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20 March 2012GLOBAL PERSPECTIVE, LOCAL OPPORTUNITY avcjindia.com
India 2017 5-6 December • Taj Lands End, Mumbai
18th Annual Private Equity & Venture Forum
avcjindia.com Join your peers #avcjindia
44Speakers
75+LPs
15Countries
220+Delegates
120+Companies
The AVCJ Private Equity & Venture Forum - India is the premier event
focused on private markets investments in India. Now its 18th year, the
AVCJ India Forum will bring India’s most successful GPs together with
some of the most influential LPs from across the globe for two days of
high level discussions, debates and networking.
2016 Forum Highlights:
ONLINE: avcjindia.com EMAIL: [email protected] PHONE: +852 2158 9636REGISTER
NOW!
Sponsors
R e g i s t e r o n l i n e a t : a v c j i n d i a . c o m
Co-Sponsors
Knowledge Partners
Asia Series Sponsor
Cocktail Reception Host
Supporting Organisations
Media Partners
2016 Forum Highlights
R e g i s t e r o n l i n e a t : a v c j i n d i a . c o m
Sponsorship Opportunities AVCJ Forums offer a range of standard and bespoke marketing programmes that can be tailored to meet your company’s investor relations, fundraising and general marketing/communications objectives:• Influence decision makers in the global and regional private equity and venture capital markets• Raise profile among potential investors• Increase your brand awareness and visibility• Showcase your skills, expertise and differentiators• Build stronger relationships in both business and social environments
Sponsorship enquiries:Darryl Mag T: +852 2158 9639 E: [email protected]
2016 Delegate Composition:
BY TYPE OF COMPANY
LPs GPsPE / VC General Partners, 30%
Limited Partners,
34%
BY TITLE
Chairman / CEO / Managing Partner
Principal / VP/ Associate
Managing Director / Partner / CFO / COO
Director / Chief Representative
32%
41%
14%
13%
57 Stars Aberdeen Asset Management Abu Dhabi Investment Authority Acquisory Adams Street Partners Adveq Management AIM Corporate Services Alea Consulting AlpInvest Partners Altico Capital Alvarez & Marsal Ambit Apollo Management Axis Bank Bain Capital BankBazaar.com Baring Private Equity BIMB Investment BlackRock Private Equity Partners Blue Spruce Global Advisors Blume Ventures CAIA Association Capital Dynamics CDC Group CDPQ
CFA Institute Chaatz ChrysCapital Claris Lifesciences Coller Capital Commonfund Capital Confiex Data CPPIB DEG Deloitte Touche Tohmatsu Deutsche Bank Dominor Investment Holding DTOS Duff & Phelps EMPEA Evolvence Capital Fairwinds Private Equity Fosun FreeCharge Fubon Life Insurance Future Fund Gaja Capital Global Environment Fund Green Capital Greenhill Cogent Gunderson Dettmer HarbourVest Partners
Hasham Investment & Trading Hermes GPE HQ Capital Private Equity IC Legal IDFC IDG Ventures India IFC IIFL Seed Venture India Value Fund InnoVen Capital International Finance Corporation Investment Fund for Developing Countries IREP Credit Capital IvyCap Ventures Advisors J Sagar Associates Jacob Ballas Capital JM Financial Investment Managers JM Financial Private Equity JP Morgan Private Equity Group JP Morgan’s Asian Infrastructure Fund Khaitan & Co Khazanah India Advisors
Khazanah Nasional Berhad KKR KPMG Lazard Asia LGT Impact Ventures Madison India Capital Micro Housing Finance Corporation Micromax Informatics Milestone Capital Advisors MobiKwik Morgan Stanley Alternative Investment Partners NewQuest Capital Partners Nishith Desai Associates Ocorian Ontario Teachers’ Pension Plan Pavilion Alternatives Group PayPal PE Consulting PineBridge Investments PROPARCO Prosperous Capital & Assurance Quilvest Hong Kong Renaissance Group
RNT Capital Advisors S&P Global Samena Capital SBI Life Insurance Company SEDCO Capital Sen Family Office Shardul Amarchand Mangaldas & Co Shearman & Sterling Siguler Guff Silicon Valley Bank Standard Chartered Private Equity Advisory StepStone Group Sumitomo Mitsui Banking Corporation SVB Financial Group Tata Capital Tata Opportunities Fund Teachers’ Private Capital Telstra Temasek Trifecta Capital True Global Ventures Vistra Weiss Consultinvest Zephyr Peacock India
The 2016 event was supported by:
BY COUNTRY
Hong Kong13%
USA 5%
India64%
Europe 4%
Others8%
Singapore6%
R e g i s t e r o n l i n e a t : a v c j i n d i a . c o m
The AVCJ Private Equity & Venture Forum - India 2017 will be of particular benefit to:
• Corporate CEOs• Private equity professionals• Commercial bankers• Mezzanine players• Corporate financiers
Who should attend
• Lawyers• Due diligence providers• CFOs• Directors of corporate development• Risk insurance carriers and brokers
• Investment banks• Management consultants• Accounting firms
“ It was a wonderful event and you did a fabulous job in organizing the entire Forum perfectly. My own experience was very pleasant and I believe the conference was able to attract a lot of talented and relevant people.”
