How to create value when faced with high valuations.
INSEAD PE Club (IPEC) 13th Annual Private Equity Conference, May 2015
Every year in May, INSEADs PE Club (IPEC) organises what has become Europes largest MBA-led private equity conference. This event has evolved into an exceptional forum for discussion of the latest industry developments within the setting of a collegial campus environment. Each fall, IPEC holds an equivalent on- campus conference in Singapore with a focus on the latest trends impacting PE in Asia. This years conference in May ran under the theme of: How to create value when faced with high valuations. INSEADs dean Ilian Mihov, a renowned economist, opened the conference with deliberations around liquidity, cycles and the recent strong performance of the PE industry. In order to prepare for headwinds in the global economy, he urged PE practitioners to focus on building better companies ready to weather cyclical downturns. The emphasis of focusing on traditional private equity strengths was echoed by the conferences first key-note speaker, INSEAD alumnus and Co-CEO of Apax Partners, Andrew Sillitoe. Andrew walked through the lifecycle of PE, from investing to value creation during the holding period to exit, placing emphasis on how discipline, focus, transformation and readiness to sell during favourable market conditions combine to deliver strong, defensible returns. Some of Andrews points were further deliberated and challenged during the subsequent LBO panel, while the concurrent VC panel explored the role VC plays in Europe and to what extent there is opportunity to find and support truly innovative companies in the region. The next round of panels discussed opportunities in growth investing in Africa and global distressed investing, in which panellists shared their approaches to selecting investments in the wide and varied African market context and restructuring company balance sheets and turnarounds. The second key-note speakers, Céline Méchain and Charles-Eduard van Rossum from Goldman Sachs, gave a comprehensive and fascinating perspective on energy and oil and its implications on private equity. Their rather sombre outlook on the price of oil has in the meantime been overtaken by a stronger downward development than forecasted, and commodity prices have become a main source of uncertainty and volatility across global markets. The operational value panel in the afternoon circled back to the morning sessions, covering different approaches to improving portfolio company performance, from top line to cash flow management. The infrastructure panel explored the strong secular investment trends of resource efficiency and alternative energy investment. The last panel of the day, held in parallel to a well-attended session on Careers in PE, consisted of a group of senior LPs all INSEAD alumni who talked about different ways of staying disciplined in this industry environment. They provided both global and European perspectives and acknowledged the unique challenges of building a portfolio in times of high liquidity.
The conference was well attended by more than 350 participants, the majority of whom were alumni, investment professionals, general and limited partners, and C-level executives. We thank AlpInvest for sponsoring the conference and congratulate the student team on putting together another great event! Thanks also go out to the alumni chapter of IPEC for their support and for maintaining a strong link with their alma mater. The next IPEC conference will take place on November the 6th in Singapore.
The student organising committee for the European Conference consisted of Guillaume Adnot (Head of Conference), Andrew Holt (Co-President IPEC), Liza Azu, Arka Banerjee, Arnaud Bosquet, Onur Candar, Leonardo Canepa, Josee Carignan, Aditi Chand, Amyn Kassam, Walid Kenaissi, Vadym Kononenko, Gideon Ochar, Omur Onk, Frank Opono, Roman Protasevich, Dushyant Sahani, Siddharth Rao, Natalia Rybakova, Patrick Steuer. Welcome to the 13th Annual INSEAD Private Equity Conference
INSEAD welcomes you to the 13th 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 alumni working in the industry worldwide, INSEAD’s presence in the private equity community is well-recognized. This conference is a gathering amongst leading practitioners, academics and the INSEAD community to debate the forces shaping the private equity industry. We are delighted to host an impressive and diverse group of experienced industry professionals here on INSEAD Europe Campus.
Since the financial crisis, one of the strongest trends in private equity has been increased focus on value creation. This year’s theme, “How to create value when facing with high valuations,” aims to delve into the topic of generating returns in the current environment, and assess the implications of this trend for the future of private equity. Our keynote speakers, leveraged buyouts and operational excellence panels will explore the topic of value creation deeper. Beyond value creation, the industry is further being shaped by a number of different dynamics and intense competition. To further develop the main theme, we have lined up a focused range of panels and have assembled a diverse group of outstanding panelists and moderators for you. Our panels will attempt to give an update on the current state in different parts of the industry, such as distressed investing, infrastructure and real assets, emerging strategies and limited partner relationships.
