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China’s reopening of its borders has been a bright spot for the global economy this year. As the Mainland economy continues to gain traction, consumer spending is also picking up domestically while inflation and recession has been kept in check. That said, some global GPs and LPs are shying away from the “China +1” strategy for their own reasons, although in the longer term, most investors are bullish and continue to look into China as an engine of regional and global growth. Our panel of seasoned private equity investors will unpack the events of the past year and discuss what lies ahead.
- How have private equity investment strategies changed in the past year? Where does China fit in a global portfolio?
- What are the macro challenges that will affect dealmaking in China?
- What are the main concerns from LPs regarding exposure to China? How have regional GPs adapted their overall portfolio?
- Who are the investors investing in Chinese funds now? Will allocators from the Middle East and other parts of Asia replace North American LPs?
In uncertain times, private equity investors cannot rely solely on financial engineering to achieve superior returns. GPs need a more comprehensive approach towards value creation with detailed plans on how to ride out the current market turbulence. For the private equity industry, this will be a crucial factor in terms of setting apart top performers in the future. Our panel of top GPs will share their experience on how value creation has created opportunities for their portfolio companies to excel.
- How has the recent market volatility impacted value creation in China, and have the priorities shifted?
- What are the most important considerations for Chinese GPs when driving value creation?
- Are top GPs incorporating more ESG criteria into their value creation plans? How?
- What are some of the ways to incorporate technology into old economy companies?
As Chinese GPs continue to brave turbulent markets, regulatory changes and international competition, the likelihood of successful fundraising in 2023 may be difficult. Some investors have opt to focus on alternative strategies including continuation funds, secondaries, online platforms and private wealth. However, many have chosen to focus on investing and exiting with the plan to return to the market in 2024 with a revised playbook. Our panel of capital raising experts will assess their responses to the current market climate.
- What strategies are Chinese GPs employing for fundraising in 2024?
- How can GPs time the exit market to complement their next fundraise?
- How are current regulations and restrictions affecting fundraising in the market?
- Where are new sources of capital being found and does private wealth have a role?
China’s net-zero ambitions mean that one thing is abundantly clear: the clean technology revolution is coming faster than expected. China’s electric vehicle market is at full throttle with the rapid deployment of new energy such as solar energy being pushed forward by the Chinese government’s green transition policy. Given the size and importance of the opportunity, local and domestic firms have much to learn from each other in maximizing growth of the companies in the space. Our panel of green investment professionals share their views.
- What has prompted the increased popularity of ESG strategies and carbon neutrality funds amongst local GPs?
- How can GPs and LPs tap into the world’s biggest electric vehicle and battery industry?
- Where are the most attractive opportunities for carbon neutrality plays in China?
- What sub-sectors of clean tech and green tech are attracting investment – wind, solar, nuclear or power storage?
China’s venture capital activity is picking up speed as stability and opportunity returns to the market. Sparking the interest of investors nowadays are businesses capturing climate change opportunities, advanced technologies, automation, manufacturing, and other relevant applications that can drive growth. Our esteemed panellists will examine the latest trends defining the future of local startups and discuss the next big thing(s).
- What are the best opportunities for electric vehicles, alternative energy? Which other sectors are the opportunities coming from?
- What are the latest regulatory changes and how can investor navigate?
- What exit options are currently available for Chinese VC funds?
- Are tougher market conditions and lower valuations providing a good investment landscape for risk takers?
Post pandemic ‘revenge spending’ briefly boosted the outlook for consumer companies particularly consumer technology businesses that have benefited from innovations pioneered during the Covid Zero lockdowns. While consumer sentiment continues to be cautious, investors are optimistic and view companies that have demonstrated long-term growth potential, offer differentiated products and services as viable investments opportunities. Our diversified panel of investors will share their expertise on consumer trends in the hottest sectors.
- Where are the best opportunities for investors in the Chinese consumer space?
- How to create a global Chinese brand in 2023?
- How can GPs invest in supply chain opportunities in China and overseas?
- Harnessing AI and other technology upgrades to create long-term growth?
End of Day 1
Chinese healthcare investments witnessed a slowdown due to a series of COVID-19 curbs, regional tensions, and updated policies. The long-term importance, defensibility and attractiveness of this sector however has not diminished, and investors are returning to companies in the sector. Hot spots include innovative medications in the pharmaceutical sector and biotechnology startups. Our panel of healthcare experts will assess the industry outlook and provide their predictions for the next 12 months.
- How have private equity and venture capital investments in healthcare fared in the past year, and where are the continued opportunities in the sector?
- How will regulatory policy changes affect dealmaking in the sector?
- What are some potential sub-sectors that investors should be on the lookout for?
- How are GPs applying AI and machine learning into their companies in the healthcare sector?
The challenging macro condition have affected private exits in China as GPs pivoted from tried-and-true strategies and focused on selling to those that truly understand the opportunity…other GPs. According to AVCJ Research, secondary exits accounted for 55.9% of total Chinese PE exits from just 16.3% in 2021. By contrast, the more traditional routes of trade sales and IPOs accounted, respectively for 28% and 15% of 2022’s $4.8 billion tally. Will exits may quickly bounce back in 2023/24 as economy improves, GPs get more comfortable with secondary deals and IPO market returns. Our panel discuss the outlook for exits in China.
- How are GPs and LPs looking at exits and generating liquidity during uncertain times?
- Will secondary transactions become the mainstream of deal flow? What are the challenges and how did the players overcome?
- Will M&A exits become more common due to regulatory restrictions and the long IPO backlog?
Private credit is seeing phenomenal growth across the globe and it is no exception in China. Filling the gap created by banks becoming more risk adverse is becoming even more pertinent in a challenging economic environment, but credit investors in China also need to be flexible. An influx of sub-strategies – offered by specialists, multi-asset managers and technology platforms – means investors (and companies) have more access points than ever before. Our panelists share their views on how to navigate China’s vast and diversified market.
- What are the top-of-mind challenges for credit investors right now?
- How have credit strategies have been successfully deployed in China?
- How to capture the special situations, distressed assets and NPL opportunities appearing in some industries?
- What is the latest on venture debt in China?
Given the recent economic uncertainties across the globe, it comes as no surprise that LP sentiments towards investing into Chinese private equity and venture capital funds have been negatively impacted. While some institutional investors continue to do re-ups into existing managers to take advantage of the lower valuations, most are hesitant to invest in new managers and are taking a “wait and see” approach to allocating capital in the region. Our panel of investors will take stock of the current situation and discuss their strategies for the region.
- How do global LPs view the Chinese private equity and venture capital market in the long term, and will their investment strategies change? What strategies are they looking for?
- What changes are LPs expecting more from their GPs given the current climate?
- Will local RMB investors fill the void left by the usual USD investors?
- What is the role of secondaries?
End of conference and networking lunch
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