20 March 2012

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Cocktail Reception Host Knowledge Partners

GLOBAL PERSPECTIVE, LOCAL OPPORTUNITY

13th Annual

avcjindia.com

India 2012 6-7 December • Taj Lands End, Mumbai

Private Equity & Venture Forum

avcjindia.com

aureoscapital

Reigniting the fire

India’s premier private equity gatheringThe 13th Annual AVCJ Private Equity & Venture India Forum is a must-attend gathering for private equity leaders across the region. India continues to draw international and regional private equity investor interest, offering both exciting rewards along with complicated risks. Increased deal activity has allowed limited partners to become more discerning about their investments, meaning that general partners must differentiate themselves both in their approach and in their portfolio management skills. Meanwhile, general partners also struggled with exits in 2011, counting only half the amount recorded in 2010 largely thanks to market volatility. Still, along with numerous structural risks and challenges, India remains one of the most dynamic private equity markets in the world.

Chairman / CEO /Managing Partner,

15%

Principal /VP / Associate,

27%

Director / GM, 15%

Managing Director / Partner/ CIO/ COO, 43%

Others, 4%Europe, 6%

Others - Asia, 3%

India, 73%

Singapore, 4%

US, 5%

Hong Kong, 5%Professional Services, 21%

Limited Partners,13%

General Partners, 52%

Others (Association, etc.), 6%

Corporates, 2%

Investment Banks, 6%

By type ofcompany By titleBy country

R e g i s t e r o n l i n e a t : a v c j i n d i a . c o m

AVCJ Private Equity & Venture Capital India Awards

Join the AVCJ India Forum and network with leading regional and global limited partners.

Key topics at the event include:

How can the industry change course and grow anew?

Which sectors are the most promising in the current market?

What do limited partners want from India funds? What do you need to know about the new tax and regulatory environment?

What are the best ways to manage portfolio companies and ensure corporate growth?

What venture capital opportunities and challenges exist in the country?

How can investors find exits in a challenging landscape?

After a successful launch in 2010, AVCJ will be hosting the third Private Equity & Venture Capital India Awards,

to recognise and honour firms and practitioners who have helped drive the growth of India’s private equity and venture capital industry.

The winner of each category will be revealed at the Forum. Details will be announced at avcjindia.com.

2011 Forum HIgHlIgHTs

Over 250 participants from 19 countries and 143 companies

Attended by India’s leading GPs and LPs

50 speakers from leading regional and global industry firms

Supporting Organisations

Official Broadcast Partner Philanthropy Partner Media Partners

speakers

R e g i s t e r b y e - m a i l : d m @ a v c j . c o m

limited partners

Keynote

Ashishkumar Chauhan Interim Chief Executive Officer BomBAY sToCK EXCHANgE

samiran Chakraborty Head of Regional Research, South Asia sTANdArd CHArTErEd

saumitra Chaudhuri Member, PlANNINg CommIssIoN

& Member, ECoNomIC AdVIsorY CouNCIl To PrImE mINIsTEr, THE rEPuBlIC oF INdIA

markus Ableitinger Managing Director and

Co-head of Investment Management Asia

CAPITAl dYNAmICs

Navin m Baby Vice President, Investments KHAlId AlI AlTurKI &

soNs Co

Vikram raju Regional Lead, Private Equity and Investment Funds INTErNATIoNAl FINANCE

CorPorATIoN (IFC)

Juan delgado-moreira Managing Director,

Investment Committee Asia

HAmIlToN lANE

sunil mishra Partner AdAms sTrEET PArTNErs

Brijesh Jeevarathnam Managing Director CommoNFuNd CAPITAl

savio s. gomes Executive Director Al HomAIzI grouP

Pratima divgi Investment Director squAdroN CAPITAl

Chris loh Partner AXIom AsIA PrIVATE

CAPITAl

Peter martisek Director BlACKroCK PrIVATE

EquITY PArTNErs

Hiti singh Portfolio Director

CdC grouP PlC

Praneet singh Managing Director sIgulEr guFF INdIA

AdVIsErs

Anand sunderji Regional Representative

(India) PAul CAPITAl

robert Collan Vice President, Private

Equity uNIgEsTIoN

Hiro mizuno Partner CollEr CAPITAl

For the latest confi rmed speakers v is i t : avcjindia.com

speakers

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Senior industry professionals