The annual conference is organized by student and alumni members of the INSEAD Private Equity Club, 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 sponsor 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 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
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13th Annual INSEAD Private Equity Conference “How to create value when faced with high valuations”
08:30 - 09:00 Registration & Coffee
09:00 - 09:20 Introduction Ilian Mihov, Dean of INSEAD Amphi A
09:20 - 10:00 Keynote Andrew Sillitoe, Co-CEO Apax Partners Amphi A
Leveraged Buyouts Amphi A 10:10 - 11:05 Panel Session 1 Venture Capital Amphi B
11:05 - 11:35 Coffee Break
Africa Amphi A 11:35 - 12:25 Panel Session 2 Distressed Investing Amphi B
12:30 - 14:00 Lunch Restaurant
Céline Méchain, MD Goldman Sachs 14:00 - 14:45 Keynote Charles-Eduard van Rossum, COO EMEA Natural Amphi A Resources Group, Goldman Sachs
Operational Excellence Amphi A 15:00 - 15:55 Panel Session 3 Infrastructure Amphi B
LP Dynamics Amphi A 16:05 - 17:00 Panel Session 4 Careers in Private Equity Amphi B
17:00 - 18:00 Cocktail Reception
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Keynote speakers
Ilian Mihov was appointed Dean of INSEAD on October 1, 2013, having held the position of Interim Dean since March 1, 2013. Professor Mihov joined the INSEAD Economics department in 1996. He has taught Macroeconomics and Econometrics in the MBA, EMBA, PhD and many executive education programs as well as in the Global Leadership Fellows Program of the World Economic Forum. He has been nominated several times as one of the best teachers in the MBA and EMBA programs and he has won the Outstanding Teacher Award in 2006, 2008 and 2009. He holds a PhD from Princeton University and a BSc in Business Administration from the Moore School of Business at the University of South Carolina where, in 2006, he was recognized as a Distinguished Young Alumnus.
Andrew Sillitoe is co-CEO of Apax Partners and a Partner in the Tech & Telco team. Andrew is also a member of the Executive, Investment, Approval, Portfolio Review and Exit Committees. He has been based in London since joining the firm in 1998 and has focused on the technology & telecommunications sectors in that time. Andrew has been involved in a number of deals, including King, Orange, TIVIT, TDC, Intelsat and Inmarsat. Prior to joining Apax Partners, Andrew was a consultant at LEK where he advised clients on acquisitions in a number of sectors. Andrew holds an MA in Politics, Philosophy and Economics from Oxford and an MBA from INSEAD. Andrew is also a Trustee of Impetus – The Private Equity Foundation.
Céline Méchain is responsible for covering Private Equity Sponsors in France. She joined Goldman Sachs in 1998 as an analyst in Leveraged Finance in London. Céline co-founded the Women’s Network of Goldman Sachs in Paris and the Women Business Club of AFIC (French Venture Capital Association). She became a vice president in 2001 and was named managing director in 2006. Prior to joining the firm, Céline worked at Deutsche Bank in the Structured Finance Division from 1995 to 1998 and in the Mergers & Acquisitions Department of Citigroup in Paris from 1994 to 1995. Céline graduated from Lyon’s Business School in 1994 and earned a Master of Arts in International Business Analysis from Leicester University in 1992. She has two daughters and lives in Paris with her family.
Charles-Eduard van Rossum is chief operating officer of the Global Natural Resources Group in EMEA and has senior coverage responsibility for a number of the firm’s key European energy, power, chemicals, and metals and mining clients. He joined Goldman Sachs in 1997 after working as a summer analyst the previous year and was a member of the Advisory Group in London and the Energy and Power Group in New York before relocating to Paris in 2001. Charles-Eduard was named managing director in 2008. Charles-Eduard earned an Msc in Business from the Solvay Business School in Brussels in 1997. He and his wife, Séverine, have four sons, Nikolai, Kostia, Alexandre and Andréas, and live in Paris.
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Leveraged Buyouts Panel session 1: 10:10-11:05
Moderator Sami Rahal is a member of Deloitte Executive Committee and the Managing Partner of Financial Advisory in France and Leader of M&A Transaction Services in EMEA. An Insead MBA Alumni, Sami has advised on all aspects of evaluating, structuring and negotiating deals for buyers and sellers, private equity investors and strategic buyers. In 2007, Sami was shortlisted in the "Financial Adviser of the Year" category at the European PE and VC
Association Awards. Recent PE transactions Sami advised comprise the refinancing of
Materis Paints, the divestments of Diana by Ardian to Symrise, Kerneos to Astorg and
ParexGroup to CVC or the LBOs on Maisons du Monde by Bain Capital and on Inseec and SKG by Apax.
Christophe Bavière is the CEO of Idinvest Partners since 2001. Christophe Bavière actively heads all investment activities and chairs all Investment Committees. Prior to joining Idinvest Partners, Christophe Bavière held senior positions within the AGF-Allianz Group, as CIO of Allianz Private Equity Partners and as CIO of Allianz Global Investors. Christophe Bavière holds an MBA from the University of Ottawa and a business degree from ESLSCA (Paris). He is member of the French Institute of Actuaries. In 2007, he was elected "Private Equity Personality of the year" by Capital Finance Les Echos.
