Co-Sponsors ® AVCJ PRIVATE EQUITY & VENTURE FORUM Global perspective, local opportunity The private credit market in Asia is taking off. Despite the challenges of 2020, the global private credit market is set to grow to US$1 trillion. As the asset class continues to develop in Asia, it will play a crucial role in the region’s economic rebound from COVID-19, and there continues to be significant appetite from global and regional managers who have ramped up fundraising across a range of private credit strategies as they look for portfolio diversification and stability in this time of crisis. Against such a backdrop, private credit managers and LPs alike will have to navigate the unique challenges of investing in a diverse and fragmented region. Through this one-day virtual experience, AVCJ hopes to provide a setting to tell the compelling growth story of the global private credit market, as well as to foster an educational platform for global and regional investors to share key trends, best practices, and help capture opportunities in this asset class. www.avcjforum.com/private-credit-forum 2021 SERIES 31 March, 2021 | 09:00-17:10 (HKT), Online AVCJ Private Credit Forum 400+ Attendees 30+ Speakers 150+ LPs The virtual forum will bring together:
Transcript
Co-Sponsors
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AVCJ PRIVATE EQUITY & VENTURE FORUMGlobal perspective, local opportunity
The private credit market in Asia is taking off. Despite the challenges of 2020, the global private credit market is set to grow to US$1 trillion. As the asset class continues to develop in Asia, it will play a crucial role in the region’s economic rebound from COVID-19, and there continues to be significant appetite from global and regional managers who have ramped up fundraising across a range of private credit strategies as they look for portfolio diversification and stability in this time of crisis.
Against such a backdrop, private credit managers and LPs alike will have to navigate the unique challenges of investing in a diverse and fragmented region.
Through this one-day virtual experience, AVCJ hopes to provide a setting to tell the compelling growth story of the global private credit market, as well as to foster an educational platform for global and regional investors to share key trends, best practices, and help capture opportunities in this asset class.
www.avcjforum.com/private-credit-forum
2021 SERIES
31 March, 2021 | 09:00-17:10 (HKT), OnlineAVCJ Private Credit Forum
400+Attendees
30+Speakers
150+LPs
The virtual forum will bring together:
AVCJ Private Credit Forum
www.avcjforum.com/private-credit-forum
All of us in the industry are striving to find the new normal to maximise our business capabilities and AVCJ Private Credit Forum is offering a virtual platform to accommodate all your needs. The virtual pass is the ideal solution if you want to access the best content and community in private markets with a special focus on driving interaction and networking connecting you with the people you want to meet.
Key features of the immersive virtual pass
On-demand
Replay all sessions at your convenience so you never miss the content and experts that are key to your business.
24 Virtual Expo
Browse the expo hall and learn more about the exhibitor’s services and products. Access educational resources and videos and chat with the team online.
Watch Live
Your front row seat to watch panel discussions, presentations and fireside chats from thought leaders.
Video meetings
Message and arrange face-to-face video call with your fellow participants. Promote your fund and services to the people who matter to you.
Audience Interaction
Our proprietary online platform enables you to take part in live Q&A sessions and audience polls. Get the in-depth answers in real-time.
“It's great to meet the industry leaders virtually and to connect with peers in the industry on AVCJ platform. Thanks AVCJ for organizing such a great event.”
“Enlivens the community. Makes us all more informed.”
“A very efficient and seamless way to get global insights from very experienced practitioners.”
Watch live and participate in live Q&A and polls
Searh for and schedule video meetings with participants
Watch on-demand Virtual expo hall
AVCJ Private Credit Forum
www.avcjforum.com/private-credit-forum
• What is the global outlook and industry trends of private credit from the perspective of GPs in the established markets of US/Europe?
• How has the asset class in Asia developed over the past year, and how will COVID-19 impact its outlook?
• What are the unique opportunities and challenges for private credit managers in Asia, and how can investors best access the fragmented markets in the region?
• Which private credit strategies are gaining traction in Asia, such as distressed debt and special situations?
• How has COVID-19 impacted fundraising and due diligence, and how much of an impact will ESG have in the private credit space?
• What are the key considerations taken by LPs when making allocations into the asset class regionally?
