AVCJ Private Equity & Venture Forum 2009

22nd Annual

11 – 13 November 2009 Global perspective, local opportunities

Hong Kong 2009

AVCJ Private Equity & Venture Forum

Convened by

Asian private equity and venture capital lead the new financial order

Four Seasons HotelHong Kong

Sponsors

Lead sponsors Asia series sponsor

Co-sponsors

Legal sponsors

PE Leaders’ Summit sponsors

LP Summit sponsors

,

Official newspaperPublic relations partnerKnowledge partners

Exhibitor

The 22nd Annual AVCJ Private Equity & Venture Forum

Private equity worldwide enjoyed bumper years in

2006, 2007 and 2008 with more funds raised and

deployed, and more fees earned than ever before.

Now that the party is over and sobriety is setting

in, LPs and GPs alike are asking hard questions.

The 22nd Annual AVCJ Private Equity & Venture

Forum in Hong Kong tackles the fallout of the

global economic crisis, considers the foundations

for Asia’s recovery, contrasting it to that of the

West, and reflects upon lessons learned. At the

same time the Forum will examine the routes

to growth and exit against the backdrop of

challenging market conditions, and highlight the

sectors, industries and regions showing resilience

and perhaps even the beginnings of resurgence.

Don’t miss Asia’s premier private equity event—

register now!

“The mother of all private equity conferences in Asia”

K. Y. Tang, Chairman & Managing Partner, AFFINITY EQUITY PARTNERS

Tuesday, 10 November 2009

Asian Private Equity & Venture Capital Awards 2009The China Club | Central (by invitation only)

18:30 Cocktail reception

19:30 Awards dinner

Wednesday, 11 November 2009

PE Leaders’ SummitFour Seasons Hotel | Central

09:00 Registration opens

17:00 Summit concludes

Institutional investors’ luncheon roundtableThe Peak Suite, Four Seasons Hotel | Central (by invitation only)

12:30 Luncheon

LP SummitFour Seasons Hotel | Central (by invitation only)

14:15 Registration opens


22nd Annual AVCJ Private Equity & Venture ForumWelcome receptionFour Seasons Hotel | Central

18:30 Cocktail reception

Schedule of events

NEW THIS YEAR

Sponsor

Friday, 13 November 2009

22nd Annual AVCJ Private Equity & Venture ForumFour Seasons Hotel | Central

08:00 AVCJ Main Forum registration opens

14:30 Main Forum concludes

Thursday, 12 November 2009

22nd Annual AVCJ Private Equity & Venture ForumFour Seasons Hotel | Central

08:00 AVCJ Main Forum registration opens

18:00 Day 1 Main Forum sessions conclude

Gala cocktail and banquetFour Seasons Hotel | Central

18:30 Gala cocktail reception

19:30 Gala banquet

Sponsor

Supporting organisations

9:00 Registration

9:10 Fund back office, setup and coping with change

Having the right support and systems in place can pay dividends in terms

of flexibility and enabling teams to focus on the core competency of the

fund: managing investments. At the same time, regulations are constantly

changing with respect to taxation status in particular, and LP informational

demands continue to evolve:

• What is the optimum fund framework and domicile for investing in Asia’s

different geographies?

• What are the special reporting challenges for domestic currency

denominated funds?

• How are fund managers responding to LP demands for clearer, more

timely reporting?

• Compliance issues arising from continuing changes to “Topic 820” and

similar legislation

• What is the impact of the global clampdown on tax havens, for PE funds

and their investors?

10:10 Special address: Operational Excellence: The five keys to competing on the world stage

10:30 Coffee / tea networking break

11:00 Investor relations and the perpetual fundraising cycle

The pendulum of power continues to swing back and forth between PE

fund managers and their LP investors. In uncertain times prudent managers

seek to maintain a constant dialogue with the existing investors and the

wider market. This panel examines:

• Facebook and Twitter for fund managers: How to initiate and perpetuate

a conversation with your LPs

• The impact of the ban on placement agents in the US on fundraising

globally

• How to raise funds in a depressed market—and how to ensure drawdown

limitations don’t apply to you

• A peek into LP investment committee meetings: How are the hard

decisions made?

• The likely impact of ILPA’s white paper on fund terms

12:00 Hands-on portfolio management

The global downturn has seen a flurry of activity at the portfolio company

level, with fund managers seeking to protect their existing investments

before venturing more capital on new ones. While on one front this signifies

a laudable singularity of purpose, on the other, some are asking whether it

might be too little, too late:

• Is the prevalence of “non-control” deals in Asia underpinned by a genuine

business case or a lack of interest / ability on the part of PE fund managers

to effect change at portfolio companies?

• What are the philosophical and practical differences between firms which

embed operating partners in their portfolio companies and those who

operate a more hands-off approach?