Navin M. Baby, Vice President – Investments, KHALID ALI ALTURKI & SONS CO
“ You and your team put together a very informative conference!”
Brijesh Jeevarathnam, Managing Director, COMMONFUND CAPITAL
Five reasons to attendNETWORK with over 75 institutional investors that are looking to meet fund managers from across the globe and make commitments to the asset class
DISCOVER the private equity outlook: From global trends to local risks and rewards
FIND OUT what is driving cross-border deals and how M&A is leading the way with record levels of activity
UNDERSTAND how reforms are spurring economic growth and what is the impact of the various policy changes for private markets
HEAR how operating strategies have evolved and what do LPs expect from GPs in terms of operational value add
R e g i s t e r o n l i n e a t : a v c j i n d i a . c o m
Speakers
Rajat Arora India Investment Director LGT IMPACT
Deepak Bhawnani CEO and Managing Director ALEA CONSULTING
Rubi Arya Executive Vice Chairman MILESTONE CAPITAL
ADVISORS
Soumya Kanti Ghosh Group Chief Economic Adviser SBI
K Vaitheeswaran E-COMMERCE PIONEER & AUTHOR
Shikha Uberoi Bajpai Co-Founder INDI.COM
Saugata Bhattacharya Senior Vice President and
Chief Economist AXIS BANK
Saugata Bhattacharya Senior Vice President and
Chief Economist AXIS BANK
Samonnoi Banerjee Managing Director BAIN CAPITAL ADVISORS
(INDIA)
Kumar Mahtani Managing Director BDA PARTNERS
David Larsen Managing Director DUFF & PHELPS
Chris Franzek Managing Director DUFF & PHELPS
Vivek Chhabra Head of M&A FRASER & NEAVE
Senior Industry Professionals
For the latest confirmed speakers visit: avcjindia.com
Jacob Chiu Managing Director HQ CAPITAL
John Holton Partner AKIN GUMP STRAUSS HAUER
& FELD
Ben Mathias Managing Partner VERTEX VENTURES
Dhanpal Jhaveri Managing Partner – Private
Equity EVERSTONE CAPITAL
Jeremie Grand First Vice President SUMITOMO MITSUI
BANKING CORPORATION
Plenary Speakers
Nupur Garg Regional Lead - South Asia,
Private Equity Funds IFC
Rahul Goyal Managing Director & General
Manager – India, South East Asia
ADP
Pavan Gupte Managing Director SAMENA CAPITAL
INVESTMENT LIMITED
Anjan Ghosh Executive Vice President ICRA LIMITED
Kanchan Jain Managing Director, Head of
India Credit BARING PRIVATE EQUITY
ASIA
Amit Gupta Founding Partner NEWQUEST CAPITAL PARTNERS
Sanjay Kukreja Partner CHRYSCAPITAL
Tej Kapoor Managing Director FOSUN RZ CAPITAL
R e g i s t e r o n l i n e a t : a v c j i n d i a . c o m
Speakers
Aaron Miller Managing Director, Co-Head
of Venture Capital COMMONFUND CAPITAL
Karthik Prabhakar Director IDG VENTURES INDIA
ADVISORS
Padmanabh (Paddy) Sinha
Managing Partner TATA OPPORTUNITIES FUND
Devinjit Singh Managing Director THE CARLYLE GROUP
Pankaj Makkar Managing Director BERTELSMANN INDIA
INVESTMENTS
Naiyya Saggi CEO and Founder BABYCHAKRA
Divya Modi-Tongya Co-Founder SMART-GLOBAL
Shiva Rajaraman Chief Executive Officer L&T INFRA DEBT FUND LTD
Neeraj Seth Managing Director & Head
of Asian Credit BLACKROCK
Peter Martisek Director BLACKROCK PRIVATE EQUITY
PARTNERS
Ryan Wagner Investment Director, Asia CDC GROUP
Vikram Srinivas Partner, Deal Advisory KPMG
Adit Swarup Principal RAKUTEN VENTURES
Amit Pachisia Chief Credit Officer ALTICO CAPITAL
Haresh Vazirani Investment Manager ABERDEEN STANDARD
