the business school for the world | insead · 2018-06-21 · 13th annual insead private equity...
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13th Annual INSEAD Private Equity Conference 1
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
13th Annual INSEAD Private Equity Conference 2
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
10:10 - 11:05 Panel Session 1
Leveraged Buyouts Amphi A
Venture Capital Amphi B
11:05 - 11:35 Coffee Break
11:35 - 12:25 Panel Session 2
Africa Amphi A
Distressed Investing Amphi B
12:30 - 14:00 Lunch Restaurant
14:00 - 14:45 Keynote
Céline Méchain, MD Goldman Sachs
Charles-Eduard van Rossum, COO EMEA Natural
Resources Group, Goldman Sachs Amphi A
15:00 - 15:55 Panel Session 3
Operational Excellence Amphi A
Infrastructure Amphi B
16:05 - 17:00 Panel Session 4
LP Dynamics Amphi A
Careers in Private Equity Amphi B
17:00 - 18:00 Cocktail Reception
13th Annual INSEAD Private Equity Conference 3
13th Annual INSEAD Private Equity Conference 4
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.
Keynote speakers
13th Annual INSEAD Private Equity Conference 5
13th Annual INSEAD Private Equity Conference 6
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.
.
Leveraged Buyouts Panel session 1: 10:10-11:05
13th Annual INSEAD Private Equity Conference 7
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
where he focuses on European
investment opportunities in the
software technology space. Prior
to Paua Ventures, Christian
spent five years identifying
investment opportunities in the
internet and software space and
managing the due diligence process at leading
pan-European venture capital fund Wellington
Partners. Previously, he was on the
management team of startup CareerConcept
AG as the director of business development.
Christian has an MBA from INSEAD and an
undergraduate degree in international
economics from Corvinus University Budapest
and York University Toronto.
Richard Anton joined Amadeus in 1998 and
specialises in software companies.
He serves as non-executive
director on the boards of five
companies. Richard recently
served as Chairman of the British
Private Equity and Venture Capital
Association (BVCA). Prior to
Amadeus, Richard worked as a management
consultant, a hands-on finance and business
development executive and a turnaround
manager. He joined Apax Partners in 1994,
where he made a number of early stage
investments, the best known of which was
software company Autonomy. Richard holds an
MBA from INSEAD and a BA and MA in
Mathematics from Christ's College, Cambridge.
Reshma Sohoni has always combined
technology and business from
university to today. Getting
degrees in both Engineering
and Business (UPenn M&T)
meant that from an early age she
was cultivating a path that would
always bring business and technology together.
Reshma worked in M&A and venture capital
across B2B Software and Internet services
businesses in the US and India. She helped in
building MakeMyTrip (NASDAQ) in its
formative days. Following on from this, Reshma
went to INSEAD and earned her MBA, fell in
love with Europe and stayed on to work in
Commercial and Marketing Strategy at
Vodafone. Reshma brings a good mix of tech,
business, commercial drive, marketing and that
American chutzpah to our incredible team.
Andreas von Richter joined EcoMobility
Ventures (EMV) in 2014 as a
Partner and sits on the boards of
EZ Wheel, Ouicar and serves as a
board observer on Ridepal and
LocoMobi. Before joining EMV,
Andreas worked for GE (2005-2013 and then
shortly for Saudi Aramco Ventures. From 2008-
2013 he was a VP at GE’s corporate Venture
Capital unit focused on the energy, water and
transportation sectors. Andreas led the
investments in five start ups totaling $40m and
one fund-of-funds investment. His first
investment - Solaredge (SEDG) recently IPO’ed
on the NASDAQ. From 2005-2008 he was part of
the leadership team in GE’s European R&D
Centre. He holds a Masters Degree in
Aeronautical Engineering from the University of
Delft and a MBA from INSEAD.
Venture Capital
Panel session 1: 10:10-11:05
13th Annual INSEAD Private Equity Conference 8
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
Jonathan Monié
Philip Viergutz
Andrew Holt
Guillaume Adnot
Objective
To provide a global forum for the alumni working
in the private equity industry.
