part of an investment portfolio
• How do we do it and why
• Why are we in the asset class and under what terms?
• Return expectations
Robbert Coomans, Advisor to the Board, APG Asset Management
09:40 – 10:30
LP panel discussion
A new era of institutional investment in infrastructure
• Open versus closed funds
• Indirect versus direct investments
• Co-investment opportunities
• Exploring multi-channel investment strategies
Moderator: Andy Thomson, Senior Editor - InfrastructureInvestor Magazine, PEI Media
Richard Clarke-Jervoise, Director, Quartilium Fund of Funds
Robbert Coomans, Advisor to the Board, APG Asset Management
Dr. Henning Eckermann, Chief Economist, Partners Group
Dr. Christoph Schumacher, Director, Head of Indirect Investments, Generali Deutschland Immobilien
10:30 – 11:00
Morning refreshments
11:00 – 11:30
The PEI infrastructure survey
PEI Media’s survey of institutional investor sentiment in the global infrastructure market.
11:00 – 11:30
The PEI infrastructure survey
PEI Media’s survey of institutional investor sentiment in the global infrastructure market.
Recent deal activity and future outlook
11:30 – 12:00
The PEI Interview
Case study: Gatwick a landmark deal - opportunities and challenges of infrastructure investing
• Financing the deal
• Identifying the lenders involved
• Is the Gatwick deal the spark that was needed to ignite the global brownfield market?
• Delivering a return
Interviewee
Andrew Gillespie-Smith
Principal, Global Infrastructure Partners
Interviewer
Philip Borel, Editorial Director, PEI Media
12:50 – 13:00
Chairman’s closing address
13:00 – 14:30
Close of conference and lunch