• Case studies: Practical examples of how GPs have effected change at

portfolio companies and lessons learned

• Is there a deal size band which requires more hands-on management than

the rest?

13:00 Luncheon

14:15 Due diligence and risk mitigation

The foundation for deal completion and the restructuring, honing, pruning

and growth that follows it—due diligence forms the basis not only of

decision-making, but also future planning. But it’s also expensive and time

consuming. Experts in the field consider:

• How to identify the areas which need close inspection in the business

you’re buying

• Different types and techniques for due diligence

• Case studies of different industries and different regions: Typical risk profiles

• Risk mitigation


15:45 Planning for the exit

The final hurdle to achieving those top decile, vintage returns: Having a clear,

flexible and, above all, executable exit plan is crucial to the success of the PE

industry as a whole and each fund in particular:

• Futurology: How to determine the exit from the outset?

• How to keep your options open and avoid exit-limiting vehicles and

instruments?

• LP liquidity: Are we seeing the emergence of a transparent, permanent,

secondary market?

• If pricing on Asian and the world’s bourses is no longer dictated by

some version of the Efficient Markets Hypothesis, can fund managers

legitimately assume an exit via IPO?


PE Leaders’ Summit

11 November 2009

13:45 Registration

14:00 Asia forges ahead of the West

Institutional investors have seen their portfolios diminish substantially

in the past two years. To offset the loss, they have continued allocations

to alternative assets, especially private equity, in the search for superior

returns. With many of the local economies already recovering

from the financial crisis, Asia is a natural choice as an investment

destination. Furthermore, a maturing Asian private equity industry now

offers LPs plenty of choices. A diversified group of investors discuss:

• Where Asia fits in a balanced portfolio

• What foreign LPs and their peers think of Asia

• The allocation and investment process

15:00 Is the buyout model still valid?


15:40 Regional vs. single-country approaches to Asian private equity

A few years ago LPs went gaga over pan-Asian buyout firms creating

mega funds in the several billion-dollar range. At the same time they

shunned smaller single-country funds. Yet recently some investors

have changed their tune and are now looking closer at country

funds, citing deeper local relationships and better access to deals. Yet

despite some high profile setbacks, the thesis for pan-Asian buyouts remains

largely intact. The debate continues as LPs argue their views.

• Is the pan-Asian buyout model flawed?

• Do country fund managers have more access?

• What do investors really prefer?

16:30 LPs united: Solidarity to advance the LP-GP relationship?

The recessionary environment has hit the LP community as hard as the fund

managers they invest with, and a lot of talk in the industry over the past

year has focused on the LP-GP relationship, with areas like management

fees, clawbacks and proper reporting all coming into question. To what

extent have these talks produced favourable results for institutional

investors? Should the voice of the Limited Partner have greater weight

in the investments and partnerships they make? Or will LPs have to go

on settling for the same terms and conditions they have had from the

beginning? Offshore and on-the-ground LPs share their views on:

• How the LP-GP relationship is changing and where it should ultimately be

• The benefits of better communication within the LP community

• Strategies for finding liquidity when capital calls are made


11 November 2009

LP Summit

1,200 DELEGATES FROM MORE THAN 30 COUNTRIES LAST YEAR!

12 November 2009

8:00

8:20

Registration and networking breakfast

Welcome remarks

8:30 Opening keynote address

Asian Private Equity & Buyouts Asian Venture Capital & Tech

9:00 Keynote panel: The brave new world of private equity Keynote panel: Venture tests its new limits

As the recessionary environment tightens its grip on the private equity world, general partners are feeling the heat. The years of excess have finally come to an end. Fundraising and deal activity are down substantially. Leverage has dried up, and GPs are now reapplying disciplines from an earlier era where private equity firms relied less on financial engineering and more on management skills and value add. Senior global practitioners discuss the lessons learned in the past year and how they can be applied: • Seismic shifts in market sentiment: How best to manage?• The current focus of US and European private equity firms: What are they

and what, if any, effect do they have on Asian investors? • Who will emerge the strongest coming out of the recession?

Another victim of the global downturn, venture capital has seen fundraising stymied, exits closed and distributions to LPs virtually non-existent. Worldwide, venture is facing new challenges and requiring new answers that will drive it far from its historic bias towards structures evolved to suit the 1980s Silicon Valley. Most funds have yielded few significant returns since the 2001-02 dotcom blowout, and VCs are coming to prefer trade sales over IPOs as the only viable exit option and aiming to ‘do better with less’ in their portfolios. Strategic VCs, meanwhile, are using their corporate resources and freedom from LP-driven constraints to take a larger share of the market, while newly fashionable investment areas like cleantech require different investment dynamics than traditional VC funds. • Are the leading VC firms doomed to consolidate and contract?• Will generational change in the VC industry lead to new structures or a

hemorrhage of talent?• What part will VC play in driving innovation and development in the future?


