HERE - SVCA

SVCA Private Equity Conference
15 April 2014 Conrad Centennial Singapore
South-East Asia Private Equity – Sustainable or hype?
Key Note
Opening Address
Ming Lu
Member & Regional Leader
KKR Southeast Asia
Valerie Tay
Director, Head of Department
Financial Centre Development Department
Monetary Authority of Singapore (MAS)
Some of our Speakers include:
Sunil Mishra
Partner
Adams Street Partners
Singapore Pte Ltd
Eugene Lai
Co-Managing Partner
Southern Capital Group
Mock Pack Kay
Founding Partner
Saratoga Capital
Kenneth Cheong
Managing Director
Baring Private Equity
Asia Pte Ltd
Eng Aik Meng
Senior Advisor
TPG Capital
Alex Sao-Wei Lee
Partner and Head of
Secondary Investments
Axiom Asia
Private Capital Pte Ltd
Please refer to Page 4 onwards for the full list of speakers.
Sponsors
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PROGRAMME OUTLINE
Timing
Event
8:00AM
Registration – Breakfast and Networking
9:00AM
Opening Remarks by Dr. Jeffrey Chi, Chairman, SVCA
9:10AM
Key Note Address by Ming Lu, Member & Regional Leader, KKR SOUTHEAST ASIA
9:40AM
Opening Address by Valerie Tay, Director, Head of Department,
Financial Centre Development Department, MONETARY AUTHORITY OF SINGAPORE (MAS)
9:50AM
Panel Session 1 – South-East Asia (“SEA”) private equity opportunities and due diligence
issues
SEA has become a hot bed of private equity activity given the slowdown in India and China
markets. Is this trend sustainable given that the some of the SEA stock markets have
corrected significantly in the 2nd half of 2013? Will GPs continue to chase few quality deals
driving up valuations? How can GPs differentiate what they do?
Will growth be sustainable in the SEA region despite slower growth in China? Will the ASEAN
Charter be effective in driving growth and intra-region trade? What are the countries within
SEA that will benefit from this trend? What are the countries and sectors that are most
attractive in SEA?
What are the key risks and issues faced by GPs in SEA deals? How different are the due
diligence issues faced by GPs in SEA vs other markets? Should GPs conduct due diligence any
differently in this region? How do GPs manage their foreign currency risk as SEA currencies
are more volatile than the North-Asian currencies and the currency volatility can have a
large impact on returns?
Moderator: Keoy Soo Earn | Partner l Leader – Mergers & Acquisitions,
DELOITTE SOUTHEAST ASIA
Kenneth Cheong | Managing Director, BARING PRIVATE EQUITY ASIA PTE LTD
Nicholas Bryan-Brown | Co-founder, BLACKPEAK GROUP
Eugene Lai | Managing Director, SOUTHERN CAPITAL GROUP
Ng Wai King | Joint Managing Partner, WONGPARTNERSHIP LLP
10:30AM
Networking Coffee Break
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PROGRAMME OUTLINE
Timing
Event
11:00AM
Panel Session 2 – LP’s views on investing in South-East Asian (“SEA”) PE
We will take a look at how LPs view SEA as an attractive destination compared to the rest of
the Asian and the world? What are the returns expectations? Are there sufficient quantity
and quality of GPs? Are there risks that the same bubble will form in SEA as it had in India,
China and Vietnam? Do LPs prefer the single country fund approach or the regional fund
approach either pan SEA or pan Asian? What do LPs feel is the optimal size for SEA funds?
Moderator: Audrey The-Dumas | Senior Private Investment Specialist,
CAMBRIDGE ASSOCIATES ASIA PTE LTD
Sunil Mishra | Partner, ADAMS STREET PARTNERS SINGAPORE PTE LTD
Alex Sao-Wei Lee | Partner and Head of Secondary Investments,
AXIOM ASIA PRIVATE CAPITAL PTE LTD
Karim Ghannam | Managing Director, Head of Alternatives & Fund Solutions, Asia Pacific
Alternative Fund Solutions AWM - Investment Platform, DEUTSCHE BANK
11:40AM
Panel Session 3 – Operational Value Add
PE funds today cannot just rely on multiples arbitrage or leverage to drive high returns.
