Events
15th CEE Private Equity Forum
10.06.2010 - 11.06.2010
Location: Hotel Ambassador – Zlata Husa, Prague, Czech Republic
Organization: C5
Website: 15-th CEE Private Equity Forum
After twelve months of treading water - when private equity was virtually been declared as a no-go zone for the credit markets - the industry is very keen to get on with things over the coming year. With the capital markets showing clear signs of loosening up, the market is cautiously optimistic about fundraising climate and return prospects generally, and for CEE-based funds in particular. According to the recent "Global Competitiveness Report" from the World Economic Forum, the region’s consistent improvement in macroeconomic stability and market efficiency, prudent financial regulation, high level of industrialism, advances in technological innovations have contributed to this rise in confidence.
Over 100 participants usually sign up to attend two content-packed days of market defining discussions, which have a major influence on the shape of the industry in the months following the event.
Speakers
Craig Butcher, Mid-Europa Partners
Neil Crowder, Chayton Capital
Simon Davies, Managing Director, Restructuring & Reorganization Group, The Blackstone Group International
Vladimír Dlouhý, Former Minister, Industry and Trade for the Czech Republic
Tim Flower, HarbourVest
Anne Fosemalle, Director of Equity Funds, EBRD
Sean Glodek, Darby Private Equity
Ulrich Grabenwarter, Head, Equity Fund Investments, European Investment Fund, Luxembourg
Ronny Grosman, Blackwood Capital Group
Leon Hadass, Principal, Pantheon Ventures
Franz Hoerhager, Mezzanine Management GmbH
Anca Ionescu, GED
Oláh Laszlo, Hungarian Venture Capital and Private Equity Association (HVCA), Mezzanine Management Hungary
Daniel Lynch, 3TS
Robert Manz, Enterprise Investors
Mirna Marovich, Croatian Venture Capital and Private Equity Association
Luc Nijs, Founder and Group CEO, The Talitha Group
Martin Paev, Sortis Invest
Scott Penwell, Parish Capital
Richard Seewald, Alpha Associates, Zurich
Jim Strang, Dunedin Capital Partners
Brian Wardrop, ARX Equity Partners
Dr Thomas von Werner, EQT Partners
Thomas Wilfling, AXA Private Equity
Agenda
DAY ONE: THURSDAY, 10 JUNE 2010
08:15 Registration and Refreshments
09:00 Chairman’s Opening Remarks
09:15 Challenges and Opportunities for Private Equity in CEE
Garret Byrne, Partner, M&A Transaction Services Leader, Deloitte
Ulrich Grabenwarter, Head of Equity Fund Investments, European Investment Fund, Luxembourg
- Outlook for 2010-2011: which direction is the market taking and what new opportunities are arising for PE investors?
- Macroeconomic trends driving returns (globally and in the region) and investors’ base case return expectations for new investments
- How far has CEE advanced and what is the mood in the region’s PE world today? New mindset or are we simply back to 2006 with more “muscles” and skills?
- Assessing CEE PE confidence index and optimism levels
- What due diligence should be performed prior to choosing a GP: how to identify the best PE funds
09:45 Special Guest Presentation
Vladimír Dlouhý, Former Minister of Industry and Trade for the Czech Republic
Mr Dlouhý is a very well known political and economic figure in CEE. He held numerous political offices in Czechoslovakia and the Czech Republic, including as the first Minister of Economy and Minister of Industry and Trade. He was responsible for much of the country’s transformation during the period of transition from communism
- Which CEE countries have emerged as clear post-recession winners
- Which countries are losing out? Why?
- CEE PE within the larger European PE landscape
- New perception of investment risks and rewards of investing in CEE PE funds
- Projecting future trends and expectations for PE activity and in the next 12 months
10:15 How Have Things Changed Since the Start of a Contracting Credit Phase?
Simon Davies, Managing Director, The Blackstone Group
- Availability of credit
- Knock-on effects of credit shocks
- What have we learned?
- How does the CEE fit into the global picture?
10:45 Morning Refreshments
11:15 What LPs are Looking for When Making Investment Decisions
Scott Penwell, Director, Parish Capital
Jim Strang, Director Fund Investments, Dunedin Capital Partners
Leon Hadass, Principal, Pantheon Ventures
Laszlo Olah, President, Hungarian Venture Capital and Private Equity Association
Helen Kenyon, Manager, LP Data, Preqin
- Can you still invest in CEE and experience emerging market returns without emerging market risks? The outcome of the vintage years and lessons from 2009
- How has the PE manager universe been affected by the crisis?
- How have PE managers reacted to the changing playing field (both in terms of their existing portfolio companies as well as buying/selling decisions)?
- What opportunities / challenges have appeared for PE as a result of the credit crunch?
