11th Annual INSEAD Private Equity Conference

Transcription

Friday 24 May 2013
INSEAD Europe Campus
Boulevard de Constance
77305 Fontainebleau Cedex, France
Tel: +33 (0)1 60 72 40 00
Fax: +33 (0)1 60 74 55 00
INSEAD Abu Dhabi Campus
4th Street - Muroor Road
P.O. Box 48049
Abu Dhabi, United Arab Emirates
Tel: +971 2 651 5200
Fax: +971 2 443 9461
www.insead.edu
Printed by INSEAD
INSEAD Asia Campus
1 Ayer Rajah Avenue
Singapore 138676
Tel: +65 6799 5388
Fax: +65 6799 5399
Welcome to the 11th Annual
INSEAD Private Equity Conference
INSEAD welcomes you to the 11th Annual Private Equity Conference.
The conference, inaugurated in 2003, has become the most successful private equity and
venture capital event hosted by a European academic institution. With over 1,500 INSEAD
alumni working in the industry worldwide, the conference is a global gathering of thought
leaders to exchange ideas and experiences.
In the last 12 months, the global economy has continued to recover from a difficult economic
crisis. Some industries went through significant transformation, some were not able to adapt to
new economic conditions and today are still experiencing difficult times. The private equity
industry continues to surprise us with new innovations and models for value creation as it
adapts to this changing environment. The theme of this year’s conference is “Adapting or ReInventing the Private Equity model?” It provides a platform for discussion around recent
changes in the industry as well as predicting its future development. To further develop the
main theme we have lined up a focused range of topics for panels and have assembled a
diverse group of outstanding panellists and moderators for you. In terms of asset classes,
panels cover leveraged buyouts, venture and growth capital, and distressed investing. Other
panels include limited partners’ perspectives, achieving operational excellence, investing in
emerging markets and careers in private equity.
This year’s conference provides an open forum for leading practitioners, academics, and the
INSEAD community to debate the forces shaping the fast-changing industry today. We are
delighted to host an impressive and diverse group of experienced industry professionals.
The annual conference is organized by student members of the INSEAD Private Equity Club
with the support of Club alumni, Global Private Equity Initiative (INSEAD faculty body focused
on research in Private Equity industry), Alumni Relations and Student Life offices. IPEC would
like to thank our distinguished speakers and guests for contributing to this year’s conference
as well as our sponsors, Bain & Company and AlpInvest, for their financial support and
guidance. In addition, this day would not have been possible without the dedication of a large
number of INSEAD MBA participants, members of the administration and faculty.
Thank you for joining us. We hope this conference will provide an opportunity to learn from
the experience and insights of our keynote speakers and panelists, a forum for discussion and
a platform to forge new relationships within the community.
The INSEAD Private Equity Club Conference Organisation Team
1
2
th
11 Annual INSEAD Private Equity Conference
“Adapting or re-inventing the Private Equity model?”
08:00 - 08:45
Registration & Coffee
08:45 - 09:00
Introduction
IPEC and Claudia Zeisberger , INSEAD
Amphi A
09:00 - 10:00
Keynote speaker
Francesco Loredan, BC Partners
Amphi A
Driving operational excellence
Amphi A
10:30 - 11:30
Panel Session 1
Emerging markets: Middle East & Africa
Amphi B
11:00 - 11:30
11:30 - 12:30
12:30 - 13:30
Coffee Break
15:30 - 16:30
VC & Entrepreneurship
Amphi B
Emerging markets: CEE, CIS & Turkey
Amphi A
Mid-market
Amphi B
Panel Session 3
Lunch
Restaurant
LPs & Fundraising
Amphi A
Distressed investing & Turnarounds
Amphi B
Guy Hands, Terra Firma
Amphi A
Panel Session 4
Keynote speaker
16:30 - 17:30
17.30 - 18.30
Amphi A
Panel Session 2
13:30 - 14:30
14:30 - 15:30
Leveraged Buyouts
Cocktail reception
Panel Session 5
Plessis Mornay
Careers in Private Equity
Amphi B
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4
Keynote speakers
Claudia Zeisberger is an INSEAD Affiliate Professor of Decision Sciences,
Entrepreneurship & Family Enterprise and the Academic Director of INSEAD’s Global
Private Equity Initiative (GPEI), which she founded in 2009.
At INSEAD, she teaches in the MBA and EMBA programme as well as in multiple
Executive Education programmes. She received for the last 4 years running the “Dean’s
Commendation for Excellence in MBA Teaching” for her electives on Private Equity;
Corporate Turnarounds & Risk Management.
Throughout her 18 years in Asia, she has worked with clients in China, India, Korea &
Southeast Asia and she continues to advise selected financial institutions, family offices
and regulators from Asia & the Middle East, focusing on Risk Management, Market Dynamics and
Alternative Investment related issues of portfolio construction.
Francesco Loredan (‘85J) is a managing partner and co-chairman at BC Partners.
Francesco joined BC Partners as a senior partner when he opened the Milan office in
1989 which he co-led for 14 years before opening the Geneva office in 2003. During
his 23 years at BC Partners, Francesco has led or had significant involvement with
many of the Firm’s successful investments and as a member of the Investment
Committee, which he chaired for three years, he is actively involved in all investment
decisions.Prior to joining BC Partners, Francesco worked for BCG in Paris and spent
three years in corporate finance with the Bank of America-BAI in Milan.
Francesco has an MBA from INSEAD and a bachelor of science degree in economics
from the London School of Economics and Political Science. Francesco sits on the Boards of Amadeus IT
Holdings SA, Innogest SGR and the European Venture Capital Association.
