Capital Creation 2015 (past event)
28 - 30 September, 2015
Array
Day 2
08:00 - 08:40 Networking Breakfast
Designated breakfast for LPs of the event to develop your peer network and share objectives for the coming two days.(anyone, but maybe a placement agency)
08:40 - 08:45 Chairperson's Opening Remarks
08:45 - 09:00 OPENING KEYNOTE ADDRESS: Finding opportunities in today's market
- How to originate in an increasingly competitive environment
- Creating value throughout the life cycle
- Securing the best exit
09:00 - 09:30 ALL STAR PANEL: Where are the opportunities when investing for the future? Emerging markets vs. venture vs. buy out
Speakers:
John Gripton Managing Director - Global Head of Private Equity Capital Dynamics
Matthew Smith Managing Director Abbott Capital Management
Neil W Harper Chief Investment Officer Morgan Stanley
Rick Lewis General Partner U.S. Venture Partners
Moderator:
Olaf Neubert Managing Partner Top Capital Advisors
John Gripton Managing Director - Global Head of Private Equity Capital Dynamics
Matthew Smith Managing Director Abbott Capital Management
Neil W Harper Chief Investment Officer Morgan Stanley
Rick Lewis General Partner U.S. Venture Partners
Moderator:
Olaf Neubert Managing Partner Top Capital Advisors
-
Comparisons in fundraising approaches
-
Where are the higher more sustained returns being seen?
-
How are company specialties changing and are these as expected considering the European market?
-
What are the challenges in managing these investments types through the whole lifecycle
-
Difference in exit strategies
09:30 - 10:00 360 DEGREE REGULATORY PERSPECTIVE: How have the recent regulations impacted the European Private Equity market and returns? Fact vs. opinion
-
How are GPs managing the increased pressure on due diligence and compliance?
-
How has regulation helped LPs with improved investment security, increased confidence in managers, and free flow and transparent information?
-
Evaluating the intentions of AIFMD and the real impact on EU and non-EU managers
-
How will LPs react to limitations on manager choice and why? 1) Will LPs not able to access big US GPs venture to other assets? or 2) will LPs go to European second option managers?
-
What will the European PE landscape look like in the next 5 years from the viewpoint of all the players?
10:00 - 10:40 Morning Coffee and Networking
Innovative Fundraising Strategies and Investor Preferences
10:40 - 11:10 ALL STAR PANEL: Investors demands decoded- What are the deciding factors when choosing the right fund manager?- Winning strategies for evaluating what type of fund to invest and why: Mezzanine funds, development capital, bank funding or traditional Private Equity firms
- Expectations on returns and growth: What is expected year on year and how is this measured?
- Rethinking how currency risk will impact the fund manager selection process and the due diligence process
- What role does data play compared to brand and reputation? Attitudes towards increased employment: Is this important?
- What is the role of IR and how much does it really play in fundraising?
Creative Boardrooms
10:40 - 11:10 CREATIVE BOARDROOM: Pre-fundraising: Critical success factors to stay front of mind and sustain momentum in the European market
Seminar-like session, limited to 10-15 professionals engaging in high level strategic discussions about how to best plan for fundraising.
Plenary
11:10 - 11:40 The dos and don'ts for first time funds and spin outs: Is strong management or reputation the key for success?- Lessons learnt from dead and wounded funds Can past performance always be replicated in follow-on funds?
- How to stand out from the crowd when you have no brand and no track record
- What are the real perceptions of first time funds and how is risk-reward really evaluated?
- How to raise funds with institutional investors when you’re a small time fund?
- How to put together the right team to execute the funds strategy
Thierry Wolff
Investment ManagerEuropean Investment Fund
Creative Boardrooms
11:10 - 11:40 CREATIVE BOARDROOM: Pre-fundraising: Critical success factors to stay front of mind and sustain momentum in the European market continued- Approaches to stay abrest with LP activities and evaluate where the appetite for risk, market and company size exists: How to conduct a successful investor meeting
- Having a strong pre-marketing campaign: Hard facts on how this works with repeat business and it’s overall success
- What are the biggest mistakes GPs make when writing their marketing documents?
Plenary
11:40 - 12:10 ALL STAR PANEL: Redefining the LP/GP relationships- What role does technology play in improving communication and driving transparency?- How can technology aggregate and decipher what information is useful and accurate to aid regulatory compliance?
- Are the value of these applications cost effective and what is their role in due diligence?
- Automation of information: How can this assist in product management and consistency?
- How has technology impacted LP and GP partnerships and choice of manager?
