language English 日本語 Venue Based or Remote

AVCJ Private Equity Forum Japan 2024

The Conrad, Tokyo and online

27 Jun

Day 2 (27 June)

  • Agenda keyboard_arrow_down
    09.00 - 09.45

    Data presentation

    09.45 - 10.30

    Asia spotlight: Relight the fire

    Asian private equity endured a difficult 2023, with substantial drop-offs in fundraising, investment, and exits. China, traditionally the region’s largest market, is unappetising or out-of-bounds for many investors amid concerns about geopolitics and weaker economic prospects. It’s not all bad news. India’s growth and scale are viewed as a counterpoint to China, while Japan and Australia appear to be benefiting from a pivot to developed markets. Our panellists discuss where to find the best risk-return.

    • How do you make the case for Asia, given performance has trailed other regions?
    • What are the best ways to access Asia’s long-term growth story?
    • Why aren’t there more sector specialist GPs in the region?
    • Is it time to take a contrarian view on China?
    10:30 - 11:00

    Networking break

    Sponsored by

    11.00 - 11.45

    Private credit: A popular play

    Private credit has become a must-have asset class. Not only can investors leverage longstanding trends connected to the withdrawal of banks from traditional lending, but a higher interest rate environment means they get paid more in the process. LPs have plenty to choose from in terms of risk-return dynamics. However, the lingering question is whether GPs have what it takes to manage positions should macro conditions deteriorate. Our experienced credit investors consider the opportunity set.

    • How are macro trends shaping investment opportunities?
    • Which private credit strategies currently offer the best risk-return?
    • What happens if there is an uptick in defaults by borrowers?
    • Where on credit spectrum have Japanese LPs traditionally liked to play?
    11.45 - 12.30

    Activist investors: Disruptive influence

    Japan has seen a surge in activist investor campaigns in recent years, spurred by a combination of government policies pushing for better capital efficiency among domestic corporates and more breakthroughs at the board level. High-profile international investors are increasingly looking at the market. For private equity, there are positive and negative consequences. While activists could encourage divestments, they may equally stymy take-private processes by agitating for higher prices. Our market experts assess the activist impact.

    • In what ways are governance and regulatory pressure driving the activist agenda?
    • How can private equity take advantage of investor activism?
    • What can be learned from recent campaigns, both successes and failures?
    • Are activist investors approaching Japan differently to other markets?
    12.30 - 13.15

    International LP spotlight: Next stop Japan

    While managers across Asia are wary about returning to market, a slew of Japanese fundraises have come in oversubscribed and above target. LPs are being cut back or turned away, even as funds increase in size from previous vintages. For international investors looking for Japan expose, it’s not just a matter of access but finding partners that are a good fit for the perceived market sweet spot. LPs explain how they navigate a hot geography.

    • To what extent is Japan the beneficiary of a pivot away from China?
    • Are Japanese private equity firms becoming too big, too fast?
    • What more could be done to facilitate LP co-investment?
    • How do Japan’s returns stack up globally and within Asia?
    13.15 - 13.20

    Close of conference