27
Jun
Day 2 (27 June)
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Agenda09.00 - 09.45JST
2024年日本のプライベートエクイティ市場 ”この成長は以前のブームと異なるのか？”
2023年に日本はアジア太平洋地域における最大のプライベートエクイティ市場となり、同地域における取引額の30%を占めるに至りました。（昨年以前のシェアは5~10%程度）取引額は過去最高の約5.9兆円に達し、高水準を記録した2021年、2022年の2倍近くの水準に達しました。金融危機以前の日本における第一次プライベートエクイティブームを彷彿とさせるこの力強い成長は同時に、”この成長は以前のブームと異なるのか？”、という疑問を投げかけます。Bainのレポートでは、市場の成長余地や成長の勢い、そして今後数年で直面しうる課題をご紹介します。昨年、コーポレートガバナンス改善に向けた動きは、TSE（東京証券取引所）がPBRと資本効率に焦点を当てたことで更なる追い風を得ました。M&Aコードの更新により、unsolicited bids（一方的買収提案）が可能となり、入札プロセスにおける「市場チェック」が強化されました。これにより、PEが企業M&A取引プロセスへ参入しやすくなりました。中国への関心が低下する中、日本に対する投資が増加しています。これを機にファンド規模を拡大しようとする投資家が考慮すべき点が複数あります。今後投資対象先が限定されるため、より規模の大きい取引を求めるには、今までとは異なる競争環境での投資が求められることになります。また、日本のプライベート・エクイティ市場の成功に魅せられ、新規参入する投資家は、成功に真に必要とされることを念頭に置く必要があります。全ての投資家に対し、競争環境の変化は、より一層企業価値向上に対する積極的なアプローチを求めています。
09.45 - 10.30JSTアジアへのスポットライト：注目度の再燃
2023年のアジアのプライベート・エクイティは資金調達、投資、イグジットが大幅に減少し、厳しい1年となりました。伝統的にアジア最大の市場だった中国は地政学や経済見通しの悪化が懸念され、多くの投資家にとって魅力的でなく、投資対象外と捉えられています。しかし悪いニュースばかりではありません。投資先の多様化を図るうえで急成長している候補地として東南アジアが浮上しており、インド市場の成長とその規模は中国に匹敵すると見られています。投資家にとって分配金の実現損益倍率(DPI)は特に重要な指標であり、セカンダリー投資や継続ファンド、その他の投資形態にかかわらず、GPやLPは分配金を生み出すための臨機応変な対応を必要とされています。このセッションではリスク・リターンバランスのベストポイントはどこか、地域ファンドやカントリーファンドへのアクセス方法は何かについて、パネリストが議論します。
- 他の地域に遅れをとっているアジアのパフォーマンスをどのように評価するか
- アジアの長期的な成長ストーリーにアクセスする最善の方法は
- なぜアジアにはセクター専門GPが少ないのか
- 中国に逆張りすべき時か
10.30 - 11.00JSTネットワーキング休憩
スポンサー
11.00 - 11.45JSTプライベート・クレジット：一般的な手段に
プライベート・クレジットは今では必要不可欠な資産クラスとなりました。投資家はトレンドとして続いている伝統的な銀行からの借入以外から融資を活用できるだけでなく、高金利の環境では取引過程でより多くの報酬を得ることができます。リスクとリターンのダイナミクスからLPには多くの選択肢がありますが、マクロ環境が悪化した場合にGPにポジションを管理する能力があるかは疑問が残ります。このセッションでは経験豊富なクレジット投資家が投資機会について考察します。
- マクロトレンドはどのように投資機会を形成しているか
- 現在、最良のリスク・リターンを提供しているプライベート・クレジット戦略は何か
- 借り手のデフォルトが増加した場合はどうなるか
- 日本のLPは伝統的にどのクレジット・スペクトラムを好むのか
11.45 - 12.30JSTアクティビスト投資家：破壊的影響力
日本では近年、国内企業の資本効率改善と取締役会の多様性を促す政府政策が相まってアクティビスト投資家によるキャンペーンが急増しています。また著名な国際的投資家の日本市場への注目も高まっています。アクティビストはダイベストメントを促進する可能性がある一方で、価格上昇を誘導することで非公開化プロセスを妨害する可能性もあり、プライベート・エクイティにとってはプラスの面もマイナスの面もあります。このセッションではマーケットの専門家がアクティビストの影響を評価します。
- ガバナンスと規制のプレッシャーは、どのような形でアクティビストの活動を推進しているのか
- プライベート・エクイティは、投資家アクティビズムをどのように活用できるか
