Day One*
Thursday 17 March 2011
08:00 – 08:50
Registration & coffee
08:50 – 09:00
PEI welcome
Philip Borel, Editorial Director, PEI
09:00 – 09:10
Chairman’s welcome address
Thomas Putter, Former CEO and Chairman, Allianz Capital Partners
A NEW ERA
09:10 – 09:40
Opening keynote address
Infrastructure investments over the last 12 months –
What changed?
• Do private equity-style infrastructure funds still make sense? Is direct investment the name of the game?
• Where does "value for money" leave the PPP market? Facing an existential threat?
• Has performance through the Crisis materially changed the way institutional investors think about infrastructure?
• What are the risk factors, today and tomorrow?
Anthony Rabin, Group Deputy Chief Executive, Balfour Beatty
09:40 – 10:25
Panel discussion
New alliances for different times – Financing solutions for projects
• What people are thinking about PPP’s
• Dealing with budgetary pressures
• Different ways PPPs can be structured
• Possible alliances with concessionaires
Moderator:
Thierry Déau, Chief Executive Officer, Meridiam Infrastructure
Panellists:
Gershon Cohen, Managing Director, Global Head of Project Finance, Lloyds Bank Corporate Markets
Niels Konstantin Jensen, Portfolio Manager, ATP Investments
Wilfried Rammler, Managing Director, HOCHTIEF PPP Solutions
Toby Walker, Executive Director, GLSG Project Finance, Crédit Agricole Corporate and Investment Bank
10:25 – 10:55
Morning refreshments and networking
10:55 – 11:40
Panel discussion
Fundraising - How have funds performed?
• Funds that have closed – How long were they out and how hard was it to raise capital?
• Challenges of a congested fundraising market
• Fundraising for listed and unlisted funds
• Closed versus open ended funds
Moderator:
Andy Thomson, Senior Editor, Infrastructure, PEI
Panellists:
Hafeez Ahmed, Partner and CFO, EISER Infrastructure Partners
Renaud de Matharel, Managing Partner and CEO, Cube Infrastructure Fund
Mounir Guen, Chief Executive Officer, MVision
Alain Rauscher, Founder and CEO, Antin Infrastructure Partners
11:40 – 12:25
Panel discussion
Raising and accessing debt in the current environment
• Will credit become cheaper again once the crisis will be over?
• Will there ever be a junior loan market again?
• The refinancing time bomb
• What will be the consequences of Basel III on project finance and bank loan maturities?
Moderator:
Michael Bates, Partner, Banking and Finance, Clifford Chance
Panellists:
Spence Clunie, Managing Partner, Ancala Partners LLP
Claus Fintzen, Director, MBIA
Bill Fish, Senior Managing Director, Aladdin Capital Holdings
Mark Mudie, Senior Vice President, Macquarie Capital Advisers
12:25 – 12:35
Keynote Presentation
Infrastructure - How competition, collaboration and ICT can lift infrastructure investment
• The "Europe 2020" policy context
• Competition as a driver for infrastructure investment
• The increasing role of ICT in European infrastructure
• The added value of PPPs
Neelie Kroes, Vice President and European Digital Agenda Commissioner, European Commission
12:35 – 12:50
Keynote
Europe 2020 Project Bonds initiative
• Europe 2020 strategy
• Smarter ways to use EU budget
• Boost infrastructure investment activity in the EU
• The Project Bond Initiative
Marjut Santoni, Head of Unit, Directorate-General, Economic and Financial Affairs, European Commission
12:50 – 14:15
Lunch
ENERGY AND EMERGING MARKETS
14:15 – 15:00
Workshop A
The state of play in energy infrastructure asset class
• Opportunities in the energy sector
• Key success factors in investing into energy infrastructure
• Recent deals and lessons learnt
• Perceived risk of investing in renewable energy across Europe
Moderator:
Paul Rittersma, Co-founder and Partner, Voltiq
Panellists:
Stephen Burns, Associate Director, AE Capital Advisers Limited
Laurent Fayollas, Managing Director, Infrastructure, AXA Private Equity
Milosz Momot, Directorate-General for Energy, European Commission
Eduard Ruijs, Investment Director, NIBC Infrastructure Partners
Workshop B
Emerging markets infrastructure
• Emerging markets infra funds: core or opportunistic, yield play or capital growth, country specific or sector specific
• Renewable funds versus general infrastructure funds
• Financing – allocation between developed and emerging markets
• Direct versus indirect investments
• Preferred emerging markets by country and/or sector
Moderator:
Bruno Alves, Senior Writer, Infrastructure Investor, PEI
Panellists:
David Russell, Partner, Equis Funds Group
Matias Sottile, Executive Director, Project & Acquisition Finance, Santander
Andrew Yee, Global Head of Infrastructure, Principal Finance, Standard Chartered Bank
FUND MANAGEMENT
15:00 – 15:45
Workshop C
Effective risk management
• Are infrastructure targets too low to compensate for risks associated with the asset class?