Guy Hands is Terra Firma's Chairman, Chief Investment Officer and Founder and sits
on the General Partners’ boards. Guy started his career with Goldman Sachs
International where he went on to become Head of Eurobond Trading and then Head of
Global Asset Structuring Group. Guy left Goldman’s in 1994 to establish the Principal
Finance Group (PFG) at Nomura International plc which acquired 15 businesses with an
aggregate enterprise value of €20 billion. Guy led the spin out of PFG to form Terra
Firma in 2002.
Guy has an MA in Politics, Philosophy and Economics from Mansfield College, Oxford University. He was
elected a Global Leader of Tomorrow of the World Economic Forum in 2000. Guy is also the President of
“Access for Excellence”, a campaign based at Mansfield College, Oxford, which promotes the broadest
possible access to higher education in the U.K. He is a Bancroft Fellow of Mansfield College, Oxford and a
member of the University of Oxford Chancellor’s Court of Benefactors. Additionally, Guy is a Fellow of
the Duke of Edinburgh’s Award Scheme.
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Driving operational excellence
Panel session 1: 10:00-11:00
Moderator
Andrew Tymms is a leader in Bain & Company’s global Private Equity practice,
leading Bain’s PE portfolio company support across EMEA. Andrew has over 17 years’
experience with Bain in UK, Australia and Africa, with 15 years focused on Private
Equity. Andrew has deep experience in all aspects of Private Equity and M&A,
including commercial reviews and due diligence, portfolio company value creation,
exit planning and sell-side and PE/alternative investment fund strategy development.
Andrew also has significant industry experience in Financial Services, Retail and
Consumer Services, growth strategy development and results delivery. Prior to joining Bain, Andrew
worked for Marakon Associates. He holds a B Eng (Hons) from University of Melbourne.
Dr. Alejandro Alcalde Rasch
joined APS Advisory GmbH in
2010 in order to help improve
portfolio company performance.
Prior to joining, he was the Chief
Transformation Officer and Head
of Supply Chain of Grohe AG, a TPG and CSFB
portfolio company, for five years. Prior to that,
Alejandro spent twelve years at McKinsey &
Company, where he was a partner in their
chemicals and steel practice.
Dr. Alcalde Rasch has a PhD and Diploma in
Business Administration and Management from
Gerhard-Mercator University Duisburg.
Jérome Losson (‘98J) joined BC
Partners in 2012 from KKR where
he spent nine years as a member
of the operations team, KKR
Capstone. Prior to this he cofounded and then sold a software
business and also worked at
McKinsey in Belgium and the UK. Jerome holds an
MBA from INSEAD and a PhD in physics from McGill
University. He is a French national and speaks
English, French and Spanish.
Fash Sawyerr is a Director with Actis based in London. Fash joined Actis in 2010. He
leads the strategic planning process for the firm globally and is responsible for a
number of Actis’s investments in Africa. Prior to Actis, Fash spent 10 years with the
strategy consultants Bain & Company working in South Africa, Botswana, Japan and the
UK where he led a variety of strategy, performance improvement and organisation
design projects for major multi-national clients. Fash holds a B.S. degree in Chemical
Engineering from Princeton University.
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Emerging markets: Middle East & Africa
Moderator
Fabrice Callet serves as a
Managing Director at The
Abraaj Group, where he is
responsible for DFI’s investor
relationships and overseeing
the
Kantara
North
Africa
platform. He joined Abraaj in 2011 upon Abraaj’s
acquisition of the Kantara fund. Fabrice started
working for SGAM (Societe Generale) as an equity
analyst and joined SGAM Private Equity in 1999. In
2002 he became the Managing Partner of all
Emerging Markets Funds for SGAM Private
Equity. He has successfully raised two funds: a 150
million Euro fund for Eastern Europe and a 150
million Euro fund for North Africa (Kantara).
Fabrice holds two Masters degrees.
Laurent Demey is Co-founder and
CEO
of
Amethis
Finance,
an
investment company active in Africa.
Laurent was previously Deputy CEO of
PROPARCO, the French Development
Finance Institution.
Laurent started his career in Société
Générale, in the Africa M&A department, before
heading SG's brokerage firm in Abidjan, from 1998
to 2000. He then joined PROPARCO as a Senior
Investment Officer and went on to become head of
the Banking and Capital Markets Department. In
2004. Laurent Demey graduated from the Ecole
Centrale de Paris and holds a postgraduate diploma
in development economics from the École Normale
Supérieure.
Tahira Dosani (‘09J) is Director
of Global Engagement and
Strategic Projects at LeapFrog
Investments
where
she
is
responsible for the fund’s
strategy. Tahira was previously
Director of Strategy at the Aga
Khan Fund for Economic Development. Prior to
that, she was based in Afghanistan as Head of
Corporate Strategy at Roshan, Afghanistan’s
leading telecommunications operator.
Tahira
began her career at Bain & Company. She holds
an MBA from INSEAD and a BA from Brown.
David Easton joined CDC in 2012 as
an Investment Manager in the Equity
Investments Team, focusing on Africa
and South Asia. Prior to joining CDC,
David was an Investment Manager at
Bridges Ventures leading transactions
across a range of sections including
renewable energy, ICT and financial services.
David also co-founded and was Director of Strategy
and Investment for the Tony Blair Africa
Governance Initiative. David started his career at
McKinsey & Company. David has a BA from Oxford.
Paul Shultz (‘03D) is Executive
Director and CIO at ABUCAP. Paul
has more than 15 years experience
in fund management, investment
and advisory work for the energy
industry in emerging markets. He
began his career at ABN AMRO
Bank then transitioned into private equity at 4D
Global Energy Advisors. Paul joined Renaissance
Capital in 2010, a joint venture focused on asset
acquisitions & divestitures for the oil & gas sector
in Sub-Saharan Africa. Paul holds an MBA from
INSEAD and a B.A. from Princeton University.
