Onsite Survey Report-Summary

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感謝の辞
協賛企業各位
今年のアストリアインベスターフォラム(AIF)2016に協賛参加き、誠にありがとうございました。
漸く会場アンケートの集計が終了しました。今回作成しました協賛企業向けのPost Conference
Onsite Reportは、昨年から導⼊しました新フォーマットを継承し、各協賛企業の顧客分析がわかりやすくなるようにく内容・フォーマット共に⼯夫してみました。
詳細のご報告は、私から解説を加えるよりも⽣の声を協賛企業の皆さまが直にご覧いただく事で、参加者の声がわかるよと思います。将来の営業⽅針設定にご活⽤頂ければ幸いです。
以上。
主催
代表

アストリアコンサルティング
森本晴久

Thank you
Dear Conference Sponsors,
Thank you again for your sponsorship participation to Astoria Investor Forum 2016.
Here at last we have compiled post conference onsite surveys we collected from the conference for yourexamination. This year’s report is formatted with a completely updated format for ease of data analysis
for you.
Without any of my comments on the results of the report, I trust you will be able to gather many
valuable insights from our audience about you and your business. I hope it will aid your effort towards
constructing truly effective sales and marketing strategy for you in Japan.
Sincerely,
Hal Morimoto
Organizer of the Conference
Astoria Consulting Group, LLC

企画・主催/ Planner/Organizer:
Astoria Consulting Group, LLC

www.astoriacg.com

運営事務局/ Administrator:
アストリアコンサルティング
Tel: 03-6310-0778

admin_apef@astoriacg.com

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アストリアインベスターフォーラム2016
Astoria Investor Forum 2016
Day 1: Wednesday, December 7

初⽇: 12⽉7⽇（⽔）

On Capital Growth Strategies

グロース戦略について

アストリアインベスターフォーラム2016

Astoria Investor Forum 2016
0830

Registration

受付開始

0900

Welcome Note from Astoria

主催からのご挨拶

0905
0950

S1: Myths of Institutional Investing in Japan &Back to the Future: The seven private market
investing lessons we wish we knew when wewere younger
Moderator: Hal Morimoto, Astoria Consulting
Panelists: Scott Higbee, GoldPoint Partners
Yukie Tanaka, StepStone
S2: Panel on “Niche Infrastructure Markets – The
Hidden Champions in The Mid-Market”

0955
1045

1050

1115
1200

1205
1245

司会：アストリアコンサルティング 森本晴久
パネリスト:
GoldPoint Partners スコット・ヒグビー
StepStone ⽥中雪絵
S2 :中⼩型に特化したインフラストラクチャー投資– インフラ業界の隠れた勝者

Moderator: Jeremy Golding, Golding Capital
Panelists:
Rob Gregor, Basalt Infrastructure Partners;
Renaud de Matharel, Cube Investment
George So, InstarAGF
Creede Williams, Panda Power Funds(Sponsored by Golding Capital Partners)

司会：Golding Capitalジェレミー・ゴールディング
パネリスト：
Basalt Infrastructure Partners ロブ・グレゴー
Cube Investment ルノー・デ マサレル
InstarAGF ジョージ・ソウ
Panda Power Funds クリーデ・ウィリアムス
協賛：Golding Capital

Networking Break

ネットワーキングブレーク

S3 Workshop: Middle Market PE in Japan•Expanded investment opportunities andincreasing needs of SME business owners to
prepare succession of business•GDP based on a stable domestic demand andoutlook of local economy•Growth potential and operational improvements
at SME•Attractiveness of investment subject

S3ワークショップ：⽇本のPEミドルマーケット

Lecturer: Jun Tsusaka, NSSK
Moderator: Juichi Takeuchi, Partners Group(Sponsored by NSSK)

講師：⽇本産業推進機構 津坂 純
司会：パートナーズグループ ⽵内寿⼀
協賛：⽇本産業推進機構(NSSK)

S4: Mid-Market Private Equity /Co-investment
Opportunities

S4 ：Global・PEミドルマーケット/共同投資機会について (仮題)

Moderator: Yuka Hata, Nissay Asset Management
Panelists:
Bernard Yancovich, GCM Grosvenor

Ichiro Yamamura, Daido Life Insurance(Sponsored by GCM Grosvenor)

1250

S1:機関投資家の不思議 ＆ 若いときに知っておきた
かったプライベート・マーケット 七つの教訓

Networking Lunch•中堅・中⼩企業オーナーの事業承継ニーズの⾼まりと投資機会の拡⼤•安定した内需に下⽀えされたGDPと地域経済の動向•中堅・中⼩企業の業務改善・成⻑余地•投資対象としての魅⼒

司会：ニッセイアセットマネジメント 秦 由佳
パネリスト：GCM Grosvenor バーナード・ヤンコビッチ
Daido Life Insurance Co. ⼭村⼀郎
協賛：GCM Grosvenor
ネットワーキングランチ

Astoria Investor Forum - 20163

アストリアインベスターフォーラム2016
Astoria Investor Forum 2016
Day 1: Wednesday, December 7

初⽇: 12⽉7⽇（⽔）

On Capital Growth Strategies

グロース戦略について

アストリアインベスターフォーラム2016

Astoria Investor Forum 2016

S6: Growth Markets Infrastructure Opportunities
1350
1430

Moderator: Kaoru Onishi, Nissay Asset Management

Panelists:
Lucy Heintz, Actis Capital
Andrei Rotaru, IFC Global Infrastructure Fund
(Sponsored by Actis Capital)

S5：グロースマーケット・インフラストラクチャ―の投資機会
司会： ニッセイアセットマネジメント
パネリスト：
Actis Capital ルーシー・ハインツ

IFC Global Infrastructure Fund

協賛：Actis Capital

⼤⻄かおる

アンドレイ・ロタル

S7: ⽇本に於けるもう⼀つの成⻑企業投資

1435
1515

S7: Growth Capital Investment, an Alternative to
VC Investing in Japan
Moderator: AI Capital Yoshifumi Hirao
Panelists:Moriyoshi Matsumoto, WMP Partners
Tsuyoshi Kajimura, Development Bank of Japan
Alexander Wellsteed, IFC(Sponsored by WM Partners)

1520

Networking Break

ネットワーキングブレーク

1545
1630

1635
1705

1710
1800

1800
1930

S8: Keynote Address on “Brexit and JapaneseCompanies in Europe”; “An update on PE
activities in Europe, etc.”
Speaker: Dr Gerry Murphy, Senior Managing
Director and Chairman, Blackstone Europe,
Chairman 2016 – 2017, Invest Europe
Moderator: Michael Collins, Invest Europe

司会：エーアイキャピタル 平尾奉⽂
パネリスト：WM Partners Moriyoshi
MatsumotoDevelopment Bank of Japan 梶村毅
国際⾦融公社（IFC）アレクサンダー・ウェルス
ティード
協賛：WM Partners

S8 基調講演：「欧州市場の最新事業、Brexit 」
スピーカー：
Invest Europe 会⻑(2016-2017) ジェリー・マー
フィー(博⼠) Blackstone Europe 会⻑、
シニア・マネジング・ディレクター
司会：Invest Europe

マイケル・コリンズ

S9: LP Keynote
Speaker: Hideya Sadanaga, Japan Post Bank

S9 基調講演
スピーカー：ゆうちょ銀⾏

S10: Fiduciary Panel-I
Issues facing SWFs and very-large Institutional
Investors: Dealing with Market Capacity, Building
Teams & Portfolio Construction, etc.

