AVCJ Private Equity & Venture Forum 2023

Asia's premier private equity & venture event for the last 36 years

LIVE Broadcast & In Person
Four Seasons Hotel, Hong Kong & Online

08.00 - 09.00
HKT

Co-host


09.10 - 10.10
HKT

ESG Outlook: The latest trends in private markets

Despite growing resistance from some quarters, and a rapidly changing investment landscape affected by geopolitical instability, rising interest rates and cost of living and energy security, ESG-related assets under management are rising and growing in importance. Although there is tighter ESG scrutiny, private market stakeholders acknowledge the significance of embedding ESG considerations into their investment decision making and LP scrutiny continues unabated. This shift in momentum, as well as how to address the key challenges for the private markets community in the region, will be discussed by our panel of industry leaders. 

  • What are the key ESG trends emerging in 2023/24?
  • Have we seen increased ESG implementation in the region? 
  • What are the expectations on harmonisation of regulatory and reporting standards? 
  • How to address the risks surrounding transparency and accountability?
10.40 - 11.10
HKT

Networking Break

11.10 - 11.55
HKT

Energy transition and the circular economy

Energy transition is viewed as the best opportunity set for private equity in a generation, with annual investment on the road to net zero expected to be in the US$ trillions for the next 20+ years. Depending on their investment mandate and competence, GPs need to decide how to approach such an opportunity and where best to build a platform and expertise. With the energy transition shift coming with its fair share of challenges, our expert panel will discuss how, where and when to invest.

  • What are the energy transition opportunities in the region, and which sectors and geographies hold the most promise on the road to net zero?
  • How are GPs setting and implementing net zero targets and strategies?
  • Are we seeing a rise of circularity assessments impacting investment decisions?
  • How to overcome the challenges of decarbonisation?
11.55 - 12.40
HKT

What to expect in 2024: Creating Value by Integrating ESG in Investment and Asset Management Practices

According to Morrison Foerster and AVCJ’s Asia Funds ESG Survey 2023, the economic uncertainty and the backlash against ESG, particularly in the U.S., resulted in many GPs taking a pause on rolling out new ESG policies as they digested the new regulations being adopted and implemented in many jurisdictions that impact those GPs and their portfolio companies. However, portfolio companies having a head start on reducing their carbon emissions and being prepared to respond to data requests from their customers will likely be the winners in the long term. Our panel of experts will discuss how the onslaught of new regulations will create opportunities for value creation for GPs that properly structure their ESG policies and work with their portfolio companies to ensure that they are ahead of their competitors.

  • How are GPs and their portfolio companies managing the onslaught of ESG regulations and taking advantage of value creation opportunities for themselves and their portfolio companies?
  • How have GPs worked with their portfolio companies to ensure that they are both reducing and accurately measuring their carbon emissions so that they are prepared for competing for business in a world where value chain due diligence will make lower carbon emissions a prerequisite to winning business?
  • In Europe and North America, there is a lot of discussion about “responsible tech.” Is this a concept that applies in Asia? Will North American and European LPs and customers of portfolio companies push for its application in Asia? Does responsible tech result in value creation opportunities for GPs and their portfolio companies?
  • How has the backlash against ESG impacted GPs and their portfolio companies?
12.40 - 13.40
HKT

Networking Lunch

13.40 - 14.25
HKT

Under the radar: Impact investing opportunities

Although impact investing was once seen as a very small part of private markets, the market size of impact has grown significantly over the last few years and is now estimated to be over US$ 1trillion. With the recent societal and economic shifts accelerating societal demands for ethical and sustainable investments, there is an increased urgency for bigger capital allocation to impact by LPs and GPs alike. Hear from leading private market investors on how they implement, measure and capture impact investments. 

  • What is the current size of the impact investing market in Asia?
  • How do GPs integrate impact considerations throughout the investment lifecycle, and how they measure the impact?
  • What are LPs that focus on impact looking for in terms of managers or impact investments?
  • What are the key opportunities for impact investing in Asia?
14.25 - 15.10
HKT

Managing social risks through better governance

In light of the global concerns around the rising cost of living and climate change, investors are broadening their thinking to scrutinise supply chain risk exposure, environmental footprint, workforce location and flexibility, and pay equality when making investment decisions. As human capital increasingly impacts corporate values, GPs need to consider transparency and social risks in their decision making as well as growing concerns around AI. In this session, leading GPs will share their thoughts on how navigating your social risks with the required transparency and accountability is a must when future proofing your business.