10:30 Re-creating value: Is it back to basics for private equity? Creating companies in the downturn

Private equity has always prided itself on investing in and nurturing growth. Though this story has been eclipsed in recent years by that of financial engineering and leveraged buyouts, PE fund managers have not forgotten their roots, and many are now returning to the hands-on model to see their existing portfolios through the current turmoil. Join our group of experienced managers as they discuss:• Which sectors still pose growth potential in a shrinking global economy?• What strategies are successful GPs implementing for their portfolio

companies?• Organic growth versus the buy-and-build model

Venture funding across the globe has slowed dramatically in the past year. Furthermore the financial crisis has compounded the challenge of making new ideas into profitable companies. While Asia has carved itself a number of successful niches in technology, the chances of continued success will depend on entrepreneurs and investors’ innovation, creativity and perseverance. A panel of expert investors and entrepreneurs share their views on:• The newest and brightest ideas from Asian minds• The opportunities and prospects for monetising local ideas• Asian entrepreneurs’ ability to leverage technologies developed elsewhere

into profitable business models.

11:30 Growth capital: Opportunities in adversity The next big tech trends—and how to monetise them

Growth capital is the mainstay of the Asian private equity industry, yet it has been eclipsed in the press in recent years by headline-grabbing mega buyouts. As the liquidity crunch drains leverage financing from the LBOs, however, larger firms are also encroaching on this space as they search for lucrative opportunities in a world where financing is hard to come by. Veterans in the growth capital space discuss:• The opportunities for larger funds in the growth capital space• Alignment of interests: Creating win-win situations • Control companies without majority stakes

The popularity of Facebook, Google, YouTube and iPhone has proved that technologies changing the way people live, work and play are going to win over the market. Fields such as biotech, cleantech, web 2.0, wireless, gaming and cloud computing all possess this potential. Venture capitalists will stand or fall though by their effectiveness in fitting selected companies into their portfolios and monetising their products. • What are the next big tech trends? • What attributes qualify them and their developers for success?• iFund has emerged to support iPhone application developers: What else

can VCs do in order to flourish with the future tech trends?• How will the current market conditions affect the formation of the next

tech wave?

12:30 Luncheon Luncheon

Keynote address Unveiling the venture capital potential in the Greater China region

14:00 Keynote address

Asian Private Equity & Buyouts Asian Private Equity & Buyouts

14:30 Keynote address Secondaries enter center stage

nstitutional investors are curbing their appetites for private equity funds as they search for liquidity by selling parts of their existing portfolios. With an estimated US$100 bn of limited partnership stakes needing to find new owners, a number of secondary funds are currently in the market raising capital. Many investors, though, are still unfamiliar with secondary funds or have outdated perceptions of how they operate. Representatives from leading secondaries provide the latest update on their niche in the market.

14:50 China

Despite the global recession, China is still poised for strong growth. The manufacturer to the world may be feeling pressure as exports fall but the government’s US$586 bn bailout plan is designed to pre-empt damage by stimulating domestic growth. Experienced investors in the Mainland discuss:• Which industries and regions are likely to benefit from the Chinese

central government’s $586 bn stimulus package? • Has the time now come for consolidation across China’s many over-

populated industry sectors?• Opportunities in the improved cross-Strait relationship with Taiwan

Main Forum

Sponsor

12 November 2009

Main Forum

Abu Dhabi Investment AuthorityAdams Street PartnersAIG InvestmentsAllianz Private Equity PartnersAllstate InvestmentsAlpInvest PartnersAsia Alternatives AdvisorAsian Development BankATP PEPAureos Central Asia FundAustralianSuperAXA Private Equity AsiaAxiom Asia Private CapitalBerchwood PartnersBritish Columbia Investment Management

CorporationBrose TrustBrunei Investment AgencyC.P. Eaton PartnersCanada Pension Plan Investment BoardCFMCharles Stewart Mott FoundationChina Development Industrial BankColler CapitalColony Capital Asia Pacific

The world’s largest gathering of Asia and internationally-focused LPs and institutional investors 2008 attendance of limited partners and institutional investors included one or more representatives from these and other organisations:

Samsung Life Insurance CoSEB Wealth ManagementSEDCOSiguler GuffSISSquadron Capital Advisors LimitedStanwich AdvisorsState Employees’ Retirement System,

Commonwealth of PennsylvaniaState of Michigan Retirement Systems Sumitomo CorporationTeacher Retirement System of TexasTeachers’ Private CapitalTemasek Holdings Terrain Placement ServicesThe Bank of Tokyo-Mitsubishi UFJThe College of William and MaryThe Hong Kong Jockey ClubThe Sumitomo Trust FinanceThe University of Texas Investment

