Mid Market Forum: Europe - A superior place for returns. October 18th & 19th, Budapest

Transcription

1 Mid Market Forum: Europe - A superior place for returns October 18th & 19th, Budapest

2 2 CREATING LASTING VALUE Dear Colleague Europe is large and diverse, benefiting from increasing integration, while retaining strong growth in both specific regions and subsectors. This, together with the traditional focus of Mid Market private equity houses on value creation through building businesses, explains why many investors are seeking to increase their exposure in this space. Although we have emerged from the crucible of crisis, we face a new operating reality of sovereign debt concerns, flat-lining GDPs in some countries, and continued capital constraints. Yet our member firms, and the companies they back, did not just survive the downturn, but in many cases grew and prospered. Less than 2% of our portfolio companies defaulted during the crisis and returns are consistently strong by any benchmark or region. The model has been tested in the harshest of conditions and it works. In this, our third annual event for European Mid Market GPs and LPs, we will: Examine Europe from a macro, regional and sector perspective Equip GPs with strategies to meet current and future investor expectations Focus on delivering value in growth regions like the CEE Analyse banking and financing market conditions Prepare you for current and future regulatory change Dörte Höppner EVCA Secretary-General A special feature for this year s forum will be the first presentation of a Pan-European study showing how returns are generated in the Mid Market. Europe s private equity markets are home to a huge variety of investment experience and business innovations and as such I find it only fitting that for our third, dedicated Mid Market event, after our debut in Paris and our second in Copenhagen, we move to the growth economies of our region. I look forward to welcoming you to Budapest in October. INTRODUCTION Dörte Höppner Secretary-General

3 EVCA Mid Market Forum Speakers Gordon Bajnai Former Prime Minister of Hungary, Economist and Businessman TOPIC: Central Europe: Prospects and pitfalls on the road to further European integration Gordon Bajnai is an economist and businessman and from April 2009 until May 2010, he served as Prime Minister of the Republic of Hungary. Earlier, he held positions as Government Commissioner of the National Development Agency, Minister, Ministry of Local Government and as Minister, Ministry of National Development and Economic Affairs. Currently Mr. Bajnai is the Founder of Patriotism and Progress, a public policy think tank in Budapest, as well as a member of the Global Advisory Board to Meridiam Infrastructure Managers. He is a Senior Adviser to CSIS, the leading international relations think tank in Washington DC. Keynote John Barber Bridgepoint Advisers Limited John is the partner responsible for Investor Services and joined Bridgepoint in He was previously a managing director at Helix Associates. John co-founded Yucatan Foods in Santa Monica, California. He is a member of the Mid Market Platform Council of EVCA. Thierry Baudon Managing Mid Europa Partners LLP Thierry chairs the Investment and Management Committees of the firm and has led the Mid Europa team since its inception in Previously, he headed the International Finance Division of the SUEZ Group and held senior positions with the EBRD and the World Bank/IFC Group. Michael Calvey Senior Baring Vostok Capital Partners Michael Calvey is also a Director of Baring Private Equity International. He began working in Moscow in 1994 as one of the managers of the First NIS Regional Fund. Previously he worked at the EBRD and Salomon Brothers. Murat Cavusoglu Co-Founder and Managing Actera Group Murat serves on the firm s investment and operating committees. Prior to forming Actera, he was a Managing Director and investment committee member of Southeast Europe Equity Fund (SEEF). Previously, Mr. Cavusoglu held a number of senior executive positions at Fiba Group. Francesco di Valmarana Pantheon Francesco focuses on the evaluation, selection and monitoring of European investment opportunities and is a member of the European Investment Committee. He was previously with Unigestion, where he managed the firm s global secondaries programme. Detlef Dinsel Managing IK Investment Partners Limited Detlef is Head of the Investment Committee and member of the Executive Committee, jointly responsible for Region East (Sweden, Finland and Germany/CEE). Before joining the firm in 1996, he worked as a manager for Bain & Company in Munich. Craig Donaldson HgCapital Craig has more than twenty years of experience advising institutional investors on alternative investment management strategies. He is a member of HG Capital s executive, investment and portfolio review committees. Craig currently serves as Chairman of the EVCA Mid Market Council. Hamish Grant Banking Specialist, Bridgepoint Advisers Limited Hamish joined the firm in 1999 and has raised debt for investments across Europe including IMO, Pets at Home, A-Katsastus, Dorna, Fat Face, Diaverum, Pret A Manger, Terveystalo, TüvTurk and LGC. Previously, he worked in leveraged finance at Deutsche Bank. SPEAKERS

