Programme

Registration and refreshments

• PE talks about creating value and alpha but how do you go beyond words and actually deliver? 
• Do you need to be sector specific and tailor your expertise to this industry to truly control an investment? 
• How do you build a portfolio of companies that complement each other and can assist in collective growth? 
• Does profit growth or multiple expansions drive value creation?

• What are the differentiators that set the independent domestic funds apart from the established funds?
• Who are the limited partners that are opting to invest in these maiden funds?
• When is being a domestic fund an advantage: at the deal table or at the exit?
• What has been the main driver for fund managers to become entrepreneurs and float their own funds in India?
• How can independent funds with a handful of players compete with the major firms that have a global presence and a wide range of in-house resources?
  

• How can PE make a return when private investment in the education sector is seen traditionally in the form of not-for-profit trusts?
• What business models exist that make healthcare profitable, despite costly doctors and limited health insurance?

• What are the drivers that make PE attractive to real estate and are they sustainable?
• Can India’s middle-class wallets match their desire for new homes and in turn the supply that the real estate sector is seeking to provide?
• What is the correct way to govern a real estate project and how do you safeguard against the potential issues that can cause delays and budget blowouts?
• What are the dynamics driving the development of business parks and built communities?
• How much interest do overseas limited partners have in Indian real estate?

• What are the typical multiples across sectors and the growth expectations underlying them? 
• To what extent is the central government of each country controlling growth? What sectors are favoured for foreign investment? 
• What are the risks and benefits of dealing with regional governments? 
• What effect do policies that direct money to the lower-income segments of society have, and what goods and services will these newly enfranchised consumers demand? 
• How have regulatory and legal developments made the US and Europe unappealling and to what extent will PE in Asia benefit? 
• What is the long-term forecast for PE in China and India taking into consideration economic stability and continuing growth?

• Are we really seeing resurgence in Technology VC investments?
  
• How great is the scope for investment in the Technology space and can it be realised?
  
• Is there a strong environment for exits for technology companies?
  
• Are there similarities between the Indian VC story and that of China?
• Are general partners able to add meaningful value and assist in bolstering company valuations and returns for limited partners?

Registration and refreshments

Finding a lucrative route to exit
Nearly 800 deals made through 2007, with an investment value of about $15 billion in PE fund portfolios are expected to seek exits in 2011. In the past, PE firms have typically selected the IPO route to liquidity, but many have deferred plans this year because of a poorly performing stock market. The benchmark Sensex index of the Bombay Stock Exchange has shed 10% since the beginning of 2011. LPs are eager to see a return. Thus, PE firms are looking for new avenues to exit because of the issues of getting the right price (20-25% ROI) and achieving the desired multiples. Experienced PE professionals that have performed successful exits in the last two years will discuss how they managed to source lucrative exits with the desired return.

• How were the industry benchmark exits of the last two years sourced and executed? 
• Will PE firms have to lower their own expectation on percentage returns to facilitate exits?
  
• Do the current tax controversies concerning India-Mauritius tax treaty have an impact on the exits by PE funds?
• What strategy is best to apply and is it industry specific?
• Is current regulatory framework conducive to facilitate exits at commercially negotiated valuations between the parties?
• Do you build exit guarantees into long-term contracts—can LPs make IPOs enforceable?
• What is the role played by banks / authorized dealers in PE exits and what are some of the exit mechanisms used?

PE investing in hard Infrastructure—a journey from initial ground-breaking to lucrative returns
Infrastructure is set to be one of the biggest gainers of PE investments in India in 2011, with fund managers expecting investment in the sector to grow at 25-50% over the next 6-12 months. But big challenges still remain and besides project financing, include finding a domestic workforce with the expertise to handle mega projects, regulatory complexities that can cause major delays, tax issues that can substantially impede the return, complex land availability and allocation procedures and the range-bound nature of returns that may not be attractive to non long-term yield investors. Our panellists will reflect on their experiences as infrastructure investors and the challenges faced along the way. 

• Looking for bigger bite-sized investments, can PE take on construction risk and deliver PE returns on the back of it? 
• What are the major challenges to infrastructure investment in India—corruption, land acquisition, acquiring permits, managing resources and the balance sheet 
• Examples of how infrastructure investors have overcome these challenges to advance the project and adhere to regulatory compliance without compromising budgets and safety standards 
• What are the next big infrastructure opportunities domestically? 
• How does the landscape change when limited partner investors in PE funds exercise the co-investment option where they invoke the right to invest along with the fund manager?

• What option makes sense for PE investment: companies that adopt technologies or models and implement them locally, such as hydro-power generation or smaller tech innovation deals? 
• Can the Indian intellectual property regime protect the interests of overseas partners and is this a concern for limited partners? 
• In a market swamped with clean tech ‘flavour of the month’ investment opportunities, what processes can you employ to cut through the bad investments and find the real deal?

• Where do limited partners place India on their risk/reward scale? 
• Are limited partners scrutinising the 06/07 PE transactions to evaluate investment potential? 
• Are fund managers and their longevity in a firm a deciding factor for limited partners on whether or not they will invest? 
• Will corporate governance issues and the recent high profile press coverage the subject has received be detrimental to overseas PE investment in India? 
• How long are limited partners willing to wait for an investment to mature before it is ripe for exit? 
• Do limited partners prefer global, regional or country fund managers?

Conference concludes