INVESTMENTS
Mamta Suri Executive Director IBBI
Gaurav Sachdeva Managing Partner JSW VENTURES
Niren Shah Managing Director NORWEST (NVP) INDIA
Sanjay Singh Partner, M&A – Deal Advisory KPMG
Sunil Mishra Partner ADAMS STREET PARTNERS
Gautham Radhakrishnan Partner TATA OPPORTUNITIES FUND
Siddharth Shah Partner and Head of
Funds Formation Practice KHAITAN & CO
Senior Industry Professionals
For the latest confirmed speakers visit: avcjindia.com
Mingchen Xia Managing Director HAMILTON LANE
Wen Tan Co-Head of Private Equity
Asia Pacific ABERDEEN STANDARD
INVESTMENTS
Programme
R e g i s t e r o n l i n e a t : a v c j i n d i a . c o m
Day 1: Tuesday, December 58:00 Registration and refreshments
8:50 Welcome remarks
9:00 Plenary address
9:30 Private equity outlook: Global trends, local risks and rewards2016 was a year of challenges for private equity from a macro perspective—Brexit, the US presidential election—all of which has created a new norm of global volatility. India was not an exception for this volatility, with demonetisation shaking up the capital markets and the economy in general. Although these short-term shocks have had an impact on private market investments, India had two strong years on both investments and exits. There is every reason to believe that the industry can build on growth, and become a sustainable and attractive destination for investors. Industry leaders share insights into current market challenges and near-term prospects for the asset class. How are macro trends impacting private equity worldwide and in India?
What differentiates those GPs who can meet the challenge?
Where are the next investment opportunities? How is the exit market in India evolving?
10:30 Networking coffee break
11:00 Leading the way: M&A and cross-border activity India in 2016 saw a record level of M&A activity, building on an already strong year in 2015, when for the first time, the country led global levels of Foreign Direct Investment. A government policy platform that may have had equivocal effects in other areas, such as demonisation, were extremely supportive of M&A, leading to sector consolidation that produced some truly striking deals. Indian M&A delivered an exceptionally strong year in 2016, realising over $60 billion in value from some 1,200 deals, versus just under $41.4 billion in 2015 from 932 deals. What is the current level of M&A activity, and from where are most transactions originating?
What are the dynamics in the marketplace, and what is driving cross-border deals?
How can private equity play a role as a partner to strategic investors?
What is the outlook for 2018 – will this high level of activity continue?
11:45 Insolvency and Bankruptcy Code: India’s modus operandi to freedom from bad loans and NPAs This landmark economic reform code by the Indian government brings about a time bound and market-determined approach to insolvency resolution. Large stressed cases accounting for a major chunk of India’s bad debts have been directed for proceedings. This move, along with other recent regulatory initiatives is said to bring in a positive milieu for asset reconstruction companies, PE companies and special situation funds. What are the implications of the Insolvency and Bankruptcy Code to the PE industry?