Management CoTIAA-CREFTokio Marine Asset Management CoTokio Marine Investment ServicesUniversities Superannuation SchemeUniversity of Florida Investment Corp.University of MichiganWashington University Investment Mgmt CoWestLB AG

Daido Life Insurance CompanyDanske Private EquityDEGDUMACEdward Wong GroupElliott AdvisorsEM AlternativesEvolvence CapitalFuture FundGartmore Investment ManagementGartmore Private EquityGE Commercial Finance, EquityGIC Special Investments Government Pension Fund, ThailandGreenpark Capital LimitedHarbourVest PartnersHarvard Management CompanyHoneywellHorsley Bridge PartnersHoward Hughes Medical InstituteIBM Retirement FundsIDFC CapitalIndustriens PensionIndustriens PensionsforsikringInter-IKEA Treasury

Kuwait Fund for Arab Economic Development

LGT Capital PartnersLiberty Global PartnersLockheed MartinLuserveMetLife Investments LimitedMitsui Sumitomo InsuranceMonetary Authority of SingaporeMousse PartnersMvision Private Equity AdvisersNational Pension Service Fund

Management CenterNoah (China) Private Wealth Management

CenterOMERS Capital PartnersOPTrust Private Markets GroupOregon State Treasurer’s OfficePantheon CapitalPartners GroupPaul Capital InvestmentsPerformance Equity ManagementPrinciple Advisory ServicesPublic Employees’ Retirement Association

ColoradoPublic School Employees’ Retirement

System, PennsylvaniaQuartics, Inc.Robert Wood Johnson Foundation



Asian Private Equity & Buyouts Asian Private Equity & Buyouts

16:00 Korea

16:20 Australia As a result of South Korea’s growing economy and the ongoing structural changes such as consolidation, privatisations, divestitures of non-core assets by chaebol and generational changes in corporate ownership, South Korea is expected to continue to grow its private equity investment opportunities. Meanwhile, local LPs such as the National Pension Service and Korea Investment Corporation are upping their allocations to alternative assets, making the land of the morning calm a prime destination for private equity fundraisers.• What opportunities exist for foreign PE firms?• What opportunities have been created by initiatives made by the

government through KDB, KIC and NPS?• How far will relaxation of foreign ownership rules help fund managers tap

chaebol for deals?• How vibrant is the non-chaebol growth opportunity in South Korea? • Will Korean companies accept PE as partners in their globalisation efforts?

The credit crunch, though not as brutal as many had feared, has still impacted the LBO mega deals once commonplace in Australia. Below this top tranche though, companies continue to compete, and the likely weeding of the corporate gene pool may yet prove a boon for the PE species. Australia has recently benefitted from the flow-through of China’s “big spend”, especially in the mining and resources sectors. But how is this impacting other sectors? Will it last? And how does it affect private equity in the land down under?• How do institutional investors see Australia versus world markets? How

do they plan to play the current uncertainty?• Have government initiatives to stimulate investment in innovation borne fruit?• What are the growth drivers for Australia’s middle market?• How has the increase in pressure globally to add value impacted Australian

fund managers?• Are LBO players still feeling the pinch? How are they adapting to survive?• Has Australia escaped the fate of its G8 cousins? What is the message for PE?

17:00 Southeast Asia

17:20 India and the Subcontinent The February 2009 ASEAN meeting renewed commitments to free trade in the region as well as the promotion of stronger economic ties and coordinated recovery plans between its members. But how do Singapore, Malaysia, Thailand, Vietnam and the Philippines compare to other investment destinations in Asia and the world?• Corruption and rule of law: How prevalent is the one? How strong the other?• Economies: Which countries are in the best position to escape the crisis

first? Do “remittances” offer a stable base for recovery?• Given the turmoil of recent times, how stable are the regimes in Southeast

Asia? Is political stability a prerequisite for recovery and growth?

Established PE investors in Asia’s second emerging mega-economy deliver the lowdown on the latest developments and their plans for the future:• Are recent corporate governance lapses endemic to Indian companies

or the exception to the rule?• What is the future for PIPE deals completed in the past 18 months to two

years?

18:30 Day one concludes

18:30 Gala cocktail reception

19:30 Gala banquet

Keynote address

Sponsor

Sponsor

13 November 2009

Main Forum

Recognising excellence in Asian private equity

Asian Private Equity & Venture Capital Awards 2009 (by invitation only)Tuesday, 10 November 2009 | The China Club | Central

8:00 Registration and networking breakfast

8:30 Keynote address

Asian Private Equity & Buyouts Asian Venture Capital & Tech

9:00 Strategies for a credit-constrained environment The evolution of cleantech and alternative energy investing in Asia

The door to credit, shut tight in December 2008, has opened a crack since then: Regional lenders, their balance sheets and resolve bolstered by government intervention and improving sentiments have begun to lend once more. Even international banks, although they’ve seen their market share diminish since many were bailed out by their governments, are back in business—soberly: • What impact has this return to discipline meant for Asia’s family businesses

and SOEs? • How have PE fund managers responded to the challenges to refinancing

debt and meeting covenants? • Will acquisition multiples come to reflect this reduced purchasing power

or will PE have to find new ways of closing deals? • How are PE fund managers structuring acquisitions to make them more

capital efficient? Have we changed trains from consolidation to carve-out?