S10 受託機関パネル-I
世界のSWF、⼤型投資家が直⾯するチャレンジと対策：マーケットキャパシティ、投資チーム/ポート
フォリオの構築 等

Moderator: Charles H. van Horne, Abbott Capital
Panelists:
Soichi Sam Takata, Tokio Marine Asset
Georges Sudarskis, Sudarskis and Partners
Charles Haase, Tokyu Land Co.
(Sponsored by Abbott Capital)
Networking Reception

貞永英哉

司会：Abbott Capital チャールズ・ヴァン・ホーン
パネリスト:
東京海上アセット 髙⽥創⼀
スダースキス＆パートナーズ ジョージ・スダースキス
東急不動産 チャールズ・ハーシィ
協賛：Abbott Capital
ネットワーキングレセプション

Astoria Investor Forum - 20164

アストリアインベスターフォーラム2016
Astoria Investor Forum 2016
Day 2: Thursday, December 8

Astoria Investor Forum 2016 (Track A)
On Income Generation Strategies

⼆⽇⽬: 12⽉8⽇（⽊）
アストリアインベスターフォーラム2016
インカム戦略について

0900

Registration Opens

受付開始

0930

Welcome Note from Astoria

主催からのご挨拶

S1: A New Standard in Responsible Reporting

0940
1040

1045

1110
1155

1200
1245

Interviews with journalists with deep
understanding of the global mega trends beyond
what we learn from the ordinary general media.
Interviews with well known media/journalists via
live video conference followed by local
commentaries.
Journalists:
David Snow, Privcap (NY)
Toby Mitchenall, PEI (London)(Track A)

S1: 「説明責任の新しいスタンダード－投資家が知っておくべき市場の真実」
業界情報に詳しい海外の主要なジャーナリストを招きGlobal・メガトレンドの表裏について解説。海外から有名メディア/ジャーナリストをゲストで招きビ
デオ中継による⽣出演と、東京会場のコメンテー
ターとの討論を予定
ジャーナリスト:Privcap デービッド・スノー(NY)PEI トービー・ミッチェノール(London)Moderator: Hidekazu Ishida, System 2
Commentator:
Hideo Ohashi, Japan Post Bank

司会：System 2 ⽯⽥英和
コメンテーター: ゆうちょ銀⾏

Networking Break

ネットワーキングブレーク

S2 Workshop: The Role and the Benefit ofPrivate Equity and Mezzanine in the Portfolio of
US Financial Institutions
Lecturer: Thomas Haubenstricker,
GoldPoint Partners
Moderator: Mamoru Numata, Mizuho Trust Bank
(Sponsored by GoldPoint Partners)

S2ワークショップ: ⽶国⾦融機関投資家の投資ポー
トフォリオにPE&メザニン投資が果たす役割とベネ
フィット

S3 Workshop: Do infrastructure investments offer
attractive risk-adjusted returns and resilience in theface of economic and market shocks?

S3ワークショップ:インフラストラクチャー投資は現経済環境下でリスク調整後のリターンと耐久性を提供できるかWith global economic demand and yields sustaining
historically low levels, investors are in a constant searchfor better performance. There is evidence that someinfrastructure investments may offer attractive riskadjusted returns, and show resilience in the face ofeconomic and market shocks – and this has been provenas investors have begun to allocate more heavily to
infrastructure since the GFC. But how realistic areinvestor expectations? How can they achieve the results
they are looking for from an allocation to infrastructure?
While buffering risks to market shocks in their current
portfolios, are they introducing new risks they areunaware of or unable to manage? And in the current
environment, is the market too hot and will investors
overpay?

Lecturer: Kurt Lemke, Hastings
Moderator: Shigefumi Kuroki, DBJ(Sponsored by Hastings Fund Management)

⼤橋英雄

講師：GoldPoint Partners
トーマス・ハウベンストリッカー
司会：みずほ信託銀⾏ 沼⽥ 守
協賛：Gold Point Partners

世界規模で需要とイールドが歴史的に低いレベルにある中、投資家は常により良い投資パフォーマンスを探し求めている。⾦融危機以降、インフラストラクチャ―投資により重きを置いた投資を実⾏してきた機関投資家の運⽤結果は、インフラストラクチャー投資の中には厳しい市場環境下においても魅⼒的なリスク調整後のリターンを提供出来るものがある事を⽰している。しかしながら、これら機関投資家の期待値はどれぐらい現実的なものなのか? また、どのようにしてこれら機関投資家がインフラストラクチャー投資のアロケーションを通して⽬指す結果を達成したのか?
将来の⾦融危機などの市場リスクを避けようとするあまり 、
現状の投資ポートフォリオが気づかぬうちに新たな投資リ
ス クを内包してはいないだろうか? インフラストラク
チャー投資市場の現況において、投資家は過熱しすぎたり⾼価すぎたりする投資をしていないだろうか？

講師：Hastings カート・レメキ
司会：Development Bank of Japan ⿊⽊重史
協賛：Hastings Fund Management

Astoria Investor Forum - 20165

アストリアインベスターフォーラム2016
Astoria Investor Forum 2016
Day 2: Thursday, December 8

Astoria Investor Forum 2016 (Track A)
On Income Generation Strategies
1250

1350
1430

1435
1520

1525

1550
1650

1700
1830

⼆⽇⽬: 12⽉8⽇（⽊）
アストリアインベスターフォーラム2016
インカム戦略について(Track A)

Networking Lunch (60’)

ネットワーキングランチ (60分)

S4: Private Debt on Infrastructure and Real
Estate markets

S4: インフラストラクチャー・不動産市場のプライ
ベート・デット

Moderator: Sei Nakagawa, Daiwa Fund Consulting
Panelists: Scott Barker, IFM Investors
Neil Slater, Standard Life Investment (Japan)(Sponsored by IFM Investors)

