Tuesday, 6 December 2016
Registration and refreshments
|| Welcome remarks
Opening address: Keynote
Saugata Bhattacharya, Senior Vice President and Chief Economist, AXIS BANK
Indian private equity: The return
India is on the rise, to the point where a number of private investors view the market more investable from a macroeconomic perspective than China. The fact that the experienced GPs with track records are getting funded should result in a more disciplined domestic investment community than in the past and a healthy exit environment in the future. However, private equity penetration continues to lag behind markets of similar size, which suggests that opportunities should be plentiful. Yet India had disappointed before, and optimism among LPs especially remains measured, despite the glowing macro forecasts.
- What forces will shape Indian private equity in 2017?
- Are valuations at a realistic price and providing buyers value?
- Have LPs been receptive to fundraising, and where are commitments coming from?
- What regulatory and tax issues are impacting the industry?
- What evidence do we have that PE in India has returned?
Moderated by: Aakash Choubey, Partner, KHAITAN & CO
William Kelly, Chief Executive Officer, CAIA ASSOCIATION
Sanjay Kukreja, Managing Director, CHRYSCAPITAL
Ranjit Shah, Managing Partner, GAJA CAPITAL
||Networking coffee break
Examining the India buyout opportunity
As global buyout firms deploy more resources in Asia and intensify their focus on India, there is an expectation that rising prosperity, political stability and industrial consolidation will create opportunities for buyout deals. With second- and third-generation family entrepreneurs understanding the value that the right partner with a global network can deliver, the buyout opportunities seem to be on the rise. However, are there enough mid- to large-size transactions to create a market, and will valuations be workable for PE investors?
- How critical is it to form relationships with local partners and business leaders to source and win deals?
- Will a greater availability of leverage increase the potential for buyout deal flow?
- Which sectors are most likely to provide opportunities for buyout deals that are available for private equity?
- Will large deals in the region be hundred-million-dollar rather than multi-billion-dollar transactions?
Moderated by: Pratibha Jain, Partner, NISHITH DESAI ASSOCIATES
Samonnoi Banerjee, Principal, BAIN CAPITAL ADVISORS (INDIA)
Rahul Bhasin, Managing Partner, BARING PRIVATE EQUITY PARTNERS INDIA
Rupen Jhaveri, Director, KKR INDIA
The rise of M&A and cross-border deals
Cross-border deals, both inbound and outbound, continue to be on the rise. Local companies finding success domestically are now looking for growth opportunities overseas as they look to expand internationally and spread their business risk across a number of geographies and economies. On the flip side, inbound investors are attracted by the solid macro and consumer landscape and opportunity to utilise their expertise and connections to propel local businesses into bigger and better entities. A panel of experts will discuss the following topics:
- 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?
- Which overseas markets are most attractive for outward M&A and why?
- How can GPs help Indian companies expand overseas?
Moderated by: Sidharth Bhasin, Partner, SHEARMAN & STERLING LLP
Jeremie Grand, First Vice President, SUMITOMO MITSUI BANKING CORPORATION
Vikram Hosangady, Head - Deal Advisory, EMA and India, National Leader - Private Equity, KPMG INDIA
Bobby Pauly, Partner, TATA OPPORTUNITIES FUND
Kumar Shah, Global Head of M&A and Strategy, MICROMAX INFORMATICS
Sanjay Nayar, Member and Chief Executive Officer, KKR INDIA
Venture outlook: Navigating the Indian consumer story
In a fast-paced and connected world, technology is playing an important role in everyone's life, enabling innovators and investors to capitalise on the opportunity provided by this digital revolution. Venture is booming, notwithstanding the recent correction in valuations. India, with its youthful demographics, rapid economic growth, urbanisation and emerging middle class, is a big draw for entrepreneurs, venture firms and corporations looking to get or keep a competitive edge.
- What is the current state of play for the VC ecosystem in India?
- Is the consolidation going to continue in 2017?
- Which sectors and industries are hot at the moment?
- Where are the exits for VC-backed companies?
- What challenges lie ahead, and where is the industry heading?
Moderated by: Rajat Arora, Investment Manager, LGT IMPACT VENTURES
Vikram Gupta, Founder and Managing Partner, IVYCAP VENTURES ADVISORS
Tej Kapoor, Executive Director, FOSUN INDIA MANAGEMENT
Aaron Miller, Director, COMMONFUND CAPITAL
Sanjay Nath, Co-Founder and Managing Partner, BLUME VENTURES
|| Networking coffee break
Industry Ascent: NBFCs and MFI in India
Non-banking finance companies (NBFC) have become an increasingly prominent part of India's financial sector. With Indian bank's focus on large businesses, smaller companies have had a difficult time attracting finance. As momentum is building diminishing the distinction between a bank and a NBFC - private equity, government and regulators see promise in the power to reach untapped markets. This creates an opportunity for GPs to be among the first to market to seize market share and potential for higher returns.
- Where does the sector stand in terms of regulation and size?
- What is the opportunity and potential challenges for PE/fund managers?
- What does the future hold, and are we seeing an evolution or a revolution?
- How can demonetization immobilize the financial services industry?
Moderated by: Deepak Bhawnani, CEO and Managing Director, ALEA CONSULTING
Madhusudhan Menon, Executive Chairman, MICRO HOUSING FINANCE CORPORATION
Adhil Shetty, Chief Executive Officer, BANKBAZAAR.COM
Vineet Sukumar, Senior Partner & Chief Financial Officer, IFMR CAPITAL
Finding the deals: Indian infrastructure and real estate
Considering how India's domestic growth has transformed the country over the last decade and government focus on infrastructure and real estate development, sectors including power, roads, railways, ports, airports, and residential and commercial real estate are waiting for a sizeable capacity expansion. This opens up a significant opportunity for private investors who are hoping to capitalise on the pipeline of deals and on the need for large-scale upgrading and improvements of assets.