Key Activities
Grow the IPEC alumni network through the
establishment of regional chapters
Promote awareness of INSEAD’s PE alumni
Host global speaker series and events
Enable career development initiatives for
alumni and students alike
Support the student club in its on-going
activities: Conference, CV Book, on campus
speaker series
Objective
To provide the INSEAD community with a platform
to learn about Private Equity.
Key Activities
Lead the organization of the bi-annual
conferences
Host speakers on campus
Craft and promote a student CV Book
Identify internship opportunities for students
Support ongoing research and projects on
campus
Provide the students with Private Equity
focused training and seminars
For additional information on alumni club:
iaa.insead.edu/IAA/inseadalumniclubs/IPEN
Or follow us on Collaborne
To follow the student club register here:
http://mba-clubs.insead.edu/private-equity/
Or follow us on Yammer
INSEAD Private Equity Club
13th Annual INSEAD Private Equity Conference 9
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
Main Sponsor
IPEC Conference Sponsor
13th Annual INSEAD Private Equity Conference 10
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.
Africa
Panel session 2: 11:35-12:25
13th Annual INSEAD Private Equity Conference 11
Alexis Pourchet is an Operating
Partner at SVP Global, a distress
debt investment fund with both
trading and loan-to-own
strategies, where he has been
employed since 2012. He is on the
board of Klockner Pentaplast, a
Eur1.2bn packaging company with operations
globally, and Jeyes, a £120m FMCG
manufacturing company with operations in UK
and US. From 2006 to 2012, Mr. Pourchet served
as a restructuring specialist for Alvarez &
Marsal, most recently as a Senior Director in
London, involved in operational and financial
restructuring mandates, including with Diam
Group, Endemol and The Vita Group. Prior to
that, Mr. Pourchet was an Associate with
Deutsche Bank’s mergers and acquisitions
practice in New York.
Helen Lee Bouygues has over
18 years of financial, operational
and turnaround executive
experience. Since January 2014
Helen Lee Bouygues is the
Partner responsible for McKinsey
RTS in France and leads the
European turnaround practice for EMEA.
Before joining McKinsey, Helen Lee Bouygues
founded Lee Bouygues Partners in 2011 a
consulting firm specialized in turnarounds,
performance improvement and interim
management. She served portfolio companies of
over 20 PE firms during this period. Prior, she
was Senior Director of Alvarez & Marsal France.
Helen Lee Bouygues began her career in M&A
at J.P. Morgan in New York before joining
Audax Group, a Private Equity firm. She had
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
Advisors in 2006. He is a
Managing Director in
Opportunistic Credit and the
head of the London office
responsible for investments in
the European Media and Telecom sectors. He
also focuses on Sankaty’s separate accounts in
Europe. Previously, Mr. Avner was a Manager at
Bain & Company. In addition, he spent several
years in operations and marketing roles at
Comverse Technology and Creo/Scitex. Mr.
Avner received an M.B.A. from INSEAD and a
B.Sc. in Industrial Engineering from Tel Aviv
University.
Martin Gruschka co-founded
Springwater Capital in 2002.
He entered the private equity
business working for the private
equity firm Veronis, Suhler &
Associates in New York and later
in London. He then co-managed the media
private equity business of Dresdner Kleinwort
Capital, DrKC Media Partners, focussing on
equity partnerships with large communications
groups. Mr. Gruschka previously worked in the
European media industry group in investment
banking for Deutsche Bank. He started his
career as a management consultant and built up
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.
Distressed
Panel session 2: 11:35-12:25
13th Annual INSEAD Private Equity Conference 12
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
Welcome to INSEAD
13th Annual INSEAD Private Equity Conference 13
Business School for the World
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.
Singapore
Australia
Japan
Korea
China
Hong Kong India
Brazil
United States
Canada
United Arab Emirates
Israel Lebanon Greece
Italy
Switzerland
Austria Russia Federation
Germany
Denmark Sweden
Norway Netherlands
Belgium United Kingdom
France Portugal
Spain
Countries with more than 100 MBA Alumni
13th Annual INSEAD Private Equity Conference 14
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.