Pravan malhotra Clean Technology

Investments, South Asia INTErNATIoNAl FINANCE

CorPorATIoN (IFC)

deepak Bhawnani Chief Executive Officer

and Managing Director AlEA CoNsulTINg

Amit gupta Partner and Chief

Operating Officer NEwquEsT CAPITAl

PArTNErs

sanjay gujral Regional Managing

Director l CAPITAl AsIA (lVmH)

somak ghosh Co-Chief Executive Officer motilal oswal Private

Equity Advisors (moPE)

mintoo Bhandari Managing Partner AIoN CAPITAl PArTNErs,

APollo mANAgEmENT

Heramb r Hajarnavis Director KKr INdIA

Haigreve Khaitan Partner KHAITAN & Co

sanjay Nayar Member KKr and Chief Executive Officer KKr INdIA

shobhit Agarwal Managing Director ProTIVITI INdIA

shomik mukherjee Partner, Consumer and

Value Creation, India ACTIs

Amol Jain Managing Director TPg CAPITAl INdIA

Pankaj Jain Venture Partner 500 sTArTuPs

ron shah Founder and Managing

Partner JINA VENTurEs

gulpreet Kohli Managing Director CHrYsCAPITAl

INVEsTmENT AdVIsors PVT lTd

Vishal gupta Managing Director BEssEmEr VENTurE

PArTNErs

Balaji srinivas Partner and Regional Fund

Manager – South Asia AurEos

Harsha subramaniam Executive Producer, India BloomBErg TV

Pavninder singh Principal BAIN CAPITAl AdVIsors

(INdIA) PVT lTd

rajesh singhal Partner TATA oPPorTuNITIEs

FuNd

Vishakha mulye Managing Director and

Chief Executive Officer ICICI VENTurE FuNds

mANAgEmENT Co lTd

Nainesh Jaisingh Managing Director and

Global Co-Head sTANdArd CHArTErEd

PrIVATE EquITY

Punit shah Partner and Co-Head of

Tax Practice KPmg

mukul gulati Co-founder and

Managing Director zEPHYr PEACoCK INdIA

mANAgEmENT

Vikram utamsingh Partner, Transactions and

Restructuring and Private Equity Advisory

KPmg

Archana Hingorani Chief Executive Officer

and Managing Director Il&Fs INVEsTmENT

mANAgErs

devinjit singh Managing Director, Asia

Buyout Group THE CArlYlE grouP

m.K. sinha Managing Partner and

Chief Executive Officer IdFC Alternatives

mahendra swarup President INdIAN VENTurE CAPITAl

ANd PrIVATE EquITY AssoCIATIoN

martin Haemmig Adjunct Professor CENTrE For TECHNologY

ANd INNoVATIoN mANAgEmENT (CETIm)

Vani KolaManaging Director

KAlAArI CAPITAl

Vish ramaswami Senior Research Consultant

CAmBrIdgE AssoCIATEs

James owen Director of Corporate

Investigations, India and South Asia

CoNTrol rIsKs

Ashish gupta Senior Managing Director

HElIoN AdVIsors

Paul singh, Partner, 500 sTArTuPs

PLUS

ProgrammeThursday, 6 december 20128:00 Registration and refreshments

8:50 Welcome remarks

9:00 India PE update – Reigniting the fireIndia’s private equity industry appears to be on the mend, with fundraising and total capital under management increasing year-on-year. But for many, the industry has also lost some of its shine with the market overly crowded, high valuations, disappointing returns, evolving regulations and a difficult fundraising environment. For all the promise and potential in the market, India is struggling to find its place in the Asian PE landscape. What can the industry do to reignite returns and ensure long-term growth? What is the current state of the industry and the outlook for the coming year?

Is success in India primarily a function of finding the right fund managers?

Will we see consolidation amongst GPs in the coming year, and if so, what will become of the extra fund managers?

Given the crowded nature of the market and the difficult fundraising environment, how can GPs secure the commitments they need?

What factors are causing the difficult exit environment and how can investors get the returns they desire?