司会：⼤和ファンドコンサルティング 中川 晴
パネリスト：IFM Investors スコット・バーカー
Standard Life Investment (Japan) ニール・スレ
イター
協賛：IFM Investors

S5: Private Debt Investing (TBC)

S5: プライベート・デット投資 (仮題)

Moderator: Tomoko Kitao, Hamilton Lane
Panelists: Eric Upin, Makena Capital Management
Pete Glerum, Castlelake(Sponsored by Castlelake)

司会：ハミルトンレーン 北尾智⼦
パネリスト：Makena Capital エリック・ユーピン
Castlelake ピーター・グレラム
協賛：Castlelake

Networking Break

ネットワーキングブレーク

S6: Fiduciary Panel-II
Meeting the needs of Japanese Institutional
Investors in fast changing markets

S6: 受託機関パネル-II
変わりつつある⽇本の機関投資家のニーズにどのように答えてゆくか

Moderator: Alexander Wellsteed, IFC
Panelists:
Toru Masuda, SuMi Trust Bank
Takao Yamakoshi, Tokio Marine AM
Hikojiro Iida, Nissay AM
Shunichi Yamada, GSAM
Networking Reception

司会: IFC アレクサンダー・ウェルスティード
パネリスト：
Sumitomo Mitsui Trust & Banking 増⽥ 徹
東京海上アセット ⼭越貴⽣
ニッセイアセット 飯⽥彦⼆郎
GSAM ⼭⽥俊⼀

ネットワーキングレセプション

Astoria Investor Forum - 20166

Delegate Names by Company
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Abbott Capital
Actis Capital
Acton Capital Partners
Adams Street Partners
Aflac JapanAISIN Employees’ Pension Fund
Aksia Asia
ALSOK Employee Pension Fund
Alternative Investment CapitalAozora Bank, Ltd.
Apollo Management
Arcus Infrastructure Partners
Asset Management ONE
Astellas Pension Fund
Axa Life Insurance Co., Ltd.
BaltCap AS
Basalt Infrastructure Partners LLP
BNY Mellon Asset Management
Japan Limited
Brookfield Japan, K.K.
Capricorn Venture Partners NV
Castlelake
CMS Hasche Sigle
Creation Capital, Inc.
Cube Infrastructure Manager
Daido LifeInsurance Co.
Daiwa Fund Consulting
DBJ Asset Management
DBJ Securities Co., Ltd.
Development Bank of Japan
Diamond Dragon Advisors
Diffusion Capital Partners
Eaton Partners LLC
FirstPoint Equity
Fisher Investments Japan
FUJITSU Pension FundGCM Grosvenor
GCM Investments Japan KK
Gilde Buy Out Partners AG
Golding Capital Partners
Goldman Sachs Asset Management
GoldPoint Partners
Hamilton Lane
HarbourVest Partners (Japan)

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Hastings Fund Management
IFC Asset Management Company
IFC Global Infrastructure FundIFM Investors (Japan)
Insight Equity
InstarAGF
Intermediate Capital GroupInternational Finance Corporation
Invest Europe
ITOCHU Corporation
Japan Post Bank
Kewpie Corporation (Kewpie
Pension Fund)
KonomiLife Science Innovation Network
Japan, Inc.
MAB Partners
Makena Capital Management
MassMutual Life Insurance
Company
Mercury Capital Advisors Asia, LLC
Mitsubishi Corporation AssetManagement
Mitsubishi UFJ Trust and Banking
Corp.
Mitsui Sumitomo Insurance Co.
Mitsuifudosan
Mizuho Global Alternative
Investments
Mizuho Securities Co.
Mizuho Trust & Banking Co.
Monument GroupMorgan, Lewis & Bockius
National Federation of Mutual Aid
Association
Nippon Life Insurance Co
Nippon Sangyo Suishin Kiko
Nissay Asset Management
Nomura Securities Co.
Nomura Trust BankNSSKNSSK Chubu Hokuriku GenPar G.K.
Panda Power Funds
Partners Group

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PEI
Quadriga CapitalResona Bank
Seiryu Asset Management
Shinkin Central BankSMBC Nikko Securities Inc.
SMBC Venture Capital
Sompo Japan Nipponkoa InsuranceStandard Life Investments (Japan)
StepStone Global
Sudarskis and Partners
Sumitomo Mitsui AssetManagement
Sumitomo Mitsui Banking
Corporation
Sumitomo Mitsui Trust & Banking
System2
T&D Asset Management Co.
The Bank of Tokyo-Mitsubishi UFJ
The Bank of Yokohama, Ltd.
The Blackstone Group International
Partners/Invest Europe
The Dai-ichi Life Insurance Company,
LimitedThe Shizuoka Bank, Ltd.
Thomson Reuters
Tokio Marine & Nichido Fire
Insrance Co.
Tokio Marine Asset Management
Tokyo University of Science
Investment Management Co.
Tokyu Land Corporation
TransPacific Group
Trust Capital Co., Ltd.
Uedayagi Tanshi Co. Ltd.
University of Tokyo Edge Capital
VIY Management LLC
WERU INVESTMENT CO.
WM Associates
WM Partners
YAMADA Business Consulting Co.

参加企業名
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Apollo Management•
ＢＮＹ メロン・アセット・マネ •ジメント・ジャパン•
CMSハッシュ・シングル•
Cube Infrastructure Manager •DBJ Asset Management
DBJ証券•
FirstPoint Equity•
Fisher Investments JapanGCM Grosvenor•
GCMインベストメンツ•
IFC Asset Management•
Company
IFCGlobalインフラストラクチャ •ーファンド•
IFMインベスターズ (Japan)
Insight Equity•
Intermediate Capital Group•MAB パートナーズ
MassMutual Life Insurance•
CompanyMorgan, Lewis & Bockius•
NSSK中部・北陸ジェンパー•
Panda Power Funds•
PEI
SMBCベンチャーキャピタル•
SMBC⽇興証券
Sudarskis and Partners•
T&Dアセットマネジメント•
Thomson Reuters•
VIYマネジメント•
WMアソシエイツ•
WM Partnersアーカスインフラ
ストラクチャーパートナーズ•
アイシン企業年⾦基⾦
あおぞら銀⾏•
アクサ⽣命保険•
Aksia Asia•
アクタスキャピタル
•アクトンキャピタルパートナーズ
アステラス企業年⾦基⾦
アセットマネジメント ONE•
アダムズ・ストリート・パートナ •ーズ・ジャパンアフラック•
アボットキャピタル
イートンパートナーズ

