The 17th Annual AVCJ China Forum

Date: 14 - 15 Mar 2018

Join 390 fund managers, institutional investors, corporate executives, regulators and other professionals for two days of thought-provoking debates, in-depth discussion on market trends, and networking that will provide the attendees with the knowledge and contacts to take on the most attractive China-related opportunities in 2018 and beyond.

Top reasons to attend:

  • Hear how the leading GPs and LPs view the Asian private equity landscape, as well as what opportunities and challenges lie ahead for 2018
  • Explore strategies that can best capitalise on China’s emerging opportunities
  • Uncover the secret to harnessing innovation and technology through value creation
  • Find the sweet spot of the Chinese distress market
  • Debate whether China will become the largest VC market and what it takes to get there
  • Understand LPs latest investment strategies and China’s role in their portfolios
  • Discuss exit options and why secondaries have emerged as a highly viable choice
  • Discover the opportunities under the new normal for China outbound M&A


14th March, 2018 - Day 1

08:15 Registration and refreshments

08:50 Welcome address

09:00 Keynote address

09:30 Keynote panel: Private equity’s role in the Belt and Road initiative

The Chinese government’s Belt and Road Initiative (BRI) continues to gain momentum with investments into the economies along the “Belt” and the “Road” surging in the last two years. While the focus currently on the infrastructure and related projects, new investors are looking towards emerging opportunities in various sectors that will enhance transnational connectivity and resolve long term development needs for the BRI countries. The investment potential is enormous but complex. Our panel of senior policy makers and investment professionals highlight the opportunities that will emerge in the next five years.

  • What are the potential mid-to-long term investment opportunities triggered by the Belt and Road Initiative? How can PE investors play a role?
  • What new policies and enhanced initiatives are in the pipeline to facilitate BRI-related investments?
  • Where are the most attractive opportunities for financial investors and how can funds get in the game?
  • What are the key challenges encountered – from dealsourcing to deal execution – and how can they overcome?

10:30 Networking break

11:00 The private markets outlook for 2018

Institutional investors are confident that alternative assets, especially private equity, will continue to deliver superior returns, and are making larger allocations. Global and pan-Asian managers are raising correspondingly bigger funds for various strategies, sectors, and regions, in record time. Despite the bullishness, investors still worry about deal flow, valuations, and future prospects. Our panel examines the current state of the market and discusses what industry leaders are doing to achieve Alpha.

  • What are the key factors affecting the investment landscape?
  • What is the impact of prolonged high valuations? How has this affected the investment cycle?
  • How are international GPs adopting their strategies for investing in China? How do they hedge against the risks?
  • How are cross-border themes playing out? Are they triggered by the One Belt, One Road initiative and the evolving Chinese economy?

12:00 The evolution of the China deal opportunity

Chinese private equity continues to evolve, from its original focus on growth capital, into more diverse approaches, including privatisations, succession planning situations, and corporate carve-outs. However, new opportunities present new challenges and GPs must adjust their strategies to succeed. Our panel analyse developments and discuss how to access emerging opportunities.

  • How has the deal environment evolved in the last 12 months? Where are the opportunities?
  • Is specialisation the new key to success?
  • What factors are bringing GPs, LPs, and strategic investors together? What aligns them and what sets them apart?
  • How do you develop a compelling strategy and communicate it to LPs?

12:45 Networking lunch

13:45 Value creation: Go beyond the basics

If GPs are going to deliver Alpha in 2018 and beyond, they have to understand changing business models and consumer behaviour, and the impact of disruptive technologies. GPs need to retool their value creation capabilities, and while the basic ingredients for success remain the same, only those who can transform portfolio companies profitably will outperform. Our panel of international and local experts ask:

  • What approaches to value creation have been most successful, and can international experiences be applied in China?
  • What are the best ways to ensure management team buy-in?
  • How can GPs take advantage of new and potentially disruptive technologies to create value for portfolio companies?
  • How do you build an efficient operating team?