  • What are the key social considerations this year?
  • How do GPs evaluate target companies in terms of social risks?
  • How to minimise risk in your supply chains?
  • How the region rates in human capital and governance practices?
15.10 - 15.30
HKT

Networking Break

15.30 - 16.15
HKT

ESG integration: Tackling data challenges

One of the biggest hurdles for ESG implementation is collecting and reporting quality data from portfolio companies. Difficulties in accessing relevant ESG data is partly due to the reduced level of reporting needed for private companies, as well as lack of comparable metrics across industries and geographies and continues to be a major roadblock when looking for a holistic view on fund performance and where a greater ESG focus is required. Our panel of experts will discuss and share how they overcome data challenges and leverage the data to drive value creation.

  • What are the key data issues facing GPs in their ESG implementation?
  • How important is data in identifying portfolio risk during due diligence and beyond?
  • What role does portfolio engagement play in improving data challenges?
  • How can GPs use data to propel value creation?
16.15 - 17.00
HKT

LP spotlight: The investor ESG expectations from private markets

LPs face an increasingly complex investment landscape due to geopolitical tailwinds and growing global concerns related to ESG challenges. As LPs continue to embrace ESG, this has a monumental impact on their decision making when it comes to capital allocation and manager selection. A group of leading LPs will offer insights into their current strategies, the future requirements and how they view the region in terms of progress from ESG perspective. 

  • What is the expectation of LPs in the region when it comes to ESG progress?
  • What is the view on the geopolitical impact and growing backlash against ESG?
  • How do LPs validate ESG claims by fund managers?
  • How do LPs engage with GPs in terms of monitoring and measurement challenges?
17.00 - 19.00
HKT

Close of summit and cocktail reception

13.30 - 14.15
HKT

Registration

14.15 - 15.00
HKT

GP leader insights: moving the needle on diversity, equity and inclusion

According to a 2022 industry report, 26% of private equity roles in Asia Pacific were held by women, compared to 23% in America and 21% in Europe, with 40% representation at the VP level- yet numbers dropped off to 10% at the principal level. It is clear, therefore, that whilst the conversation surrounding DEI and gender parity in the region has shown promise in the past few years, in practice, progress has been slow, especially at the top. What obstacles to diversity remain, and what needs to be done by all facets of the industry - from the investment committee level to institutional investors? Our panel of regional and global GP leaders will share updates on their individual firm’s progress, views on the industry and provide actionable insights.

  • How has the conversation of diversity and inclusion moved along in the past year in APAC, and is it becoming more of a priority amongst investment committees?
  • Have GPs been facing increased pressure from global and regional LPs to diversify their teams, and has there been an increased emphasis on diversity metrics/data?
  • What strategies have GPs put in place to look at diversity, equity, and inclusion beyond gender, in areas such as ethnicity, cultural background, education, and unique skillsets? 
  • What are senior private equity leaders doing in Asia to ensure that they are making meaningful and concrete improvements towards DEI in their respective firms?
15.00 - 15.30
HKT

Networking Break

15.30 - 16.15
HKT

Driving diversity in venture capital and entrepreneurship

Research has suggested that VC firms that fail to prioritize diversity, equity and inclusion may face more issues during a challenging fundraising environment. Despite increased DEI efforts globally and regionally, women and racial minority representation within VC firms remains limited, particularly at the senior level. In Asia, whilst female representation in entrepreneurship has risen, male founders disproportionally receive the bulk of VC funding. What needs to be done to ensure a more equitable playing field within the industry?  Our panel of leading regional venture capital investors and entrepreneurs will discuss and debate how the industry can move forwards.  

  • Why does increased diversity in the venture capital industry lead to better returns, performance, and enhanced innovation? 
  • Why is a top-down commitment to diversity necessary in the venture capital industry?
  • What are some concrete examples in which the APAC VC industry has helped to foster an inclusive environment for female/minority entrepreneurs?
  • What more needs to be done to drive DEI adoption within the industry, from an internal and portfolio company perspective? 
16.15 - 17.00
HKT

The role of institutional investors as a catalyst for change in the industry

Global institutional investors continue to emphasize the importance of improving diversity within their organizations as well expecting more from their external managers. Indeed, institutional investors are increasingly asking their GPs for diversity metrics - both qualitative and quantitative - as part of their capital allocation decision making process. However, a lack of standardized reporting metrics in the industry has meant that progress has been slow. As a major influence of GP behavior in the industry, there is much more that needs to be done to move the needle. Our panel of global and regional LPs will discuss and debate best practices to enhance DEI reporting in Asia and beyond.