インスターAGF
インベスト・ヨーロッパ
ウエルインベストメント
エーアイキャピタル
カプリコーンベンチャーパート
ナーズ
キャッスルレイク
キューピー(キューピー企業年⾦基⾦）
キューブインベストメント
クァドリガキャピタル
グライドバイアウトパートナーズ
AG
クレアシオン・キャピタル
ゴールディングキャピタルパート
ナーズ
ゴールドポイントパートナーズ
Goldman Sachs AssetManagementシステム２
スタンダードライフインベストメ
ント(ジャパン)ステップストーン・Global
Seiryu Asset Management
ダイアモンドドラゴンアドバイ
ザーズ
ディフュージョンキャピタルパー
トナーズ
トラスト・キャピタル
トランスパシフィックグループ
ニッセイアセットマネジメント
パートナーズグループ
ハーバーベスト・パートナーズ・
ジャパン
バサルト・インフラストラク
チャー・パートナーズ
Hamilton Lane
バルトキャップAS
パンダパワーファンズ
ブラックストーングループイン
ターナショナルパートナーズ/インベストヨーロッパ
ブルックフィールドジャパン
ヘイスティングスファンドマネジ
メント
マーキュリーキャピタルアドバイ
ザーズアジア、エルエルシー

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マケナ キャピタル マネジメント
マスミューチュアル⽣命保険
Mizuho Global Alternative
Investments
みずほ信託銀⾏
Mizuho Securities
モニュメントグループ
ゆうちょ銀⾏
りそな銀⾏
⼀般社団法⼈ライフサイエン
ス・イノベーション・ネット
ワーク・ジャパン
Mitsui Real Estate
Co.Sumitomo Mitsui AssetManagement
三井住友信託銀⾏
三井住友海上⽕災保険
Sumitomo Mitsui Banking
Corp.
三菱UFJ信託銀⾏
Mitsubishi Corporation AssetManagement三菱東京UFJ銀⾏
上⽥⼋⽊短資伊藤忠商事
信⾦中央⾦庫
全国市町村職員共済組合連合会
国際⾦融公社（IFC）
Daido Life Insurance Co.
⼤和ファンドコンサルティング
富⼠通企業年⾦基⾦
Yamada Businness Consulting
損害保険ジャパン⽇本興亜
Development Bank of Japan⽇本⽣命保険相互会社
⽇本産業推進機構（NSSK）
Univ. of Tokyo Edge Capital東京海上アセットマネジメント
Tokio Marine Nichido
Insurance Co.
Tokyo University of Science
Investment Management Co.
東急不動産
横浜銀⾏
第⼀⽣命保険綜合警備保障企業年⾦基⾦
Konomi野村信託銀⾏
Nomura Securities
静岡銀⾏

参加者データ• 登録者総数：

234

100%

• 参加者総数：

202

86%• 不参加数：32

14%• 協賛・後援：33

17%• ゲストスピーカー・司会者

30

15%

• Invest Europe デリゲーション

158%• ⼀般参加：

124

61%

• LP：

56

28%

• 投資顧問・アドバイザー：

71

35%

• GPs, Placement Agents、他：

75

37%

• アンケート送付先（国内の⼀般参加者を対象）

119名• アンケート回答件数

43名

回収率 36％• Total registered:

234

100%

• Total attended:

202

86%

• Total no show:

32

14%

• 202名の参加者の内訳：• 参加者のタイプ別

Delegate Statistics• Breakdown of delegates participated: (of 202 people)• Sponsors/Supporting Organizations:

33

17%

• Guest Speakers/Moderators:

30

15%

• Invest Europe Delegation:

15

8%• General Delegates：

124

61%

• LPs including PFs:

56

28%

• DIMs, Asset Managers, Advisors:

71

35%

• GPs, Placement Agents, Other:

75

37%

• Onsite Survey Questionnaire Sent:

119 people (delegates in Japan)• Survey Collected:

43• Delegates by type

Astoria Investor Forum - 2016

%Responded: 36%
9

State of Investment
Already
InvestingPE

FuturePossibility

VC

Unlikely to Invest

Growth Capital Infrastructure

Private Debt

PrivateReal EstateDecember 7: Session １
S1: Myths of Institutional Investing in Japan & Back to the Future: The sevenprivate market investing lessons we wish we knew when we were younger

Please rate this session

Not interested

Very interested

Which speakers were of interest to you?
• Scott Higbee,
GoldPoint;• Yukie Tanaka,
Stepstone;• Hal Morimoto,Astoria
Score
5
5
5
5
5
4
4
4
4
3

Speakers of Your Interest
Scott Higbee, GoldPoint; Yukie Tanaka,
Stepstone; Hal Morimoto, Astoria (Moderator)
Scott Higbee, GoldPoint; Yukie Tanaka,
Stepstone; Hal Morimoto, Astoria (Moderator)
Hal Morimoto, Astoria (Moderator)
Scott Higbee, GoldPoint; Yukie Tanaka,
Stepstone; Hal Morimoto, Astoria (Moderator)
Scott Higbee, GoldPoint; Yukie Tanaka,
Stepstone; Hal Morimoto, Astoria (Moderator)
Yukie Tanaka, StepStone
Scott Higbee, GoldPoint
Scott Higbee, GoldPoint; Hal Morimoto, Astoria(Moderator)

Why?
Following a presentation by Goldpoint, you had an
excellent presentation on the Japanese institutional
investors.
"Too many salaryman-type investors in Japan?"A well summarized statement based on a long standing
experience on private equity investment
Deep insight on non-core investing; A unique view by Mr.
Morimoto on Japan.
Well thought out points were rendered in this panel
This was a very interesting topic on the behaviors ofJapanese investors – one could go further in the future

Scott Higbee, GoldPoint; Yukie Tanaka,
Stepstone; Hal Morimoto, Astoria (Moderator)

Issues relating to Japanese institutional investors (salaried
employees at financial institutions) were organized well.
However, it was missing an audience who should hear thispanel.

3

Scott Higbee, GoldPoint

The panelists explained the history of PE in Japan well.

3

Scott Higbee, GoldPoint

These were quite realistic stories.

3
3

3
Yukie Tanaka, Stepstone; Hal Morimoto, Astoria(Moderator)

I share concerns with the panel on the issues relating to(lack) of incentive & motivation by Japanese LPs. Agree
this is related to an outdated employment practices inJapan.