- 最近のキャンペーンの成功例と失敗例から何が学べるか
- アクティビスト投資家の日本へのアプローチは他の市場とは異なるのか
12.30 - 13.15JST世界のLPのスポットライト： 次は日本へ
アジア全域のマネージャーが市場復帰に慎重になっている一方で、日本の多くの資金調達は応募超過で調達目標を上回っています。LPはファンドの規模が過去のビンテージ・イヤーより大きくなっているにもかかわらず、資金の削減や敬遠を経験しています。これは日本へのエクスポージャーを求める海外投資家にとって単にアクセスの問題ではなく、市場のスイートスポットに適したパートナーを見つけることに直結します。このセッションではLPが困難な状況でも注目の地域でどのように投資を実行しているか解説します。
- 日本はどの程度中国からの投資先の転換の恩恵を受けているのか
- 日本のプライベート・エクイティ・ファームは急速に大きくなりすぎているのか
- LPの共同投資を促進するためにもっとできることはあるか
- 日本のリターンは世界的に、またアジア内でどのように評価されているか
13.15 - 14.15JSTランチ休憩
14.15 - 14.20JSTClose of conference
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ベイン東京オフィスのプライベートエクイティとファイナンシャルインベスタープラクティスのリーダー。20年以上にわたり、プライベートエクイティクライアントの多岐にわたる業界におけるデューデリジェンスや、ポートフォリオ企業のファンド戦略や業績改善を中心に幅広いテーマでクライアントを支援しています。ベインが毎年発行しているJapan Private Equity Reportの責任者。ベインのアムステルダムオフィスに1999年に入社。2007年以来、東京オフィスを拠点にクライアントを支援しています。
プライベートエクイティとの金融投資家プラクティスにおけるエキスパートであり、日本、アメリカ、オーストラリアの多岐にわたる業界やテーマにおけるコンサルティングをクライアントに提供してきました。主にプライベートエクイティクライアントのデューデリジェンスや買収後の価値創造のためのプロジェクトを多数手がけています。
国際基督教大学教養学部卒業、ハーバード大学大学院修士課程修了後、ベインに参画。 ペンシルバニア大学ウォートンスクールにて経営学修士課程（MBA）、同大学ローダーインスティチュートにて国際学・中国語専攻修士課程を修了。
Yiqing Wang is Managing Editor of Mergermarket’s Asia-Pacific M&A and ECM editorial team, which specializes in breaking news on private and public M&A transactions and delivering forward-looking intelligence on corporate strategy. Yiqing spearheads the editorial strategy and oversees day-to-day operations, to deliver timely, actionable insights and analysis to help clients make better deal-making and investment decisions. Additionally, she frequently moderates panels and chairs conferences at ION Analytics events, bringing industry insights to the forefront.
She has been an investigative M&A reporter and editor since 2009, writing news ranging from healthcare, renewable energy and financial service, etc.
Yiqing achieved her master's degree of multilingual multicultural studies from New York University.
Omar is the Managing Director and Country Head for the Philippines, Singapore, and Thailand at Creador.
He sits on the boards of Dali, Asialink, Angkas and UNO digital bank in the Philippines.