Increasingly operational value-add is critical.
How do different funds do it? In-house vs outsourced? The pros and cons of each model.
How to execute value-add in minority positions? Challenges in approach for a small
US$100M company vs a US$1B company?
What are key drivers for value-add? Acquisitions? Improving efficiencies? Improving capital
structures? Human resources? How to measure and demonstrate value-creation?
Moderator: Usman Akhtar | Principal, BAIN & COMPANY
Jean-Christophe Marti | Partner, NAVIS CAPITAL PARTNERS (SINGAPORE) PTE LTD
Mock Pack Kay | Founding Partner, SARATOGA CAPITAL
Eng Aik Meng | Senior Advisor, TPG CAPITAL
12:20PM
Closing remarks by Gary Ng, Chairman, Professional Development Committee
12:30PM
End of Conference
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SPEAKERS
Valerie Tay
Director, Head of Department
Financial Centre Development Department
Monetary Authority of Singapore (MAS)
Valerie Tay is responsible for charting policies to enhance
the growth of the financial sector in Singapore. Prior to
this appointment, she headed the division that formulated
regulatory policies to combat money laundering,
proliferation and terrorism financing. Valerie also led the
Secretariat managing MAS’ participation in the Financial
Sector Assessment Programme (FSAP) of the IMF. She
started her career in the MAS as a negotiator of FTAs, and
was involved in the FTAs with Japan, India and China,
amongst others. Before joining the MAS, Valerie was the
Business Editor of Channel News Asia.
Keoy Soo Earn
Partner l Leader –
Mergers & Acquisitions,
Deloitte Southeast Asia
Soo Earn leads Deloitte Southeast Asia’s M&A
Advisory and Valuation & Modelling practices and has
extensive experience supporting strategic and
financial investors in their domestic and cross border
transactions. Soo Earn is a Board member of the
Intellectual Property Office of Singapore, and CFA
Singapore and serves as the Chairman of the
Valuation sub-committee of FRC. He was recently
recognised as a leading IP Strategist in the World by
Intellectual Asset Management.
Nicholas Bryan-Brown
Co-founder
Blackpeak Group
Nicholas Bryan-Brown is a co-founder of Blackpeak,
an Asia focused strategic and risk advisory firm whose
clients include many regional private equity investors.
He is a former investment banker, venture capital
investor and lawyer with more than 25 years’ finance
experience, much of it in Asia, and is based in
Singapore. He is a former co-head of Investment
Banking for the Asia Pacific region for HSBC and has
extensive experience of advising companies on
regulatory and compliance matters as well as M&A,
restructuring and capital raising.
Ming Lu
Member & Regional Leader
KKR Southeast Asia
Ming Lu joined KKR in 2006 and serves as the
Regional Leader of KKR’s Southeast Asia team. He
serves as a member of KKR’s Asian Portfolio
Management Committee, the China Growth Fund
Investment Committee, and the Asian Private Equity
Investment Committee. He has played a significant
role in the investments in BIS Cleanaway, MMI,
Unisteel Technology Limited and Masan Consumer
Corporation.
Kenneth Cheong
Managing Director
Baring Private Equity Asia Pte Ltd
Mr. Kenneth Cheong is a Managing Director with
Baring Private Equity Asia in the firm’s Singapore
office. Baring Asia is an Asia focused private equity
fund and currently manages over US$5 billion in
assets. Mr Cheong joined Baring Asia in 1998 and
has been involved in various investments across
Asia. Mr. Cheong leads the firm’s activities in South
East Asia and serves as a member on Baring Asia’s
investment committee.
Eugene Lai
Co-Managing Partner
Southern Capital Group
Southern Capital Group is a private equity firm that
makes mid-market control investments in Southeast
Asia. Prior to Southern Capital, Eugene was a
Managing Director of JPMorgan, a Managing
Director of The Carlyle Group, Asia and the CEO of
The Ascott Group, one of the largest serviced
apartment businesses in the world.
