language English 日本語 Venue Based or Remote

AVCJ Private Equity Forum Japan 2024

The Conrad, Tokyo and online

26 Jun

Day 1 (26 June)

  • Agenda keyboard_arrow_down
    08.00 - 08.50
    JST

    Registration and refreshments

    08.50 - 09.00
    JST

    Welcome remarks

    09.00 - 09.30
    JST

    Opening keynote

    09.30 - 10.15
    JST

    Global outlook: Time to move

    Private equity is caught in a bind. On one hand, a slowdown in exits has contributed to a challenging fundraising environment. On the other, deployment is patchy and dry powder is at record levels. Managers must adapt to these conditions by identifying new sources of capital, ensuring transactions are structured for resilience, establishing differentiated value creation strategies, and being more thoughtful and targeted about exits. Our panellists discuss how to navigate internal and external obstacles.

    • To what extent are market conditions in 2024 different to 2023?
    • Where are the most attractive pockets of opportunity globally?
    • What characteristics set managers apart from their peers?
    • Can creative approaches to liquidity generation kickstart fundraising?
    10:15 - 10:45
    JST

    Networking break

    Sponsored by

    10.45 - 11.30
    JST

    Japan update: Right here, right now

    Japan confounded prevailing industry trends in 2023: it was the only major Asian market to see year-on-year increases in fundraising and exits, while investment reached an all-time high. Policy support, helpful regulatory reforms, a weak yen, and key structural factors driving deal flow all count in Japan’s favour as an investment destination. This has attracted more capital as global GPs and LPs prioritise Asia’s developed markets. Our panellists consider how long the music will last.

    • Will more challenging economic conditions rein in the market?
    • What is the appeal of Japan for LPs relative to other jurisdictions?
    • Are fund sizes at risk of becoming too large for the opportunity set?
    • How are managers developing their value creation capabilities?
    11.30 - 12.00
    JST

    Presentation

    12.00 - 12.45
    JST

    Mid-market: Into the engine room

    Ten years ago, Japan was seeking about 50 private equity buyouts per annum. The total surpassed 80 in 2016 and 120 in 2022. While deals of USD 500m-plus have grown in number – from one handful to two handfuls – the middle market still dominates. The diet of succession planning transactions sprinkled with corporate carve-outs has fuelled robust returns, leading to increased competition as large-cap players intermittently step down in size. Our middle-market experts assess the landscape.

    • Does the middle market offer the best value for money in Japan?
    • How are managers enhancing deal sourcing and talent development issues?
    • Why does the middle market offer a long term investment opportunity for LPs and will sponsor-to-sponsor transactions become a significant part of the market?
    • What are ways in which GPs are differentiating themselves and will there be more spin-out GPs as the local industry matures?
    12.45 - 13.45
    JST

    Lunch

    13.45 - 14.30
    JST

    Buyouts: More diversified deal flow?

    Are take-private transactions set to become a significant – and sustainable – source of deal flow in Japan alongside founder-succession deals and corporate carve-outs? With regulators asking companies that trade below book value to consider their strategic options, more management teams have initiated talks with private equity about delisting. The development underscores increasing acceptance of buyout solutions in Japan, but GPs must still be mindful of how they manage processes and present their value creation theses.

    • What are the primary risk factors in public-to-private processes?
    • How is the leveraged finance market in Japan evolving?
    • Is increased competition leading to unsustainably high valuations?
    • How are GPs addressing the complexities of ever-larger corporate carve-outs?
    14.30 - 15.00
    JST

    Executive address: The evolution of Japan’s PE market, attractive risk adjusted returns and what’s in store for the next 5 years

    15.00 - 15.45
    JST

    LP viewpoint: Identifying sources of alpha

    Portfolio maturity, strategic objectives, the denominator effect, the impact of a weak yen on US dollar-denominated budgets – all these factors influence how Japanese institutional investors approach alternatives in the current market environment. Finding the right balance is difficult. A natural bias towards defensive and diversified portfolios might be unsettled by notions that accessing outperformance amid uncertainty requires a degree of opportunism across different asset classes. Our experienced LP panel discusses approaches to asset allocation. 

    • How are reduced distributions impacting allocation decisions?
    • What role are secondaries and co-investment playing in portfolios? 
    • Which geographies are most likely to generate the best returns?
    • How are LPs approaching currency hedging?
    15:45 - 16:15
    JST

    Networking break

    Sponsored by

    16.15 - 17.00
    JST

    Japan venture capital: Hello world

    The ambition coursing through Japanese venture capital is captured in the government’s start-up development plan. A 10x increase in investment is targeted for the five years through 2027, which will enable the creation of 100,000 start-ups and 100 unicorns. It is an increasingly international story as well, with incentives offered to overseas VCs that invest alongside local peers and Japanese start-ups moving quickly to establish global footprints. Investors foreign and domestic map out the future. 

    • Do start-ups need additional support, and if so, what form should it take?
    • Incentives aside, what makes global VCs want to invest in Japan?
    • Which segments of Japan’s technology sector are most suited to global expansion?
    • What are the most likely exit routes for investors?
    17.00 - 17.30
    JST

    Executive Address

    17.30 - 19.00
    JST

    Networking drinks