Frans Tieleman coordinates deal sourcing accross teams : Eurazeo Capital (European large cap - direct investments above €75m), Eurazeo PME (French small and midcap buyout) and Eurazeo Croissance (growth equity). With c. 5.5bn€ in net assets Eurazeo is France's largest private equity investment company and is listed on Euronext. Recent deals include InVivo NSA, Desigual, Asmodée and Moncler. Frans also manages the fundraising team and led the effort for the recent €520m Eurazeo PME fund. Frans previously worked at Reuters Venture Capital and at McKinsey & Co. and is an Insead alumnus (MBA '99D).
Alexandre Motte started his career as an M&A analyst at BNP in New York. He then worked for eight years within The Boston Consulting Group, where he was a Principal, focusing on healthcare and consumer goods. He then joined Ardian in 2007, where he is now in charge of Global Co-Investments. He is an engineer from Ecole Centrale Paris and holds an MBA from Insead.
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Venture Capital Panel session 1: 10:10-11:05
Moderator Antoine Duvauchelle is a co-founder at SeriesImpact, a provider of next generation education platforms for high growth technology startups and innovative companies. He was the co-creator and co-teacher to the innovative and high pace “Your First Hundred Days - Next Generation” course at INSEAD. This is one of the most popular courses taught at MBA and EMBA levels. He was previously, an Entrepreneur in Residence for Project A Ventures, Berlin, a leading internet and mobile VC where he was International Business Development Manager for Tirendo.com (ACQ: Delticom €50 million). MBA from INSEAD, MA from the Johns Hopkins University and BA from the University of Maryland. Ironman Triathlete and proud father of two. Christian Thaler is a partner at Paua Ventures Richard Anton joined Amadeus in 1998 and where he focuses on European specialises in software companies. investment opportunities in the He serves as non-executive software technology space. Prior director on the boards of five to Paua Ventures, Christian companies. Richard recently spent five years identifying served as Chairman of the British investment opportunities in the Private Equity and Venture Capital internet and software space and Association (BVCA). Prior to managing the due diligence process at leading Amadeus, Richard worked as a management pan-European venture capital fund Wellington consultant, a hands-on finance and business Partners. Previously, he was on the development executive and a turnaround management team of startup CareerConcept manager. He joined Apax Partners in 1994, AG as the director of business development. where he made a number of early stage Christian has an MBA from INSEAD and an investments, the best known of which was undergraduate degree in international software company Autonomy. Richard holds an economics from Corvinus University Budapest MBA from INSEAD and a BA and MA in and York University Toronto. Mathematics from Christ's College, Cambridge.
Reshma Sohoni has always combined Andreas von Richter joined EcoMobility
technology and business from Ventures (EMV) in 2014 as a university to today. Getting Partner and sits on the boards of degrees in both Engineering EZ Wheel, Ouicar and serves as a and Business (UPenn M&T) board observer on Ridepal and meant that from an early age she LocoMobi. Before joining EMV, was cultivating a path that would Andreas worked for GE (2005-2013 and then always bring business and technology together. shortly for Saudi Aramco Ventures. From 2008- Reshma worked in M&A and venture capital 2013 he was a VP at GE’s corporate Venture across B2B Software and Internet services Capital unit focused on the energy, water and businesses in the US and India. She helped in transportation sectors. Andreas led the building MakeMyTrip (NASDAQ) in its investments in five start ups totaling $40m and formative days. Following on from this, Reshma one fund-of-funds investment. His first went to INSEAD and earned her MBA, fell in investment - Solaredge (SEDG) recently IPO’ed love with Europe and stayed on to work in on the NASDAQ. From 2005-2008 he was part of Commercial and Marketing Strategy at the leadership team in GE’s European R&D Vodafone. Reshma brings a good mix of tech, Centre. He holds a Masters Degree in business, commercial drive, marketing and that Aeronautical Engineering from the University of American chutzpah to our incredible team. Delft and a 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 typically attracts as many as 300 participants 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 Co-Chairman at BC Partners; and Guy Hands, Founder and Chairman of Terra Firma.
Leadership, Objectives, and Activities Alumni Committee Student Committee François Aguerre Andrew Holt Jonathan Monié Guillaume Adnot Philip Viergutz
Objective Objective To provide a global forum for the alumni working To provide the INSEAD community with a platform in the private equity industry. to learn about Private Equity.
Key Activities Key Activities Grow the IPEC alumni network through the Lead the organization of the bi-annual establishment of regional chapters conferences Promote awareness of INSEAD’s PE alumni Host speakers on campus Host global speaker series and events Craft and promote a student CV Book Enable career development initiatives for Identify internship opportunities for students alumni and students alike Support ongoing research and projects on Support the student club in its on-going campus activities: Conference, CV Book, on campus Provide the students with Private Equity speaker series focused training and seminars
For additional information on alumni club: To follow the student club register here: iaa.insead.edu/IAA/inseadalumniclubs/IPEN http://mba-clubs.insead.edu/private-equity/ Or follow us on Collaborne Or follow us on Yammer
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IPEC Conference Sponsor
About IPEC Sponsorship
IPEC’s activities and the conference would not be possible without the gracious support of it sponsor. Sponsorship enables IPEC to fund a variety of activities globally. If you enjoy the conference and are interested in sponsoring future IPEC initiatives, please contact us at [email protected].