4 4 CREATING LASTING VALUE Speakers Conor Kehoe McKinsey & Company TOPIC: Why European private equity still delivers superior returns Conor founded McKinsey s Private Equity (PE) Practice in Europe and leads the Firm s global research into this sector and into Governance. He has worked as a consultant throughout Continental Europe and in Asia where he served global clients. Keynote Julie Gray Principal, Canada Pension Plan Investment Board Julie Gray joined CPPIB in 2007 and is focused on assessing and managing primary fund commitments on a global basis, responsible for CPPIB s European fund investment activities. Previously, Julie worked for The Boston Consulting Group. Marleen Groen Chief Executive, Greenpark Capital Ltd. Marleen has extensive global private equity secondaries experience having spent the last ten years investing in this market. Prior to this, she spent a decade in senior corporate finance positions at Westdeutsche Landesbank, Socíété Générale and ABN AMRO Bank. Michael Hoffman Chairman, Palamon Capital Partners Michael co-founded Palamon Capital Partners in 1999 and a member of the Operating Committee. He has extensive experience in private equity, built up over the past twenty years. Previously, Mr Hoffman was with Warburg Pincus for eleven years. Anne Holm Rannaleet Senior Advisor, IK Investment Partners AB Director, IK Aid & Relief Enterprise LTD and Member and Chairwoman, IK Industrial Advisory Board, Anne represents the Nordic region and the mid-market buyout sector on the Public Affairs Executive. She is also a member of the EVCA Professional Standards Committee. SPEAKERS Carol Kennedy Senior Pantheon Carol has worked in the private equity industry since She is a member of Pantheon s Global Infrastructure Committee and also sits on the BVCA Research Advisory Board. She joined Pantheon in 1990 after 4 years with Prudential Venture Managers. Geoffrey Kittredge Debevoise & Plimpton LLP Geoffrey Kittredge focuses his practice on private equity and investment fund formation. Labeled a private equity ace by Legal Week, he is ranked as a leading individual in Chambers UK (2011) and described as one of the foremost reasons Debevoise is so respected in Chambers UK (2010). Mary Kuusisto Proskauer Mary B. Kuusisto is a Partner in the Private Investment Funds Group and a member of the Tax Department at Proskauer. Mary has over 15 years of experience in the private equity industry, advising clients on structuring and operations of private investment funds globally, with particular experience in taxrelated matters. Karsten Langer The Riverside Company Karsten has been a partner with The Riverside Company since He currently leads the firm s investment and portfolio management activities in the Benelux and France. Karsten is Chairman of EVCA.

5 EVCA Mid Market Forum Speakers Marc Boheim Managing Director, Goldman Sachs Private Equity Group TOPIC: European private equity in a global context Keynote Marc Boheim is a managing director in the Alternative Investments & Manager Selection (AIMS) Group based in London, where he is the co-chief operating officer of the AIMS Private Equity Group. He is also a portfolio manager in the Private Equity Group. Robert Manz Managing Partner and Board Member, Enterprise Investors Robert is Member of the Board of Enterprise Investors, being one of the longest-active professionals in the private equity industry in the CEE region, with over twenty years experience. Previously he worked with Dillon, Read & Co. Chris Mruck Managing Advent International s.r.o. Chris joined Advent in Previously, he worked for over 10 years in corporate and project finance at the European Bank for Reconstruction & Development and at Deutsche Bank in the U.K. and Singapore. Christophe Nicolas Executive Director, Morgan Stanley Alternative Investment Partners Christophe is portfolio manager for the Private Equity Fund of Funds group and co-leads AIP s secondary team. He joined Morgan Stanley AIP in 2008 to launch and invest AIP s first dedicated secondary private equity fund and has 18 years of relevant industry experience. David Plummer Manager, Private Equity, New Zealand Superannuation Fund David leads the New Zealand Superannuation Fund s emerging Private Equity investment programme. Previously, he was the CEO of Oktobor, a global visual effects company. Henry Potter Alpha Associates AG Henry joined Alpha Associates in September 2008 from the European Bank for Reconstruction and Development (EBRD) in London. He has been investing in private investments and private equity funds in central Europe and CIS since Fabio Sattin Chairman & Founding Private Equity Partners SGR S.p.A. Fabio was Chairman of EVCA in and is at present on the Mid Market Platform Council. From 1990 to 2006 he was a member of the board of directors of the A.I.F.I. Helen Steers Pantheon Helen Steers has 22 years of private equity experience. She leads Pantheon s European primary investment activity and chairs the European Investment Committee. Previously she was Managing Director at Russell Investments. Joe Topley Managing Director, Parish Capital Advisors Europe LLP Joe Topley leads the firm s secondaries investment program. Before joining Parish Capital, he established and ran the secondaries investment program for Nomura. Prior to that, he was a partner at Greenpark Capital. SPEAKERS

6 6 CREATING LASTING VALUE Programme: Tuesday, 18 October Registration WELCOME COCKTAILS and NETWORKING dinner VAM DESign Centre, BuDAPEST View from the top: private equity a RESponse TO EUROpean AUSTERITy SPEAKER: karsten langer, the riverside company VAM Design Centre PROGRAMME In my experience, EVCA events are attended by the brightest minds of European private equity and the global institutional investment market. george anson, managing director, harbourvest Located in downtown Budapest, the VAM design centre is set in a beautiful historic building that has been converted into a museum and art & design centre. The Mid Market Forum Welcome Dinner will take place in the spectacular glass covered inner court, providing an excellent opportunity to network with fellow delegates and relax in style, 5 minutes walk from the Kempinski Hotel.