With more than half the world’s population living in the developing part of Asia and striving to attain the same standard of living as that of their counterparts in the West, the challenge for the region remains how to achieve continued economic growth in an environmentally-friendly, sustainable and low carbon way. Market-based transfers of Western clean technologies would be one way, but room also exists for local development of even better technologies. What part can private equity and venture capital play in ‘cleaning up’ Asia? Panelists consider:• The effects of the economic downturn on the pursuit of sustainable

development, and how governments in Asia can support the adoption of clean technologies through their policies (e.g. legal and taxation)

• Existing best-practice models of incubating creativity and entrepreneurship that Asian nations can aspire to

• Cleantech and alternative energy investment opportunities in Asia for PE and VC funds

• How multinational organisations can bridge technology and capital


10:30 Distressed investing and special situations LP perspectives on venture capital in Asia

Distressed investments or distressed investors? The increasing numbers of investors needing to restructure debt off their balance sheets offers an opportunity for PE to enter a company’s capital structure above the “net assets” line rather than in the ownership segment of a balance sheet. Investors consider:• What special structures does investing through debt require?• How can companies avoid the need to come to PE fund managers to fund

their term-debt needs?• How are returns from debt products like these likely to compare with

historic PE returns?

Asian venture capital funds have had their fair share of difficulties in raising capital. Shunned by LPs in favour of their pan-Asian buyout counterparts, VCs have also blurred allocations by moving beyond their traditional comfort zones to include anything from technology start-ups to consumer-oriented plays. With the times being tough and institutional investors looking for greater returns from smaller commitments, will LPs gain an appetite for Asian venture? A panel of experienced LPs considers:• The venture capital prospects in Asia• The diversification strategies of Asian VC funds• Are foreign brands more attractive than homegrown names?

11:30 Emerging opportunities in Asian alternatives

The credit markets may be strangling the economy but opportunities for innovative investors with an appetite for deals beyond the traditional venture capital, buyout and growth avenues have abounded. In particular, local real estate and infrastructure companies are taking a beating, and many deals at steep discounts in these sectors are now available. Meanwhile, with stock markets down substantially, a large number of listed companies are also on the lookout for white knights to rescue them from the wrath of the financial

crisis. Senior professionals discuss the opportunities and pitfalls ahead in both Australia and Asia.• Public-to-private transactions• Real estate• Mezzanine • Infrastructure

12:30 Luncheon

Limited partners discuss the new paradigm

LPs have been hit from all sides in the subprime burnout, the subsequent credit crunch and recession. Public perceptions are a consideration for many LPs, but even those with liquidity are cautious about investing in PE away from their home jurisdictions. There are nerves about importing additional risk and propping up portfolios acquired at ambitious valuations. This group of international LPs shares their concerns for the asset class in Asia

and some of the inner workings of their respective investment committees. • How does the risk-return profile of Asian growth PE compare with US and

European distressed / recovery situations?• What is the LP’s appetite for Asian PE in the next three to five years? • Will LPs become closer partners or remain capital providers?

14:30 Concluding remarks

Conference concludes

Sponsor

Confirmed speakers include

Global titans

For more than 35 years, Mr. Doll has influenced and guided entrepreneurs, investors and executives

in the computer and communications industries. In recognition of his accomplishments in

venture capital, Mr. Doll was named by Forbes Magazine as one of the top 100 venture investors

on its Midas List for four years in a row. In April 2005, he was elected to the Board of Directors of

the National Venture Capital Association (NVCA). He also served as NVCA Chairman from 2008-

2009 and as a member of their Executive Committee from 2007-2009. Mr. Doll co-founded DCM

in 1996.

Dixon Doll

Co-Founder &

General Partner

DCM

Mr. Nunnelly joined Bain Capital in 1990 as a Managing Director. Prior to joining Bain Capital,

Mr. Nunnelly was a Vice President of Bain & Company, with experience in the domestic, Asian

and European strategy practices. At Bain & Company, he managed client relationships in a

number of areas, including manufacturing, consumer goods and information services. Previously,

Mr. Nunnelly worked at Procter & Gamble in product management. He also founded and had

operating responsibility for several new ventures. Mr. Nunnelly received an M.B.A. with Distinction

from Harvard Business School and received an A.B. from Centre College.