Roland Tatnall (‘07J) is a founding
partner of African Frontier Capital, a
private equity vehicle which invests
into growth platforms in assetintensive sectors in Africa. Prior to
AFCap, at PME African Infrastructure
Opportunities plc, Roland transacted across Africa
covering rail, aviation, power, oil & gas and real
estate. Previously, Roland was employed by Baker
Hughes Inc., managing and initiating operations in
some of the highest profile oil exploration
geographies. Roland holds a BSc from University of
Leeds and an MBA from INSEAD.
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INSEAD Private Equity Club
INSEAD Private Equity Club (“IPEC”) is INSEAD’s largest club and serves as a forum for all aspects of
the private equity industry, for alumni and students alike. IPEC’s goal is to support INSEAD’s thought
leadership, participation, and recognition in the field.
The IPEC student club was founded in 1992 to promote private equity initiatives on campus. The club
has over 200 student participants per promotion and is a key promoter of on-campus speaker events,
student treks to financial centers globally, and seminars.
IPEC also serves as the global club for alumni working in the private equity industry. IPEC has a global
presence, with chapters in over 21 countries and five continents, and has a network of over 1,500
alumni. Annually, the alumni club hosts events around leading industry conferences, engages with
alumni by hosting panel sessions and speaker series, and assists alumni and students alike with career
development choices.
IPEC’s flagship events are its annual private equity conferences held in France and Singapore. The
annual INSEAD Private Equity Conference in Fontainebleau is the largest student event of its kind
hosted by an academic institution in Europe. The conference attracts over 400 participants annually
and has hosted keynote speakers such as Stephen Schwarzman, Founder of The Blackstone Group;
Howard Marks, Founder of Oaktree Capital Management; Conni Jonsson, Founder of EQT; Joe Schull,
Managing Partner at Warburg Pincus; Francesco Loredan (MBA ‘85J), Managing Partner and CoChairman at BC Partners; and Guy Hands, Founder and Chairman of Terra Firma.
Leadership, Objectives, and Activities
Alumni Committee
Patrick Abouchalache (MBA ‘01D)
Jonathan Monié (MBA ‘11J)
Philip Viergutz (MBA ‘08J)
Objective
To provide a global forum for the alumni
working in the private equity industry.
Key Activities
 Grow the IPEC alumni network through
the establishment of regional chapters
 Promote awareness of INSEAD’s PE
alumni
 Host global speaker series and events
 Enable career development initiatives
for alumni and students alike
 Support the student club in its on-going
activities: Conference, CV Book, on
campus speaker series
For additional information on alumni club:
iaa.insead.edu/IAA/inseadalumniclubs/IPEN
Or follow us on Collaborne
Student Committee
Aurelie Stassinet(MBA‘13J)
Fedor Susov (MBA‘13J)
Christian Weniger (MBA ‘13J)
Objective
To provide the INSEAD community with a
platform to learn about private equity.
Key Activities
 Lead the organization of the bi-annual
conferences
 Host speakers on campus
 Craft and promote a student CV Book
 Identify internship opportunities for
students
 Support on-going research and projects
on campus
 Provide the students with private equity
focused training and seminars
To follow the student club register here:
mba.insead.edu/clubs/ipec
Or follow us on Yammer
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IPEC Conference sponsors
About IPEC Sponsorship
IPEC’s activities and the conference would not be possible without the gracious support of its sponsors.
Sponsorship enables IPEC to fund a variety of activities globally
Platinum Management Consultancy Sponsor
Co-sponsor
Conference Partners
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Leveraged Buyouts
Moderator
Franck Falézan is a Managing Director within Carlyle’s Europe Buyout fund, focused on
opportunities in French speaking countries as well as in Media and Healthcare. Mr.
Falézan is based in London. Since joining Carlyle in 1998, Mr. Falézan has led
investments in and the oversight of Le Figaro, Aprovia, Medimedia, Waterpik, Otor, as
well as Zodiac Marine & Pool and B&B Hotel Group. He was also a member of the team
that executed Carlyle's investment in Nielsen and as lead Director led the listing of AZ
Electronic Materials on the London Stock Exchange.
Prior to joining Carlyle, Franck was a Senior Consultant with The Boston Consulting
Group where he managed assignments in corporate strategy and operations improvement in a wide
variety of industries including Financial Services, Telecom, Healthcare and Consumer Goods. Franck
received his MBA from Harvard Business School where he graduated with distinction. He also received an
M.S. from Ecole Polytechnique in France.
Michael Abraham is Managing
Director and Co-Head of the
Financial Sponsors Group in EMEA at
UBS Investment Bank. Initially in the
Financial Institutions Group he has
been with the bank since 1995. He
has
a
degree
in
Business
Administration from the Erasmus
University Rotterdam. Other than his native Dutch,
he speaks English and German.
Dr.Arthur Brothag (‘06J) is a
Principal with Apax Partners which he
joined in 2009. He is a member of the
Healthcare team and is based in the
Munich office. Arthur has participated
in a number of key deals, including
KCI and Unilabs. Prior to joining
Apax, Arthur worked at the private equity firm
Warburg Pincus in London, where he focused on
European Healthcare. Before that, he was a
member of Morgan Stanley's Healthcare M&A team
in London.
Arthur trained as a medical doctor with a state
diploma and a doctorate from the Technical
University of Munich. He also completed his MBA
studies with distinction at INSEAD Business School.
