Preliminary programme

Tuesday, 18 October 2011
08:00	Registration and refreshments
08:50	Welcome address
09:00	Opening keynote address Jun Tsusaka, Partner, Managing Director and Representative, TPG CAPITAL - JAPAN, LTD.
09:30	Asian PE update: Japan and beyond Asia’s growth story is one of the most influential macro trends driving the global economy today. It is also acting as a magnet for international capital. Faced with ever increasing competition for investments and LP attention, Asian GPs must increasingly find niches in the market, and create value for investors at all stages of the private equity value chain. How are heightened investor interest and capital inflows affecting the private equity market? Where are the opportunities and what types of strategies are being employed to achieve returns? How are fund managers deploying sufficient capital while creating value beyond financial engineering? How do opportunities and the associated risk/return profiles compare in China, India and other markets? How do these dynamics impact the Japanese market? What is the common foreign investor perspective on Japan? Is this accurate, and what is the reality according to those operating in the country? Moderated by: Tatsuya Kubo, Managing Director, HARBOURVEST PARTNERS (JAPAN) LIMITED Joseph W Ferrigno III, Founder & Managing Partner, AMCG PARTNERS Masa Yoshizawa, Representative Director and Partner, THE LONGREACH GROUP, INC. Anthony Miller, Partner and CEO, PAG JAPAN Yuji Kato, Head of Japan Office / Managing Director, PERMIRA ADVISERS KK, JAPAN
10:30	The role of private equity and venture capital in assisting Japan’s recovery from the earthquake and tsunami The impact of the events that have taken place in Japan continue to be felt, even after the situation has improved so as the country begins its recovery, PE/VC with their management expertise and ability to build successful companies are in a good position to assist in re-building the areas of devastation and the Japanese economy. What has really happened and what is the impact of the disasters? How Japan coped with them and what is the vision for the future? New industries that provide PE/VC with innovative investment opportunities in Japan - alternative energy, power saving technologies and agriculture and sustainable foods The outlook for existing investments and the Japanese PE/VC landscape moving forward The sectors where PE/VC can seek to make investments to speed up the recovery - construction, real estate and sectors that enable substantial job creation such as manufacturing and service sectors Yoshito Hori, Managing Partner, GLOBIS CAPITAL PARTNERS
11:10	Networking coffee break
11:40	The Japanese middle market takes center stage Historically the Japan market has been seen as a place to execute large-scale buyouts. The reality is that large transactions have been few and far between for some time now, and large PE funds raised on this premise are finding it difficult to deploy capital. In fact, many foreign funds focusing on this segment have closed up shop in the country. In contrast, the scope and characteristics of the Japanese middle market offer more fertile ground for the PE industry, and fund managers in this space are the most active in terms of both investment and exits. Why and how does the middle market segment present a better opportunity set than large cap segment? What industries provide the best opportunities in the Japanese middle market? Which sectors provide the best routes to exits? Which factors are most important in successfully adding value to mid-market companies? How does Japan's mid-market compare with that elsewhere in Asia? Moderated by: Joji Takeuchi, CEO and co-founder, BRIGHTRUST PE JAPAN CO., LTD. Megumi Kiyozuka, Managing Director, CLSA CAPITAL PARTNERS JAPAN KK Yuji Kimura, President & CEO, POLARIS CAPITAL GROUP CO., LTD. Hideaki Fukazawa, President & Managing Partner, TOKIO MARINE CAPITAL CO., LTD.
12:25	How private equity creates value In Japan a certain amount of scepticism exists around PE amid fears that post investment, fund managers will pile on debt and cut jobs and cost. PE firms are under pressure to quickly improve cash flows to service debt associated with their acquisitions, but most value is created by enacting operational changes to the benefit of the organsiation and its employees. Targeting explicit goals, including market share gains and growth helps propel the investment into a more competitive position and display the expert business and management skills that PE has as its disposal. How does PE allocate resources and develop strong management relationships early in the deal? How should PE use value creation to enhance its reputation and display the expertise and benefits of a PE investment? What quick wins can be achieved early on and how do PE fund managers communicate to all stakeholders? How do PE fund managers find the “sweet spot” of value creation? Moderated by: Tom Whitson, Partner & Co-head of Transaction Services , KPMG FAS CO LTD Richard Folsom, Representative Partner, ADVANTAGE PARTNERS, LLP Jason Edwards, Director, General Counsel, CLEARWATER CAPITAL PARTNERS Hiroshi Nonomiya, Representative Director & Managing Director, RHJ INTERNATIONAL JAPAN, INC. Toki Mori, Managing Director, RIVERSIDE PARTNERS, KK Jun Tsusaka, Partner, Managing Director and Representative, TPG CAPITAL - JAPAN, LTD.