  • How have LP conversations shifted in the past year in APAC, and how can they push for more diverse investment teams?
  • Why is there a need for a standardized approach/industry benchmark towards diversity, equity and inclusion in private equity?
  • What are some of the challenges LPs have faced when pushing DEI targets and initiatives in Asia?
  • What have LPs been doing internally within their organizations to promote DEI?
17.00 - 19.00
HKT

Close of summit and Networking Cocktails

08.00 - 09.00
HKT

Registration

09.30 - 10.30
HKT

Asian private equity: Reality versus perception

  • What positives can be drawn from 2023 across different geographies and sectors?
  • To what extent have valuations really corrected?
  • How does the availability of deal financing in Asia compare to the rest of the world?
  • What should GPs prioritise when looking to deliver value to investors?
10.30 - 11.00
HKT

Networking coffee break

Sponsored by


11.00 - 11.45
HKT

Portfolio management: Redefining the playbook

  • How can GPs make best use of technology and tools to deliver value?
  • What constitutes best practice in worst case scenario planning?
  • From carbon footprints to supply chain risks: What is top of mind for LPs on reporting?
  • Where are GPs investing in value creation and how do they organise internally?
13.00 - 14.00
HKT

Networking Lunch

14.00 - 14.45
HKT

Due diligence: Brave new world

  • How will artificial intelligence transform due diligence?
  • What tools and resources are required for effective talent assessment?
  • How has geopolitical instability changed the way GPs think about risk?
  • What does the consultancy crackdown mean for due diligence in China?
14.45 - 15.30
HKT

Fundraising: Structures, terms, and administration

  • Are difficult fundraising conditions encouraging structural innovation?
  • In what ways are terms and conditions becoming more LP friendly?
  • What are fund administrators doing to differentiate their offering?
  • How can technology be utilised to make fundraising more efficient?
16.15 - 16.30
HKT

Networking coffee break

Sponsored by

16.30 - 17.15
HKT

Asian venture capital: Navigating headwinds

  • How deep are valuation corrections across different stages and markets?
  • Which business model characteristics are now a turn-off for investors?
  • What can GPs do to help portfolio companies beyond burn rate management?
  • Will secondaries play meaningful role in venture capital in 2023 and 2024?
17.15 - 18.00
HKT
18.00 - 18.15
HKT

Close of summit

18.15 - 19.45
HKT

Cocktail reception

Sponsored by

08.00 - 09.00
HKT

Registration

09.30 - 10.30
HKT

Asian private equity: Reality versus perception

  • What positives can be drawn from 2023 across different geographies and sectors?
  • To what extent have valuations really corrected?
  • How does the availability of deal financing in Asia compare to the rest of the world?
  • What should GPs prioritise when looking to deliver value to investors?
10.30 - 11.30
HKT

Networking coffee break

Sponsored by

11.00 - 11.45
HKT

Exits: Getting creative

  • Which markets in Asia are still open for technology IPOs?
  • Is it still possible to exit via an up-round to a growth-stage investor?
  • Are GPs now more inclined to take 5x today rather than wait in the hope of 50x?
  • What are the options for VC in terms of alternative liquidity solutions?
11.45 - 12.30
HKT

China: Plotting a new course

  • When will China normalise and what will the new normal look like?
  • Are renminbi-denominated funds necessary to invest in certain areas?
  • How has regulatory uncertainty impacted the ability to predict exit scenarios?
  • Will decoupling define the future of Chinese venture capital? 
12.30 - 13.00
HKT
13.00 - 14.00
HKT

Networking Lunch

14.00 - 14.45
HKT

Global mindset: From Asia to the world

  • What does being global from day one mean in different geographies?
  • Are cross-border strategies only applicable to business-facing start-ups?
  • What obstacles do Asian SaaS companies face when targeting new markets?
  • Which is the best Asia-to-global bet: artificial intelligence, crypto, or climate tech?
14.45 - 15.30
HKT