7 EVCA Mid Market Forum Programme: Wednesday, 19 October Registration and networking REFRESHMENTS WELCOME ADDRESS and CONFERENCE OVERVIEW john barber, bridgepoint KEYNOTE: Why EUROpean private equity STILL delivers superior returns Micro boom in macro gloom winning business models, sectors and regions Public market correlation does this paint an accurate picture of the asset class? Corporate winners and losers in the world s largest economy SPEAKER: conor kehoe, mckinsey & company Plenary panel: The LP perspective what are INVESTORS LOOKING FOR in private equity? How has Europe performed and how is it expected to perform relative to other regions? Is the current trend for operational skills set to continue should GPs be staffing up? Sector specialists v. local knowledge Beyond European liquidity pools new sources of capital MODERATOR: john barber, bridgepoint julie gray, Principal, cppib david plummer, Manager, Private Equity, new zealand superannuation fund helen steers, pantheon PLENARY PANEL: A single CONTINENT with multiple MARKETS a break DOWN of CONTRASTING INVESTMENT ENVIRONMENTS An assessment of economic difference, industrial structures and growth rates across Europe Supermodels and subsectors getting the business model and sector right Horses for courses region specific strategies MODERATOR: michael hoffman, Chairman, palamon capital partners thierry baudon, Founding mid europa partners detlef dinsel, Managing ik investment partners Networking and refreshment break KEYNOTE: CENTRAL EUROpe: prospects and pitfalls on the ROAD TO FURTHER EUROpean INTEGRATION Macroeconomic context Institutions and governance Key regional strengths Opportunities for investment SPEAKER: gordon bajnai, former prime minister of hungary, economist and businessman PROGRAMME

8 8 CREATING LASTING VALUE Programme: Wednesday, 19 October DATA SNAPSHOT: HOW are returns GENERATED in EUROpean private equity? Debunking myths - a return attribution analysis of leading GPs in European Mid Market private equity SPEAKER: craig donaldson, hgcapital Networking and LUNCH KEYNote: EUROpean private equity in a GLOBAL CONTExt How does fund performance compare? Corporate Europe on a global scale How do European capital markets shape up on a global scale? Private Equity v. other alternative asset classes SPEAKER: marc boheim, Managing Director, goldman sachs private equity group WORKING SESSIONS STREAM 1: Is REGULATION set TO BECOME STRANGULATION? All over bar the shouting? What influence can the industry still have on AIFMD? Is increasing regulation the new norm? What else is about to hit our radar screens how can we respond? MODERATOR: tbc STREAM 2: REGION IN FOCUS MAXIMISING OPPORTUNITIES IN EUROPE S EMERGING MARKETs After 20 years of free markets, what s left to discover? Seven year itch - seven years on from accession - what have been the pros and cons for private equity? Beyond the CEE where are the next opportunities for superior returns? MODERATOR: henry potter, alpha associates michael calvey, Senior baring vostok capital partners murat cavusoglu, Co-Founder and Managing actera group robert manz, Managing enterprise investors chris mruck, Managing advent international NETWORKING AND REFRESHMENT BREAK PROGRAMME anne holm rannaleet, Senior Advisor, ik investment partners ab geoff kittredge, debevoise and plimpton mary kuusisto, proskauer

9 EVCA Mid Market Forum Programme: Wednesday, 19 October WORKING SESSIONS STREAM 1: OPERATIONS IN FOCUS- BUILDING GLOBALLY COMPETITIVE MID MARKET BUSINESSES Staying focused on strategy while competing in a global market What lessons can be learnt from the mittelstand? MODERATOR: janusz heath, Managing Director, capital dynamics antonio cabral, Managing the riverside company fabio sattin, Chairman and Founding private equity partners turkven private equity Stream 2: DIAMONDS in the Rough or Fools Gold? SECONDARIES in Middle-Market FUNDS - CHALLENGES and OppORTUNITIES Panellists will debate whether mid market funds make good secondaries Final exit price vs time to deliver exits Less volatility vs lack of refinancing opportunities delivering early cash flows Scarcity due to fewer LPs vs lower leverage making it more difficult to buy in distress MODERATOR: francesco di valmarana, pantheon Stream 3: DEBT in FOCUS is the Mid Market BACK TO where it should be? Will resurgent credit markets see a return to higher leveraged deals? A regional assessment of the evolution of European debt markets Transaction tactics in almost perfect markets how can you use debt market expertise to gain a competitive edge? SPEAKER: hamish grant, Banking Specialist, bridgepoint advisers PLENARY PANEL: Learning is experience, everything else is just INFORMATION. So wrote Einstein. From fundraising to exits, from LP reporting requirements to deal screening, is there really anything new under the sun? This session will challenge seasoned industry veterans if the issues keeping them awake in the wee hours are the same as they ve ever been. MODERATOR: tbc carol kennedy, Senior pantheon chris masterson, Chairman, montagu private equity llp jonny maxwell, industry veteran marleen groen, CEO, greenpark capital christophe nicolas, Executive Director, morgan stanley investment partners joe topley, Managing Director, parish capital advisors europe CHAIRMAN S WRAP UP For programme updates, visit: PROGRAMME