13:10	Networking lunch
14:15	Plenary address Jon-Paul Toppino, President and CIO, SECURED CAPITAL INVESTMENT MANAGEMENT
14:45	Investing in the secondary market Since the fall of Lehman Brothers in 2008, and the slump in listed asset prices it triggered, LPs falling victim to the denominator effect found themselves having to unload the less liquid portions of their portfolios in order to stay within allocation limits. This meant that for a time at least, secondaries players were able to acquire prime PE real-estate at close-to-fire-sale prices. Would a better intermediated secondary market have be advantageous for institutional investors? What form might this take? Where do investors see the opportunities for secondary funds in the coming months and years? Is an active secondary market in Japan seen as a good addition or as a necessity? How important is a liquid secondary market to encouraging LPs to enter the PE market? What are the mechanisms for price discovery in secondary transactions? Moderated by: Michael Chae, Managing Director Alternative Investments - Japan, PINEBRIDGE INVESTMENTS Tappei Shimizu, President and Chief Executive Officer, ALTERNATIVE INVESTMENT CAPITAL Kian Woon Yap, Head of Private Equity & Alternative Investment, BANK OF SINGAPORE LIMITED Naoki Ohta, Associate Investment Director, GREENPARK CAPITAL
15:30	Networking coffee break
16:00	Small to mid-cap investments Due to the lack of fresh liquidity entering Japan from overseas, the resistance of local investors to partner with PE and the extreme difficulty in pulling off a big-ticket buyout in Corporate Japan, the small to mid-cap market is providing the only feasible hunting ground for PE investments. So in a competitive, narrow, market how do you source deals that do not have an over-inflated price tag and provide alpha while putting to work an exit strategy for a good return. What industries offer the best returns and are there potential wins to be gained in regional Japan? What opportunities do current public equities prices hold for these smaller-deal-focused funds? What are the unique characteristics of smaller companies that make them more attractive acquisition prospects? How can you put capital to work in a climate of stagnant deal flow? Moderated by: Naoto Mizoguchi, Managing Director, DRC CAPITAL LTD Masao Nakagawa, Senior Director, NIPPON MIRAI CAPITAL Ayumi Sakurai, Co-Representative Partner, VALIANT PARTNERS
16:45	Closing keynote Jesper Koll, Managing Director and Head of Research, JP MORGAN SECURITIES JAPAN
17:15	End of day 1 & Cocktail reception
Wednesday, 19 October 2011
08:30	Registration and refreshments
09:00	Keynote address Scott C. Voss, Managing Director, HARBOURVEST PARTNERS (ASIA) LIMITED
09:30	Harnessing Japan’s corporate know-how to the bullish Chinese economy Stimulated by fiscal and monetary policies and the recovery of global trade, China's economy has maintained a rapid and stable growth. The consumption level of the Chinese people is increasing on the back of the rise of RMB and the soaring per capita income. Taking into account the world-class manufacturing technologies and processes invented and employed by Japanese industries, the opportunity to capitalise on Chinese consumer appetite is very attractive. But Japanese PE firms need to take into account the challenges of operating in China including the regulatory nuances and cultural road blocks that may impact returns. By partnering with a local entity, it’s possible to take Japanese capital, expertise and products to China, but with a local shop front. What opportunities does China's rapid economic growth bring to Japanese investment institutions? How can investors get to grips with opportunities in a newly forming economy? What risks are present in a booming market? What strategies should Japanese PE adopt to roll out businesses in China with minimum challenges and maximum return? Moderated by: Azam Khan, Principal Investment Officer, IFC Kazunori Ozaki, Chairman & CEO, ANT CAPITAL PARTNERS CO., LTD. Gregory R. Hara, President & Representative Director, J-STAR CO., LTD David Shen, Regional Managing Director, OLYMPUS CAPITAL HOLDINGS ASIA
10:15	Plenary address Kohei Okada, Director, Industrial Finance Division, Industrial Policy Bureau, MINISTRY OF ECONOMY, TRADE AND INDUSTRY(METI)
10:35	Networking coffee break
11:00	Hot markets: India update Prolonged weakness in Western economies has resulted in a power shift from the once-unshakable developed world to rapidly growing nations such as India, driven primarily by domestic consumption. Indian skills have developed strongly in technology and services, and as a result of these factors, there are a broad array of investment opportunities for PE and VC fund managers across a wide range of sectors including manufacturing, pharmaceuticals, telecommunications and infrastructure. Indian companies have been extremely busy signing off multi-million, or in some case multi-billion dollar deals but valuations are flying high and a hotter deal climate will mean higher acquisition costs and pressure to extract higher returns. What is so compelling about the Indian landscape? How can PE effect change at India’s many stagnant listed companies? Will stretched stock-market valuations and low-quality deals bring the party to an end? How can PE funds overcome the price objections of India’s super-savvy promoters? Is the concern a lot of money is flowing into India too quickly justified? Moderated by: Veronica John, Managing Director, SERASI CAPITAL, SINGAPORE Ashok Roy, Managing Director, DAIWA QUANTUM CAPITAL Mark Silgardo, Senior Managing Partner, IL&FS INVESTMENT MANAGERS LIMITED Lachmi-Niwas Sadani, Managing Director & CIO - NIIM, NOMURA GROUP
11:45	Venture Capital opportunities in Japan and beyond The opinion among many VC firms is that there currently exists a once in a decade opportunity that may offer both Japanese and international LP's huge returns through investments in cloud-based content, social networking, mobile gaming and smart phone technology. All providing a myriad of innovative and commercial products. There is already plenty of evidence of momentum building and industry experts will discuss the following. How can VC reinvigorate the economy with new ideas and new companies? What will be the most profitable (and least risky) sectors over the next 5 years? How effective are the university "greenhouses" versus the development arms of large corporates at incubating new ideas? How can co-investments with overseas companies help grow ventures globally? Will there be a trend of spin-off for banked-linked VC firms and those connected with Japan's diversified conglomerates? Moderated by: Ken Yasunaga, President & CEO, ENTREPIA JAPAN Shinichi Takamiya, Principal, GLOBIS CAPITAL PARTNERS Masahiko Honma, Co-Founder and General Partner, INCUBATE FUND Tomotaka Goji, Managing Partner, THE UNIVERSITY OF TOKYO EDGE CAPITAL
12:30	Networking lunch
13:30	LP’s appetite for Japan There is a perception that LP’s have turned bearish on investing in PE and VC in Japan. But considering that Japan’s Prime Minister announced in December 2010 a corporate tax reform to revive the economy, strengthen the global competitiveness of Japanese companies and stimulate investment. Perhaps this is a trend set to reverse. What industries provide the safest investment avenue with the best potential return? Is there a funding overhang, and is it likely to affect acquisition prices and exit multiples going forward? Is this evaluation coloured by the size / specificity of the GP fund? How concerned are they about the secondary market? Is investing in Japan’s distressed opportunities and troubled assets a good fit for LPs? How does Japan stack up against the rest of Asia? Moderated by: Hiroko Oda , Manager, Investment Dept., MITSUI SUMITOMO INSURANCE CO., LTD. Kazushige Kobayashi, Managing Director, CAPITAL DYNAMICS Motoya Kitamura, Associate Director & Sr. Vice President, MACQUARIE FUNDS GROUP Hidekazu Ishida, Investment Officer, OSAKA GAS PENSION FUND Toshiyuki Kumura, Head of Private Equity, TOKIO MARINE ASSET MANAGEMENT CO., LTD.
14:30	Close of conference

Preliminary programme

Tuesday, 18 October 2011

Wednesday, 19 October 2011