He specializes in identifying investment opportunities and expanding Creador’s presence across Southeast Asia. With 15 years of experience at HSBC, including roles in global banking and specialized finance, Omar brings a wealth of international expertise from roles across Europe and Asia. He is a qualified barrister, holding degrees in Law and Finance.
He is also responsible for fundraising at Creador and managing the firms’ new investors.
Mr. Steven Wang is Founder & CEO of HLC and a visiting professor of Tsinghua University. He has nearly 20 years of experience in the medical industry and healthcare investment and focuses exclusively on healthcare services, medical device and pharmaceutical sectors. Before founding HLC, he is former senior partner and investment committee member of CDH. Prior to CDH, Mr. Wang served at Avenue Capital, Lehman Brothers (London) and Becton Dickinson Group. Over the last ten years, Mr. Wang was responsible for transactions totaling more than 1.5 billion dollars, including mergers & acquisitions, restructuring of publicly listed companies, growth and early stage investments.
Saurabh Chatterjee is a Managing Director at ChrysCapital where he leads the Fundraising function, and is also a voting member of the firm’s investment committee. Prior to joining ChrysCapital in 2016, he was with Providence Equity Partners’ investment team, where he covered the TMT sectors. Before Providence, he worked at the Boston Consulting Group and CIVC Partners, a Chicago-based middle market private equity firm. Saurabh received an MBA from Kellogg School of Management and a BA in Economics from Carleton College.
Lisa Sun is a Managing Director and Co-Head of the Secondaries and Liquidity Solutions (SLS) team at BlackRock. She is a member of the SLS Investment Committee and is responsible for all aspects of the SLS business including investment strategy, deal sourcing, structuring and execution, portfolio construction, risk management and business development/capital formation.
Prior to joining BlackRock, Lisa was an Investment Principal at Coller Capital, a global private capital secondaries firm, where she was responsible for origination, diligence and execution of secondary deals across a variety of structures including LP portfolios, GP-led continuation vehicles, single asset transactions, co-investments, fund preferred equity and corporate/captive team spinouts.
Prior to Coller Capital, Lisa worked at TPG Capital in Hong Kong covering Asia buyout and growth equity, and at Goldman Sachs in New York in the natural resources investment banking team.
Lisa graduated with an MBA from Harvard Business School, and has a dual degree Bachelor of Science from the Wharton School and Bachelor of Arts from the College of Arts & Sciences as part of the Huntsman Program in International Studies and Business from the University of Pennsylvania.
Xiaodong Chang is a senior fund manager at private equity investment group with Tokio Marine Asset Management (TMAM) since 2011. She is responsible for sourcing, due diligence, monitoring, clients reporting of private equity and private debt funds globally.
Prior to joining TMAM, she worked at the Investment Banking Group of Nomura Securities in Japan.
She received a M.S. in Computer Science and Information Technology from University of Pennsylvania and a B.A. in Commerce and Management from Hitotsubashi University. She is a Certified Member Analyst of the Securities Analysts Association of Japan (CMA).
Jon oversees the portfolio construction, risk management, analytics and research that support Northleaf’s private equity and private credit funds and product development activities, and is a member of the Private Credit Investment Committee.
Prior to joining Northleaf in 2016, Jon was Managing Director, Global Head of Strategy, Risk and Analytics at Värde, a global alternative asset manager. Previously, Jon was a Principal with Bain & Company where he focused on alternative investments and asset management. Jon began his career with HSBC and PricewaterhouseCoopers.
Jon received an MBA (Dean’s List) from the Rotman School of Management, University of Toronto and a B.Sc (International Management) from the University of Manchester.
Ian Anderson (London) joined KKR in 2014 and is a Managing Director in the Credit & Markets business. He serves as a portfolio manager for the firm’s private credit funds and portfolios and as a member of the European Private Credit Investment Committee. Prior to joining KKR, Mr. Anderson was a vice president at Lazard in the corporate finance department, advising a diverse range of European and global corporate clients on M&A transactions and restructurings. Previously, Mr. Anderson worked at Key Capital, an Irish boutique capital markets and asset management firm. Mr. Anderson holds a first class degree in Engineering from Dublin University, Trinity College and is a CFA Charterholder.
