CEE PRIVATE EQUITY 2012
CONFERENCE DAY TWO: THURSDAY, 22 MARCH, 2012
10:15 Refreshments and Networking
10:30 Chairman’s Opening Remarks. Summary of Day One
10:45 Small and Mid-Cap Secondaries. Considering Niche Strategies for Secondary Investments
Marco Wulff
Partner
Montana Capital Partners (Switzerland)
Alexandre Delos
Partner
Access Capital Partners Group (Belgium)
Etienne Deshormes
CEO
Elm Capital Associates (UK) - Moderator
- Private equity secondary market: Small vs. large
- Pricing
- Sourcing: approach, sellers, types of deals, competition
- Analysis: type of assets, level of information, timing
- Execution: process, certainty of execution
- Interesting segments in small cap secondaries
- Two case studies of actual small cap secondaries
- Is there life beyond the headline deals of the secondary mega-funds?
- The benefits for investors of niche secondaries in small & mid-market European buy-outs to complement investing in more “generalist” secondary funds
11:45 LP-GP Relations and GPs’ Risk Implications in Secondary Swaps
William R. Watson
Managing Partner
Value4Capital (Poland)
- What do GPs need to know about the new spectrum
of risks for GPs associated with swapping investor
interests in their private equity funds - How to reconcile a prospective LP- buyer’s need for a thorough due diligence on an acquirable fund with an underlying GP’s need for preserving his fund’s confidentiality
- What information may GPs refuse to disclose?
- Taxing issues GPs should be aware of when their LPs consider entering the secondaries market
- What could GPs do in order to mitigate potential risks and permanent conflict of interests
12:30 Creating Win-Win in Direct Secondaries Deals
Dr. Hans-Dieter Koch
Managing Partner
Cipio Partners (Germany)
Jane Crawford
Managing Partner
Chamonix Private Equity (UK)
Sebastian Junoy
Partner
Headway Capital Partners (UK) - Moderator
- How large is the direct secondaries market and how do you manage the new sources of deal flow? Practical examples of recent notable transactions
- The most efficient structures for direct secondaries
transactions: holding company or self-winding GP/
LP fund structure? - Properties of the securities being sold
- How do deal with information disclosure issues? What legal framework applies?
- Assessing the value and growth prospects of underlying portfolio companies
- Anticipating an underlying portfolio company’s management team intentions and efficiently dealing with their potential interference
13:30 What Makes an Emerging Market Secondary Private Equity a Compelling Opportunity
Mark Alloway* (awaiting final confirmation)
Manager, Banking & Financial Products
International Finance Corporation (USA)
- Which market to enter: pinpointing newly emerging GDP-heavy countries with mature, largely funded portfolios along with good corporate governance practices
- Timing of entry: taking the first-mover advantage
- Avoiding pitfalls in foreign market assessment and the importance of thorough, bottom up due diligence
14:30 - 15:30 Chairman’s Remarks. Lunch and Networking