Rikke Nielsen joined EQT in early
2010. Prior to joining EQT, Ms
Nielsen worked for 6 years for The
Royal Bank of Scotland (previously
Alfred Berg ABN AMRO) in the
Mergers & Acquisitions department,
latest as Assistant Director in the
Copenhagen office. Ms Nielsen holds a B.Sc. and a
M.Sc. in Business Administration from Copenhagen
Business School. During Ms Nielsen’s studies she
completed one semester at Plekhanov Russian
Academy of Economics in Moscow.
Ryan Selwood is a Senior
Principal with CPP Investment
Board, based in London. Prior to
joining the CPPIB in July 2006,
Ryan was a Vice-President
at Merrill Lynch & Co. in the
Financial Institutions Group in the
Investment Banking Division in
New York and Toronto. He currently serves on the
Boards of Dorna Sports S.L. and AWAS Aviation
Capital.
Ryan holds his MBA and law degrees from York
University and a BA from the University of Western
Ontario.
10
VC & Entrepreneurship
Moderator
Pierre-Louis Périn joined SJ Berwin as a partner in 2001. He advises on investments
of Private Equity Funds, specially Venture Capital, and structuring Private Equity
management companies, in addition to corporate advisory, Mergers & Acquisitions
and Joint Ventures. Pierre-Louis is actively involved in the AFIC, the French Venture
Capital Association. He was the vice-president of AFIC’s Ethics Commission and has
edited AFIC’s “Best practices guide for Venture Capital” in 2010. He is now President
of its Training Commission. Pierre-Louis is a graduate of the Institut d’Etudes
Politiques de Paris (1984) and the University of Paris II – Panthéon Assas (Doctorate in Law, 1999).
Pavel Bogdanov (‘05J) is a partner
of Almaz Capital Partners. Prior to
joining Almaz Capital, Pavel was a
partner at Russian Technologies
(RT), an early-stage venture capital
fund in Moscow. Prior to Almaz,
Pavel worked for Sistema Teleco (as
Investment Director) and KLATencor. Prior to KLA, Pavel worked as a graduate
research associate and post-doctoral fellow at
Stanford University and Lawrence Berkeley
National Lab (LBNL) at the University of California,
Berkeley. He holds a PhD from Stanford University,
an MBA from INSEAD and a BS from the Moscow
Institute of Physics and Technology, Moscow,
Russia.
Jean-Philippe de Schrevel is
the founder and CEO of Bamboo
Finance. Previously, he cofounded BlueOrchard Finance in
2001 and remained a part of its
management team until 2012.
He
joined
Dexia
Asset
Management in 2000 as the
Dexia Micro-Credit Fund Manager. Prior to that, he
was Junior team economist in Romania for a EU
PHARE technical assistance program, Field
Consultant in Microfinance for a Belgian NGO, an
Associate with McKinsey & Co, the Operations
Director of a private Microfinance Foundation in
Argentina, and finally a Consultant for the UNCTAD
Microfinance Unit in Geneva. Jean-Philippe holds
an MBA from The Wharton School and an MA in
Economics from Université Notre-dame de la Paix
in Namur, Belgium.
Uli Grabenwarter is Head of
Development, Impact Investing and
Social Finance for the European
Investment Fund. Uli rejoined EIF in
2012 after 18 months of leave
dedicated to research on impact
investing and responsible investing
in private equity and venture capital in
collaboration with IESE and a family office
foundation. Previously, Uli was Head of Equity Fund
Investments at EIF and prior to that worked for
several years at the European Investment Bank and
at PWC. Uli is a visiting professor for Venture
Capital and Private Equity at IESE.
Antoine Papiernik is a Managing
Partner at Sofinnova Partners, which
he joined in 1997. Antoine has been
an initial investor and active board
member in several companies which
have been taken public and several
more that have been privately sold. Antoine has
also invested in and is a board member of private
companies such as MD Start, CoAxia, EOS,
Mainstay and ReCor.
In 2012 and 2011, Antoine was recognized on the
Forbes “Midas List” of the top dealmakers in lifescience and high-tech venture capital. Antoine has
an MBA from The Wharton School.
11
Welcome to INSEAD
As one of the world’s leading and largest graduate business schools,
INSEAD brings together people, cultures and ideas from around the
world to change lives and to transform organisations. A global
perspective and cultural diversity are reflected in all aspects of our
research and teaching. With campuses in Europe (France), Asia
(Singapore) and Abu Dhabi, INSEAD’s business education and
research spans three continents. Our 145 renowned faculty members
from 36 countries inspire more than 1,200 degree participants in our
MBA, Executive MBA and PhD programmes each year. Also, more
than 9,500 executives participate in INSEAD’s executive education
programmes..
In addition to INSEAD’s programmes on our three campuses, the
INSEAD-Wharton Alliance delivers MBA and co-branded executive
education programmes on Wharton's U.S. campuses. In China, we
award a joint Executive MBA with Tsinghua University and have a new
partnership with CEIBS for both executive education and MBA
programmes. In Brazil, our executive education association with
Fundação Dom Cabral has existed for over two decades. Four years ago, INSEAD celebrated 50 years
as a pioneer of international business education based in Europe. Two years ago we celebrated
another milestone in our history - the tenth anniversary of our Asia campus in Singapore and we look
forward to celebrating more milestones as we grow and continue to provide the best talent with the
tools to be successful in their business careers.
We are happy to support the INSEAD Private Equity Club in their work and are proud of the conference
they have arranged this year. We hope you enjoy your visit to Fontainebleau, whether it be your first or
one of many, and we hope to see you again in the future.
Peter Zemsky
Interim Dean
Eli Lilly Chaired Professor of Strategy and Innovation
INSEAD The Business School for the World
Publication
Bloomberg BusinessWeek
Financial Times
Forbes
QS Global
Recent INSEAD Rankings – MBA Programme
Rank
Region
#2
Non-U.S.