Rafael is responsible for Muzinich’s Private Debt business in Iberia, co-head of the European business, and a member of the firm’s private debt investment committee.
Prior to joining the firm 4 years ago, he spent 9 years originating, analyzing and executing mezzanine / hybrid capital investments in Southern Europe for Hutton Collins, where he led and/or was involved in transactions such as Everis, Aquafil and Caffé Nero, amongst others. Prior to this, he spent 2 years at midmarket Spanish private equity firm Mercapital, and 5 years in European Leveraged Finance at Merrill Lynch.
Jeffrey is a Partner and CIO of Credit Investments at Primavera Capital Group, and chairs the firm’s Credit Investment Committee. Prior to joining Primavera, Jeffrey led and managed private investments in partnership with leading sovereign wealth funds, corporates and family offices. He was an investor and director of Village Roadshow Entertainment Group between 2012 and 2017. Previously, Jeffrey worked at Och-Ziff Capital Management Group, The Blackstone Group and Morgan Stanley. Jeffrey earned his AB in Social Studies from Harvard University, graduating Phi Beta Kappa, magna cum laude and as a John Harvard Scholar. He holds an MBA from Harvard Business School.
Paul Ford leads KPMG Japan’s Private Equity Deal Advisory and Transaction Services practices, with over 20 years of deal execution and industry experience in Japan, Hong Kong and Canada. In this capacity, Paul directly acts for global private equity clients operating in Japan, and leads KPMG’s broader support of domestic Japanese private equity funds and their portfolio companies. Paul also focuses on the technology sector more broadly, helping Japanese technology leaders such as Rakuten and SoftBank execute their global M&A program.
Paul also leads KPMG’s Japan Deal Advisory digital transformation initiative and ASPAC Value Creation Center of Excellence, exploring how data and analytics can transform the insights KPMG delivers to clients in-deal and post-deal, in particular to help private equity clients identify hidden value attributes during the diligence phase and execute the value creation agenda post-deal.
In addition to 15 years with KPMG, Paul has held executive management roles in the PE and technology industries, including the senior Finance role in a venture-backed life sciences software company. Paul is a permanently Japan-based partner of KPMG FAS Co., Ltd.
Jesper Koll has been researching and investing in Japan since becoming a resident in 1986.Over the past two decades, Jesper has been recognized as one of the top Japan strategists/economists, having worked as Chief Strategist and Head of Research for U.S. investment banks J.P. Morgan and Merrill Lynch. He currently serves as Expert Director for the Monex Group and the Japan Catalyst Fund (Japan’s 1stretail investor based corporate engagement/activist fund). His analysis and insights have earned him a position on several Japanese government and corporate advisory committees, including Governor Yuriko Koike’s Advisory Board. Jesper serves as Board Director of OIST, the Okinawa Institute for Science and Technology and is a Founder of the Asia Society Japan and heads their Policy Committee. He is one of the few non-Japanese members of the Keizai Doyukai, the Japan Association of Corporate Executives. He has written three books in Japanese and, in 2021, created the video/pod-cast series “Japan - Capitalism that works”.
Jesper is an economist, angel-investor, patron; and yes, a Japan Optimist.
Nels Hansen is a partner in our Corporate/M&A practice group, based in Tokyo. He has helped clients complete hundreds of billions of dollars in completed mergers and acquisitions, hostile or contested transactions, investments and joint ventures, acting primarily for technology, media and telecommunications companies, energy-related companies and private equity and venture capital funds.
He also has assisted numerous targets of activist shareholder situations in the US and Japan. This experience, together with mandates on behalf of engagement and/or activist hedge funds themselves in the US and Japan, helps our Tokyo team to guide Japanese and international clients in activist shareholder situations with a uniquely global perspective and understanding of both sides of the table.