Moderator
Operational Excellence Panel session 3: 15:00-15:55
13th Annual INSEAD Private Equity Conference 15
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.
Infrastructure Panel session 3: 15:00-15:55
13th Annual INSEAD Private Equity Conference 16
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.
LP Dynamics Panel session 4: 16:05-17:00
13th Annual INSEAD Private Equity Conference 17
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.
Careers in Private Equity Panel session 4: 16:05-17:00
13th Annual INSEAD Private Equity Conference 18
INSEAD’s Karan Girotra and
Serguei Netessine, noted
operations and innovation
professors who have consulted
with dozens of companies, walk
you through a business model
audit to determine what key
decisions get made in a
business, when they get made,
who makes them, and why we
make the decisions we do.
By changing your company’s key decisions within
this framework, you can fundamentally alter the
risks that will impact your business.
This book is for entrepreneurs and executives in
companies involved in dynamic industries where
the locus of risk is shifting, and includes lessons
from Zipcar, Blockbuster, Apple, Benetton,
Kickstarter, Walmart, and dozens of other global
companies.
Companies made more than
42,000 alliances over the past
decade worldwide, many of
which failed to deliver strong
results. This book explains why
and how you can seize the
benefits from your business’s
network of alliances with
customers, suppliers and
competitors. This network can
provide three key advantages; superior
information, better cooperation and increased
power. Network Advantage shows how awareness
of these three advantages can help align your
portfolio of alliances with your corporate strategy
to maximize advantages from existing networks
and to position your business as an industry leader.
Network Advantage offers in-depth, practical
guidance for business executives, consultants, and
executive MBAs.
Global leadership has been
frequently heralded by writers
and executives as the key to
sustained competitive
advantage on the part of
organizations. In addition, it is
clear that the possession of
leadership qualities and the
display of leader behaviour are
requirements for individuals
attempting to progress in their careers. It is
important for aspiring managers to learn about the
nature of effective global leadership and how they
can develop their own competencies in this area.
This textbook provides an important overview of
this key emerging area within business and
management. Offering a view into the nature of
global leadership and the competencies necessary
for aspiring managers to succeed, Global
Leadership is essential reading for students of
leadership, organizational theory, strategic
management, human resource management, and
for anyone working and managing in the global
arena.
A groundbreaking guide to
making profitable business
decisions. Do you wonder why
your value initiatives aren't
providing the payoff you'd
hoped for? Could it be because
you've been thinking about
value all wrong? According to
the authors of this
groundbreaking guide, there's a
very good chance that you have. Using examples
from leading companies worldwide, they explain
why every decision a company makes either
creates value or detracts from it, and why, if they
hope to survive and thrive in today's increasingly
competitive global marketplace, company leaders
must make value-creation the centrepiece of every
business decision. Authors Kaiser and Young have
dubbed this approach "Blue-Line Management,"
(BLM), and in this entertaining, highly accessible
book, they delineate BLM principles and practices
and show you how to implement them in your
company.
INSEAD Faculty Publications
13th Annual INSEAD Private Equity Conference 19
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
13th Annual INSEAD Private Equity Conference 20
13th Annual INSEAD Private Equity Conference 21
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
Logistics
13th Annual INSEAD Private Equity Conference 22
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
Acknowledgements
13th Annual INSEAD Private Equity Conference 23
Head of Conference Organization and
Operational Excellence
Guillaume Adnot
President, INSEAD Private Equity Club
Andrew Holt
Leveraged Buyouts
Walid Kenaissi
Venture Capital
Leonardo Canepa
Africa
Frank Opono Njiki
Infrastructure and Logistics
Vadym Kononenko
GP/LP Dynamics
Arka Banerjee
Careers in Private Equity
Amyn Kassam
Distressed Investing
Roman Protasevich
Logistics
Josée Carignan
Contact Information
13th Annual INSEAD Private Equity Conference 24
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