LP-only Session (Qualified institutional investors only)
Hosted by AVCJ and ILPA

This special session will feature a series of presentations by seniorindustry professionals on the key areas of interest for institutionalinvestors, followed by a moderated roundtable discussion on topics critical to the limited partner community. The LP Summit will provide participants with the unrivalled opportunity to hear first-hand experiences about PE investing from their peers in a confidential setting. Attendance is open to both LPs with current commitments, and those without allocations who wish to find out more about PE.

• What returns should LPs expect for PE? Are these returns being delivered in reality, and are they achievable?
• How does PE compare to other asset classes and are commitments likely to increase/decrease?
• With the media's negative perception of PE, how can LPs gain support for allocating to the asset class from their investment committee?
• When it comes to fees and terms, are GPs responsive to negotiation

Welcome cocktail reception

LP-GP Dinner (By invitation only)

Registration and refreshments

Australasian private equity update: Investment sanctuary in times of uncertainty
Australia continues to attract private equity investment with fundraising up among domestic managers in FY2012. However, most of the capital raised by domestic funds came from overseas
investors who are taking advantage of Australia's strong economy, financial stability and transparent legal system. As interest in India dwindles and China experiences a slowdown, investors are increasingly turning their attention to both the emerging markets of South-east Asia that offer high growth and high risks, and the stable Australasian environment.

• Where will deals originate in the next 12 months and will the mid-marketcontinue to be fertile?
• Do Australian firms need to actively expand into Asia and beyond, or does the Australasian market offer enough opportunities for the asset class to grow?
• Will IPO's become an option for exits again, and what are some other viable alternatives?
• What impact are high-growth Asian economies having on the Australia proposition, and is a slowdown in India and China a good or bad thing for domestic PE?
• How can PE firms help willing super funds re-start their programmes?
• What is the limited partners' appetite for private equity in both a domestic and a global context?

Moderated by: Sebastiaan C. van den Berg, Managing Director, HARBOURVEST PARTNERS (ASIA) LIMITED
Steve Byrom, Head of Private Equity, FUTURE FUND
Tony Duthie, Managing Director, PACIFIC EQUITY PARTNERS
Simon C. Moore, Managing Director, THE CARLYLE GROUP
Justin Reizes, Member and Managing Director, KKR AUSTRALIA PTY LIMITED

The case for PE: Driving value creation and operational excellence in Australasian businesses
PE firms need teams with the expertise to strengthen corporate governance, improve business systems and processes, and provide access to business networks to deliver alpha. This labour-intensive, hands-on approach requires highly skilled professionals, which is the primary reason why PE necessitates management fees to deliver value. However, many trustees still see PE as a costly illiquid asset. In order to combat these perceptions, the industry must do a better job of demonstrating the work that is required to deliver alpha and the wider-reaching benefits that are derived.

• How can Australian GPs create value in the current environment?
• Do you need to be sector specific and tailor your expertise to truly control an investment?
• How can the industry best illustrate "good news" stories on job creation, increased profit and operational improvements to trustees of super funds and the media?
• Will the PE model and its associated fees ever gain wide acceptance?

Moderated by: Andrew Thompson, National Head of Private Equity, KPMG AUSTRALIA
Neville Buch, Partner, CRESCENT CAPITAL PARTNERS
Simon Henderson, Partner, BAIN & COMPANY
Tim Sims, Managing Director, PACIFIC EQUITY PARTNERS

The great debate: It's not an asset class, it's illiquid and the fees are extortionate
There is no getting away from the fact that a number of prominent figures in the Australian LP community hold the opinion that the private equity industry is overpriced and underperforming. In this session, GPs and LPs will debate the relative merits and drawbacks of the asset class and discuss ideas and strategies to better justify the PE value proposition and constructively engage its detractors.

Moderated by: Gerard Noonan, Chair, MEDIA SUPER
Peter Wiggs, Managing Partner, ARCHER CAPITAL
John Brakey, Head of Team, MLC PRIVATE EQUITY
Mark Carnegie, Founder, M. H. CARNEGIE & CO.
Ross Barry, Head of Portfolio Construction, TOWERS WATSON

Trends in Leveraged Finance
Australia is a well-established market for leveraged buyouts, but the global financial crisis prompted European and US institutions to reassess their exposure to such transactions. Debt packages are now more conservative, terms and conditions have become tighter, and pricing has increased to reflect increased regulatory capital costs.

• What is the Australian market's capacity for LBOs?
• How is the make-up of the lender base changing?
• How have banking regulations impacted the market?
  
• What kinds of companies and sectors are the most bankable?
• how have debt structures changed since the global financial crisis?

Moderated by: Alun Lewis, Consultant, HARBOURVEST PARTNERS (U.K.) LIMITED
Andrew Lockhart, Executive Director, METRICS CREDIT PARTNERS
Lance Mckegg, Investment Banking, UBS AG
Dan Robbins, Global Head of Debt Structuring & Acquisition Finance, ANZ GLOBAL LOANS
Russell Sinclair, Head of Acquisition Finance, WESTPAC INSTITUTIONAL BANK

Finding growth in the mid-market
Australia's mid-market has long been the engine of growth for the economy at large, and the majority of the country's PE investments continue to be made in this sector. In a time when value creation is key for PE funds to show their worth, sourcing opportunities where
growth is present is imperative.