- What should the ideal system be capable of doing, variance between GP and LP needs
Christiian Marriott
Partner, Fundraising and Investor RelationsEquistone Partners
Creative Boardrooms
11:40 - 12:10 CREATIVE BOARDROOM: Pre-fundraising: Critical success factors to stay front of mind and sustain momentum in the European market continued12:10 - 12:40 INTERVIEW: The rise of PE Fund Restructuring/Recap transactions in Secondaries- An emerging asset class?
Speakers:
Debbie Philippides Partner Seligman Private Equity Select
Benoit-Olivier Boureau Investment Director Rothschild Five Arrows Managers
Andrew Hawkins Global Head, Strategic Secondaries ICG PLC
Christiaan De Lint Partner Headway Capital
Tim Griggs Managing Partner Bluetower Associates
Moderator:
Kate Simpson Partner, Private Investment Funds Group Proskauer
Debbie Philippides Partner Seligman Private Equity Select
Benoit-Olivier Boureau Investment Director Rothschild Five Arrows Managers
Andrew Hawkins Global Head, Strategic Secondaries ICG PLC
Christiaan De Lint Partner Headway Capital
Tim Griggs Managing Partner Bluetower Associates
Moderator:
Kate Simpson Partner, Private Investment Funds Group Proskauer
- The anatomy of a GP-led restructuring transaction (who are the players and how does it work? Role of GP, advisors, LPAC etc);
- Why are they so complex and differences from traditional fund portfolio secondaries; How does pricing and the overall risk/reward of these deals differ?
- Main challenges/risks to the asset class
- What is driving the growing wave of fund restructuring/recap deals (end of life funds, LP liquidity solutions, GP incentives etc)
- Is it a fad or is it sustainable?
- What type of buyers are emerging and what are implications for LPs and GPs
- How should LPs deal with these deals (pitfalls and issues)
12:40 - 13:40 Lunch and networking
The Next Wave of Secondaries
13:40 - 13:45 Chairperson's Opening RemarksExecuting Control of Investments
13:40 - 13:45 Chairperson's Opening RemarksCreative Boardrooms
13:40 - 13:45 CREATIVE BOARDROOM: How to successfully carve a niche to outperform the benchmark?
Seminar-like session, limited to 10-15 professionals engaging in high level strategic discussions about how mid market GPs can carve out a niche in the current market.
Stream A
13:45 - 14:20 ALL STAR PANEL: How has the demand for secondaries evolved in tactical project management, leverage and alpha generation?- Is there still an appetite for secondaries? Can they outperform in the current market?
- Evaluating discrepancies in rising prices and falling returns: Is it worth it?
- Are non-traditional secondaries/preferred equity a competitive alternative for secondaries?
- Comparing the price with the quality of assets- where is the balance?
- Examining the current market efforts for increased transparency with fees
Stream B
13:45 - 14:20 INTERVIEW: Identifying and assessing the alternative benefits when opting for separate managed accounts as an investment vehicle- SMAs as a tool for more customised and sophisticated portfolio construction
- How can the investor sustain control over the decisions made to the account: Gaining a better understanding of the objectives and constraints outlined in the investment policy
- What are the fee structures for these type of accounts and core factors to consider when choosing an investment manager
- Differences in reporting processes and the need for more customisation
Creative Boardrooms
13:45 - 14:20 Creative Boardroom continuedStream A
14:20 - 14:50 ALL STAR PANEL: Secondary Directs, Liquidity Options and Restructurings – are these just market fads or true routes for mid-market liquidity and exit?
Speakers:
Mark J McDonald Head of EMEA & Asia Secondaries Credit Suisse
Andre Aubert Partner LGT Capital Partners
Nash Waterman Executive Director Morgan Stanley
Chi Cheung Director, DB Private Equity, Head of Europe, Secondaries Deutsche Alternative Asset Management
Moderator:
Christopher Good Partner Macfarlanes
Mark J McDonald Head of EMEA & Asia Secondaries Credit Suisse
Andre Aubert Partner LGT Capital Partners
Nash Waterman Executive Director Morgan Stanley
Chi Cheung Director, DB Private Equity, Head of Europe, Secondaries Deutsche Alternative Asset Management
Moderator:
Christopher Good Partner Macfarlanes
- Are such GP-sponsored routes just a fad or will this strategy continue to benefit both LPs looking for liquidity and GPs to exit?
- How common are such transactions and what are the pitfalls for both LPs and GPs?
- As a buyer, what are the ways that you can participate in such transactions and how do they work in practice?
- Do you need to have a different skill set, given the more direct nature of diligence and legal negotiations?