India: The region’s venture growth story

  • Local vs. global – does the size of the domestic market justify delaying international expansion?
  • What sectors are VCs betting on – B2C, climate tech, AI, cybersecurity?
  • Is the domestic technology IPO phenomenon living up to expectations?
  • How meaningful is local LP support for VC and where is the money coming from?
15.30 - 16.15
HKT

Artificial intelligence: Transformational opportunities

  • How can VCs help existing portfolio companies address the disruptive impact of AI?
  • Where are the biggest generative AI-driven opportunities in Asia?
  • How do investors confront the ethical dilemmas of generative AI?
  • What do advances in AI mean for the internal operations of VCs firms?
16.15 - 16.30
HKT

Networking coffee break

Sponsored by

16.30 - 17.15
HKT

Asian venture capital: Navigating headwinds

  • How deep are valuation corrections across different stages and markets?
  • Which business model characteristics are now a turn-off for investors?
  • What can GPs do to help portfolio companies beyond burn rate management?
  • Will secondaries play meaningful role in venture capital in 2023 and 2024?
17.15 - 18.00
HKT
18.00 - 18.15
HKT

Close of summit

18.15 - 19.45
HKT

Cocktail reception

Sponsored by

08.00 - 09.00
HKT

Registration (Closed-door LP only sessions)

09.30 - 10.30
HKT

Asian private equity: Reality versus perception

  • What positives can be drawn from 2023 across different geographies and sectors?
  • To what extent have valuations really corrected?
  • How does the availability of deal financing in Asia compare to the rest of the world?
  • What should GPs prioritise when looking to deliver value to investors?
10.30 - 11.00
HKT

Networking coffee break

Sponsored by

11.00 - 11.45
HKT

Portfolio construction: The appetite for Asia

  • Does Asia represent an attractive risk-return proposition?
  • What makes exposure to Asia important from a portfolio diversification perspective?
  • Is now the time to consolidate GP relationships in the region?
  • Which is preferable: broad pan-regional coverage or sector specialist managers?
11.45 - 12.30
HKT

Asset allocation: Public versus private, debt versus equity

  • What do rising interest rates mean for target returns from private markets? 
  • How have asset allocation priorities changed in the last 12 months?
  • What evidence is there that the current and coming vintages will deliver strong returns?
  • Where are the bright spots in a bleak investment environment?
13.00 - 14.00
HKT

Networking lunch

14.30 - 16.00
HKT

Round table discussions – RSVP only, 12 seats per table

  • The evolution of ESG: From compliance to value creation
  • Secondaries: Beyond the bid-ask spread
  • Sector specialists vs diversified managers: Who has the edge?
  • The diversity debate: What LPs want from GPs
16.00 - 16.30
HKT

Networking coffee break

Sponsored by

16.30 - 17.15
HKT

Asian venture capital: Navigating headwinds

  • How deep are valuation corrections across different stages and markets?
  • Which business model characteristics are now a turn-off for investors?
  • What can GPs do to help portfolio companies beyond burn rate management?
  • Will secondaries play meaningful role in venture capital in 2023 and 2024?
17.15 - 18.00
HKT
18.00 - 18.15
HKT

Close of summit

18.15 - 19.45
HKT

Cocktail reception

Sponsored by

08.00 - 08.50
HKT

Registration

08.50 - 09.00
HKT

Opening remarks

Lucinda Guthrie
Lucinda Guthrie Executive Editor, MERGERMARKET
09.30 - 10.30
HKT

Global leaders: Entering a new paradigm

  • Are private markets on the cusp of a long-term structural shift?
  • What will define success over the next 10 years?
  • Is sector specialisation the key to effective differentiation?
  • What are the main challenges facing the industry today?
10.30 - 11.00
HKT

Networking coffee break

Sponsored by


12.25 - 13.15
HKT

Asia middle market: A multi-tiered phenomenon

  • To what extent do global and geopolitical macro forces impact deal flow?
  • Are there particular deal types or industry categories that are more compelling?
  • Why would managers leave the middle market? What has the pan-regional decline in IPOs and trade sales meant for exits?
  • How are GPs and their portfolio companies taking advantage of value creation opportunities brought by ESG?
13.15 - 14.15
HKT

