27
Jun
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 attractive Asia investment destination for international LPs?
- 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?
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SpeakersPamela Fung Managing Director MORGAN STANLEY INVESTMENT MANAGEMENT
Cindy Yan Senior Managing Director, Direct Investing, Equities ONTARIO TEACHERS' PENSION PLAN
Edward J. Grefenstette President, CEO & CIO THE DIETRICH FOUNDATION
Yelin Wen Investment Officer ROBERT WOOD JOHNSON FOUNDATION
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Pamela is a partner and investment committee member for the Morgan Stanley Private Equity Solutions Team and has 18 years of industry experience. Prior to joining the firm, Pamela was a management consultant with McKinsey & Company's corporate finance practice in Hong Kong, responsible for investment opportunity identification, deal advisory, merger management and strategy development. Previously, she was a management consultant with Monitor Group, specializing in marketing strategy for clients across Asia, and a member of the corporate finance team with Lehman Brothers in Hong Kong. Pamela has a Law degree (first class honors) from the University of Hong Kong and an M.B.A. with honors in finance and management from the Wharton School of the University of Pennsylvania.
Cindy Yan leads the direct and co-investment activities and portfolio management for Ontario Teachers' in Asia Pacific. She is based in Ontario Teachers' Hong Kong office.
She has over two decades of combined experience in Private Equity, Management Consulting and Corporate Operations and General Management. Prior to joining Ontario Teachers, Cindy was a Partner with Advantage Partners, an Asia focused mid-cap buyout firm, where she led various buyout and late-stage growth investments in Asia and Japan/Asia cross-border value creation for the Japanese portfolio companies. The investments are across Technology, Consumer, Services (Consumer & Business), Health/Wellness, and various Industrial sectors. Prior to that, she worked at Boston Consulting Group and the 999 Group.
Cindy holds a BA from Sichuan International Studies University and MBA from Harvard Business School.
Edward J. Grefenstette serves as President/CEO and Chief Investment Officer of The Dietrich Foundation, a ~$950 million charitable foundation that was formed following the passing of William S. Dietrich II in October 2011. The Dietrich Foundation primarily supports higher education institutions and other civic and charitable organizations in Western Pennsylvania. Ed previously served as Treasurer/Chief Investment Officer of Carnegie Mellon University (CMU), where he was responsible for managing its endowment and tax-exempt debt program. Prior to CMU, he co-founded a small-cap private equity fund, following seven years in investment banking and law. He earned his AB in Economics with honors from Georgetown University, a Juris Doctor with honors from Georgetown University Law Center, and an MBA in Finance and Strategy with honors from CMU. He currently serves as a trustee, director and/or investment committee member of CMU, the University of Pittsburgh (IC chair), the University of Pittsburgh Medical Center (UPMC), The Hillman Company, and The Hillman Family Foundations, as well as an advisory board member of Commonfund Capital.
Yelin Wen, investment officer, joined the Robert Wood Johnson Foundation in February 2016. Yelin’s main responsibilities include monitoring, sourcing, evaluating and recommending potential new buyout, venture, real estate, energy managers in the illiquid space. Yelin also present investment performance and strategy at investment committee meetings.
Previously, Yelin was a vice president with the J.P. Morgan Asia NY Investor team. In this role she executed brokerage trades, developed investment ideas and recommendations, and explored private equity opportunities for investors. She also served as a credit default swap broker with Cantor Fitzgerald, a sales and product manager with Intercontinental Exchange, and a credit trader with J.P. Morgan.
Yelin earned BA degrees in both economics and mathematics from the University of Virginia, and received the Chartered Financial Analyst (CFA) designation in September 2011.
Yelin lives in New York City with her husband and daughters and enjoys golf and travel.