- What has the crisis done to CEE’s attractiveness as an investment destination?
- The GP-LP relationship
- Can we expect a shift in the balance of power between LPs and GPs?
- Are the current “market” terms still appropriate?
- What is the new LP base: Attractiveness of Western
- EU vs CEE?
- What should the LPs looking to invest in CEE be aware of?
- Shift in LPs mindset
- Choosing the right managers
- Mitigating risks of investments in today’s unforgiving market
- Addressing tactical investment choices: timing, vehicles and pooling
- LP interest: LPs investing in CEE funds and CEE LPs’ international investments
- CEE private equity as an asset class: risk and return considerations and challenges with finding an optimal level of exposure
12:15 Investing in Funds with Local Presence and Focusing on Quality Transactions
Anne Fosemalle, Director, Equity Funds, EBRD
- Criteria, size and type of investments the EBRD is looking for
- Unveiling the pipeline of new investments
12:45 Lunch and Networking
14:00 Quest for Alpha: How Investment Strategy has Changed in CEE Private Equity Pre- and Post-Credit Crunch
Neil Crowder, Co-founding Partner, Chayton Capital
- Importance of monitoring investments: focus on utilizing local networks
- Importance of deal structure and attention to the regional regulatory framework
- Opportunities that the current market environment presents
- Utilising examples from the CEE real estate space
14:30 Sourcing and Executing Cross-border M&A Deals in a Rapidly Changing Corporate Buyouts Landscape
Thomas Wilfling, Managing Director, AXA Private Equity
Justin Fancher, Vice President, Benson Oak
Ronny Grosman, Managing Director, Blackwood Capital Group
- New drivers and challenges for the CEE mergers and acquisition market
- Cross sector transaction buyots
- The role of the M&A adviser in CEE
- Value brought to a private equity investor
- Facilitating a successful transaction
15:15 Debt Finance and LBO Transactions in CEE
David Vials, Managing Director, Head of Financial Sponsor Solutions A/EEMEA, Unicredit Bank Structured Finance
- LBOs, equity finance or equity and mezzanine finance
- What solutions work best in the region today?
- The structural changes to the debt market for new deals completed in 2010
- Moving from an underwrite and distribute model to “club” deals
15:45 Afternoon Refreshments
16:15 What Does it Take to Raise a CEE Fund in 2010-2011
Daniel Lynch, Managing Director, 3TS
- Recent fundraising activity from the CEE funds: what has changed in the past 12 months?
- What are the new metrics
- How a GP can demonstrate value added
- What makes a fund attractive to investors in today’s market
- How to differentiate between funds: size of deals; geography; sectors
- What types of funds are seeing success in the region?
- Conducting diligence on new funds
16:45 Uncovering the Appeal of Mezzanine to CEE Companies and Investors
Sean Glodek, Principal, Darby Private Equity
Franz Hoerhager, Executive Director, Mezzanine Management GmbH
- What do mezzanine finance investors look for these days?
- Successfully refinancing existing debt obligations or financing portfolio acquisitions
- Opportunities to use mezzanine to fund working capital or recapitalize a minority equity partner
- Role of mezzanine financing in restructurings
- Practical examples of the recent mezzanine investment deals
17:30 Chairman’s Summary for Day One
Forum Adjourns
17:45 Cocktail Reception
DAY TWO: FRIDAY, 6 NOVEMBER 2009
08:00 Registration and Refreshments
09:00 Chairman’s Remarks. Summary for Day 1
Gavin Hill, Partner, Deloitte
09:15 Panel Discussion: LP’s Views on the Region, Current Appetite and Fundraising Trends
Moderator:
Armando D'Amico, Managing Partner, Acanthus
Panellists :
Saki Georgiadis, Investment Director, Gartmore Private Equity
Warren Hibbert, Partner, MVision
Mark O'Hare, Managing Director, Preqin
Scott Penwell, Director, Parish Capital
Jim Strang, Director of Fund Investments, Dunedin Capital Partners
- What is the current appetite for the region? Why should investors deploy capital into the CEE region in the short and medium term?
- Relative attractiveness to other emerging economies (particularly India)
- Country views (i.e. Poland v Romania v Turkey v other countries in the region)
- Latest investment trends in CEE private equity. What returns have funds in the region provided for investors to date?
- What is the risk-return profile of CEE investments in the current market; what returns do investors expect?
- What are the most attractive countries for private equity on a 3-year horizon?
- What are the implications for fund size going forward: Is this the end of the large cap funds in CEE?
- Special Situations – increasing opportunity for CEE?