Main Sponsor
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Africa Panel session 2: 11:35-12:25
Moderator Nina Triantis joined Standard Bank in 2005 having previously spent 14 years with CIBC World Markets in London more recently as European Head of Media, Telecoms and Technology and in the early 1990’s in the Acquisition Finance unit. Nina has over 23 years investment banking experience, of which 14 years have been spent advising and arranging finance in the TMT sector throughout the world. She has an extensive knowledge base and contacts of a large number of telecommunications operators throughout the emerging and developed world and has had responsibility and experience originating and overseeing the execution of financing and M&A transactions, privatisations and private equity transactions. Nina holds an MBA from Stern New York University graduate school of business and a BA in Economics and French from Columbia University.
Laurent Demey was Chief Investment Officer and then Deputy CEO of Proparco, the French Development Finance Institution, from 2006 to 2011. In these capacities, he managed together with Luc Rigouzzo the very strong growth of Proparco during that period. Laurent started his career at Société Générale, first working on exotic sovereign debt trading and debt/equity swaps and then in the Africa M&A and Advisory department, working as Team Leader on strategic privatizations throughout the continent and advising governments on their debt management (Cameroon). Laurent Demey graduated from the Ecole Centrale de Paris and holds a postgraduate diploma in development economics from the Ecole Normale Supérieure. He is a recognized specialist of the African financial sector, having served on numerous boards over the past years.
Stéphane Heuzé joined our Casablanca office (covering Africa) in September 2014. Stéphane began his career with BCG (The Boston Consulting Group) in Paris. He then spent two years with Goldman Sachs in London, within the team responsible for managing the firm’s equity, mezzanine and secondary debt funds. In 2009, he returned to BCG as a founding member of the Casablanca office, covering Africa. He graduated from Ecole des Mines de Paris and holds an MBA from Harvard Business School. Peter Baird leads the Africa private-equity team for Standard Chartered. He has 19 years of experience in private equity, consulting, and investment banking. He spent 11 years at McKinsey in South Africa and in the U.S., where he was a partner in the healthcare practice. From 2006 to 2008, Peter was President of DJO, Inc., a medical-devices owned by Blackstone. Earlier in his career he was a Principal at Brait Capital Partners, and in the M&A group at Lehman Brothers.
William Nkontchou is a Director of Emerging Capital Partners based in Paris. With seven funds and over $2 billion under management, ECP is a leading private equity manager focused exclusively on Africa. ECP has seven offices across Africa and over a decade of investing experience in companies operating in over 45 countries on the continent. Mr. Nkontchou began his career with General Electric and, in 2001, he joined Merrill Lynch Investment Banking in London where he focused on advising major European clients in the consumer/retail sector on various transactions including M&A, Equity & Debt financing and LBOs. Prior to joining the ECP team in 2008, he worked for Sindicatum, a London-based corporate advisory boutique, where he focused on sourcing and executing principally private-equity led transactions in West, Central and Eastern Europe. Mr. Nkontchou holds an MBA from Harvard Business School and is a graduate of Ecole Polytechnique (Ms Sciences) and Ecole des Mines de Paris (Ms Engineering). He is a Cameroon National. Mr. Nkontchou serves on the board of Thunnus Overseas Gold and Oragroup SA. Ali Mazanderani joined Actis in 2010, and has been instrumental in more than a dozen transactions across emerging
markets. He is the sector lead for financial services transactions in Africa. He is a Board Director and the investment manager for Upstream Systems (m-commerce), CSH Group (credit bureau) and PayCorp Holdings (payments) and was instrumental in the creation of EMPH (payments). Between them these companies operate in and provide financial infrastructure in more than 40 countries across Africa. Before Actis, Ali was Lead Strategy Consultant for FirstRand Bank working across retail, corporate and investment banking. Prior to that, he advised private equity and corporate clients for OC&C Strategy Consultants in London. Ali has Masters degrees in Economics for Development and Economic History from Oxford University and the London School of Economics respectively, and a BCom(Hons) degree in Economics from the University of Pretoria.