Chi Cheung
Director, DB Private Equity, Head of Europe, SecondariesDeutsche Alternative Asset Management
Stream B
14:20 - 14:50 The results of a survey of Private Equity and Hedge Fund managers surrounding their communication with investors and portfolio companies, deal management best practices and security initiatives
Creative Boardrooms
14:20 - 14:50 Creative Boadroom ContinuesThe Evolution of Private Debt
14:50 - 15:20 ALLL STAR PANEL: Redefining the role of private debt and alternative credit in safe and successful investments- How do managers source private debt deals given the growing competition in the market?
- What is the correlation between type of fund raised and if private debt is needed?
- What are the returns like compared to other asset classes? Or public markets?
- Administrative challenges with execution of deals: Remaining streamlined yet flexible and keeping cost downs
- Private debt’s new contribution in growth investments- how does this work as it this really a long term funding strategy?
Stream B
14:50 - 15:20 QUESTION TIME: Emerging trends in co-investments- 2015 compared to 2013/2014-
What do the numbers say? Comparisons on LPs that have requested, participated and actually invested in co-investments this year compared to the last two years
-
Integrating co-investments as part of a fluid process and ensuring good alignment of interest with all parties- can it be automated?
-
When are co-investments best? How many co-investments are realistic and why?
-
Managing LP demands for co-investment with those that actually do them: Factors to consider in risk management, especially for smaller GPs
-
Staying front of mind for co-investments: Acting quickly, being flexible and showing that you are equipped to execute
-
Do co-investments really get the returns expected?
Creative Boardrooms
14:50 - 15:20 CREATIVE BOARDROOM: How can a diversified small/mid-cap portfolio strategy outperform large cap for improved return and risk ratio?- Are return drivers for small cap and large cap PE funds different? Why?
- Are (single) small cap PE funds more risky? Why?
- How to secure access to the best small cap funds?
- How to effectively monitor a diversified PE funds portfolio?
Stream A
15:20 - 15:55 ALL STAR PANEL: The new face of the private debt player- What is the attitude today vs. several years ago in leverage?- How do current private debt providers help with ‘‘capital preservation’’ regarding more protection and ensuring liquidity in private equity?
- For Pan European or global funds, what is expected of the private debt provider regarding coverage? How can newer, smaller players compete with global banks?
- How can smaller players guarantee that they can develop the capital needed for their LPs?
- Has allocation of private debt changed?
- Do the returns speak for themselves?
Alex Schmid
CEOESO Capital
Stream B
15:20 - 15:55 ALL STAR PANEL: How to achieve transparency and improved investor relations- Review of trends in private equity and new themes emerging- Outlining the expectations on transparency and reporting from fund managers and how do they compare to what is currently practiced
- Establishing a tool kit that creates a road map to ensure due diligence and is durable and in real time
- Identifying how improved communication and recorded interaction contributes to transparency and adhering to increased regulatory demands
- Overcoming limitations on data access to ensure interrogation of data
Creative Boardrooms
15:20 - 15:55 Creative Boadroom Continues15:55 - 16:25 Afternoon Coffee and Networking
16:25 - 17:10 ALL STAR PANEL: How to differentiate yourself through innovative deal origination?
- Evaluating the impact of low interest rates on the exploitation of private equity
- Does size really matter? Evaluating how different sized fund managers put their fund to work
- Working with management teams to help develop unique information on specific industries and companies: Looking at the importance of good management and research capabilities
- Effective risk-reward opportunity evaluations of the various sector specific funds
- How is own money investment really perceived?
- The role of the European investment fund in Europe
17:10 - 17:25 ENERGY CASE STUDY: Can sector specific investment strategies outperform the benchmark?
- Are valuations enough to warrant an investment right now? If not now, when?
- Breakdown of real return on investment Evaluating the risk profile and investment strategies to combat this: What are the catalysts putting pressure on margins and price
- Benchmarking strategies
- What are the investor requirements?
17:25 - 17:40 VENTURE CASE STUDY: Can sector specific investment strategies outperform the benchmark?
- How to stay on top and ahead of the latest technological developments and evaluate how this will impact the economy
- Breakdown of real return on investment
- Evaluating the risk profile and investment strategies to combat this
- Benchmarking strategies
- What are the investor requirements?
- The current and future growth areas in healthcare- medtech, primary care, life sciences etc
- Which countries are generating deal flow?
17:40 - 18:00 'JUST A MINUTE' for Private Equity
Based on the radio show, the panel will provide an entertaining overview of the latest private equity news.