Day 1
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Agenda08.00 - 08.55JST
Registration and refreshments
08.55 - 09.00JST09.00 - 09.10JST09.10 - 09.40JST09.40 - 10.25JSTGlobal outlook: Navigating market turbulence
Geopolitical unrest, inflationary pressure, and rising interest rates have contributed to an uncertain investment environment. Investors in private markets must demonstrate agility to address these concerns while remaining mindful and strategically attuned to longer-term opportunities. Innovation – from uncovering new sources of capital and originating proprietary deal flow to careful deal structuring, meaningful value creation initiatives, and thoughtful exit planning – is increasingly important. Our panel of industry experts assess their responses to current market conditions.
- What constitutes a defensive investment opportunity?
- How do managers address geopolitical risk?
- What makes this cycle different from the last?
- How has the LP-GP relationship evolved over the last two years?
10.25 - 10.50JSTNetworking Coffee Break
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10.50 - 11.35JSTJapan update: Sustaining momentum
Could Japanese private equity emerge relatively unscathed from a downturn? Investors point to a mature and predictable economy, a flight to safety as capital looks for targets beyond emerging markets like China, tried and tested investment theses, and robust structural trends around corporate divestment. This doesn’t mean it will be easy – not least because certain sectors have struggled in recent years, exit timelines are being extended, and deal financing is harder to secure.
- How has the pace of investment changed in different market segments?
- What can GPs do to capture growth in Japan while being mindful of risk?
- Is there enough creativity in terms of exit planning?
- What progress is being made on ESG measurement and reporting?
12.05 - 12.50JSTMid-market: Japan’s enduring sweet spot?
Providing solutions to companies founders who face succession challenges remains the lifeblood of Japan’s middle market. Private equity firms can also harvest plentiful low-hanging fruit by professionalising processes and management. Digitalisation is the relatively new trick in the operational playbook. It is incumbent on managers to ensure their skillsets are relevant, not only to take advantage of these opportunities but also to secure deals in an increasingly competitive marketplace. Our panellists offer their insights.
- Valuations and expectations – what has changed in the past two years?
- What does a downturn mean for middle-market deal flow?
- How is the M&A advisory landscape evolving?
- Is it becoming harder to raise a mid-cap fund?
12.50 - 13.50JSTLunch
13.50 - 14.35JSTBuyouts: Betting bigger
Large-cap deal flow in Japan has risen in recent years, driven by corporate carve-outs and tender offers for listed companies. Investors were less active in 2022 than 2021, but Japan held up well compared to most markets in the region. Moreover, bullishness is stoked by a belief that divestments represent a long-term structural trend. This has led to fiercely contested auction processes and rich valuations, which means GPs must find more operational levers to pull.
- What can managers to do to differentiate themselves from the competition?
- Are activist investors becoming a more significant driver of deal flow?
- How much leveraged financing is available and on what terms?
- Will sponsor-to-sponsor transactions become the main source of deal flow?
14.35 - 15.20JSTLP viewpoint: Staying committed through the cycle
Institutional investors globally have been forced to contend with a shift from buoyant markets and the risk of under-allocation to private equity to volatility and the reality of over-allocation. The Japanese experience – as far as international portfolios are concerned – has been exacerbated by currency depreciation. Recent entrants to the alternatives space may consider pulling back, but wiser heads counsel maintaining exposure across cycles. A panel of experienced LPs offer insights into strategy and manager selection.
- Which geographies are most likely to generate alpha?
- How are LPs approaching currency hedging?
- Are GPs being disciplined enough on portfolio valuations?
- What are the expectations for distributions in 2023?
15.50 - 16.35JSTOperations: Making smart decisions amid uncertainty
Private equity investors globally have enjoyed more than a decade of benign economic conditions, cheap debt, and rising valuations. COVID-19 amounted to an unforeseen point of reckoning, but the fallout has been protracted. Investors are now facing a combination of macroeconomic and geopolitical challenges on a scale few have experienced. GPs are having to act decisively under pressure, whether that means shoring up portfolio companies, pivoting to new business models, or damage limitation on exit.
- How can GPs address supply chain and labour pressures in Japan?
- What is the key to effective communication with management teams?
- Can current operational improvement models in Japan deliver results in the current climate?
- How are companies being conditions to emerge stronger from the downturn?
16.35 - 17.05JST17.05 - 17.10JSTEnd of day one
17.10 - 18.10JSTCocktail reception
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