- Tactically using co-investments to address the opportunity set in the next few years
- What does it take to fundraise in the current environment? State of play – the private equity fundraising market post credit crunch and the implications for CEE private equity firms
- Assessing the current situation on the global fundraising market
- Return expectations
- LP liquidity fears
- Fundraising cycles – mega-cap vs. smaller regional funds in CEE
10:00 Panel Discussion: The Future of LBOs in CEE Post Credit Crisis: Finding Leverage in CEE after the Credit Crisis
Moderator:
Bela Seres, Managing Partner, Financial Advisory Services, Deloitte
Panellists:
Ben Edwards, Managing Partner, Syntaxis Capital
Chris Buckle, Managing Director, Mezzanine Management GmbH, Vienna
Sean Glodek, Director, Darby Private Equity, Warsaw Office
- Is it possible to find senior debt for LBOs?
- From who and on what terms?
- Does this create opportunities for mezzanine?
- What will be the likely structure of an LBO in today’s market?
- Current challenges with refinancing existing debt, recapitalizing businesses
- Is it possible to provide working capital financing with mezzanine debt?
10:45 Morning Refreshments
11:15 Panel Discussion: Attractiveness and Future of Private Equity and Early Stage Investing in the Balkans and South Eastern Europe
Moderator
Robert Luke, Director General&Managing Director, GED, Bucharest
Panellists:
Mario Orasche, Founder and Managing Partner, Eagle Ventures
Matjaž Peterman, Partner, KD Private Equity
- Why should private equity investors take a closer look at the region
- Who are setting the trends here?
- Overview of the debt market in the region
- Unveiling potentially lucrative sectors for private equity. Where are the growth areas expected to be?
- Practical examples of recent private equity transactions: pinpointing potential goldmines of the future
- What makes CEE venture different to other regions, i.e. China or India
- Assessing the CEE early stage investment potential
- Drivers behind CEE venture
- Uncovering excellent sources of returns at the smaller end of the investment spectrum following the credit crunch
- Overcoming barriers for further growth
11:45 A market finding its feet
Adrian-Catalin Bulboaca, Managing Partner, Bulboaca & Asociatii SCA
- A legal overview perspective
- How to navigating under the existing legal framework
12:15 Dealing with entrepreneurs in turbulent times. Case studies - deals closed in 2009
Rafał Bator, Partner, Enterprise Investors, Poland
- Appetite for expansion versus lack of financing
- Assessing the market - new opportunities in times of crisis
- Entrepreneurs - appetite for risk. Are business plans aggressive enough?
- Valuation gap
- Transaction structures - buyout as part of a transaction
12:45 Networking Lunch
13:45 Overview of the Crisis-Driven Changes to the Private Equity Landscape in Poland: Which Way the Market is Moving?
Witold Radwański, Partner and Chief Executive, Krokus PE, Poland
- Analysing the latest developments and changes to Polish private equity
- Uncovering investment strategies that work best at a time when leveraged deals are difficult
- Practical examples of hard hit and resilient investments
- Profiling risks into the future
14:15 Round Table: Russia and CIS: The Biggest Bubble to Burst or the Best Investment Destination?
Moderator:
David M. Wack, Partner, Squire Sanders & Dempsey LLP
Panellists:
Alexander Bezugly, Managing Director, Alfa Capital Partners
Jan DeWijngaert, Director, Buyouts & Growth Central Europe and Russia at Gimv, Managing Director at Eagle Capital Partners
Alexander Kondrashov, Managing Director, Rusnano
Alexander Abolmasov, Director, New Russia Growth
Andreas Boesenberg, Head of Private Equity, Wermuth Asset Management GmbH
- How do current trends in investment returns compare with returns in the other global markets
- Is Russia going to see more global private equity activity in the mid-term?
- The latest regulatory issues
- How deal structures have changed since the crisis
- The importance of thorough due-diligence for a successful deal
- Ukraine - the last large untapped market or the biggest loser of all?
15:15 Afternoon Refreshments
15:45 Mapping Successful and Realistic Exits: What are the Options Here?
Aaron Goldstein, International Listings, NYSE Euronext
- Ensuring an agreement for cooperation
- Matching any changes with the completion of exit
- The importance of considering a back-up for warranties
16:15 Securing Liquidity in an Illiquid Asset Class: New Opportunities for Private Equity Investors and GPs on the Secondaries Market
Brian Gimotty, Founding Partner and Managing Director, Growth Capital Group
- Analysing key drivers of the secondaries market in the region
- How LPs are using the secondaries market to optimise their returns and achieve the flexibility that secondaries offer
- altering investment strategies
- modifying asset allocation policies
- responding to changes in public markets
- managing liquidity
- Outlining the attractiveness of secondaries for GPs
16:45 Chairman’s Closing Remarks
17:00 Close of Forum
Price: £1499.00
Contacts:
+44 20 7878 6888 (C5)
registrations@C5-Online.com
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