Topics will include:
• Global view: Hear from established US/Europe private credit managers on their outlook for the asset class
• Network: Meet some of the world’s top private credit fund managers, LPs, and advisors
• Regional insights: Learn from experienced GPs with an established Asia-Pacific presence about the impact of COVID-19 on deal flow
• Strategies: Discover the most compelling debt strategies in the region
• LPs: Connect with emerging LPs who have begun to commit capital to private credit in Asia
Benefits of attending include:
Managing Director / Partner / CFO /
CIO, 23%
Principal / VP / Manager / Associate, 44%
Director / Portfolio Manager / Chief Representative, 24%
Chairman / CEO / Managing Partner, 6%
PE/VC General Partnerss, 30%
Professional Services, 27%
Others (Gov't, Associations, Media, etc.), 4%
Corporates, 3%
Others, 1%
Others, 2%
Hong Kong,31%
Singapore , 23%
Others - Asia, 14%
U.S.A., 5%
Limited Partners, 25%
Japan & Korea, 15%
Australia & New Zealand,
10%
Banks / iBanks, 11%
Sample demographics from AVCJ Private credit webinar in July 2020
• Attended by 110+ limited partners from Hong Kong and overseas
• Over 450 participants from 21 countries and more than 300 companies
Christopher MikoshPortfolio Manager and Co-FounderTOR INVESTMENT MANAGEMENT (HONG KONG) LIMITED
Armen PanossianHead of Performing Credit and Portfolio ManagerOAKTREE
Gregory ParkManaging Director – Head of Lending Ark FundCLSA CAPITAL PARTNERS
Robert PettyCo-CEO & Co-CIOFIERA CAPITAL (ASIA)
Sandrine RichardHead of Private Debt, France and Co-Head of Pan-European Private DebtMUZINICH & CO
Robert RubertonSenior Partner, Co-Head of Hybrid ValueAPOLLO GLOBAL MANAGEMENT
Kapil SinghalManaging Partner CreditTRUE NORTH MANAGERS LLP
Josh SternDirector, Private InvestmentsROBERT WOOD JOHNSON FOUNDATION
Richard SurrencyHead of Private Markets & Alternatives, APACFRANKLIN TEMPLETON
Tor TriversManaging Director and Head of Private Credit GroupCDIB CAPITAL INTERNATIONAL
Nimrod WeiManaging DirectorCARVAL INVESTORS
Terence WongSenior ReporterDEBTWIRE ASIA PACIFIC
Celia YanHead of China, Co-PM of Asia Pacific Private CreditBLACKROCK
Chairperson
Tim BurroughsManaging EditorASIAN VENTURE CAPITAL JOURNAL
AVCJ Private Credit Forum
www.avcjforum.com/private-credit-forum
PROGRAMME
Wednesday 31 March 2021
09:10 Opening remarks
09:15 Regional outlook: The rise and rise of private credit
Globally, the private debt market has been increasing in popularity, with assets under management surpassing US$800 billion in 2020. While most of the asset class’ growth story has been centred in North America and Europe, the Asia-Pacific region has been hailed as a bright spot, with the number of private debt investors increasing to a record 477 at the end of 2019, up from 115 in 2014. Although the Asia private credit market is seen as less competitive and a more collaborative playing field compared to its Western counterparts, there are also challenges associated with investing in this region of which market entrants must be aware. Our panel of Asia-focused private credit GPs will discuss their views on the industry.• What are the macroeconomic causes behind the
growth of the asset class, and how has private credit in Asia developed over the past year despite the headwinds brought on by COVID-19?
• What are the unique opportunities and challenges for private credit managers in Asia, and how can investors best access the fragmented markets in the region?
• Which private credit strategies are gaining traction in Asia, such as distressed debt and special situations?
• What’s next for private credit in Asia?
10:15 Networking break
10:30 US private credit outlook: GP leader insights
Although the US private credit market has not escaped completely unscathed from the pandemic, the market dislocation has ushered in a new era of opportunities for the asset class. Various defensive sectors such as healthcare and technology have fared well, and the appetite for opportunistic strategies is on the rise, while various distressed and special situation funds have also emerged as a result of 2020. Our panel of esteemed US private credit managers will share their respective experiences in capitalising on opportunities during uncertainty and discuss the drivers for growth.• How have US GPs navigated the past year in
terms of portfolio management, what did they do differently this year, and what are their strategies for the next few years?