#6
Global
#2
Non-U.S. one-year
#1
Europe, Asia
More information: www.insead.edu
12
Business School for the World
Sweden
Norway
Netherlands
Belgium
United Kingdom
France
Portugal
Canada
Denmark
Germany
Austria
Italy
Greece
Spain
United States
Switzerland
United Arab
Emirates
Russia
Federation
Lebanon
Israel
India
Korea
China
Japan
Hong Kong
Singapore
Brazil
Australia
Countries with more than 100 MBA Alumni
Joining INSEAD gives you instant access to a truly global network of contacts: more than 45,000 business
leaders in 170+ countries. Of course, other leading schools have alumni scattered throughout the world,
but we have a critical mass in more locations than any other. In fact, there are 39 countries where we have
over 100 alumni.
We offer many easy ways to plug into this worldwide web of contacts, including National Alumni
Associations, an online networking platform and a range of events, including regular reunions, back at
INSEAD. Our participants are always impressed by the network they acquire during the programme –
and then amazed by the benefits of belonging to an even wider network once they graduate.
13
Emerging markets: CEE, CIS, Turkey
Moderator
Thierry Baudon is the Founder and Managing Partner of Mid Europa Partners. He
oversees the investment strategy of the firm and chairs the Investment and Management
Committees. Thierry has led the Mid Europa team since inception in 1999 and has over 30
years of transaction and general management experience, including investing in the
Region since 1985. Previously, he headed the International Finance division of the SUEZ
Group, and held senior positions with the EBRD and World Bank/IFC Group.
David Bernstein is a Partner at
Baring Vostok Capital Partners
where he is responsible for
Investor Relations and Fund
Operations. Before joining Baring
Vostok in 2003, David worked on
micro-finance projects for the
International Labor Organization
(ILO) in Geneva, Switzerland.
From 1998 through 2001, he was employed as a
Senior Program Associate at Business for Social
Responsibility in San Francisco, where he worked
with US multinational companies on labour,
environment and community development issues.
David has a Bachelor’s Degree from Columbia
University and a Master’s Degree in International
Relations and Economics from the Johns Hopkins
University School of Advanced International
Studies.
Pavel Ezekiev worked at
Microsoft
and
was
an
investment
banker
with
Deutsche Bank in London and
Sofia
before
co-founding
NEVEQ as its general partner. NEVEQ Capital
Partners manages two venture capital funds,
dedicated to helping CEE entrepreneurs build
global technology companies. At NEVEQ, Pavel
works with entrepreneurs in areas from business
intelligence software to search technologies and
financial technology. He is currently a Trustee at
the American University in Bulgaria and he helped
Intel launch its Global Challenge competitions
across Eastern Europe, Israel and Turkey. Pavel is
also a founder of the largest independent BPO
company in Southeast Europe, which he serves as
a chairman of the board. Pavel received a Summa
Cum Laude finance degree from Northeastern
University, Boston.
Alp Guler (‘06D) is a Vice
President with Carlyle’s MENA
Buyout Fund, focusing on buyouts
and strategic minority investments
throughout Turkey. Since joining
Carlyle in 2008, Mr. Guler has
been actively involved with
Carlyle’s investments in current portfolio
companies Medical Park and Penti.
Prior to joining Carlyle, Mr. Guler was with MKM
Longboat in London and Lazard in London and New
York. Mr. Guler received an MBA with distinction
from INSEAD and a B.S. magna cum laude with
distinction in electrical engineering and economics
from Yale University.
Evren Unver (‘97D) is a founder
of Turkven, the leading alternative
asset manager in Turkey. The firm
manages US$1.5 billion of assets
with 17 investment professionals
based in Istanbul.
Turkven has raised the first ever private equity
fund for Turkey (2002) and went on to realize the
first venture backed LBO (Uno, 2003) and the
largest venture backed LBO (Migros, 2008) in
Turkey among its 17 investments.
Evren formerly worked at McKinsey & Company in
Istanbul and Seoul. Evren has an MBA from INSEAD
and an MS and BS in Electrical Engineering and
Computer Science from MIT.
14
Mid-market
Moderator
Charles Diehl has over 25 years private equity experience in France. He is a founding
partner of Activa Capital, an independent private equity firm dedicated to French midmarket MBOs with €500 million under Management. Prior to co-founding Activa Capital,
Charles had co-founded Barclays Private Equity France and was previously a Partner of
one of France's first venture capital funds, Pallas Venture. He is a graduate of the
University of Geneva and holds an MBA from The Wharton School. He is Adjunct Professor
of Entrepreneurship and Family Enterprise at INSEAD and teaches at the EVCA Training
Institute.
Stefano Drago (’00D) joined PAI
in 2005 and is a Principal in the
Healthcare sector team, in charge
of healthcare services.
He has been involved in several
transactions
including,
most
recently, Cerba European Lab
and Kiloutou, companies for
which he is currently board
member. Prior to joining PAI, Stefano spent four
years with McKinsey & Company in their Rome
office. He previously worked for three years within
the R&D department of France Telecom. Stefano
holds an MBA from INSEAD and graduated in
engineering from both the Politecnico di Torino
(Italy) and the Ecole Nationale Supérieure des
Télécommunications (France).
William Gilmore is Head of SWIP’s
private equity team responsible for
all investments and managing
£1.5bn in over 100 funds. He is a
member of Advisory Committees of
funds and BVCA’s LP Advisory
Board. Prior to SWIP, he worked for
Murray Johnstone for 10 years,
starting as an Investment Manager. Between 1987
and 1989, William was an Investment Accountant
with Ivory & Sime, after spending 4 years with
KPMG where he qualified as a CA. William holds a
BA from the University of Strathclyde.