December 7: Session 2
S2: Panel on “Niche Infrastructure Markets – The Hidden Champions in The
Mid-Market”

Please rate this session

Not interested

Very interested

Which speakers were of interest to you?
• Rob Gregor, Basalt
Infrastructure• Rnaud de Matharel, Cube
Investment• George So, InstarAGF• Creede Williams, Panda
Power Funds• Jeremy Golding, Golding
Capital (Moderator)

Score
5
5
4

Speakers of Your Interest
Jeremy Golding, Golding Capital (Moderator)
Rnaud de Matharel, Cube Investment
Creede Williams, Panda Power Funds
George So, InstarAGF

4

GJeremy Golding, Golding Capital (Moderator)

4

Rob Gregor, Basalt Infrastructure

Why?
With a briliant moderation by Mr. Golding, I was able tolisten to many interesting speeches
I was able to learn about important points on actual
investment ideas.
Deal sourcing and value add after investing

Since this was my first review of the manager

444

Jeremy Golding, Golding Capital (Moderator)

4

Rob Gregor, Basalt Infrastructure
Rnaud de Matharel, Cube Investment
George So, InstarAGF, Creede Williams, Panda Power FundsJeremyGolding, Golding Capital (Moderator)

4

Jeremy Golding, Golding Capital (Moderator)

3
3
3

George So, InstarAGF

I was able to learn attractiveness of infrastructure assets
in the areas that are not well known to people
I noticed he communicated with participating speakers –it was quite unique and interesting panel session
moderation
I was unable to understand how they differentiated theirsourcing strategies in the small/medium size investing.
Sustainability and availability of small/medium size deals
It was quite interesting to find out how to rate theinvestment according to the size of debt financing, notthe whole size of the asset.

December 7: Session 3
S3 Workshop: Middle Market PE in Japan

Please rate this session

Not interested
Score

Very interested

Why?

5

This session was backed by a wealth of relevant data. It was an eye opening experience.

5

I listened with interest on macro economic information about Japan and the environment for investingin Japan5

The speaker explained about the attractiveness of the Japanese PE middle market

5
5
5
4
4

I was very impressed with knowing we now have PE fund(s) that are making successful investing
based on well thought out deal sourcing & investment approaches; glad to know we see less prejudice
by Japanese business owners about investment fund.
Glad to know we are entering into a new era of PE investing in Japan.
I thought Mr. Tsusaka presented well about macro scope views about global and Japanese middle
market.
It was quite interesting to learn how Mr. Tsusaka explained about his idea of “retaining the rightpeople.”4

I was able to develop clear view about how Japanese middle market could develop going forward.

4

I was able to understand better about how PE funds develop their thinking in their business. (quite bychance I had a number of opportunities to listen to middle market environment and businesssuccession issues since last year, these issues in the lecture were familiar to me)

4

I was able to understand better about domestic PE market and their macro economic environment
behind it.

4

Because I was interested in the fund4

Excellent explanation about the market

4Interesting analysis on the Japanese market

4

I was able to deepen my understanding on the PE market with the macro economic information andinvestment strategy of NSSK. It would have been more helpful to understand the whole market if you
could compare the information on other funds.

3

The macro analysis was nicely summarized in his speech. However, with extremely competitive buyout
market, I was not able to learn what makes NSSK special.

3
3
3
2

I thought this was all about NSSKʼs pitch.

December 7: Session 4
S4: Mid-Market Private Equity /Co-investment Opportunities

Please rate this session

Not interested

Very interested

Which speakers were of interest to you?
•••

Bernard Yancovich, GCM
Grosvenor;
Ichiro Yamamura, Daido
Life;
Yuka Hata, Nissay AssetManagement (Moderator)

Score
5
5
5

Speakers of Your Interest

Why?

Bernard Yancovich, GCM Grosvenor;
Ichiro Yamamura, Daido Life;
Yuka Hata, Nissay Asset Management (Moderator)
Ichiro Yamamura, Daido Life;Interesting to learn about his frank view

4

Bernard Yancovich, GCM Grosvenor;
Ichiro Yamamura, Daido Life;

Comments about how to access excellent middle
managers, and comments about ingeneous means
used4

Bernard Yancovich, GCM Grosvenor;
Ichiro Yamamura, Daido Life;

It was quite interesting to hear how Daido Life invests

4
4
4

Bernard Yancovich, GCM Grosvenor;
Ichiro Yamamura, Daido Life;
Yuka Hata, Nissay Asset Management (Moderator)
It lacked actual data – I thought the session did nothave much on co-investing3
3

Yuka Hata, Nissay Asset Management(Moderator)

Excellent flow in the panel

332

⽇本国内での共同投資事例、共同投資の成功事例がどの程度あるのか、ないのか、どうすればうまくいくのか、などが良
くわからなかった。

December 7: Session 6
S6: Growth Markets Infrastructure Opportunities

Please rate this session

Not interested

Very interested

Which speakers were of interest to you?
•

Lucy Heinz, Actis
CapitalAndrei Rotaru, IFC
Global Infrastructure
Kaoru Onishi, Nissay
Asset

•
•

Score

Speakers of Your Interest

Why?

5

Lucy Heinz, Actis Capital;

The fact % of insolvency in the emerging market project
financing is similar to that of developed market.

5

Lucy Heinz, Actis Capital; Andrei Rotaru, IFC
Global Infrastructure; Kaoru Onishi, Nissay Asset

I did not have the necessary background knowledge
about the difference of infrastructure funds – however,Ms. Onishi was able to explain and moderate before us in
a way we could understand.

5

Lucy Heinz, Actis Capital; Andrei Rotaru, IFC Global Infrastructure; Kaoru Onishi, Nissay Asset4

4

Lucy Heinz, Actis Capital; Andrei Rotaru, IFC Global Infrastructure; Kaoru Onishi, Nissay Asset

3
2
2
2

N

December 7: Session 7
S7: Growth Capital Investment, an Alternative to VC Investing in Japan

Please rate this session

Not interested

Very interested

Which speakers were of interest to you?
•Moriyoshi Matsumoto, WM
Partners;•

Tsuyoshi Kajimura, DBJ•

Alexander Wellsteed, IFC;•

Yoshifumi Hirao, AI Capital

Score

Speakers of Your Interest

Why?

5

Tsuyoshi Kajimura, Development Bank of Japan;
Yoshifumi Hirao, AI Capital

Summarized key points on DD well in their speeches

5

Moriyoshi Matsumoto, WM Partners; Tsuyoshi
Kajimura, Development Bank of Japan

Mr. Matsumotoʼs explanation was very clear and realistic

5

Moriyoshi Matsumoto, WM Partners; tsuyoshi Kajimura, DBJ; Alexander Wellsteed, IFC; Yoshifumi Hirao, AI
Capital5Moriyoshi Matsumoto, WM Partners; tsuyoshi Kajimura, DBJ; Alexander Wellsteed, IFC; Yoshifumi Hirao, AI
Capital5

Tsuyoshi Kajimura, Development Bank of Japan5

4

Moriyoshi Matsumoto, WM Partners; tsuyoshi
Kajimura, DBJ; Alexander Wellsteed, IFC;
Yoshifumi Hirao, AI Capital

I was able to learn about different investment
approaches by each speaker.