• What are some timely credit strategies given the market disruption?
• How has COVID-19 impacted mid-market companies, and which sectors have fared well compared to others?
• Sponsor vs non-sponsor backed lending: what are the opportunities and which come out on top?
11:15 Networking break
11:30 The return of distressed debt opportunities
2020 saw a record number of distressed debt funds in the market. As we move into 2021, it is expected that allocations towards distressed debt will increase, and that defaults and insolvencies will be on the uptick. For investors with dry powder to deploy, opportunities are ripe for the picking, particularly in sectors such as retail, hospitality, and travel. Our panel of investment professionals discuss the outlook and competitive landscape for distressed debt, as well as their thoughts on what opportunities may emerge in Asia. • Global view – how will government subsidies
affect the investment landscape, and how does the current landscape compare to the previous global financial crisis?
• What are the long-term distressed debt opportunities in Asia?
• Which sectors and regions look most attractive for distressed investors?
• What are the competitive challenges that managers will have to face when diversifying into the private credit distressed space?
Supporting Organisations
AVCJ Private Credit Forum
www.avcjforum.com/private-credit-forum
PROGRAMME
12:15 Intermission
14:00Case study: The critical role of due diligence and ESG in private credit
14:20 Networking break
14:35The development of private credit in China: Moving beyond NPLs
When it comes to Chinese private debt, international investors have mainly focused on the non-performing loan market. However, the opportunity set is changing. As investors become more comfortable with investing in the region, demand for other private credit opportunities ranging from direct and mezzanine lending to special situations and distressed has increased, both onshore and offshore. Our panel of on the ground and international players will discuss the private lending market in China and how it has developed. • What are the driving factors behind increased
interest in Chinese private credit, both domestically and from international investors?
• How has COVID-19 affected the Chinese private credit market compared to the rest of the world?
• How are local vs global investors approaching the market differently?
• Will China see a rise in distressed opportunities and special situations?
• What are the opportunities in Chinese private debt beyond NPLs, and how can investors best capture them? Onshore vs offshore
15:15 Networking break
15:30 Capturing India’s private credit growth story
India’s structural growth story, bolstered by the country’s regulatory and economic developments in recent years, is attracting a range of managers keen to capitalize on the country’s private credit opportunities, particularly in the context of the constraints faced by banks and non-banking financial companies. The introduction of the Insolvency and Bankruptcy Code (IBC) in 2016 has also ushered in several global pension funds which have increased their participation in the distressed and special situations markets in India. Our panel of experienced managers will discuss the opportunities and challenges in this compelling market, as well as the top trends they expect to see in 2021. • How has the Indian private credit market
developed in the past year, and what opportunities for lenders of long-term structured credit have emerged from the pandemic?
• Distressed, performing, and special situation opportunities in India – is there a risk of overheating?
• The IBC and other regulations – what have been the opportunities and pain points for global managers accessing the market?
• For new entrants into the market, what can be learned from the partnership strategies adopted by many global asset allocators?
16:10 Networking break
16:25LPs’ allocations to private credit: Global and regional outlook
Despite the challenges of 2020, LPs are still looking to deploy capital, and allocations and commitments towards private credit are expected to rise as LPs look to diversify their portfolios. While the majority of capital raised by private credit managers comes from US and European investors, Asian LPs, such as those in Korea and Japan, are warming to the asset class. Our panel of LPs will discuss their experiences in constructing private credit allocations within their portfolios, key considerations, and their outlook for the year ahead.• What are the key considerations taken by LPs
when making allocations in the asset class regionally, especially given the disruptions from 2020?
• What draws LPs to Asia and what are the perceived risks in the region?
• For LPs looking for ways to expand their portfolios, which types of vehicles are investors looking for?
• How will LPs deploy their capital in the asset class in 2021, and what are the unique opportunities?
AVCJ Private Equity & Venture ForumGlobal Perspective, Local Opportunity
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Cancellation/refund policy: A cancellation charge of US$100 is applicable to written cancellations received on or before 17 March 2021. No refund will be made for cancellations after the date due to our advance guaranty obligations and administration costs. A substitute delegate is welcome but the organiser MUST be notified in advance of the meeting to avoid incurring acharge. Substitutions may NOT be made at the meeting.
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