Networking lunch

14.45 - 15.30
HKT

Track 1: Southeast Asia: Moving to centre stage

  • What opportunities are being created by China uncertainty?
  • Where are valuations in Southeast Asia moving?
  • What kinds of businesses can be truly pan-regional?
  • How are deal-sourcing channels evolving?
14.45 - 15.30
HKT

Track 2: Global venture capital: Accessing innovation

  • In which areas is the valuation correction most keenly felt?
  • How wide-ranging is the generative AI investment opportunity?
  • What are the prospects for growth-stage technology investors?
  • Why should Asia-based LPs look at venture capital in the US and Europe?
15.50 - 16.10
HKT

Networking coffee break

Sponsored by

16.10 - 17.00
HKT

Track 1: China: Optimism in adversity

  • Is the valuation drop-off large enough to stimulate investment?
  • Which sectors exhibit the most resilience or growth potential?
  • How are heightened risk factors influencing investment decision-making?
  • What can GPs do about the tougher exit environment?
16.10 - 17.00
HKT

Track 2: Special situations: Right product, right time

  • To what extent are there signs of distress in Asia?
  • Are potential returns enough to offset greater emerging markets risk?
  • What structural solutions are used to turn somewhat investable into investable?
  • Which niche strategies or overlooked sectors are getting most traction?
17.00 - 18.00
HKT

Institutional investors: The great re-set

  • Are private markets less favoured by investment committees than before?
  • What do consistently higher interest rates mean for portfolio construction?
  • Have terms and conditions re-aligned to the benefit of LPs?
  • How is global uncertainty impacting appetite for co-investment?
18.15 - 19.00
HKT

Gala cocktail reception

19.00 - 22.00
HKT

Gala Dinner

Sponsored by

09.30 - 10.30
HKT

Value creation: Bolstering the bottom line

  • How are macro conditions prompting greater proactivity in portfolio management?
  • Are GPs more focused on cost controls than they were before?
  • What represents best-in-class in terms of internal operational capabilities?
  • To what extent are ESG strategies being used as a value driver?
10.30 - 11.00
HKT

Networking coffee break

Sponsored by


11.00 - 11.45
HKT

Track 1: India: Asia's growth-at-scale play

  • Are India’s fundamentals strong enough to ride out global macro concerns?
  • Which sectors are the most compelling in terms of valuations and growth?
  • What can GPs do to leverage cross-border expansion potential?
  • How transformative is increased local LP participation for the asset class?
11.00 - 11.45
HKT

Track 2: Japan: Asia’s momentum play

  • Is Japan more resilient to external pressures than other Asian markets?
  • Are carve-outs and succession being joined by other sources of deal flow? 
  • Is Japan in danger of running into an exits overhang?
  • Should currency depreciation be more of a challenge or opportunity?
11.45 - 12.30
HKT

Track 1: Private credit: Conducive deployment conditions

  • What sort of returns can investors expect from private credit?
  • Where are the best direct lending opportunities to be found?
  • How are managers balancing rising demand with increased focus on downside risk?
  • Is now the time to raise a dedicated Asia credit fund? 
11.45 - 12.30
HKT

Track 2: Secondaries: Asia and beyond

  • Does Asia follow global trends in terms of secondaries activity?
  • What are the key motivating factors behind sales of LP positions?
  • How is the bid-ask spread across different markets holding back GP-led deals?
  • To what extent can subordination of economics facilitate transactions?
12.30 - 13.15
HKT

Track 1: Exits: Liquidity lags

  • What is the outlook for PE-backed IPOs across different markets?
  • Can GPs secure favourable exit outcomes through more targeted sale processes?
  • In what circumstances does a single-asset continuation fund make sense?
  • Are traditionally defensive sectors still commanding premiums?
12.30 - 13.15
HKT

Track 2: Infrastructure: Thinking outside the box

  • What are the key factors in the evolving definition of infrastructure?
  • Which geographies and strategies should thrive amid geopolitical adversity?
  • What is the outlook for storage technologies and grid reliability in renewables?
  • Where and how will investors generate liquidity?  
13.15 - 14.15
HKT

Networking Lunch

14.15 - 15.00
HKT

Healthcare: Asia’s perceived safe haven

  • Could healthcare – or certain sub-sectors of it – be considered recession-proof?
  • How can investors tap into Asia’s need for better healthcare infrastructure?
  • What was the impact of the correction in biotech valuations?
  • How is artificial intelligence changing healthcare?
16.30 - 17.30
HKT

Close of summit