• Addressing supply demand dynamics
• A comprehensive update on regulatory risks – AIFM Directive and Solvency II
• Dealing with FX risks
Moderator:
Martin Bennett, Senior Vice President, Private Equity and M&A Practice, Marsh Limited
Panellists:
Spence Clunie, Managing Partner, Ancala Partners LLP
Darren Kyte, Chief Executive Officer, NIBC Infrastructure Partners
Serge-Alexandre Lauper, Co-Head of Investment Management, Swiss Re Private Equity Partners AG
Workshop D
Fund terms and fee structures
• What fee structure is considered market?
• The desire to use yield related carry / incentive structure
• Ensuring transparency
• Aligning LPs and GPs interests
Moderator:
Michael Halford, Partner, SJ Berwin
Panellists:
John Campbell, Senior Partner, Campbell Lutyens & Co.
Robbert Coomans, Advisor to the Board, APG Asset Management
Sébastien Lecaudey, Investor Relations Director, Antin Infratsructure Partners
15:45 – 16:15
Afternoon refreshments and networking
ASSET MANAGEMENT AND OWNERSHIP
16:15 – 17:00
Panel discussion
Asset management – Effective management of portfolio companies
• What are people doing with these assets?
• Creating operational efficiencies
• Ensuring good governance
• Building an effective management team
Moderator:
Jeffrey Altmann, Director, Investment Management, First State Investments
Panellists:
James Cooper, Director, Infracapital, M&G Investments
Jürgen Eschment, Department Head – Corporate Development, GASAG Berliner Gaswerke AG
Markus Hottenrott, Managing Director, Morgan Stanley Infrastructure
Peter Jumpertz, Partner, Theron Advisory Group
17:00 – 17:45
The Big Debate
This house believes that long duration investors (Pensions Funds and Insurance companies) should be the primary providers of long term infrastructure debt, not the banks
Two teams of two will go head-to-head to debate the motion.
Moderator:
Philip Borel, Editorial Director, PEI
For the motion
Marc Bajer, Chairman and Founder, Hadrian's Wall Capital AG
Georg Grodzki, Head of Credit Research, Legal & General Investment Management
Against the motion
Neil King, Partner, Infrastructure, 3i
Vincent Levita, President, OFI InfraVia
17:45 – 18:00
Chairman’s closing remarks and close of day one
18:00 – 19:30
Cocktail reception
Day Two*
Friday 18 March 2011
08:00 – 09:00
LP breakfast (by invitation only)
09:00 – 09:10
Chairman’s recap
Thomas Putter, Former CEO and Chairman, Allianz Capital Partners
09:10 – 09:40
Data Snapshot
The way towards structurally higher inflation and public debt
A review of the macroeconomic scenarios that could materially affect our industry
Tina Hagenberg, Assistant Vice President, Macroeconomic Research, Partners Group
LIMITED PARTNERS VIEWPOINT
09:40 – 10:30
LP panel discussion
What are the current challenges and opportunities in the market?
• Will it be possible to extend the maturity of a closed end fund? – Pros and Cons for LPs
• Is there too much liquidity on the market? – What should LPs and Managers do if this is the case?
• Direct versus indirect investments
• How should LPs be prepared to support projects
Moderator:
Andy Thomson, Senior Editor, Infrastructure, PEI
Panellists:
Michael Barben, Partner, Partners Group AG
Nigel O'Sullivan, Head of European Pension and Insurance Strategy Group, Goldman Sachs International
Karsten Sinner, Senior Investment Officer, European Investment Bank
Macky Tall, Vice-President, Investments - Infrastructure, Caisse de dépôt et placement du Québec
10:30 – 11:00
Morning refreshments and networking
11:00 – 11:30
LP Clinic
How to best position your fund in today’s market
Practical tips and guidance from two seasoned investors in an on-stage Q&A session
Robbert Coomans, Advisor to the Board, APG Asset Management
Serge-Alexandre Lauper, Co-Head of Investment Management, Swiss Re Private Equity Partners AG
RECENT DEALS AND FUTURE OUTLOOK
11:30 – 12:15
PEI Interview
Gatwick syndication – An update
Interviewer
Cezary Podkul, Associate Editor, Infrastructure Investor, PEI
Interviewees
Andrew Gillespie-Smith, Principal, Global Infrastructure Partners
Christine Yokan, Portfolio Manager, Infrastructure, CalPERS
12:15 - 13:00
Closing keynote panel
Infrastructure investments – What does the future hold?
• Lessons learned from the crisis, which investments performed better?
• Recent deals - How were they financed and structured
• The desire to use yield related carry / incentive structure
• Value creation in the post crisis world where super leverage is forbidden
Moderator:
Michaela Sved, Director, MVision
Panellists:
Marcus Ayre, Head of Infrastructure Transactions, Europe, First State Investments
Richard Clarke-Jervoise, Director, Quartilium Fund of Funds
Julia Prescot, Partner, Meridiam Infrastructure
Jason Zibarras, Managing Director and Global CIO, J.P. Morgan Asset Management
13:00 - 13:10
Chairman’s closing remarks and close of conference
13:10 – 14:15
Lunch
*This is a provisional agenda and remains subject to change at the discretion of the organisers