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Distressed Panel session 2: 11:35-12:25
Alexis Pourchet is an Operating Helen Lee Bouygues has over Partner at SVP Global, a distress 18 years of financial, operational debt investment fund with both and turnaround executive trading and loan-to-own experience. Since January 2014 strategies, where he has been Helen Lee Bouygues is the employed since 2012. He is on the Partner responsible for McKinsey board of Klockner Pentaplast, a RTS in France and leads the Eur1.2bn packaging company with operations European turnaround practice for EMEA. globally, and Jeyes, a £120m FMCG Before joining McKinsey, Helen Lee Bouygues manufacturing company with operations in UK founded Lee Bouygues Partners in 2011 a and US. From 2006 to 2012, Mr. Pourchet served consulting firm specialized in turnarounds, as a restructuring specialist for Alvarez & performance improvement and interim Marsal, most recently as a Senior Director in management. She served portfolio companies of London, involved in operational and financial over 20 PE firms during this period. Prior, she restructuring mandates, including with Diam was Senior Director of Alvarez & Marsal France. Group, Endemol and The Vita Group. Prior to Helen Lee Bouygues began her career in M&A that, Mr. Pourchet was an Associate with at J.P. Morgan in New York before joining Deutsche Bank’s mergers and acquisitions Audax Group, a Private Equity firm. She had practice in New York. then joined Cogent Communications, a NASDAQ-listed telecommunication company. Helen Lee Bouygues holds a degree in Political Science from Princeton University and an MBA from Harvard Business School. She is also a regular guest lecturer at INSEAD on Corporate Turnarounds.
Alon Avner joined Sankaty Martin Gruschka co-founded Advisors in 2006. He is a Springwater Capital in 2002. Managing Director in He entered the private equity Opportunistic Credit and the business working for the private head of the London office equity firm Veronis, Suhler & responsible for investments in Associates in New York and later the European Media and Telecom sectors. He in London. He then co-managed the media also focuses on Sankaty’s separate accounts in private equity business of Dresdner Kleinwort Europe. Previously, Mr. Avner was a Manager at Capital, DrKC Media Partners, focussing on Bain & Company. In addition, he spent several equity partnerships with large communications years in operations and marketing roles at groups. Mr. Gruschka previously worked in the Comverse Technology and Creo/Scitex. Mr. European media industry group in investment Avner received an M.B.A. from INSEAD and a banking for Deutsche Bank. He started his B.Sc. in Industrial Engineering from Tel Aviv career as a management consultant and built up University. the German and later European media practice of Arthur D. Little. Martin is a German national. He speaks German, English and French fluently and has a working knowledge of Spanish.
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Welcome to INSEAD
As one of the world’s leading and largest graduate business schools, INSEAD brings together people from across the globe to change lives and transform organisations. With campuses in France, Singapore and Abu Dhabi, INSEAD’s business education and research spans three continents, and offers unparalleled cultural diversity and a true global perspective. Each year, our 147 renowned faculty members (from 34 countries) inspire more than 1,200 degree participants in our MBA, Executive MBA and PhD programmes.
Our global reach also includes: the INSEAD-Wharton Alliance in the United States; a partnership with Tsinghua University, China; and an executive education program with Fundacao Dom Cabral, Brazil that has existed from more than twenty years.
Around the world, INSEAD conducts cutting-edge research and innovative programmes to provide business leaders with the knowledge and sensitivity to operate anywhere. With these core values, INSEAD has become “The Business School to the World.”
Private Equity fits well with the school’s entrepreneurial spirit and the rigorous managerial education INSEAD provides. Driven by strong interest from our students and more than 1,800 alumni in the Private Equity industry, INSEAD has established a solid foundation for research, teaching and global interaction through its Private Equity Centre. MBA students and alumni also spearhead the highly active INSEAD Private Equity Club (IPEC) that organized this conference.
The first IPEC Conference, launched in 2003, reflected Private Equity’s growing importance in the business world along with our students’ increased interest in the field. Since its inception, the IPEC Conference has served as a bellwether of the state of the industry and chronicled its rapid development. Although Private Equity is long-term in nature, it is nevertheless strongly impacted by cycles in the wider economy and the financial industry, in particular.
This year’s conference addresses the timely question of “How to create value when faced with high valuations”—set against the backdrop of high asset prices and increasingly challenging macroeconomics. Beyond focusing on operational and financial robustness, we believe the answer lies in building better businesses through renewed emphasis on operational value-add, coupled with the traditional good corporate governance model of Private Equity. The conference also will investigate how Private Equity is extending its business model to new geographies and other investment strategies. Panels on Africa and Infrastructure Investing will explore these themes.
We are happy to support the INSEAD Private Equity Club in their important work and trust you will enjoy this year’s conference. Whether it is your first or one of many visits to Fontainebleau, we hope to see you again in the future.
Dean INSEAD
Recent INSEAD Rankings – MBA Programme 2015 Publication Rank Region Bloomberg BusinessWeek #5 Outside U.S. Financial Times #4 Global Forbes #2 Global QS Top MBA #1,2 Asia, Europe More information: www.insead.edu
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Business School for the World
Sweden Norway Denmark Netherlands Germany Belgium Russia United Kingdom Austria Federation Korea France Italy Canada Portugal China Greece Lebanon Japan Spain Israel United States United Arab Hong Kong Switzerland Emirates India
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.