Peter Mayrl (‘96D) joined
Idinvest Partners in 2011.
Peter is CIO of the Funds of
Funds activity and is a
member of the investment
committee. Before joining
Idinvest Partners Peter was
Investment Director at Allianz
Capital Partners. He was responsible for
investments in European buyout funds and headed
the secondary and co-investment activity. Prior to
joining Allianz, Peter worked as an Investment
Director at Lyceum Capital and Permira and, prior
to that, at Bain & Co. Peter Mayrl holds a MBA from
INSEAD and a degree in Economics from The
Bocconi University.
Hans
Oerlemans
(‘01J)
is
Investment Director at Waterland
Private Equity Investments. Hans
has over 15 years’ experience in
private
equity,
strategic
management consulting and line
management.
He
has
been
responsible for major operational
improvement projects and has held senior
management positions in industrial companies
ranging from multinational to mid-sized, often in a
crisis or turn-around situation. Prior to Waterland
Hans worked for Value Enhancement Partners, a
specialized turn-around investor. Before that he
worked for McKinsey & Company, Corus and BHPBilliton. Hans holds an MSc from Delft University
and an MBA, with distinction, from INSEAD.
15
Global Private Equity Initiative
GPEI is INSEAD’s Centre of Excellence in Private Equity and works hand in hand with private
equity firms to create relevant, timely and thought provoking output. Our research targets to
enhance the productivity of the capital deployed in this asset class and to facilitate the
exchange of ideas and best practices amongst limited and general partners and stakeholders
involved in the industry (e.g. family firms, public markets, and regulators).
In the short three years since its formation INSEADs Global Private Equity Initiative has created
original yet applied content on a range of under-researched topics and geographies and
generally engaged with senior industry players in many ways. GPEI helped to establish a state
of the art comprehensive curriculum in Private Equity at INSEAD that is executed in close
cooperation with the industry. Today about 700 MBAs take Private Equity electives every year
and more than 1500 alumni work in the industry.
INSEAD's global presence gives GPEI a unique advantage to conduct research into the
established markets for private equity while at the same time exploring new frontiers in
emerging markets to arrive at a truly global perspective on the asset class. GPEI is also
focusing attention on newer areas shaping the industry such as Impact Investing, Growth
Equity, and Real Estate Private Equity and the needs of various sets of LPs (e.g. Family offices,
Sovereign Wealth Funds).
We are supported by a group of world class companies (The Abraaj Group, General Atlantic,
The Boston Consulting Group and PricewaterhouseCoopers) that recognise the importance of
independent research and outreach activities for the growth of the global private equity
industry. In addition GPEI draws on leading data providers to the private equity industry Asian Venture Capital Journal, Dow Jones, Preqin and Pevara - for its on-going research
activities.
For more information on our initiative please visit: www.insead.edu/gpei.
GPEI Core Supporters
GPEI Research Partners
16
INSEAD Faculty Publications
Brief Description: How many
of us are aware that HSBC,
'The World's Local Bank',
originated in Hong Kong and
Shanghai? Business managers
need to have a global vision in
order to be successful, with
the skills to formulate and
implement strategy across
borders. Global Strategic
Management lays down the foundations of
'traditional' strategy theory from a global
perspective, while highlighting issues unique to
companies operating worldwide and discusses
truly 'transnational' firms, whose place of origin can
no longer be pinpointed. The third edition of this
popular text offers substantially revised chapters
on Emerging global players and Global trends, as
well as more coverage of ethics and sustainability,
and outsourcing and offshoring.
Brief Description: Business
ecosystems change constantly.
Opportunities come and go and
the race is won by the most
agile. Today’s business leaders
know all too well that to compete
and grow, they must regularly
expand or reinvent – but how
should they go about bridging
the resource gap? No matter
their size or pedigree, firms have a limited number
of options: they can innovate internally (build);
enter into contracts or alliances and joint ventures
(borrow); or merge or acquire (buy). In their new
book, Laurence Capron and Will Mitchell show
how ineffectively most companies plan for growth
and, drawing on two decades of research and
interviews with senior executives present a stepby-step Resource Pathways Framework that helps
business leaders assess the potential benefits and
risks of all the possible sourcing modes for their
company, and select the best option for each new
growth initiative.
Brief Description: From smart
phones and computers to blue
jeans and beer, companies from
China, India, Taiwan, Mexico,
Turkey, and other emerging
markets are now winning
leading market shares with their
own-branded,
high-quality
products-rather than with poorly
produced products sold under
others’ brand names. These emerging-market
multinational companies are giving the incumbent
market leaders of North America, Western Europe,
and Japan a run for their money in the areas of
innovation, branding, and marketing. How have
these small, under-resourced businesses come so
far so quickly? And what can you learn from their
strategies and tactics? Renowned experts in global
branding and marketing, the authors of The New
Emerging-Market Multinationals conducted an indepth study of 39 EMNCs to reveal the innovative
compete-from-below strategies and tactics fueling
these companies’ meteoric rise.
Brief Description: Are you the
next Steve Jobs? You could be
as innovative and impactful—if
you can change your behaviors
to improve your creative
impact. In The Innovator’s DNA,
authors Jeffrey Dyer, Hal
Gregersen, and bestselling
author Clayton Christensen (The
Innovator’s
Dilemma,
The
Innovator’s Solution) build on what we know about
disruptive innovation to show how individuals can
develop the skills necessary to move progressively
from idea to impact. By identifying behaviors of the
world’s best innovators—from leaders at Amazon
and Apple to those at Google, Skype, and Virgin
Group—the authors outline five discovery skills
that distinguish innovative entrepreneurs and
executives from ordinary managers and explain
how, buy mastering these skills, you can generate
ideas, collaborate with colleagues to implement
them, and build innovation skills throughout your
organization to sharpen its competitive edge.