10:00 Fireside chat with India’s leading domestic firms: The past, present and future of the industrySince its humble beginnings a little more than a decade ago, India’s private equity industry has seen its share of ups and downs. The industry witnessed a high-growth environment from 2006 to 2008, largely via PIPE transactions, but then stumbled substantially after the financial crisis. And, while the asset class is now showing signs of renewed growth, many challenges remain. In this intimate session, leaders from India’s top domestic funds will have an in-depth conversation about how the private equity industry has developed, and where it is headed in the future. What lessons can be learned from the past decade of Indian PE?

How can PE ensure that it remains a partner to India’s remarkable growth story?

Is the widely held perception of India yielding lower returns than other markets in Asia accurate?

What changes is the industry likely to face in the coming years?

What should GPs be doing to guarantee the long-term viability of the industry?

10:45 Networking coffee break

11:15 Managing portfolios in turbulent times: Distressed and secondary opportunities India’s faltering economy has created opportunities on both the buy-side and the sell-side. As corporations struggle to prosper in the slow-growth economy, GPs are also looking to exit their mid-2000’s vintages, leading to a growing direct secondaries market as well as an increasing number of distressed and special situation opportunities. What are the challenges and opportunities associated with secondary investments in India?

How can distressed assets be priced accurately? Which sectors present the best options for distressed investments?

How can GPs demonstrate they will continue to create value for secondary investments?

Which sectors are prospering in the slowing economy? Can secondary exits present a successful exit route for the large number of GPs now looking to offload assets? Who will be the buyers?

What are some successful ways GPs in India manage their portfolio companies in the stalled economy?

12:00 Creating Value: The building of brands and corporate success in India India’s robust economy and rapidly expanding consumer market make competition fierce when it comes to achieving corporate success. GPs face numerous challenges as they find ways to add value to their portfolio companies in this crowded environment. One of the strategies employed by GPs is to build brand recognition for their managed companies, which can help open the door to a potential market of millions of households. What benefits does PE funding offer for the corporate world in India that differ from other funding sources?

In terms of brand recognition, what lessons can be learned from respected companies such as Bajaj, Godrej and Tata?

How important is brand recognition in India, and what are the best strategies for making a company well known and well respected?

What are the benefits and risks of being a minority versus a majority shareholder in India when it comes to managing a company?

12:45 Keynote address

13:15 Networking lunch

14:15 Plenary address: PE/VC Performance and Benchmarking

14:45 Which door to choose? Finding the right exit strategy at a time when exits are scarceExits in India achieved an all-time high in 2010 but then declined sharply last year. India is now perceived as being a tough market to exit with often disappointing multiples. Many PE professionals are now re-evaluating their strategies by prioritising performance improvement and looking at exit options such as secondary buy-outs, mid-market opportunities and strategic purchases. What factors contribute to the exit deficit in India, and will these continue to be a hindrance?

What exit opportunities exist in the mid-market? How appealing are trade sales and buy-outs as exit vehicles? What role do market regulations play in formulating exit strategies, and will this change under Sebi’s regulatory oversight?

How are tax laws affecting the exit landscape? How is market sentiment influencing exit activity?

15:30 Taxing times: Regulatory changes and an evolving tax frameworkRegulatory changes and an uncertain tax regime continue to cause concern among PE professionals in India. In April 2012, it was announced that the Securities and Exchange Board of India (Sebi) will assume regulatory authority of the private equity industry— a significant development that places the asset class under the oversight of an independent regulator for the first time in India. Meanwhile, the General Anti-Avoidance Rule (GAAR) threatens to dramatically alter the tax landscape for PE firms by essentially undoing India’s Double Tax Agreement (DTA) with Mauritius. What regulations now exist for PE in India and what impact do they have on fundraising, reporting and fund management?

How do regulations in India compare to other markets in APAC?

What can fund managers do to protect their investments given the changing tax framework, and how will GAAR affect exits?

What is the best jurisdiction in which to incorporate under the GAAR regulations?

What will AIF Regulations mean for the classification and regulation of PE vs. VC funds?

What should the government do to erase regulatory uncertainty and demonstrate its support and understanding of the PE industry?

What regulatory ambiguities still need clarification?