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Operational Excellence Panel session 3: 15:00-15:55
Moderator Adrian Johnson is a technology and media entrepreneur. Since 1993 he has co-founded several companies, including Poptel, Germany's first phone-to-phone Internet telephony service provider (VC-funded and successfully sold in a trade sale); Archimation, Germany's first architectural animation and visualisation company; MrFootage, a web-based footage library; and Eventival, the leading online film festival management system. With Inheritance Media, Adrian is developing web and mobile applications primarily for the media and education industries.mAdrian teaches the “Your First Hundred Days” Acquisitions MBA/EMBA course and MBA Startup Bootcamps at INSEAD in Fontainebleau and Singapore. Adrian is British, but spent most of his childhood in Sierra Leone, Kenya and the USA. His ventures were founded in Germany, France and the UK. He studied Electrical Engineering at Imperial College, London and earned his MBA from INSEAD.
Hervé Amar holds a post-graduate degree in Corporate Diagnosis Methods and Concepts. CEO of F-Initiatives in 1998, he became Director of Alma CG’s Innovation unit in 2001. He was appointed President in 2014.
Alain Vourch (Managing Director, KKR Capstone, London) joined KKR Capstone in 2004. Prior to KKR Capstone he worked as a management consultant at the Boston Consulting Group, with in depth experience in consumer goods, retail, industrial goods and business services. Mr. Vourch also co-founded Argus Interactive and led the business launch of argusauto.com, one of the largest automotive portals for used cars in France. At KKR Capstone Mr. Vourch is involved with SMCP, Pets at Home, Tarkett and Maxeda (formerly Vendex KBB). He holds a M.Sc. from the Ecole Polytechnique and Ecole des Mines de Paris, France. Mr. Vourch is fluent in English and French.
Jan Kengelbach joined BC Partners in London in 2010. Previously, Jan spent three and a half years at AlixPartners working as a financial restructuring and operational turnaround advisor. Prior to this, he worked as the managing director of the Byrd Hoffman Water Mill Foundation in New York, as a strategy consultant with McKinsey & Co. in Munich, and an intern with Goldman Sachs’ in the mergers and acquisitions division in London. Antonio Alvarez III, a Managing Director with Alvarez & Marsal, has built and led the A&M
Europe practice since 2001. Mr. Alvarez specialises in complex Pan-European engagements, turnarounds and performance improvement projects in public and privately owned companies. He has led high profile mandates including Hag emeyer NV (23,000 employees in 35 countries), Dresser-Rand Group (over 15 countries), Bally AG, Loch Lomond Country Club (Scotland), Kion Group GmbH and CHC Group (over 20 countries). Mr. Alvarez has also acted as a Chairman, Board Director and CRO in several mandates . Mr. Alvarez received a bachelor's degree from the University of Notre Dame and a master's degree in business administration from Cornell University. He also attended the Université Catholique de L'Ouest in France as an undergraduate student, and the Université de Louvain-La-Neuve in Belgium as a graduate student. Mr. Alvarez is fluent in French and English.
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Infrastructure Panel session 3: 15:00-15:55
Julien Toutati joined Meridiam in March 2011. He is responsible for Meridiam corporate development, covering key initiatives of the company. He has been in particular leading the strategic development of Meridiam in Africa and an investment committee member of Meridiam Infrastructure Africa Fund. Julien is also Senior Investment Director with a primary focus on deal origination in Europe and Africa. He led the closing of the Nimes Montpellier French HSL in 2012 and University of Hertfordshire Student Accommodation project (1st unwrapped bond financing of a greenfield project in Europe).Julien has infrastructure investment and public sector experience, having previously worked at the French Ministry of Finance’s Agence des Participations de l’Etat (APE). Prior to APE, Julien was Deputy Head of the European Affairs Division of the French Treasury in charge of the European financial instruments. Julien also worked for Veolia Transport and for the infrastructure division of Proparco, the French Development Finance Institution. Julien holds a Master’s Degree in Engineering from the Ecole des Ponts in Paris, a Master’s Degree in Energy Economics and a Master of Public Affairs from the Ecole des Ponts in Paris. He teaches Energy Regulations at Sciences-Po Paris. Joost Bergsma (‘95J) founded Glennmont Partners in 2013, completing a spin out of BNP Paribas Clean Energy Partners which was founded in 2008. Joost has been active in utility banking and fund
management for more than 20 years and has specialized in the power sector and clean energy, and has devised and implemented asset and exit strategies, raising in excess of €10bn of sales proceeds for energy clients. Previously, Joost worked at SG Warburg & Co., ABN AMRO and BNP Paribas. He has a law degree from Leiden University (the Netherlands) and an MBA from INSEAD.
Bill Weil (05J) is the Chief Investment Officer of Ludgate Investments. Prior to joining Ludgate, Bill was General Manager of Strategy and Portfolio for Royal Dutch Shell in their
Renewables and CO2 division and then latterly, gained experienced in resource efficiency private equity investing working with Vantage Point Capital Partners. He started his career at Environmental Resources Management, moving on to various operational experiences. Bill graduated with honours from the University of Pennsylvania, with degrees from both Wharton and the School of Engineering and has an MBA from INSEAD.