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SPEAKERS
Ng Wai King
Joint Managing Partner
WongPartnership LLP
Ng Wai King is the Joint Managing Partner of
WongPartnership and Head of the Corporate Group.
Wai King's practice focuses primarily on
Corporate/M&A and private equity transactions. Wai
King has led on numerous buyouts in Singapore
including KKR's acquisition of MMI Holdings, which
was recognised as the "Best Leveraged Financing"
deal by FinanceAsia. Wai King holds degrees from
NUS Law Faculty and Columbia Law School.
Sunil Mishra
Partner
Adams Street Partners Singapore
Pte Ltd
Sunil is a Partner
who primarily specializes in the
sourcing and execution of Asian investments
specifically in India, Australia, Vietnam and Southeast
Asia. He actively participates in all fund investment
decisions at Adams Street. Prior to joining Adams
Street Partners in 2007, Sunil worked for Standard
Chartered Bank in Singapore performing financial and
business analyses of local and regional companies and
advising them.
Karim Ghannam
Managing Director,
Head of Alternatives & Fund Solutions,
Asia Pacific Alternative Fund Solutions
AWM - Investment Platform,
Deutsche Bank
Karim, joined Deutsche Bank in 2011 with 14 years of
industry experience. Prior to his current role, Karim
was Global Co-Head of DB Private Equity & Private
Markets - Deutsche Bank's $11 billion AUM primary,
secondary and co-investment platform and co-Chair
of the Global Investment Committee, Member of the
AWM Alternatives and Fund Solutions Executive
Committee and the AWM Asia Pacific Executive
Committee.
Audrey The-Dumas
Senior Private Investment Specialist
Cambridge Associates Asia Pte Ltd
Audrey is a senior private investment specialist in
Cambridge Associates’ Singapore office, where she
works with a variety of institutional clients, including
university endowments, charitable foundations,
public funds and private clients, on constructing and
overseeing
customised
private
investments
portfolios. She also contributes to the firm’s private
investments research and manager due diligence,
across private equity strategies, natural resources,
and real estate.
Alex Sao-Wei Lee
Partner and Head of Secondary
Investments
Axiom Asia Private Capital Pte Ltd
Alex Lee is a Partner at Axiom Asia Private Capital, a
private equity fund of funds manager focused on
Asia with over $2.5 billion under management. As
Head of Secondary Investments, Alex leads the
firm’s secondary investment efforts and is also active
in primary fund investments and co-investments.
Since 2003, Alex has originated, executed and
monitored a wide variety of secondary transactions
involving both LP positions and direct investments
across buyout, growth capital and venture capital.
Usman Akhtar
Principal
Bain & Company
Usman Akhtar is a principal at Bain & Company,
based in Singapore. Usman is a leader in Bain’s
market-leading private equity practice, with a
primary focus on Southeast Asia. He has deep
experience working with financial investors, LPs and
their portfolio companies on a range of topics across
the investment value chain, and has managed a
number of post-acquisition value creation
engagements in recent years for investors and
management teams.
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SPEAKERS
Jean-Christophe Marti
Partner
Navis Capital Partners (Singapore)
Pte Ltd
Mr. Marti is a Partner of Navis based in Singapore
and an Investment Committee member. Prior to
joining Navis, Mr. Marti was with Cypress-Woods Pte
Ltd as an Executive Director based in Singapore, with
a focus on corporate development and restructuring
assignments across Southeast Asia. At Navis, Mr.
Marti is based in Singapore, leading origination and
investment teams in making, monitoring and exiting
investments in Singapore and Indonesia.
Eng Aik Meng
Senior Advisor
TPG Capital
Aik Meng is currently a senior advisor to TPG Capital,
one of the world’s largest private equity funds with
US$50 billion in equity under management. Aik Meng
is a non-executive director with Healthscope Limited,
one of the largest hospital and pathology groups in
Australia. He is also a member of the Board of
Commissioners of PT BUMA - a leading mining
contractor in Indonesia. He was previously a leader in
the healthcare and industrial maritime industry and
continues to serve as a non-executive director of
Jurong Port Pte Ltd, Singapore.
