Agenda09.00 - 09.45SGT
Private markets in China: Bigger the challenge, bigger the opportunity
Geopolitical concerns and challenging macro environment had significant impact on activity in Chinese private equity. However, with challenges also comes an opportunity and savvy investors can find good assets at more reasonable valuations, especially in healthcare, energy transition, manufacturing, and the digital economy. The opportunity is further enhanced by expansion into the region by increasing number of GPs and their portfolio companies. Our panel of investors will share their views on the current investment landscape in China and discuss their strategies for the year ahead.
• What is the current state of play and how have private equity investment strategies changed?
• What sectors are proving resilient and where is the growth coming from?
• Are we now seeing more LPs from the Middle East and other regions selectively allocating to China?
• How are GPs navigating the challenging exit environment?09.45 - 10.15SGT
Fireside chat10:15 - 10:45SGT
Morning break10.45 - 11.30SGT
Exits: The path to liquidity
Sluggish exits have restricted distributions, making LPs unable or unwilling to back new funds. With IPOs and M&A channels obstructed, sponsor-to-sponsor sales have come to the fore. Beyond that, GPs are exploring alternative sources of liquidity, with continuation vehicles, cross-fund transactions, and NAV financing increasing on the agenda. GPs and LPs give their take on how best to realise returns.
11.30 - 12.15SGT
- Sponsor-to-sponsor sales led the way in Asia in 2023. Will it be the same in 2024?
- Which jurisdictions are most attractive for PE-backed IPOs?
- What is the demand-supply dynamic behind single-asset continuation funds?
- How are investors addressing conflicts of interest tied to alternative liquidity?
Private credit: Betting bigger
Private credit investors are proving to be beneficiaries of prevailing market conditions as rising interest rates improve the risk-return of fixed income. Meanwhile, companies are increasingly turning to alternative lenders as banks pull bank and downward pressure on valuations means equity capital raising is delayed. LPs must the managers and strategies that best fit their needs in a diverse ecosystem.
12.15 - 13.00SGT
- Which jurisdictions offer the strongest private credit proposition?
- What happens if there is an uptick in defaults by borrowers?
- How does downside protection vary across different markets?
- What should LPs be mindful of when making allocations to private credit?
Asian LPs: Adapting to a new reality
Asia’s LP pool is deepening – institutional players are growing in size and sophistication; family offices and private wealth channels are increasingly accessible – yet market conditions are to some extent constraining commitments. Given concerns about performance and a widespread desire for more concentrated portfolios, manager selection has never been more important. Seasoned investors explain where they are putting their money and why.
- Have terms and conditions re-aligned to the benefit of LPs?
- Which geographies and strategies are most popular in 2024?
- How does LP maturity and type influence portfolio priorities?
- Have LPs re-written pacing models and assumptions on returns and distributions?
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