4

WM Partners

This panel shed a new light in the investment in thismarket.

4Moriyoshi Matsumoto, WM Partners; tsuyoshi Kajimura, DBJ; Alexander Wellsteed, IFC; Yoshifumi Hirao, AI
Capital

4

Tsuyoshi Kajimura, Development Bank of Japan

3

Moriyoshi Matsumoto, WM Partners; tsuyoshi Kajimura, DBJ;

2

Moriyoshi Matsumoto

The use of Smart News as an example was excellent

Not interested

December 7: Session 8
S8: Keynote Address on “Brexit and Japanese Companies in Europe”; “An
update on PE activities in Europe, etc.”

Please rate this session

Not interested

Score
4

Very interested

Why?
I was able to listen to views about the future of European markets

4
4
4
4
4
3

I was expecting more on the Bexit, and how European market might change because of it.

3
3
3
3

I thought the speech/panel discussion dealt with Brexit very little

3
3
2

Interesting views about the vision and struggles on investment – it had clear message in his speech.

December 7: Session 9
S9: LP Keynote
Speaker: Hideya Sadanaga, Japan Post Bank

Please rate this session

Not interested
Score

Very interested

Why?

5

I was impressed by the vision expresed by Mr. Sadanaga about how JP Bank will lead other LPs in Japan so as
to generate more active investing in Japan as well as to let GPs from overseas to seek LP/GP relationship inJapan.

5

JP Bank as one of the largest investors in the word has expressed their investment ideas in PE

5
5
5
5
5
5
5
5

I was able to see how significant this speech was judjing from how closely it was looked at by fund managers
as well as other LPs.
I have not had the opportunity to hear investment strategy from JP Bank so far – Mr. Sadanaga provided his
message in plain language and I was able to understand clearly.
He showed vision of JP Bank and showed us what is yet to come from JP Bank.
JP Bank has recently launched their PE program and very little details was known to outside about how thefirm was going to invest a very large scale of money. I was highly interest to hear Mr. Sadanaga sharing his
investment philosophy and strategy.
I learned about the future path of investment at JP Bank as well as some of the tough organizational issues
exist in such an extremely large institution. I look forward to the future investment work at JP Bank.
I liked simple and straight forward message.
I could clearly see what we can expect from JP Bank which is becoming one of the leading institutional
investors from Japan.
It was simple and well rounded speech – explained well about what direction JP Bank is headed.

5
5
4
4
4
4

I could see Mr. Sadanagaʼs investment ideas and his philosophy behind it. I sincerely hope we will see moreinvestors like him in Japan.
Mr. Sadanaga explained about investment ideas about PE, and how his investment program is constructed,
and where he is going.
I was glad to sit in this session since Mr. Sadanaga showed investment ideas in detail
I would value high for this speech since JP Bankʼs investment idea/philosophy was made publically for therecord.
It was a rare speech by highly experienced investment manager from Japan.

4
4
4
4

I was able to understand the thinking behind JP Bankʼs investment program.
Despite short time allotted for this speech, the speaker provided a well organized thoughts on theirinvestment program.
I could see Mr. Sadanagaʼs sincere personality from this speech.

4This was one of the most sought after speech from a key individual at JP Bank; I could tell from the numberof attendants in the room and how intencely people listened.

4

Very interesting speech to learn about what JP Bank is doing.

December 7: Session 10
S10: Fiduciary Panel-I
Issues facing SWFs and very-large Institutional Investors: Dealing with Market
Capacity, Building Teams & Portfolio Construction, etc.

Please rate this session

Not interested

Very interested

Which speakers were of interest to you?
• Toru Masuda, SuMi Trust• Soichi Sam Takata, TMA• Georges Sudarskis, Sudarskis& Partners• Charles Haase, Tokyu Land
• Charles H. van Horne, Abbott

Score
5
5
5

5

Speakers of Your Interest

Why?

Georges Sudarskis, Sudarskis & Partners;

Insightful speech based on his experience at
AbudabiSoichi Sam Takata, TMA; Georges Sudarskis, Sudarskis &Partners; Charles Haase, Tokyu Land Co.; Charles H. van
Horne, Abbott (Moderator)
Soichi Sam Takata, TMA; Georges Sudarskis, Sudarskis &Partners, FC; Charles Haase, Tokyu Land Co.; Charles H.
van Horne, Abbott (Moderator)
chi Sam Takata, TMA; Georges Sudarskis, Sudarskis &Partners, FC; Charles Haase, Tokyu Land Co.; Charles H.
van Horne, Abbott (Moderator)

It was realistic and I could feel empathy about
the stories of experiences mentioned.

Charles H. van Horne, Abbott (Moderator)

The moderator handled the panel very well; I
was hear a lot of interesting things about
relations between fund size and performance.

44
4

Inside story

4

Soichi Sam Takata, TMA; Georges Sudarskis, Sudarskis &Partners, Charles Haase, Tokyu Land Co.; Charles H. van
Horne, Abbott (Moderator)

4

Soichi Sam Takata, TMA;

3

Charles H. van Horne, Abbott (Moderator)

3
2

I could hear both ends of stories from direct
investing and fund investing from different
perspectives. Highly interesting session.
The moderator had unique way of asking acutequestions.
Kudos to the moderator; I just wished he could
touch a bit more about “challenges” in thissession.

December 8: Session 1
S1: A New Standard in Responsible Reporting

Please rate this session

Not interested

Very interested

Which speakers were of interest to you?
••••

Hidekazu Ishida,
System 2
Hideo Ohashi, JP BankDavid Snow, Privcap
Toby Michenall, PEI

Score

Speakers of Your Interest

Why?

5

ゆうちょ銀⾏ ⼤橋英雄

5

Hidekazu Ishida, System 2; Hideo
In Japan, the number of publications on PE is limited-- and in many
Ohashi, JP Bank; David Snow, Privcap; cases, in English only. The so-called mainstream media, who tend to
Toby Michenall
be short-sighted, don't cover PE topics much.

5

Hideo Ohashi, JP Bank;

5

Hidekazu Ishida, System 2; Hideo
Ohashi, JP Bank;

44David Snow, Privcap;

4

Hideo Ohashi, JP Bank; David Snow,
Privcap; Toby Michenall

4

Hidekazu Ishida, System 2; Hideo
Ohashi, JP Bank;

3

I am convinced about the Japanese PE industry is going through asignificant change.
Interesting and unique views as investors.
I rate highly about the successful adoptation of online videoconferencing with international media. I should note people whohave very little idea about PE will not pay attention/read such media
as Privcap or PEI. In the future I would suggest you should consider
the point about geneeral media such as WSJ, Nikkey FT, NY Times
since they are accessed by Japanese executdives.
Worthy experience to hear stories form industry specialist media onPE
It was interesting to see comparisons between PE specialist media vsgeneral media on how they focus stories. I thought it was interesting
to hear Mr. Ohashi mention about political events and investing wererelated.
Both individuals expressed straight opinion from their heart.