• Can the mid-market sustain this growing level of interest?
• Do mid-market businesses provide superior value generation platforms?
• What industries have the most compelling projected growth profiles?
• Can developing mid-market Australasian businesses drive growth through exporting their brands and value propositions to markets in Asia?

Moderated by: John Haddock, Managing Director CHAMP PRIVATE EQUITY
Nigel Bingham, Executive Director, PENCARROW PRIVATE EQUITY LIMITED
Ian Johnson, Managing Director, HELMSMAN FUNDS MANAGEMENT LTD
Matt Riley, Executive Director, WATERMAN CAPITAL LIMITED
John White, Founding Partner, NEXT CAPITAL

Registration and refreshments

Regional update: How the consumer market is delivering investment opportunities in China, India and South-east Asia
Domestic consumption continues to fuel Asian economies, thanks to rising prosperity and incomes, and the growing middle class. These facts have made the consumer sector a prime target for investors, but interest in these markets has also driven up valuations as buyers compete against one another. While no one doubts that the consumer sector presents incredible opportunities, GPs are now challenged to find good deals and capitalise on Asia's growing consumption habits, as well as looking at ways of internationalising domestic brands and taking them Asia-wide.

• What are the best deal sourcing methods in this competitive space? Do you need a team with insider connections?
• Do different markets have varying appetite for luxury goods, high-street fashion and tech brands?
• What are the most attractive markets in Asia?
  
• Are local corporations receptive to foreign investment and management?
• How can investors track and anticipate consumer trends?
• How can Australian investors best access opportunities in these markets?

Moderated by: Ken Licence, Managing Director, PRINCIPLE ADVISORY SERVICES
Ketan Patel, CEO and Founder, GREATER PACIFIC CAPITAL
Robert Petty, Managing Partner and Co-Founder, CLEARWATER CAPITAL PARTNERS
Padmanabh (Paddy) Sinha, Managing Partner, TATA OPPORTUNITIES FUND
Alex Wilmerding, Principal, PANTHEON

Update on the fundraising landscape: The increasing need to seek offshore LPs
Continuing apathy from domestic LPs is being partly fuelled by an increased sensitivity to illiquid assets, and this trend has magnified the need for GPs to venture offshore and build relationships with international LPs. However, engaging new LPs can be difficult for funds that lack a track record to support their goals, and it often means competing on a regional, if not global, stage.

• What have successful funds done to secure commitments from global LPs?
• Will this new dynamic result in a number of GPs being unable to get support for their next fund, and if so is this good or bad for the industry?
• What regions have shown the greatest interest in deploying capital to Australasian fund managers?
• Do international LPs have the same concerns as domestic LPs about management fees?
• What are the implications for domestic LPs if their international counterparts become the dominant investors in leading local funds?

Moderated by: Mounir Guen, Chief Executive Officer, MVISION
Gareth Banks, Director, CHAMP VENTURES
Ed Day, Director, BROOKVINE PTY LIMITED
Jeremy A. Samuel, Founder & Managing Director, ANACACIA CAPITAL

Crossing the shores: Helping Australian companies expand across Asia
A government white paper, Australia in the Asian Century, published in October 2012, calls on the country's business leaders to engage in Asia and to seize the unprecedented opportunities that the region offers. PE funds are in a prime position to embrace this initiative and help Australian companies expand into the highgrowth economies of Asia, and this has become a goal of many GPs as they look to capture growth offshore and tap into growing consumer demand. However, entering into new markets where language, regulatory and cultural barriers exist can be a high-risk undertaking, and even the most experienced fund managers have to plan carefully.

• How can PE help Australian companies expand overseas?
• What barriers and limitations exist, and how can these be overcome?
• What are the most attractive sectors and regions for outward growth?
• What commercial and political risks exist and how can PE help their portfolio companies navigate the markets of India, China and South-east Asia?

Moderated  by: Tim Burroughs, Managing Editor, ASIAN VENTURE CAPITAL JOURNAL
Philip Latham, Partner, NAVIS CAPITAL PARTNERS
Edward Sippel, Managing Director, TA ASSOCIATES
Jeremy Steele, Senior Managing Director, HARBERT AUSTRALIA PRIVATE EQUITY

LPs' appetite and commitment to Australasian PE

• What management structures and terms should GPs adopt to gain more support from Australia's super funds?
• Does the operational value and superior returns from PE transfer into the thinking of LPs, and is this recognised as a unique and positive attribute of the asset class?
• Is co-investment likely to be an increasing requisite for LPs, and will this sway the decision-making process when choosing fund managers?
• Does the PE model need to drastically change to be viable for the majority of super funds who are focused on low-cost investments in a member-driven environment? Is the trend of super funds managing investments in-house likely to grow, and if so, what does this mean for PE?
• What returns are LPs expecting in the current environment?

Moderated by: Kelvin Yap, Vice President, HARBOURVEST PARTNERS (ASIA) LIMITED
Steve Lipchin, Executive Director, INDUSTRY FUNDS MANAGEMENT
Michael Lukin, Managing Director & Global Head, MACQUARIE INVESTMENT MANAGEMENT PRIVATE MARKETS
Fiona Mackenzie, Head of Investments, NEW ZEALAND SUPERANNUATION FUND
Marcus Simpson, Head of Global Private Equity, QIC
Michael Weaver, Portfolio Manager, SUNSUPER PTY LTD

Close of conference