17
LPs & Fundraising
Moderator
Patrick Abouchalache (‘01D) is Principal & VP for Global Member Relationships with
Palico. Patrick oversees Palico’s Americas operations and global client services. Palico is
the first on-line platform for the global private equity fund community.
Patrick has over 17 years of international experience as an investor, entrepreneur, and
advisor and his experience spans a variety of industries, including healthcare,
technology, consumer, and retail. Patrick is also the founder of The PEGA Group, a New
York based consultancy focused on advising investment firms, family offices,
entrepreneurs, and senior industry executives. He previously worked as an investment
banker in Salomon Smith Barney's Global Communications Group and its European M&A
Group as well as at the International Finance Corporation. Patrick is Co-President Americas of the
INSEAD Private Equity Network. Patrick received a B.S. in Economics from The Wharton School, cum
laude, and an MBA from INSEAD.
Xavier Belloir graduated from an
Advanced Master in Financial
Technics at ESSEC Business
School.
Following
this
he
completed various internships in
Investment Banking before joining
AXA’s Private Equity’s Fund-of-Funds Team as
Investment Manager in 2001. Since then, Xavier ran
dozen of transactions (Secondary and Early
Secondary) for a global amount of €2.0bn,
multiplying relationships with different GPs. Xavier
acts now as Managing Director and is responsible
for the French Fund-of-Funds team, coordinating,
in addition to investment, internal processes and
monitoring tools.
Dr.
Patricia
Dinneen has
focused on Emerging Markets for
most of her 36-year career. She is
currently a Managing Director at
Siguler Guff & Company, a global
multi-strategy
private
equity
investment firm. Patricia joined
the Firm in 2004 to build and manage the BRIC
private equity investment business. She has also
held positions at Cambridge Associates, British
Telecommunications, Hughes Communications,
RAND Corporation and the White House. Patricia
holds a B.A. degree from the University of
Pennsylvania, M.Sc. from the London School of
Economics and Ph.D. in Economics from MIT
Andreas Lange is Chief Investment
Officer of Argenthal Private Capital
Limited. Andreas also oversees the
investment program of the Garcin
family. Prior to his position at
Argenthal,
Andreas
co-founded
Altira AG, an independent asset
management
platform.
Andreas
pioneered the development of a select number of
investment strategies in private and public
markets. Andreas began his professional career in
1999 in the M&A practice at Lazard Ltd. Andreas
graduated with distinction from the University of
Bayreuth, Germany, where he received his MBA.
Markus Langner (‘03D) is a
Managing Director in Business
Development
at
Capital
Dynamics. Prior to joining
Capital Dynamics, he worked in
business
development
at
Golding Capital Partners, a
German private equity asset manager. Earlier in
his career, Markus was a consultant and project
manager at Monitor Company, where he advised
international clients on corporate strategy, and
also worked for Siemens on corporate strategy and
M&A. Markus holds a Master's degree in Chemical
Engineering from the Massachusetts Institute of
Technology (MIT), and an MBA from INSEAD.
18
Distressed investing & Turnarounds
Moderator
Georg Madersbacher (‘90D) cofounded in 2001 Orlando Management AG, a leading
special situations investor in the German speaking world. He has led more than 20
transactions in various industries ranging from manufacturing, automotive supply,
retailing, consumer goods to healthcare and IT. He has also led as chairman of the board
several Orlando engagements and initiated major improvement programs in portfolio
companies. Georg is also a founding member of Orlando Italy and Orlando real estate.
Prior to founding Orlando, Mr. Madersbacher was on the management board of GMM Active Equity AG.
He spent eight years with McKinsey & Co. focusing on turnaround and operations work for his industrial
clients. Mr. Madersbacher holds a degree in mechanical engineering from ETH Zurich and an MBA from
INSEAD.
Chris Boehringer (‘03D) is a
Managing
Director
of
the
Opportunities Funds at Oaktree
Capital Management, based in
London, where he is responsible for
distressed and special situations
investments across multiple sectors.
Prior to
joining Oaktree in 2006, Mr. Boehringer worked at
Goldman Sachs in the European Special Situations
Group, and was Co-Founder and Director of
FITravel
Corporation,
an
internet-based
distribution system for travel products. Previous
experience includes Leveraged Finance at
Warburg Dillon Read/SG Warburg in London,
Hong Kong and New York, and LTU GmbH & Co. in
Duesseldorf. Chris holds a B.A. degree in
Economics from Harvard University and an MBA
from INSEAD in France.
Richard Hudson is a Managing
Director with Alvarez & Marsal. He
brings
more
than
16
years’
experience in board, operational,
restructuring and advisory roles. He
has operational experience with P&L
responsibility within both BTB and BTC sectors and
has extensive corporate finance and financial
restructuring experience. Most recently, Mr.
Hudson spent 15 months advising the board of
Eircom in Ireland through its landmark €1.9 billion
financial restructuring. Richard earned a BSc
(Hons) in economics from the University of Bristol
and is a qualified Chartered Accountant (ICAEW).
In 2011 he was nominated for the IFT Turnaround
Rising Star and in 2012 he was named by Global
Telecoms Business as one of the 40 key executives
under 40 to watch.