- Has a more stable regulatory environment attracted much-needed infrastructure investment? What new policies and initiatives are in place?
- Where are the opportunities for private investors?
- What infrastructure projects are on the horizon, and how can fund managers gain access?
- How will the easing for foreign nationals and non-residents investing in domestic alternative investment funds affect the real estate sector?
- What real estate segments are proving to be most attractive?
Moderated by: Kavita Saha, Managing Director, JP MORGAN'S ASIAN INFRASTRUCTURE FUND
Rubi Arya, Executive Vice Chairman MILESTONE CAPITAL ADVISORS
Narayanan G., Partner - Infrastructure, IDFC
Krupa Shankar, Senior Investment Manager, DEG
||Close of conference Day 1 and cocktail reception
Wednesday, 7 December 2016
||Registration and refreshments
The Indian exit environment: Is it sustainable?
With a record year for private equity-backed exits and more than USD13.4bn realised in 2015, the once perennial issue of a lack of liquidity seems to be diminishing. From IPOs to trade sales and secondaries, there is plenty of activity and routes to exit. The industry hopes to continue the trend and show LPs that market optimism can consistency translate into market returns. An experienced panel will discuss:
- What is the exit environment outlook, and can it be sustained in the long term?
- How frequent are trade sales, and what type of buyers are GPs targeting?
- Are secondary exits still essential to fuel liquidity, and how active is the market?
- How could the stock exchanges improve the exit routes for private equity and venture capital-backed companies?
Moderated by: Tim Burroughs, Managing Editor, ASIAN VENTURE CAPITAL JOURNAL
Gaurav Ahuja, Managing Director, CHRYSCAPITAL
Amit Gupta, Partner and Chief Operating Officer, NEWQUEST CAPITAL PARTNERS
Peter Martisek, Director, BLACKROCK PRIVATE EQUITY PARTNERS
The outlook for the fintech sector in India
With financial technology (fintech) on the rise in Asia, private investors and financial institutions alike are keen to explore the scope of the business opportunity. VCs see this industry as game changing, and banks need to carve out an advantage over non-traditional players looking to disrupt the industry. To understand the potential of fintech, one only needs to see the demographics of the population with access to mobile phones and without a bank account in India. In addition, the efforts of government for financial inclusion and regulatory improvement is further enhancing the opportunity for fintech. From payments and peer-to-peer lending to blockchain, our expert panel will discuss this sector's potential.
- How is fintech changing the financial sector?
- What are the regulatory challenges for fintech?
- How are financial institutions embracing fintech and fighting the disruptors?
- How is the evolution of payments improving social inclusion?
- How can fund managers gain access to deals and exploit opportunities?
Moderated by: Sreedhar Prasad, Partner, KPMG INDIA
Anupam Pahuja, Managing Director, India, PAYPAL
Kunal Shah, Founder and Chairman, FREECHARGE
Bipin Preet Singh, Founder CEO and Director, MOBIKWIK
||Networking coffee break
Private debt: The Indian opportunity
The different strands of private debt in Asia, acquiring debt on the secondary market, providing event-based mezzanine financing to provide acquisition financing as part of an LBO structure, continue to create interest in the GP community. Complementary to this, LPs are also readier than ever for portfolio diversification, and exposure to credit and debt investing, as they look to mitigate risk across asset classes and fund types. With GPs continuing to raise specific debt funds, or provide blends of debt products targeting investments, this sector continues to flourish.
- Has there been an increase in debt-oriented strategies and direct lending in India?
- How does India compare with rest of Asia when it comes to private debt?
- How does a private debt investment strategy compare with a private equity investment strategy?
- How should an LP manage allocations to the multi-segmented private debt sector?
- Is venture debt filing the funding gap for start-ups?
Moderated by: Rahul Khanna, Managing Partner and Co-Founder, TRIFECTA CAPITAL
Mintoo Bhandari, Senior Partner, APOLLO GLOBAL MANAGEMENT
Pavan Gupte, Managing Director - India Credit, SAMENA CAPITAL INVESTMENT LIMITED
Ajay Hattangdi, CEO India & Group Chief Operating Officer, INNOVEN CAPITAL
Amit Pachisia, Chief Credit Officer, ALTICO CAPITAL
LPs' views on India: The return?
It would appear that institutional investors are feeling positive about India, judging by the strong year and the fact that a number of LPs have opened local offices to give themselves a presence on the ground. Only time will tell if this renewed faith is entirely justified, but the early signs are instilling optimism among the industry and setting India firmly on the allocation map. International LPs debate this compelling market and the case for committing their capital.
- Where is India compared with other Asian markets?
- Are LPs making more direct and co-investments to avoid being tied into a fund?
- Which sectors and fund types are on the radar?
- Are LPs pushing for revised fee structures and terms to continue to commit to India?
- How sustainable is the Indian story?
Moderated by: Padmanabh (Paddy) Sinha, Managing Partner, TATA OPPORTUNITIES FUND
Dominic Goh, Vice President, HARBOURVEST PARTNERS (ASIA)
Sunil Mishra, Partner, ADAMS STREET PARTNERS
Alagappan Murugappan, Managing Director CDC GROUP
Vikram Raju, Executive Director, MORGAN STANLEY ALTERNATIVE INVESTMENT PARTNERS
||Networking Lunch & Close of conference