His assistance of international clients with public and private company targeted M&A in the US, Japan and Europe, and private equity and venture capital investment in Asia, Europe and the US, form the core of his practice. In 2018, the FT Innovative Lawyers Asia-Pacific Awards selected Nels as a 'Commended' lawyer in the 'Accessing New Capital and Markets' category for assisting a client in a combined venture capital and project financing.
Nels has served on the Japanese Law Translation Council of the Ministry of Justice since April 2020. Since 2015, Nels has served at Keio Law School as the lecturer for the course "M&A and Strategic Alliances." Nels previously worked in Japan's Ministry of Economy, Trade & Industry and at the Research Institute of Economy, Trade & Industry.
He is a member of the Tokyo Bar Association.
Nicholas Smith has ranked No.1 for Japan strategy in Asiamoney’s Brokers Poll eight years in a row from 2013 to 2020 then a ninth time in 2022. He writes a popular weekly strategy report called Benthos, whose name means the creatures that live at the bottom of the sea - reflecting a value-oriented and activist slant to the market as well as his passion for deep diving. Nicholas has been in Japan since 1987, covering Japanese equities since 1990. He first came to Japan as British Universities and Royal Navy & Royal Marines judo champion, before joining Jardine Fleming Securities in the tumult of 1990. During his 10 years there, he ranked No.1 in the chemicals & oil sector and was head of the global oil & chemicals team. He then worked for four years in hedge funds, making investments across all sectors. Nicholas joined CLSA in 2011. He has a BSc in Physics from London University and is fluent in Japanese.
Toby Rodes co-founded Kaname Capital in 2018 to bring deep fundamental analysis and engaged ownership to Japanese small caps, a deep pool of operationally capable companies with strong product focus that too frequently suffer a material valuation discount because of substandard governance practices. Passive and conflicted "allegiant" shareholders have simply refused to hold boards accountable across the market cap spectrum for delivering on their potential ROE, a core reason for Japan's multi decade economic malaise. Kaname aspires to be a thoughtful, involved, and long-term "principal" owner of quality businesses with substantial valuation rerating potential. Prior to co-founding Kaname, Toby spent 12 years at Boston based institutional manager GMO in the Fundamental Active Team, where he managed roughly $4bn in both large and small cap equities in Japan. His greatest professional interest has always been in the small cap discipline where his Japanese language skills and ability to create relationships with management teams led to an informational advantage. His professional career started in the “Think Tank” trenches of Washington DC before moving to Japan from 1993 to 2004, first as a Rotary Japan Ambassadorial Scholar and later for graduate work at Keio University, Tokyo. His investment career started in equity research at Dresdner Kleinwort Benson and Nikko Salomon Smith Barney in Tokyo where he led some high-profile IPOs but determined his calling was the buyside. After ten years of living in Japan, he attended the Harvard Kennedy School in 2003 which served as an intellectual bridge to GMO. He is presently spending half the year in Japan as well as serving on the Japan Society of Boston’s Board of Directors.
Pamela Fung is an Executive Director for Morgan Stanley Alternative Investment Partners Private Equity Fund of Funds group, and leads AIP's Asian investment activities. She has 15 years of industry experience. Prior to AIP, Pamela was a consultant with McKinsey's corporate finance practice in Hong Kong; she has also worked for Monitor Group and Lehman Brothers. Pamela has Business and Law degrees (first class honors) from the University of Hong Kong and an M.B.A. with honors 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 ~$1.5 billion 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). Prior to CMU, he co-founded a small-cap private equity fund, following a career in investment banking and law. He earned his AB in Economics and Juris Doctor from Georgetown University, as well as an MBA in Finance and Strategy from CMU. He currently serves as a trustee and IC member of CMU; he previously served as trustee and IC chair at the University of Pittsburgh and The Hillman Family Foundations. He serves as a IC advisory board member at University of Pittsburgh Medical Center (UPMC). He is a past director of The Hillman Company and a former 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.