Etienne Lecompte (‘08J) is a
founder and a managing director
of the Local Content Assurance
Bureau (LCAB). In this role he saw
to the initial roll out and growth of
the company's flagship program,
the Contributor to Ontario Renewable Energy
Program (CORE Program). Prior to founding LCAB,
Mr. Lecompte worked as a consultant and
entrepreneur in a variety of fields. Etienne holds a
B.Com from McGill University and an MBA from
INSEAD.
Silviu Savin (‘03J) has 15 years of
private equity and real estate
experience, primarily with the
Government of Singapore Investment
Corporation (GIC) in London and
Singapore. Before joining World
Trade Capital Partners in 2012,
Mr.Savin managed and developed real estate
investments in his native Romania on behalf of
Cheyne Capital and Warburg Pincus. Mr.Savin
holds an MSc in Applied Physics from Stanford
University and an MBA from INSEAD.
19
Moderator
Gail McManus is the managing director of Private Equity Recruitment and former
senior venture capital investor. Gail has an MBA from London Business School and has
been involved in private equity for more than 30 years. She started her career with 3i in
a regional office investing in some of the UK’s earliest management buy–outs. She later
became 3i’s UK business development manager. Gail then moved into recruitment and
started PER and has been recruiting for private equity funds for the past 15 years.
Gail regularly speaks at international private equity and venture capital forums and
conferences. Gail has also been a judge on several private equity awards panels
including the UK Private Equity Awards, the Investor Allstars Awards and several others.
Anna Wahlstrom joined EQT in June 2012 as HR Manager. She joined from her position
as CEO at Propell, a recruitment agency that she founded in 2004 together with Investor
AB and Novare. Prior to that she worked as HR consultant for Investor AB’s HR firm
Novare for four years. Earlier in her career Anna worked with project management and
HR at StepStone.
Anna holds a Master of Social Sciences and Human Resources from Uppsala University
with a major in Sociology.
Annie Paydar is Head of HR, EMEA, for The Carlyle Group, currently based in
London. She joined Carlyle in 2004 and worked in Carlyle’s DC and NY offices before
transitioning to London in 2010 to oversee HR operations for EMEA. She manages
strategic initiatives, operations, and human capital recruitment and development across 6
funds for the region. Prior to joining Carlyle, Annie was a Human Resources Generalist
with The Blackstone Group in New York City.
Annie has BS degrees in Political Science and Communications from the University of
Utah.
20
Logistics
 Complementary WiFi Access
o SSID = INSEAD-Public
o Password: awebuq#53
 Complementary Lunch
o Lunch will be served in the restaurant area. Please show your
name badge at the Cash Register
 Face-to-face meetings
o Break-out rooms are available for face-to-face meetings in the
South Wing. Please follow the signs to this area.
 Getting around
o Taxis

o Buses

Taxis should be available at peak times outside INSEAD main
reception. Alternatively, they can be ordered at the main
reception or by staff at Meeting Point – Camembert
Shuttles to Fontainebleau Avon train station leave INSEAD at
intervals throughout the day:
 5:00pm
 5:30pm
 6:10pm
 6:30pm
21
Acknowledgements
The INSEAD Private Equity Club would like to thank all of those who have contributed to the
success of the 2013 INSEAD European Private Equity Conference, in particular:
INSEAD Faculty
Vikas Aggarwal, Timothy Bovard, Charles Diehl, Christine Driscoll, Lily Fang, Pierre Hillon,
Claudia Zeisberger, Peter Zemsky
INSEAD Staff
Fadilah Ahmad, Sophie Badre, Mia Deana, Sebastien Denudt, Monique Gerressen, Anna
Gyarmati, Christine Hirzel, Aileen Huang, Craig McKenna, Stephanie Paille, Rosalind Pereira,
Michael Prahl, Charlotte Richez, Celine Rogers, Axel Tagliavini, Esther Tan, Emilie
Tremauville
INSEAD Printshop
Christelle Bloy, Zoe Leporatti, Catherine Saint-Hilaire
INSEAD Private Equity Network (IPEN)
Patrick Abouchalache, Jonathan Monie, Philip Viergutz
INSEAD Career Services
Mary Carey, Agnes Cosnier-Loigerot, Christelle Cuenin
22
Contact Information
Head of Conference Organization
Christian Weniger
[email protected]
+33 666033711
Driving Operational Excellence
Julie Ross
[email protected]
+33 695749951
Emerging Markets: Middle East & Africa
Rakesh Patni
[email protected]
+33 760005398
Leveraged Buy-outs
Nitin Nowjee
[email protected]
+33 631508311
Venture Capital & Entrepreneurship
Yang Shi
[email protected]
+33 675219777
Mid-market
Toby Chang
[email protected]
+33 695614444
Emerging Markets: CEE, CIS, Turkey
Fedor Susov, IPEC Co-President
[email protected]
+33 695511322
LPs & Fund-raising
Alessandro Vannuccini
[email protected]
+33 695945044
Distressed Investment & Turnaround
Reman Arif
[email protected]
+33 647439131
Benjamin Sommer
[email protected]
+33 640733691
23
Notes
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26
Notes
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28
Friday 24 May 2013
INSEAD Europe Campus
Boulevard de Constance
77305 Fontainebleau Cedex, France
Tel: +33 (0)1 60 72 40 00
Fax: +33 (0)1 60 74 55 00
INSEAD Abu Dhabi Campus
4th Street - Muroor Road
P.O. Box 48049
Abu Dhabi, United Arab Emirates
Tel: +971 2 651 5200
Fax: +971 2 443 9461
www.insead.edu
Printed by INSEAD
INSEAD Asia Campus
1 Ayer Rajah Avenue
Singapore 138676
Tel: +65 6799 5388
Fax: +65 6799 5399

11th Annual INSEAD Private Equity Conference

Transcription

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