Mark NunnellyManaging DirectorBAIN CAPITAL

Mr. Roach is the Asia Chairman of Morgan Stanley. Mr. Roach has been widely recognised as

one of Wall Street’s most influential economists. His published research has covered a broad

range of topics, with recent emphasis on globalisation, the emergence of China, productivity,

and the capital market implications of global imbalances. He is widely quoted in the financial

press and other media, and his work has appeared in academic journals, books, congressional

testimony, and on the op-ed pages of the world’s leading newspapers. Mr. Roach holds a Ph.D.

in economics from New York University.

Stephen S. RoachChairmanMORGAN STANLEY ASIA

Mr. Halusa is the Worldwide CEO of Apax Partners. He is also the Chairman of the global

Executive Committee and the Investment Committee, and a member of the Approval and Exit

Committees. Previously Mr. Halusa was a Managing Director of Apax Germany from 1990-2003.

He originally joined Apax in 1990 from Daniel Swarovski Corporation and BCG. Mr. Halusa has

received a B.A. from Georgetown University, an M.B.A. from Harvard Business School, and a Ph.D.

in Economics from the University of Innsbruck.

Martin HalusaCEOAPAX PARTNERS

Jonathan M. NelsonCEOPROVIDENCE EQUITY PARTNERS

Mr. Nelson founded Providence Equity Partners, the world’s leading private equity firm focused

on media, entertainment, communications and information investments. Providence has over

$22 billion of equity capital under management. The firm’s sixth fund, Providence Equity Partners

VI, closed on $12 billion in 2007, making it the largest sector-focused private equity fund ever

raised. Prior to Providence, he was a founder and Managing Director of Narragansett Capital Inc.

Mr. Nelson received an M.B.A. from Harvard Business School and a B.A. from Brown University. Mr.

Nelson is a trustee of Brown University.

Mr. Marks is a founder of Oaktree, an alternative investment management firm with over US$58

billion in assets under management. Prior to Oaktree, Mr. Marks was with The TCW Group

where from 1985 to 1995 he led the groups responsible for investments in distressed debt,

high yield bonds and convertible securities. Previously Mr. Marks was with Citicorp Investment

Management for 16 years. Mr. Marks received a B.S.Ec. degree cum laude from the University

of Pennsylvania and an M.B.A. from the University of Chicago. He is a CFA charterholder and

Chartered Investment Counselor.

Howard MarksChairmanOAKTREE

Mr. Rubenstein is a Co-Founder and Managing Director of The Carlyle Group. He is based in

Washington, DC. Prior to forming the firm in 1987, Mr. Rubenstein served for six years as a

partner in the Washington, DC law firm of Shaw, Pittman, Potts & Trowbridge. At the age of

27, Mr. Rubenstein became Deputy Domestic Policy Assistant to the President of the United

States, a position he held until 1981. Mr. Rubenstein is a 1970 magna cum laude graduate of

Duke and a 1973 graduate of the University of Chicago Law School, where he was an editor

of The Law Review.

David RubensteinCo-Founder &Managing DirectorTHE CARLYLE GROUP


Limited partners and institutional investors

Peter AmourCEOAIF CAPITAL

Paul Asel PartnerNOKIA GROWTHPARTNERS

John BallFounder & Managing DirectorSTEAMBOAT VENTURES

Nicholas BloyCo Founder & Managing PartnerNAVIS CAPITALPARTNERS

Jeremy CollerCIOCOLLER CAPITAL

T. Bondurant FrenchCEOADAMS STREET PARTNERS

Steve ByromHead of Private EquityFUTURE FUND

Martin Day Managing DirectorOMERS CAPITAL PARTNERS

Yew Hong Goh Managing DirectorAXIOM ASIA PRIVATE CAPITAL

Suen-Yan LeungAlternative Funds Advisory, Director UBS

Aazar ZafarPortfolio Manager, Private EquityALBERTA INVESTMENT MANAGEMENT CORP

Stephen WhatmoreInvestment Manager, Global Private EquityQIC

Fritz BeckerCEO & Managing DirectorHARALD QUANDTHOLDING GMBH

John B. BreenVice President & Head of Funds & SecondariesCANADA PENSION PLAN INVESTMENT BOARD