December 8: Session 2
S2 Workshop: The Role and the Benefit of Private Equity and Mezzanine in the
Portfolio of US Financial Institutions

Please rate this session

Not interested

Score

Very interested

Why?

5

To learn from Mr. Haubenstricker, having invested long time in PE and contributed a great deal of profit
for the parent company, it should be quite useful for Japanese institutional investors.

4

I wished he discussed more about Mezzanine assets in his speech.

4

It was interesting to hear about how GoldPoint and the parent company (New York Life) were involvedin the investing, also how interesting mezzanine asset could be for investors.

4

The speaker shared with us about how US life insurance companies think of PE investing.

4

The panel session should have distinct time for PE and mezzanine assets.

3

The topic seemed a bit to narrow.

3

I wished the speaker talked more about mezzanine.

333

December 8: Session 3
S3 Workshop: Do infrastructure investments offer attractive risk-adjusted
returns and resilience in the face of economic and market shocks?

Please rate this session

Not interested

Very interested

Which speakers were of interest to you?
• Kurt Lemeke,
Hastings• Shigefumi
Kuroki, DBJ

Score

Speakers of Your Interest

Why?

5

Shigefumi Kuroki, DBJ-

5

Kurt Lemeke, Hastings; Shigefumi Kuroki, DBJ

5

Kurt Lemeke, Hastings; Shigefumi
Kuroki, DBJ

It was a well rounded panel session.

4

Kurt Lemeke, Hastings;

Very interested to hear about a topic on exit strategy from
infrastructure fund

4

Kurt Lemeke, Hastings;

The data provided by the speaker was a great match with the titleof the session.

Kurt Lemeke, Hastings;

The speaker explained about the very important basics: that it isimportant to take your time to develop infrastructure program froma scratch and diversify portfolio.

33December 8: Session 4
S4: Private Debt on Infrastructure and Real Estate markets

Please rate this session

Not interested

Very interested

Which speakers were of interest to you?
•••

Scott Barker, IFM
Investors
Neil Slater, Standard
Life Investment(Japan)Sei Nakagawa, Daiwa
Fund Consulting

Score

Speakers of Your Interest

Why?

5

Scott Barker, IFM Investors

I was able to learn more about infrastructure debt business at IFM.

5

Scott Barker, IFM Investors

4
4

Scott Barker, IFM Investors

3
3

3

I thought the session provide a lot of pitches from speakers.
Scott Barker, IFM Investors, Neil Slater, I was able to learn about infra debt and real estate debt, and whereStandard Life Investment (Japan)
they focus when investing.

December 8: Session 5
S5: Private Debt Investing

Please rate this session

Not interested

Very interested

Which speakers were of interest to you?
• Peter Grelum,
Castlelake• Eric Upin, Makena
Capital• Tomoko Kitao,
Hamilton Lane

Score

Speakers of Your Interest

Why?

5

Peter Grelum, Castlelake

Mr. Grelum explained about unique investment style andtheir investment universe.

5Peter Grelum, Castlelake; Eric Upin, Makena
Capital, Tomoko Kitao, Hamilton Lane

Detailed with reality

4

Eric Upin, Makena Capital

Highly intuitive speech by him

Peter Grelum, Castlelake; Tomoko Kitao,
Hamilton Lane
Eric Upin, Makena Capital

The moderator organized issues relating to the market, andQ&A were right on target
I was able to learn about actual decision process

3

Tomoko Kitao, Hamilton Lane

The moderator followed the agenda well – it helped myunderstanding.

3Peter Grelum, Castlelake; Eric Upin, Makena Capital

4
4
3

2

Not interested

December 8: Session 6
S6: Fiduciary Panel-II
Meeting the needs of Japanese Institutional Investors in fast changing markets

Please rate this session

Not interested

Very interested

Which speakers were of interest to you?
•
•
•
•
•

Toru Masuda, SuMi Trust;
Takao Yamakoshi, Tokio
Marine Asset; Hikojiro Iida,
Nissay Asset Management;
Shunichi Yamada, Goldman
Sachs Asset Management
Alexander Wellsteed, IFC

Score Speakers of Your Interest
5

Hikojiro Iida, Nissay Asset Management;

Why?
He discussed about organizational approaches by gatekeepers in detail.
For Japanese pensions their realistic choices are basically among these gatekeepers.
I was able to lean about their decision making process.

55Toru Masuda, SuMi Trust; Takao Yamakoshi, Tokio Marine Asset; Hikojiro Iida, Nissay Asset Management;

4

Takao Yamakoshi, Tokio Marine Asset;

Very practical and well rounded discussion – very interesting.

4

Toru Masuda, SuMi Trust; Takao Yamakoshi, Tokio
Marine Asset; Shunichi Yamada, Goldman

I could imagine how daily work is conducted by them.

4

Toru Masuda, SuMi Trust; Takao Yamakoshi, Tokio
Marine Asset; Hikojiro Iida, Nissay AssetManagement; Shunichi Yamada, Goldman

4
4These speakers represent leading gatekeepers from Japan – they spoke of things
that were backed by years of practices. They also talked about the latest on what
pension investors want.
The moderator gave excellent questions to panelists. Although I understand why
they need to follow certain guidelines posed by their work, it was a little
Alexander Wellsteed, IFC
disappointing to hear such replies.
三Toru Masuda, SuMi Trust; Takao Yamakoshi, Tokio Marine Asset; Hikojiro Iida, Nissay Asset Management; Shunichi Yamada, Goldman;
Alexander Wellsteed, IFC (Moderator）

4
4
?
?

It was highly educational session since it came from industry experts.
Toru Masuda, SuMi Trust; Takao Yamakoshi, Tokio Marine Asset; Hikojiro Iida, Nissay Asset Management; Shunichi Yamada, Goldman
Toru Masuda, SuMi Trust; Takao Yamakoshi, Tokio
Marine Asset; Hikojiro Iida, Nissay AssetManagement; Shunichi Yamada, Goldman
Toru Masuda, SuMi Trust; Takao Yamakoshi, Tokio
Marine Asset; Hikojiro Iida, Nissay AssetManagement; Shunichi Yamada, Goldman?

Toru Masuda, SuMi Trust;?

Toru Masuda, SuMi Trust;If was informative since all panelists spoke about what things each companies
worked on.
I was able to extrapolate present situations of Japanese institutional investors andwhat they are thinking.

This firm invests resources and hire foreign specialists. It raises local presence well.
I am impressed with their medium to long term thinking.