Mock Pack Kay
Founding Partner
Saratoga Capital
Kay Mock is a Founding Partner of Saratoga Asia II LP
and Saratoga Asia III LP. He was previously with the
Government of Singapore Investment Corporation
(GIC) from 1989 to 2006. Kay has extensive
investment experience in Asia, having invested in
opportunities in Australia, India, Indonesia, Japan,
Korea, Philippines and Singapore. Aside from having
invested more than USD 1 billion in a broad spectrum
of industries. Kay had also served as a Director on the
boards of various companies.
Jeffrey Chi
Managing Director
Vickers Venture Partners
Dr. Jeffrey Chi is a Managing Director of Vickers
Venture Partners and a member of its Investment
Committee and is currently Chairman of the
Singapore Venture Capital & Private Equity
Association. Dr Chi has investments in China & SE
Asia in education, e-commerce, online games, online
travel and financial technologies. He was also
involved in Vickers' successful exits of UUCUN,
Sunfun Info (TT:5278), Cambridge Real Estate (SGX:
J91U), Real Time Gaming Asia and Asian Food
Channel.
Gary Ng
Managing Director of Private Equity
CLSA Capital Partners
Mr. Ng joined CLSA Capital Partners in 2000 and has
over 15 years’ experience in finance and private
equity. He has been responsible for a number of
investments in India and South-East Asia. He has also
participated in a number of transactions in the
consumer and industrial sectors in China, Korea, India
and South-East Asia. He currently overseas the South
East Asia and South Asia investments.
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SPONSORS
Blackpeak is a strategic advisory firm, based in and focused on Asia, led by a group of highly experienced advisory and
investment professionals. We assist clients to deploy capital more effectively, providing investigative and advisory
services - due diligence, dispute support and fraud investigations - and corporate and strategic advice - M&A advisory,
investment sourcing and execution. We advise financial investors – private equity, distressed debt, institutional, hedge
and sovereign wealth funds – as well as corporates. Our advisory skills, our strong contacts across many sectors and our
long term experience of Asian markets provide clients with practical, tailored advice across the investment cycle.
www.blackpeakgroup.com
Deloitte provides audit, tax, consulting, and financial advisory services through 200,000 people in a globally connected
network of member firms in more than 150 countries. Deloitte Southeast Asia Ltd – a member firm of Deloitte Touche
Tohmatsu Limited comprising practices in Brunei, Guam, Indonesia, Malaysia, Philippines, Singapore, Thailand and
Vietnam – delivers measurable value to SEA’s increasingly intra-regional and fast growing companies and enterprises.
Comprising over 250 partners and 6,000 professionals in 23 offices, the subsidiaries and affiliates of Deloitte Southeast
Asia Ltd combine their technical expertise and deep industry knowledge to deliver consistent, high quality services to
organisations in the region.
www.deloitte.com
An established leader, WongPartnership’s reputation as a major provider of regional and international legal services in
the Asia Pacific is forged on the back of its dynamic energy and ability to respond to their clients' needs.
WongPartnership has over 270 lawyers with offices in Singapore, Abu Dhabi, Beijing, Doha and Shanghai as well as an
active ASEAN Practice. We have a twin focus on advisory/transactional work in the areas of finance, corporate and
capital markets where we have been involved in landmark mergers and acquisitions and capital markets transactions, as
well as complex and high-profile litigation and arbitration matters. The exceptional nature of our work has drawn
recognition from major regional and international commentators, and we have established ourselves among the top
echelons of the Asian legal world.
www.wongpartnership.com
SUPPORTING ORGANISATIONS
MEDIA PARTNERS
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content, venue location and programme or any other aspect of the Conference at any time and for any reason, whether or not due to
a Force Majeure Event, in each case without liability.
Singapore Venture Capital & Private Equity Association
14 Robinson Road, #07-02A Far East Finance Building, Singapore 048545 Tel: (65) 6224 7001 Fax: (65) 6224 6772
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