C. Ashton Newhall General PartnerMONTAGU NEWHALLASSOCIATES

Kenneth YeoInvestment Director, SingaporeALLIANZ PRIVATEEQUITY PARTNERS

Timothy ReckerManaging Director - Private EquityUNIVERSITY OFCALIFORNIA REGENTS

Jie GongVice PresidentMORGAN STANLEYALTERNATIVEINVESTMENT PARTNERS

Stefan HeppFounder & CEOSCM STRATEGICCAPITAL MANAGEMENTAG

Sarah E. AlexanderPresidentEMERGING MARKETSPRIVATE EQUITYASSOCIATION

Stewart HayPartnerSL CAPITAL PARTNERSLLP

Philip M. BildenManaging DirectorHARBOURVEST PARTNERS (ASIA) LIMITED

Kyungoh KookDirector, Alternative Investment TeamKOREA INVESTMENTCORPORATION

Matthew Arkinstall Investment DirectorGREENPARK CAPITAL

Ralph GüntherHead of Private Equity Advisory & Fund-of-Fundsbmp AG

Bill PearceDirector, Investment Funds Dept., OVERSEASPRIVATE INVESTMENTCORPORATION

Marsha Vande-BergCEOPACIFIC PENSIONINSTITUTE

Eric I. ChanManaging Director, Private Equity GroupJP MORGAN ASSETMANAGEMENT

Boris BongManaging DirectorSQUADRON CAPITAL

Peter KeehnGlobal Head of Private EquityALLSTATEINVESTMENTS, LLC

Senior industry professionals

James H. BoettcherGeneral PartnerFOCUS VENTURES

Mark ChibaGroup Chairman & PartnerTHE LONGREACHGROUP

Simon CookePartnerCLIFFORD CHANCE LLP

Ashish DhawanSr. Managing DirectorCHRYSCAPITAL

Benjamin FangerCo-Founder & Managing DirectorSHORELINE CAPITALMANAGEMENT

Joseph W. Ferrigno IIIManaging PartnerASIA MEZZANINECAPITAL GROUP

Andrew LiuManaging Partners & CEO, AsiaUNITAS CAPITAL

David H. LiuPartner & Head of Greater ChinaKKR

Soichi KariyazonoPartnerGLOBIS CAPITALPARTNERS

Grant KelleyFounder & CEOHOLDFAST CAPITAL

Ron MahabirManaging DirectorASIA CLEANTECHCAPITAL

Benjamin JenkinsSr. Managing Director & Co-Head of Asian Corporate Private Equity THE BLACKSTONE GROUP

Kanak KapurManaging DirectorPACIFIC ALLIANCEGROUP

Thomas ChouPartnerMORRISON & FOERSTER

Jae-Woo LeeFounding PartnerVOGO FUND

David JonesManaging DirectorCHAMP PRIVATE EQUITY

Jeffrey Chi Managing Director & Partner VICKERS VENTURE PARTNERS

Erhai LiuManaging DirectorLEGEND CAPITAL

Mark B. FogleManaging Director & CIORREEF ASIA PACIFIC

Chih Tsung LamManaging DirectorAXIOM ASIA PRIVATECAPITAL

Daniel CarrollManaging PartnerTPG CAPITAL

Doug CoulterHead of Private Equity, Asia-PacificLGT CAPITAL PARTNERS

David EdwardsRegional Director, Fund President, Asia Property FundLASALLE INVESTMENTMANAGEMENT, ASIAPACIFIC

Ray Haarstick CEO & FounderRELEVANT EQUITY SYSTEMS

Shiv DalvieManaing DirectorAEA INVESTORS LLC

Daniel R. Mintz Founding Managing DirectorOLYMPUS CAPITALHOLDINGS ASIA

Brian M. McDanielPartnerGOODWIN PROCTER LLP

Tim MannHead of Asia Fund AdministrationMOURANT

Dominic JonesManaging DirectorALTER DOMUS

Bonyong KooSr. Managing DirectorKTB PRIVATE EQUITY

Senior industry professionals


K.Y. TangChairman & Managing PartnerAFFINITY EQUITYPARTNERS

Honson To PartnerKPMG HUAZHEN

Steven WischFounder & Managing PartnerINDIA EQUITYPARTNERS / IREO

Calvin XuSr. Industrial Specialist – Energy & Climate Change, Global Financial Markets Dept.IFC

Hugo ShongFounding General PartnerIDG CAPITAL PARTNERS

Yossi SelaManaging PartnerGEMINI ISRAEL FUNDS

Peter Wiggs Managing PartnerARCHER CAPITAL

Scott SandellGeneral PartnerNEA

Jason ShinFounding PartnerVOGO FUND

Maarten RuijsManaging Partner & CIOCVC ASIA PACIFIC

Kathy XuFounder & Managing PartnerCAPITAL TODAY

Xiaoyang YuFounding PartnerCHINA NEWENTERPRISEINVESTMENT

Jagannadham ThunuguntlaEquity HeadSMC CAPITALS LIMITED

Gary RieschelFounder & Managing DirectorQIMING VENTUREPARTNERS

Dominic ScrivenCo-Founder & DirectorDRAGON CAPITAL

Junfeng WangExecutive DirectorLEGEND CAPITAL

Mark QiuCEO & Managing DirectorCHINA RENAISSANCECAPITAL INVESTMENTINC

Yash A. RanaPartnerGOODWIN PROCTER LLP

Simon PillarManaging DirectorPACIFIC EQUITYPARTNERS

Sebastiaan van den BergPrincipalHARBOURVESTPARTNERS (ASIA) LIMITED

Raja Parthasarathy Managing DirectorIDFC PRIVATE EQUITY

Robert PettyManaging PartnerCLEARWATER CAPITALPARTNERS

22nd Annual AVCJ Private Equity & Venture Forum Welcome ReceptionWednesday, 11 November 2009 | Four Season Hotel

The ultimate in networking!