14:30 The rise of distress investing in China

The Government’s stringent control on NPLs, alongside the growing bubble of corporate debt, continues to drive distress and restructuring opportunities in China. While the industry has been previously dominated by a handful of local GPs and AMCs, foreign distressed investors and specialists arms of private equity firms are increasingly important competitors. How will China's distress landscape evolve over the next five years? Our panel of professionals discuss:

  • Which themes offer the most promise for distress investors?
  • How much competition is there from local and foreign players?
  • What are the resources required for post-deal management?
  • What is the risk/return expectation for the asset class?

15:15 Networking break

15:45 Chinese venture capital: The way to the world’s largest market

Chinese venture capital is booming again. The proliferation of state-backed funds, the emergence of spinouts from global and domestic brand names, the wave of opportunities in areas such as AI, robotics, and big data, as well as revived exit routes via M&A and IPO at home and abroad, all support Chinese venture capital’s next phase of growth. However, obstacles along the way include sustainability of capital, availability of attractive deals, and intense competition. Our panellists discuss:

  • Where are the most exciting innovations and entrepreneurs?
  • How is renminbi fundraising reshaping the market?
  • Will new fund managers continue to get traction? Is the market saturated with players?
  • How is the exit environment developing? Are venture capital secondaries a viable option?

16:30 Chinese technology: Going global

China has emerged as a leader in global technology, with its proliferation of creative business models and products that have triumphed domestically. Chinese tech investors are eager to take these innovations overseas, especially to Southeast Asia and India, and other high-growth markets with rising tech-savvy middle classes. But execution challenges range from identifying the right partner to perfecting a product that works across borders. Our panel of experienced deal-makers analyse the trends, and share their experiences and tips for success.

  • What types of technologies/products are suited to expansion, and how are deals sourced?
  • What are the new drivers for cross-borders activities?
  • Are China-driven cross-border deals a permanent feature of the landscape or a temporary trend?
  • How do you manage cross-border business and post-deal integration?
  • Are Chinese products and technologies really applicable to other markets?

17:30 Networking cocktails

15th March, 2018 - Day 2

08:30 Registration and refreshments

09:00 Economist briefing

09:30 Delivering liquidity solutions

Chinese private equity hit its first fundraising peak 10 years ago. Plenty of funds are coming to the end of their lives but have yet to make substantial realisations – thanks to bumpy IPO markets and the recent underperforming trade sale market. As GPs struggle to form exit plans for this substantial capital overhang, there are ample opportunities for restructuring. Our panel analyses the state of the market and creatively identifies possible options for liquidity.

  • Where are the most interesting opportunities for direct secondary investors in China, and how do you identify quality deals?
  • How do you compare the deal prospects for USD and RMB funds?
  • What are the biggest challenges for secondary investors when executing deals in China?
  • How do you ensure the alignment of interests with the various stakeholders involved in the deal?

10:30 Networking break

11:00 China outbound M&A: A better direction

The China outbound M&A market is set for its next growth surge. The Government’s strong pledge on the One Belt, One Road initiative, support for investments promoting local economic growth, and the streamlined approval process, have prepared the ground for investors. But smart strategies, covering everything from sourcing and attracting the right targets, to successfully harvesting mutual synergies while navigating cultural differences, are key to ride this growth. Our panel of professionals discuss:

  • How have Government policies and regulations affected the outbound M&A landscape?
  • What are the key challenges when entering new and emerging markets?
  • How can private equity play a role?
  • What are the key lessons learnt and tips for success?

12:00 Limited partners’ views on China and beyond

Alternative assets offer myriad strategies, fund types, specialties, and terms. Do you commit big to a handful of mega funds, or seek out niche countries with only managers that have deep-rooted connections and expertise? Or do you try a combination of both, and if so, which geographies do you choose, what role can China play, and how can you get the balance right? A panel of leading LPs discuss.

  • Which are the most interesting sectors, regions, and strategies?
  • Have LPs adjusted their expectations for returns from China?
  • How you do you execute co-investments while managing fund relationships?
  • How do you evaluate new fund managers?

13:00 Networking lunch and end of conference

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