On-Demand

Deal Strategies in a Slowdown

In recent years, there has been record levels of dry powder available to GPs and the increase in market volatility has seen a reduction in valuations that have also been at record highs. Now that price multiples have fallen, PE managers are in a strong position to deploy capital and acquire high-quality assets at more attractive valuations.

The rise in distressed companies that require additional support provides an opportunity for managers with experience of turnaround and special situation funds. There is already evidence of domestic Italian GPs exploring these opportunities through the launch of new debt and restructuring funds. One possible lasting impact of this unprecedented health and economic crisis, is a shift in the role that private equity plays in providing support beyond the provision of capital.

label_outline Europe Private Equity
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    Luca Bucelli Head of Italy, Tikehau Investment Management
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    Giorgio De Palma Senior Managing Director, CVC Capital Partners
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    Raffaele de Courten Founding Partner, Alto Partners
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    Eugenio Morpurgo Chief Executive Officer and Founding Partner, Fineurop Soditic
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    Paolo Pendenza Managing Partner, Equita Capital
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    Denise Ko Genovese Associate Editor, Unquote

Fundraising Challenges

Unquote recorded 44 first or final closes of European private equity funds between March and May, a 42% drop on the three-month average seen across 2019. In Italy, GPs are likely to struggle to maintain the strength seen in 2019 when buyout and generalist vehicles raised €6.8bn.

As a result of continued uncertainty, many LPs are putting fund commitments on hold and are re-considering their exposure to certain countries and sectors. A number of GPs in the Italian market have delayed the launch of their next fundraises such as Consilium Private Equity and Green Arrow Capital, among others. Others including Quadrivio, Mandarin Capital and Aksìa Group have postponed the final closes of open funds until the crisis calms.

label_outline Private Equity Europe
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    Eugenio de Blasio Founder, Managing Partner and CEO, Green Arrow Capital
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    Raffaele Legnani Managing Director, HIG Capital
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    Eriprando Guerritore Partner, Gatti Pavesi Bianchi
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    Marco Natoli Head of Lower Mid-Market, Northern, Eastern & Southern Europe, European Investment Fund
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    Alessia Argentieri Senior Reporter, Unquote

Keynote panel: Private equity and economic transition

Having endured several months of severe disruption, China’s economy appears to be returning to a version of normal. Curtailed spending and severed supply chains have inflicted wounds on businesses, which will take time to heal. But there are also longer-term challenges around structural reforms and consumption-led growth. PE has contributed to the country’s economic evolution and will continue to do so – the question is how its role might change. Our panellists offer some answers.

  • How is macroeconomic uncertainty impacting investment?
  • What lessons can be drawn from past difficulties?
  • Are there likely to be more distressed opportunities?
  • What does China-US decoupling mean for private equity?
label_outline Private Equity Asia

A matter of control: Are buyouts coming of age?

Expectations of more buyout opportunities in China are based on well-known factors: succession planning, multinationals that get out when the going gets too tough, and founders who recognise they need help to reach the next level for expansion. But how long will it take for the trickle of deals to become a steady flow, and are private equity firms equipped to respond when this happens? Our panellists discuss the implications of majority ownership.

  • What does control mean in a China context?
  • How do private equity firms source buyout deals?
  • Are take-privates the next big opportunity?
  • How are GPs addressing the new norms for businesses and creating value?
label_outline Asia Private Equity

GP panel - The new PE playbook

As the pandemic grips the world and economic activity is spiraling down, India exercised the biggest lockdown in the world essentially putting a stop to economic life as we know it. The re-opening of the economy brings unique challenges as fund managers adapt to a new normal that will affect, deal making, portfolio management and fundraising, as well as presenting opportunities for private markets as they look to rebound. A group of leading investors will discuss the key questions front of mind for the community, including:

  • What is the impact on Covid-19 on the economy and what deal opportunities will it likely present?
  • How are GPs approaching fundraising and investor relations?
  • How do you value a company now in a Covid-19 world?
  • What will happen to the private equity landscape and how are the LPs reacting
label_outline Private Equity Asia

Inside the storm Portfolio management

Fund managers alongside company founders and executives are working together to ensure survival of their portfolio companies that are dealing with liquidity issues in a difficult environment, searching for operational strategies to stay buoyant. Some companies have been forced to change business models, raise additional funds and reposition themselves to take advantage of the new landscape. Our panel of experts will share their experiences and ongoing efforts in steering their portfolio to safety.

label_outline Asia Private Equity

LPs’ view on private markets

According to a recent institutional investor survey featuring 100+ LPs, a majority of respondents stated that they do not plan to make any changes to their private market allocations or leave certain geographies in the short term. Despite investors becoming more comfortable with deploying capital to Southeast Asia in recent years, as well as the region being voted the most attractive investment destination by LPs in a 2019 EMPEA survey, are the region’s fragmented markets, succession challenges, and track records set to become a deterrent? Our esteemed panel of local and international LPs will discuss opportunities in Southeast Asia, where they plan to allocate, and their mid- and long-term strategies for the region.

label_outline Asia Private Equity

Tipping the ESG balance

With many LPs using the crisis to re-evaluate their portfolios from an ESG perspective, the spotlight for many has shifted towards more sustainable investing. Hear from a senior panel of experts about their ESG investing journeys, whether the Coronavirus pandemic has magnified concerns and the possibility of using the secondaries market to tip the balance towards a more impact-focussed portfolio.

label_outline Private Equity
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    Claire Woolston Commons Head of Strategy, Palico
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    Paul Newsome Partner, Head of Investment Solutions, Unigestion
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    Chris Varco Managing Director, Cambridge Associates
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    Denise Ko Genovese Associate Editor, Unquote
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