What did you think about a joint
conference with Invest Euerope?
Invest Europeとの共同開催について
It would be easier for us to participate Invest Europe event on a separate time.
I give high remarks for your intents and efforts you put into this joint event, however, when parallel sessions wereorganized most delegates ended up attending the Astoria Investor Forum. I noticed there was very few people
attending the Invest Europe workshop. I suggest you include Invest Europe sessions into the main program of theevent instead, otherwise the member firms of Invest Europe will have very little purpose with traveling to Japan. I
assume their Korean event had a large turn-out, with this I fear member firms of Invest Europe might feeldissatisfied by this event.
Due to Invest Europe participation, we seemed to have too many GPs at the conference.
You should avoid showing too much “color” of your collaborating organization at the Astoria Investor Forum
It was ashame I could not participate the Invest Europe workshop since there were overlapping program between
Astoria Investor Forum and Invest Europe workshop.
I think it was more effective than organizing organize a separate Invest Europe event. However, this created adifficult situation for two organizations to be in competition for a limited number of investor audience to two separate
venues.
I think Astoria as a host should remain independent of sponsors/collaborators. You should not be promoting any one
special organization. (I do realize you may have difficult issue since it is a sponsor company)
Maintaining a neutrality in this event is quite important if you want to invite public pensions and public investors to aconference like this - many of these investors shy away from such “marketing” event.
I am not sure if either organizations were happy about the outcome.
Please avoid having parallel sessions – participants have tough time dealing with such situations.
Since I was interested in investing in Europe, this collaborating event was quite useful for me.
Nothing special to note, except there may be a slight inconvenience with scheduling which session to attend.

Conclusion/Action for 2017：• Since this was Astoriaʼs first attempt to organize a joint event with Invest Europe, we were left witha number of open issues.
• There appears to be hesitation from participating LPs on the collaborating with sell side interest.
• No parallel session should be scheduled – Invest Europe presentation should have been incorporated
in the main program.
• It might make sense for our LP audience to offer Invest Europe event as a pre-AIF or post-AIF event.

Are There Any New Topics You Would Liketo See In the Next Forum?
Session Theme/Topic
Just like this year, please consider inviting keynote speakers from JP Bank and/or GPIF (Hiro Mizuno, CIO).
A topic on middle back related work or investment structure. These topics are quite important for LPs withvery little prior experience.
Risk Management: This topic is rather un-exiting topic; however it will be received well by investors. For
example:• How much ”look through” can be achieved in PE investing, or how much do we need?
• How compensation should be designed in a illiquid investing?
• Structure and transparency of compensation, level of compensation
Trend in investment terms and conditions
Level of reporting by GPs
ESG
Deeper review on income strategies (ex. Direct lending and other credit strategies)
Global RE fund investing, private debt, investment opportunities in Japan, etc.
Responsible roles and tasks related to Gatekeeper and investors
Investment vehicles (from administratorsʼ point of view)
Risk management on private assets
Tasks involved in the middle/back office
Tasks related to middle/back office or CRM work
Domestic venture investing
Regulations in Japan and overseas
Investment methodology on asset backed (such as airplanes) LP investingMore speeches by investors
PE investing in emerging markets
Management burdens by institutional investors (ex. Middle or back office)Investment know-how of identifying excellent GPs in the US/European middle market buyout from a large
universe of GPs; or accessing managers that are challenging to new LPs.
Please add more opportunities to listen to investment strategies of GPs from different classes of assets.

Conclusion:• We want to adopt a new session idea on the middle/back office related topic for
AIF2017• Astoria will continue to communicate with Lps to look for timely session topics• We will use video conference system to invite speakers from overseas that weredifficult to invite so far.

Your Recommendation as to How This
Conference Should Be Improved
Recommendations
・2⽇⽬の⼀部のセッションにしか出席できませんでしたが、周りを⾒渡すと意外と投資家（特に年⾦投資家）の出席が少ない印象がありました（逆にスポンサーを含め運⽤機関や業者が多い印象）。
I would appreciate if you could make more sessions open to the media.
This conference was compact, yet very intensive in contents. If I have to add one little note of improvement would be
during the lunch break there were insufficient seating capacity and a number of people had no place to put theirfood/drinks. 。
I sometime see commentators assigned to sessions that are not necessarily their field of specialty. I assume it wasprobably due to some balancing the sponsor interest, but this situation should be looked at more closely.
Video conference was extremely interesting. Please consider this format again.
The air conditioning at the main venue was too strong, too cold.
A choice of session moderator has a great deal of impact on how well it is received by the audience. Please pay extra
attention on who should moderate. While I am happy to see a lot of people attend the conference, I noticed there
werenʼt a lot of Japanese GPs attending the conference. Was this how you chose the audience mix?
I want to see more final investors (pension investors) attending in the conference.
I noticed too many people were leaving and entering the conference venue.
I heard from pension investors: if a conference program includes a group discussion format where engaging in a
dialogue in English, they felt discouraged to attend the event. A lot of pension investors are relatively unfamiliar withthe topic, so it makes much harder to attend. I recommend you adopt a new format which is less intensive for investor
attendant so that these pension investors feel safe to attend the event.
I look forward to attending the conference every year.
Nothing important enough to mention.
It may be a good idea to allow attendants to review presentation slides on their personal device such as tablet or smart
phones (or on paper).
I will definitely come back and attend the conference as Astoria is able to attract a lot of famous/important LPs.

Conclusions:• Thus far Astoria adopted a special format at a workshop which requires group based engagement to come up
with questions. However, it became clear to us some of the pension investors dislike this format as too intensive
engagement while their experience and knowledge (and communications skills) were not strong. Astoria willconsider adopting a new format in 2017 which should alleviate the issue for pensions investors – thus we should
see a lot more pension investors to attend the next conference.
• We will consider new methods to enable participating delegates to review presentation materials on theirpersonal device such as tablet or smartphone.
• We will consider using video conferencing system to invite high-profile speakers from overseas.
• Why do we see so few Japanese GPs? We know a lot of GPs decides not to attend because “pay to attend” aconference is not popular within the firm; or a lot of GPs were unable to justify the cost of registration fee toattend.
• Why do we see a lot of LPs and Asset Managers leaving and entering the conference venue? We think there areseveral factors:
1. One of the public pension was conducting interviews with gatekeepers/asset managers at the same time theconference took place;
2. Because the conference deals with numerous types of private assets, some of investors chose to skip lessrelevant topics;
3. Some of the investors were engaged in the year-end meetings, thus had to leave the venue/came to venuelate;
4. A lot of institutional investors register multiple people from the same department so that they can rotate
during the program.

End of Report

Astoria Consulting Group, LLC

Astoria Investor Forum - 201629