Which is an advisable solution to address the problem of NPAs: Haircut or the Code?
Is the lack of cross-border insolvency considerations, a major loophole in the Code?
How will the investment landscape evolve post implementation?
12:30 Networking lunch
13:30 Fireside chat: The evolving GP-LP relationship
14:15 VC outlook: Consolidation & the path to profitability India is a large and fast growing economy and is better positioned than most other emerging markets for scalability of start-ups. However, considering the track record of funds, and the lack of exits and realisations, Indian VCs haven’t exploited the opportunity. Nonetheless, the industry has matured and the early hype surrounding some of the portfolio companies who are yet to turn a profit, is turning into consolidation play and developing profitable and sustainable businesses. Our esteemed panel will discuss the following topics: What are some of the consumer trends driving the growth story of India?
How is the VC landscape developing? How is the consolidation playing out? What are some of the biggest debates and doubts about the optimism surrounding India?
15:00 Networking coffee break
15:30 The evolution of operating strategies in PEInstitutional investors are increasingly demanding better transparency from GPs when it comes to operating strategies they employ in the investee companies. GPs try to distinguish themselves with various approaches to operating models but how many of them truly improve performance and add value to the investment? In this practical session an expert panel will discuss strategies for PE funds to overcome challenges with investee companies, build value, and improve performance. Due diligence: How do you do it? And what do the numbers show about operational expertise delivering returns?
How do firms drive operational excellence? In-house, network, consultants, or a combination?
What do LPs look for and expect from GPs in terms of operational value add?
What tips and tricks are there to sidestep the pitfalls of buying a business and instigating change?
Which tools do due diligence experts use to safeguard against governance risk and establish an accurate picture of finances and people?
16:15 The view from Asia: The rise of credit and distressed-investing strategiesFunds are increasingly focused on the debt market as they react to banks tightening up on lending and further diversifying their product offerings as they evolve to become both providers of credit and value creators for distressed companies. Next to private equity, private debt is expected to deliver the highest returns over the next three to five years. With a strong appetite from LPs, PE players are moving to establish offerings and teams to exploit this opportunity. What macro factors are contributing to the rise of debt-oriented strategies and direct lending specifically?
Where does private debt fit in an LP’s allocation strategy, and are these allocations increasing?
Are distressed-debt and credit opportunities now a significant part of the PE business?
How attractive for GPs are non-performing loans (NPLs), high yield bonds, defaulted bonds, and NPL securitizations?
Please note the programme is subject to change.
Programme
R e g i s t e r o n l i n e a t : a v c j i n d i a . c o m
F o r t h e l a t e s t p r o g r a m m e v i s i t : a v c j i n d i a . c o m
Day 2: Wednesday, December 68:55 Opening remarks
9:00 Plenary address
9:30 Private markets exits: A step in the right directionAcross Asia, exits for VC-backed companies have been challenging due to public markets that lack depth and the absence of strategic players looking to engage in M&A. However, Indian private equity is finally on the right track, thanks to a steady stream of exits over the last two years. VC exits by internet giants, like the ones in China has not happened yet, despite the high valuations Indian start-ups seems to have. An IPO for one of the VC backed companies for example, will provide a further boost for the ecosystem. How does the capital markets environment compare with global peers? How can investors find an optimal exit route, given the limited IPOs? Have secondary exits evolved? What is the LP view on exits? Can India follow China’s lead in terms of IPOs and trade sales?
10:15 Spotlight on corporate venture capitalCorporations in Asia increasingly see the merits of captive VC units, but they must be clear in their financial and strategic objectives in order to give teams the right combination of autonomy and guidance. Recent establishments of venture arms by various corporations in China and India and across the continent are catching up with global peers who have established venture arms. While the approaches vary from clear direction for strategic investments to wholly independent mandates, the intention is to capitalise on consumer growth in India. What are the current trends in corporate venturing and how do they fit in the ecosystem? How are regional and global internet giants moving into India changing the VC landscape? What do entrepreneurs need to know when choosing between corporate and traditional venture capital partnerships? What partnerships have corporates formed with VC firms and how do these work in practice?