Stéphane Kofman joined InfraRed in 2007 and is one of InfraRed’s partners. Previously he worked within HSBC’s Asset and Structured Finance group department for six years where he specialised in big ticket
leasing (transportation) and tax structuring (real estate). Stéphane began his career at PwC in 1995 as an auditor and then moved to Project Finance (power sector) at Crédit Commercial de France (now HSBC France). Stéphane is currently leading InfraRed’s team focusing on European infrastructure equity investments. He has been involved in a number of Development Infrastructure PPP opportunities in the rail and road sectors in Europe, including the successful closing of a €1.1bn motorway concession in France. Stéphane graduated in business (MSc in Management) from EM Lyon business school.
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LP Dynamics Panel session 4: 16:05-17:00
Moderator Philipp Patschkowski is an Investment Principal responsible for origination and execution and is based in the firm’s London office. Prior to joining Coller Capital in 2008, Philipp was an Associate Director in the Media/Telecoms team at UBS Investment Bank in London. Previously, he worked as an Associate in the TMT M&A team at Sal. Oppenheim in Frankfurt. Philipp has a Diploma in Mathematics and Economics from the University of Ulm in Germany, and an MBA from INSEAD.
Patrik Nevsten is a Partner at North Sea Capital A/S, a leading North European private equity funds-of-funds. He has more than 15 years’ experience in private equity, public equity and real estate investments including employments with Nordea Private Equity, Swedbank Markets and at a family office. He serves on the advisory boards of Abris CEE Mid-Market Fund, Graphite Capital Partners VII and Clessidra Capital Partners II. Patrik holds an M.Sc. in Industrial Management and Engineering and a B.Sc. in Business and Economics, both from Lund University. In addition, he holds an MBA from INSEAD.
Francesco di Valmarana is partner (joined 2008, 18 years of private equity experience). Francesco is a senior member of Pantheon's European investment team and a member of the European Investment Committee. Francesco was previously with Unigestion, where he managed the firm’s global secondaries programme. Prior to Unigestion he was a partner and co-founder of the European venture capital firm DN Capital, having spent three years prior to that as part of the European investment team at Advent International. He has a BA in East Asian studies from Princeton University, and received an MBA from Insead. In addition to his native English and Italian, Francesco also speaks French.
David Newhouse was recently appointed General Secretary of the Asset Management activities of EDF Group. Prior to that, he was in charge of the private equity program of EDF Invest, the Group investment arm in unlisted assets on behalf of its nuclear decommissioning fund. David joined EDF Group in 2006, as Senior Vice-President, in charge of Investor relations before becoming Special Advisor to the Group CFO for International Financial Affairs in 2010. Prior to EDF Group, David Newhouse had gained an extensive experience in corporate finance, capital markets and financial communications in large international corporates and leading investment banks. David is a graduate from ESSEC business school and holds a diploma in government and public service administration from IEP Paris. He is married with two daughters.
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Careers in Private Equity Panel session 4: 16:05-17:00
Gail McManus has worked in private equity for thirty years, starting as an investor at 3i and recruiting for the sector for the last 15 years. She has placed hundreds of people in private equity and worked with many more to help them develop their careers. Just like private equity, Gail’s firm takes the long term view, valuing relationships over short term gain. The firm’s success is based on their thorough understanding of the sector which comes from the private equity backgrounds of the people in the PERecruit team.
Sita Kolosssa helped a boutique search firm establish their presence in Continental Europe within the Alternative Asset space and worked within the Financial Services Practice at Heidrick and Struggles prior to setting up Nordbridge. Whilst there, she focused on the private equity sector and executed pre and post deal management due- diligence, management appraisal and senior appointments for investment professionals, operating professionals and portfolio business management. Prior to that, Sita was responsible for Investor Relations with RiverRock European Capital Partners in London. Originally from Hamburg, Germany, Sita began her career in Journalism writing for Der Spiegel before moving to London to join CNN. Sita studied at the University of Hamburg, Germany and in London, receiving degrees in International Politics, Economics and Sociology. Sita speaks English, German and Hungarian.
Francois Aguerre is a Partner responsible for origination and execution, and is based in the firm’s London office. Prior to joining Coller Capital in 2007, François worked in the Investment Banking division of UBS in London. Previously, he worked at Gimar Finance and PAI Partners in Paris, and at Société Générale in New York. François has an MSc in Engineering from École Nationale des Ponts et Chaussées in France, and an MBA from INSEAD. He is currently on the advisory committees of CAPE FoF, Marina Finance, DFJ Esprit II and III.