R e g i s t e r b y e - m a i l : d m @ a v c j . c o m

Hosted by

Programme

Friday, 7 december 20129:00 Registration and refreshments

9:15 Opening remarks

9:20 Keynote address

9:45 Infrastructure and real estate opportunitiesInfrastructure and real estate transactions continue to dominate much of Indian PE conversation. The country has an immense and much discussed need for infrastructure modernization (infrastructure investments accounted for 15.8% of all PE transactions in 2011), and as India further urbanises, it also has a great need for real estate development. These factors have lead to strong deal-flow in both of these areas and the formation of numerous sector-specific funds. Is the potential and popularity of these sectors yielding returns? What are the biggest challenges for infrastructure investment in India?

What are the drivers that make the real estate sector attractive to PE and are they sustainable?

Can construction investments be used as a way to access both sectors at once?

How much interest do foreign LPs have in infrastructure and real estate funds?

What are the most pressing infrastructure needs in India today, and how can PE get involved in the development process?

Are the lengthy project timetables often associated with infrastructure and real estate development compatible with the PE investment model?

16:15 Networking coffee break

16:45 Mitigating investment riskConducting sufficient due diligence of target companies is more important than ever in today’s market. The large number of GPs present in India creates an environment in which desirable firms often have multiple bidders and fund managers are pressured to close deals quickly, sometimes resulting in a shortened vetting period. A number of firms have been burned in recent years by investments that were not thoroughly scrutinized and investigated. In this high-pressure, quick moving environment, what steps can GPs take to ensure their investments are sound? How widespread is corporate malfeasance and accounting corruption in India?

What factors do GPs need to be aware of when conducting due diligence on Indian firms?

Which sectors of the market present higher risks and why?

What do LPs expect from GPs in terms of protecting their investments?

How can GPs maintain positive relationships with potential investee companies while investigating them?

17:30 Keynote address

18:00 Close of conference day 1

18:00 Cocktail reception

19:15 Gala dinner and awards ceremony

10:30 Funding the next big thing: VC opportunities across India Entrepreneurial activity continues to boom across a wealth of different sectors in India, making the country a fertile ground for start-ups and business innovation. The recent success of firms such as MakeMyTrip has proven that the VC model can yield great returns. However, the crowded nature of India’s market also makes competition for early-stage investable companies fierce, and GPs looking for deals must contend with both rival fund managers and savvy entrepreneurs looking to sell high. What are the hottest industries for VC in India and in which locations?

How do LPs view the funding of emergent companies and is support forthcoming?

How much venture capital can India absorb? How can GPs get a good deal when dealing with savvy Indian entrepreneurs?

What is India’s appetite for pre-revenue, ground floor investments?

11:15 Networking coffee break

11:45 Looking ahead: India’s PE and VC industry in 2015 India’s private equity and venture capital industry has reached an important crossroad. After years of growth and optimism, the industry is now struggling to deliver returns and attract outside investors. There are now more funds in the market than at any point in the past, but many believe that an industry-wide consolidation is looming. In this forward-looking session, outside investors and local experts will examine what the industry will likely look like in three years time. Can India continue to support the high number of funds currently in the market?

What needs to be done to renew interest from foreign investors?

What is the industry likely to look like in 2015? What sectors are the most promising for long-term growth?

How can Indian GPs compete with their counterparts in places such as China and South-East Asia for the long run?

Will India face stalled economic growth for the foreseeable future, or can something be done to reverse this trend?

12:30 LP perceptions and expectations of India What are the most and least attractive attributes of India funds?

How does India compare to other Asian markets in terms of returns and length of investment?

With the large number of funds in the market, what criteria are most important when selecting GPs?

How concerning are the proposed GAAR tax regulations from an LP perspective?

Does the local PE industry need to go through a period of consolidation, or can India support the high number of funds currently in the market?

Given the large number of spinout funds in India and high rates of management turnover, are LPs concerned that the managers in which they invest will change over the course of a fund cycle?

13:15 Networking lunch

14:15 Close of conference

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Hosted by

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Venue and accommodation

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contact uS:SPeAKing OPPORtunitieS: zach reff t: +852 3411 4950e: Zachary.Reff@incisivemedia.com

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AVCJ Private Equity & Venture India Forum 6-7 December 2012, Taj Lands End, Mumbai

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