11:00 Networking coffee break
11:30 Is your valuation process pushing your LPs away? Why do Limited Partners need their GPs to have a rigorous valuation process? Are you ready for new global valuation regulation and guidance? Does transparency into valuation help or hurt the secondary market for fund interests?
11:50 The road to success: LP view on committing capital in IndiaSteady investments, genuinely strong exit performance, and a purely cyclical pullback in investment against a background of all-time M&A highs ought to deliver confidence to LPs. However, there still remains a level of scepticism about Indian private equity as LPs seek the right comfort level to return or continue investing. LPs from around the world discuss this compelling market and their views on the right level of capital allocation at this time. How does India compare to other emerging markets? Have allocation levels changed? What is the appetite for direct and co-investments? What has been the impact of tax and regulatory reforms? What strategies and funds are LPs considering?
12:45 Networking lunch and close of conference
17:00 Women in private markets In private equity, venture capital and start-up ecosystem, as well as the broader corporate world, women are underrepresented and the gender gap is significant. This might be due to the nature of work, industry culture, or more likely a combination of both and other factors. However, the industry is gradually evolving and in Indian private equity is among the best represented for women leaders globally. The esteemed panel will discuss the current environment, challenges and opportunities to close the gender gap in the industry. How does diversity help to deliver better performance? Are we seeing an evolution of women founders? Do these make good acquisition targets? How should firms nurture career progression to a senior level and how can you attract and retain top talent? What should the industry be doing to attract more women at the start of their career paths? What factors have contributed to India having women in prominent leadership roles?
17:45 Close of day 1 and networking cocktails
Hosted by
Please note the programme is subject to change.
2
1
Taj Lands End, Mumbai Address: Taj Lands End Band Stand, Bandra (West), Mumbai 400 050, Maharashtra, India Website: www.tajhotels.com/Luxury/City-Hotels/Taj-Lands-End-Mumbai/Overview.html
Room Cancellation policy:For individual reservations being sent to the hotel in this form, the booking will have to be guaranteed by a credit card for all the requested dates and any cancellation will be subject to the following cancellation charges:1) In case of cancellation of individual rooms received 14 days before check in date, the hotel reserves the right to
charge the individual one nights room billing inclusive of taxes as retention charges.2) In case of cancellation of individual room less than 14 days before check in or an eventual no-show, the hotel reserved
the right to charge the individual 100% (all nights stay as booked) from billing inclusive of taxed as retention.
Download the booking form from http:// www.avcjindia.com/static/venue-accommodation and,
Fax OR e-mail to Reservation Department with your booking detailsE-mail: [email protected]: +91 22 6668 1339 Fax: +91 22 2651 2471
Please note AVCJ Private Equity & Venture Forum does not bear the responsibility for participants’ travel and accommodation arrangements.
A limited number of rooms at the Hotel have been reserved at a special rate for AVCJ Forum participants on a first-come first-serve basis. Please book your room directly with the hotel and identify yourself as an AVCJ Forum participant to qualify for the rate.
Deluxe Room: Single Rate - INR14,000 per room per night plus taxes Double Rate - INR15,500 per room per night plus taxesNote: Room rate is subject to room availability, include buffet breakfast. Taxes not included
2 simple steps to book your room
Cancellation/refund policy: A cancellation charge of US$300 is applicable to written cancellations received on or before 21 November 2017. No refund will be made for cancellations after the date due to our advance guaranty obligations and administration costs. If you do not attend the event or notify us of your intention to cancel, the full fee will still be payable. A substitute delegate is welcome but the organiser MUST be notified in advance of the meeting to avoid incurring a charge. Substitutions may NOT be made at the meeting.Pay in advance: We will include registrants’ names on the official delegate list if we have received your registration fees on or before 28 November 2017. All payments should be made within 14 days from your invoice date. Regrettably, no entrance will be permitted for payments not received before the events take place.
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18th Annual Private Equity & Venture Forum
GLOBAL PERSPECTIVE, LOCAL OPPORTUNITY
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