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INSEAD Faculty Publications
INSEAD’s Karan Girotra and Companies made more than Serguei Netessine, noted 42,000 alliances over the past operations and innovation decade worldwide, many of professors who have consulted which failed to deliver strong with dozens of companies, walk results. This book explains why you through a business model and how you can seize the audit to determine what key benefits from your business’s decisions get made in a network of alliances with business, when they get made, customers, suppliers and who makes them, and why we competitors. This network can make the decisions we do. provide three key advantages; superior By changing your company’s key decisions within information, better cooperation and increased this framework, you can fundamentally alter the power. Network Advantage shows how awareness risks that will impact your business. of these three advantages can help align your This book is for entrepreneurs and executives in portfolio of alliances with your corporate strategy companies involved in dynamic industries where to maximize advantages from existing networks the locus of risk is shifting, and includes lessons and to position your business as an industry leader. from Zipcar, Blockbuster, Apple, Benetton, Network Advantage offers in-depth, practical Kickstarter, Walmart, and dozens of other global guidance for business executives, consultants, and companies. executive MBAs.
Global leadership has been A groundbreaking guide to frequently heralded by writers making profitable business and executives as the key to decisions. Do you wonder why sustained competitive your value initiatives aren't advantage on the part of providing the payoff you'd organizations. In addition, it is hoped for? Could it be because clear that the possession of you've been thinking about leadership qualities and the value all wrong? According to display of leader behaviour are the authors of this requirements for individuals groundbreaking guide, there's a attempting to progress in their careers. It is very good chance that you have. Using examples important for aspiring managers to learn about the from leading companies worldwide, they explain nature of effective global leadership and how they why every decision a company makes either can develop their own competencies in this area. creates value or detracts from it, and why, if they This textbook provides an important overview of hope to survive and thrive in today's increasingly this key emerging area within business and competitive global marketplace, company leaders management. Offering a view into the nature of must make value-creation the centrepiece of every global leadership and the competencies necessary business decision. Authors Kaiser and Young have for aspiring managers to succeed, Global dubbed this approach "Blue-Line Management," Leadership is essential reading for students of (BLM), and in this entertaining, highly accessible leadership, organizational theory, strategic book, they delineate BLM principles and practices management, human resource management, and and show you how to implement them in your for anyone working and managing in the global company. arena.
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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 1600 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, 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 Pevara, Emerginf Markets Private Equity Association (EMPEA) - for its on-going research activities.
For more information on our initiative please visit: www.insead.edu/gpei.
GPEI Core Supporters
GPEI Research Partners
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Logistics
Complementary WiFi Access SSID = INSEAD-Public Password: awebuq#53
Complementary Lunch Lunch will be served in the restaurant area. Please show your name badge at the Cash Register.
Face-to-face meetings Break-out rooms are available for face-to-face meetings in the South Wing. Please follow the signs to this area.
Getting around Taxis Taxis will be available at peak times outside the main reception. Alternatively, they can be ordered at the main reception or by staff at Meeting Point – Camembert
Buses Organized buses at 6:00 pm from the campus to: Charles de Gaulle Airport Gare du Nord Train Station
Shuttles to Fontainebleau Avon train station leave INSEAD at regular intervals throughout the day: 5:00 pm 5:30 pm 6:10 pm 6:30 pm
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Acknowledgements
The INSEAD Private Equity Club would like to thank all of those who have contributed to the success of the 2014 INSEAD European Private Equity Conference, in particular:
INSEAD Faculty Vikas Aggarwal, Timothy Bovard, Charles Diehl, Christine Driscoll, Lily Fang, Pierre Hillion, Ilian Mihov, Urs Peyer, Claudia Zeisberger, Peter Zemsky
INSEAD Staff Fadilah Ahmad, Sophie Badré, Mia Deana, Sebastien Denudt, Monique Gerressen, Anna Gyarmati, Christine Hirzel, Aileen Huang, Sylvia Lim, Anna Mbow, Craig McKenna, Stéphanie Paille, Rosalind Pereira, Michael Prahl, Céline Roger, Axel Tagliavini, Nathalie Taylor, Emilie Trémauville, Chloé Thierry
INSEAD Printshop Christelle Bloy, Zoé Leporatti, Catherine Saint-Hilaire
INSEAD Private Equity Club - Executive Committee Guillaume Adnot, Andrew Holt
INSEAD Career Development Center Mary Carey, Christelle Cuenin, Agnès Cosnier-Loigerot
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Contact Information
Head of Conference Organization and Operational Excellence Guillaume Adnot [email protected]
President, INSEAD Private Equity Club Andrew Holt [email protected]
Leveraged Buyouts Walid Kenaissi [email protected]
Venture Capital Leonardo Canepa [email protected]
Africa Frank Opono Njiki [email protected]
Infrastructure and Logistics Vadym Kononenko [email protected]
GP/LP Dynamics Arka Banerjee [email protected]
Careers in Private Equity Amyn Kassam [email protected]
Distressed Investing Roman Protasevich [email protected]
Logistics Josée Carignan [email protected]
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