Nicholas Parker Executive ChairmanCLEANTECH GROUP

William OwensManaging DirectorAEA INVESTORS (ASIA) LTD

/ Booking Details

www.031109

AVCJ Private Equity& Venture Forum 2009

22nd Annual

11-13 November 2009 Global perspective, local opportunities

Register nowAVCJ Group Limited20th Floor, Tower 2, Admiralty Centre18 Harcourt Road, Admiralty, Hong Kong T: +(852) 3411 4900 F: +(852) 3411 4999E: [email protected]: www.AVCJforum.com

For DIAMOND and PLATINUM registrants only, please check I plan to attend the Welcome reception on Wednesday, 11 November at the Four Seasons Hotel. Yes No

I plan to attend the Gala cocktail and banquet on Thursday, 12 November at the Four Seasons Hotel. Yes No

PACKAGES Standard Rate Group Rate Registration received after Applicable to second and additionalPlease check 9 October 2009 registrants from the same office

DIAMOND Fees include 2-day Main Forum and PE Leaders’ Summit; breakfasts, luncheons, evening receptions and dinner as per the programs; and all conference documents.

Main Forum + PE Leaders’ Summit US$3,495 / HK$27,260 US$2,995 / HK$23,360

PLATINUM Fees include 2-day Main Forum; breakfasts, luncheons, evening receptions and dinner as per the program; and all conference documents.

Main Forum only US$2,995 / HK$23,360 US$2,395 / HK$18,680

GOLD Fees include PE Leaders’ Summit, luncheon and conference documents related to the PE Leaders’ Summit program.

PE Leaders’ Summit only US$795 / HK$6,200 US$695 / HK$5,420

Mr/Mrs/Ms First name Surname

Job title/position

Company

Address

City Country Post/zip code

Telephone Fax

Email

/ Registration DetailsPlease complete your details below in BLOCK CAPITALS or attach your business card.

I enclose a cheque payable to AVCJ Group Ltd.

I will arrange a bank transfer to HSBC, One Queen’s Road Central, Hong Kong: a/c# 004-502-118953-001 (SWIFT code: HSBCHK HHH KH)

Any bank charges must be prepaid. Please fax a copy of the transfer slip to +(852) 3411 4999 or +(852) 3411 4948

Please charge my credit card: (US$/HK$) Visa MasterCard American Express Note: Credit card payment is subject to a 5% surcharge.

Card No. Expiry Date

Name on Card Signature

/ Payment Details

Please enter my free trial subscription to AVCJ Private Equity Asia AVCJ (Chinese edition)

All information in this brochure is correct at the time of printing. The organiser reserves the right to amend any details due to unforeseen circumstances.

Forum Cancellation / Refund Policy: All cancellations must be received in writing prior to 9 October 2009 to qualify for a refund, less a US$300 (or equivalent) cancellation fee. There will be no refunds to any cancellations received after 9 October 2009. This policy is necessary due to our advance guaranty obligations and the costs associated with administering the conference.Forum Confirmed Registrations: Only paid registrations will be confirmed and must be received by 4 November 2009 for registrants to be included on the Official Delegate List which is posted at the forum.

/ Venue and AccommodationFour Seasons Hotel8 Finance Street, Central, Hong Kong / Tel : +(852) 3196 8357 / Fax : +(852) 3196 8330 / Email: [email protected]

Room Availability:

A limited number of rooms have been reserved at a special rate for conference delegates. Please contact the hotel directly to book your room and quote the

number 111009AVC to qualify for the special AVCJ Forum rate.

• Deluxe Peak view Room HK$3,200 per night • Deluxe Harbour View Room HK$3,500 per night

(Above room rates subject to hotel availability. Service charge is not included. Please note that the hotel will confirm room bookings directly with each registrant.)

Room Cancellation: To cancel your room reservation, please contact the hotel directly with a minimum of 14 days notification. A late cancellation or “no show” penalty of a one night charge (including 10% service

charge) will be automatically posted to the individual credit card by the hotel.

AVCJ Private Equity & Venture Forum 2009

Economy & Finance