10 10 CREATING LASTING VALUE General Information GENERAL INFORMATION VENUE Kempinski Hotel Corvinus Erzsébet tér Budapest, Hungary Tel: / Fax: Dates 18 & 19 October 2011 Language The working language of the conference will be English REGISTRATION EVCA member: 1,495 Non-member: 2,495 NVCA: 748 Full time professor: 495 Policy official: 495 The fee includes participation in the event, conference papers, refreshments, luncheon and the dinner. The fee does not include accommodation or travel expenses. See section entitled Accommodation for additional details. Accompanying person fee: 200 The fee includes: Participation in the dinner. CONFERENCE PROGRAMME The registration desk opens at 17:00 on Tuesday 18 October. The conference starts with a networking dinner on Tuesday 18 October at 19:30 at the VAM Design Centre and is scheduled to finish on the following day at 17:30. SUGGESTED ATTIRE During the conference sessions and dinner - professional business attire PAYMENT Please complete the enclosed registration form and return it to the EVCA Secretariat (Bastion Tower, Place du Champ de Mars 5, B Brussels, Belgium). Participants are requested at the same time to pay the registration fee by cheque, bank transfer or credit card in Euro, as shown on the registration form. Bank transfers are to be made net of all bank charges and commissions to either: international bank transfer account number: IBAN BE (Swift/BiC: BBruBEBB), or domestic bank transfer account number: with ING. A copy of the bank transfer should be mailed together with the registration form to EVCA. To avoid any confusion, participants are requested to clearly indicate their name and address on transfer orders and cheques. Acknowledgement of registration, the receipt for fees and practical information will be sent to the participant following reception of the registration and payment. Payment by credit card is required for all registrations after 18 September 2011.

11 EVCA Mid Market Forum General Information ACCOMMODATION Accommodation for the event must be reserved separately by the participants as this is not included in the conference registration fee. A block booking has been secured for the conference attendee at the Kempinski Hotel Corvinus, the conference venue. Use the accommodation form to reserve a room at this hotel. The deadline for reservation is 20 September Reservations can only be made through this hotel reservation form. Reservations will be accepted on a first-come, first-served basis. Before 20 September 2011, all reservations can be cancelled without penalty before the arrival day. For any cancellation made or no-shows after 20 September 2011, the hotel will charge the full stay to the credit card of the participant. HOW TO REGISTER Registering for the EVCA Mid Market Forum is easy: www ONLINE EVCA Mid Market Forum just go to and follow the simple instructions CANCELLATION & CHANGE OF DELEGATE If a registered delegate is unable to attend the conference, a colleague from the same company may take his or her place at any time. However, cancellation of attendance will only be accepted if received in writing by the EVCA Secretariat on or before 18 September Fees (less 20% administrative costs) will then be refunded. No refunds will be made after this date. LIABILITY EVCA cannot be held liable for any costs or expenses of any nature (such as, but not limited to, hotel and transportation costs and expenses) incurred in connection with the conference by a participant who is prevented for any reason (such as, but not limited to, the unavailability of transportation) from attending the conference. We recommend that participants take out a travel insurance policy to cover any such eventualities as well as covering the potential loss of or damage to personal possessions. COPYRIGHT By registering for this conference, you are agreeing that all pictures and transcripts taken at the above mentioned conference are property of EVCA and that they may be used for future marketing or promotional F BY Simply fill in the attached registration form, scan and send to forums@evca.eu FAX Just fill in the registration form and send to GENERAL INFORMATION

12 About EVCA European Private Equity & Venture Capital Association EVCA is the voice of European private equity and venture capital. We promote the interests of our more than 1,200 members, to ensure they can conduct their business effectively. EVCA engages policymakers and promotes the industry among key stakeholders, including institutional investors, entrepreneurs and employee representatives. EVCA develops professional standards, research reports and holds professional training and networking events. EVCA covers the whole range of private equity, from early-stage venture capital to the largest buyouts. For further information and for the full programme and speakers list please visit: