参加パネリストからのメッセージ
Takeaway Messages from Speakers

Post Conference Report1ごあいさつ参加者各位
今年のアストリアインベスターフォラム(AIF)2016に参加頂き誠にありがとうございます。おかげさまで今回も無事全プログ
ラムを終了することが出来ました。会場アンケートにつきましても、多くの皆さまからご協⼒いただき、次回の企画に向けて有益なコメントも沢⼭頂戴しております。
今年のポスト・カンファレンスレポートには、パネリストからのメッセージをTakeaway Messagesとして収録いたしました。
またカンファレンス会場にて紹介された投影資料につきましても、カンファレンスに登録いただきました皆様全てに提供させていただきます。
多くの⽇本の機関投資家にとって、「私募投資ファンド」の世界は、まだなじみの少ない分野です。来年のアストリアインベ
スターフォーラムまでの期間、どうぞこのPost Conference Reportを社内の情報リファレンスとしてご活⽤ください。
最後に、改めて関係者の皆さまに深く御礼申し上げます。⼀般参加者の皆さまも是⾮これらの資料をご活⽤頂きますようお願
いいたします。
主催 アストリアコンサルティング 代表

森本晴久

Greetings
Dear Conference Delegates,
Thank you for being a part of Astoria Investor Forum 2016. I hope you had a satisfactory learning experience at ourconference this year. We have received numerous feedbacks at the conference venue and from through the Onsite
Survey– there are a number of valuable comments and recommendations about how this event is (should be) organized.
We thank you for this.
In this Post Conference Report you will find comments from speakers. Also, some of the visual presentations shown at theconference are available from this report. We appreciate those speakers who gave us permissions to include them in thisreport.
Finally, I wish to reiterate my deep appreciation for kind assistance from speakers and sponsors at the conference for the
production of this report. I hope you and your colleagues at the workplace can find this material beneficial to further yourunderstanding in the world of private capital investing.
Sincerely,
Hal Morimoto, Organizer of the Conference – Astoria Consulting Group, LLC

企画・主催/ Planner/Organizer:
Astoria Consulting Group, LLC
運営事務局/ Administrator:
アストリアコンサルティング株式会社
Tel: 03-6310-0778

www.astoriacg.com

admin_apef@astoriacg.com

2

アストリアインベスターフォーラム2016
Astoria Investor Forum 2016
初⽇: 12⽉初⽇:
12⽉7⽇（⽔）
アストリアインベスターフォーラム2016
アストリアインスタ フォ ラム

Day 1: Wednesday, December 7

Astoria Investor Forum 2016

グロース戦略について

On Capital Growth Strategies
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

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

S2: Panel on “Niche Infrastructure Markets – The
Hidden Champions in The Mid‐Market”
0955
‐
1045

1050

1115
‐
1200

1205
‐
1245

1250

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
g So, InstarAGF
GeorgeCreede 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 ︓グローバル・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)

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
⼤同⽣命保険 ⼭村⼀郎
協賛︓GCM Grosvenor

Networking Lunch

ネットワーキングランチ•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

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
初⽇: 12⽉初⽇:
12⽉7⽇（⽔）
アストリアインベスターフォーラム2016
アストリアインスタ フォ ラム

Day 1: Wednesday, December 7

Astoria Investor Forum 2016

グロース戦略について

On Capital Growth Strategies
S6: Growth Markets Infrastructure Opportunities

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

Moderator: Kaoru Onishi, Nissay Asset Management
Panelists:p
Lucyy Heintz,, Actis Capital
Andrei Rotaru, IFC Global Infrastructure Fund
(Sponsored by Actis Capital)

司会︓ ニッセイアセットマネジメント ⼤⻄かおる
パネリスト︓
Actis Capital ル
ルーシー・ハインツシ
ハインツ

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

S8: KeynoteyAddress on “Brexit and JapanesepCompanies in Europe”; “An update on PE
activities in Europe, etc.”

S8 基調講演︓「欧州市場の最新事業、Brexit
基調講演︓「欧州市場の最新事業 Brexit 他」

1350
‐
1430

1545
‐
1630

1635
‐
1705

1710
‐
1800

1800
‐
1930

Speaker: Dr Gerry Murphy, Senior Managing
Director and Chairman, Blackstone Europe,
Chairman 2016 – 2017, Invest Europe
ode ato : Michael
c ae Collins,
Co s, Invest
est Europe
u ope
Moderator:

IFC Global Infrastructure Fund

協賛︓Actis Capital

アンドレイ・ロタル

司会︓エーアイキャピタル 平尾奉⽂
パネリスト︓
WM Partners 松本守祥
⽇本政策投資銀⾏ 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

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 貞永英哉

S10: Fiduciary Panel‐I
Issues facing SWFs and very‐large Institutional
Investors: Dealing with Market Capacity,
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/ポート策︓マケットキャパシティ、投資チ ム/ポ 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,
Haase Tokyu Land Co.
Co(Sponsored by Abbott Capital)
Networking Reception

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 ‐ 2016

4

12⽉
12
⽉7⽇ 参加パネリストからのメッセージ
Takeaway Messages from Speakers on December 7 th

0905 – 0950 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
Myths of Institutional Investing in Japan & Back to the Future: The
seven private market investing lessons we wish we knew when wewere younger
司会︓アストリアコンサルティング 森本晴久
Moderator: Hal Morimoto, Astoria Consulting
Email: hal.morimoto@astoriacg.com

パネリスト/Panelists:
GoldPoint Partners スコット・ヒグビー
Scott Higbee, GoldPoint Partners
Email: shigbee@goldpointpartners.com

StepStone ⽥中雪絵
Yukie Tanaka, StepStone
Email: ytanaka@stepstoneglobal.com

URL: http://www.astoriacg.com/pdf/AIF2016_1207-08ALL.pdf

12⽉
12⽉7⽇ 参加パネリストからのメッセージ
Takeaway Messages from Speakers on December 7 th0955-1045 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
Panel on “Niche Infrastructure Markets – The Hidden Champions in
The Mid-Market”
司会︓Golding Capital ジェレミー・ゴールディング
Moderator: Jeremy Golding, Golding Capital
Email: golding@goldingcapital.com
パネリスト/Panelists:
Basalt Infrastructure Partners ロブ・グレゴー
Rob Gregor, Basalt Infrastructure Partners;
Email: rob.gregor@basaltinfra.com
Cube Investment ルノー・デ マサレル
Renaud de Matharel, Cube Investment
Email: rdematharel@ei.natixis.com
Sponsored by Golding Capital Partners

DL⽤URL: http://www.astoriacg.com/pdf/AIF2016_1207-08ALL.pdf

12⽉
12⽉7⽇ 参加パネリストからのメッセージ
Takeaway Messages from Speakers on December 7 th0955-1045 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
Panel on “Niche Infrastructure Markets – The Hidden Champions in The Mid-Market”
InstarAGF ジョージ・ソウ
George So, InstarAGF
Email: george.so@instarAGF.com
Take-away Message:
The North American middle market (assets with an enterprise value of C$100 million to C$1 billion)
offers appealing investment opportunities for investors.
The middle market is less competitive than the upper end of the market where large institutions
and other direct investors are searching for core large-cap transactions, which is driving valuations
above historical levels and compressing investment returns. In contrast, the middle market offers
better value to those investors with the sector and operational expertise to maximize an assetʼs
potential. In addition,, middle market investment opportunitiespppmore likely
y sourced throughgrelationships as opposed to an auction. This allows for flexibility around the timing and structuringof a deal, and the ability to compete on factors other than price.
The size of a transaction is a key determinant of long-term value. Going back to the 1990s,
infrastructure funds with less than $1 billion in total commitments have generated stronger returns
than funds sized at more than $1 billion --- with a median net IRR of 9.8% versus 7.5%. The 10year data mark is 11.5% and 9.5% for bigger funds. So there is an inverse relationship between
the size of the fund and return/risk profiles.
CCore
value-addedl
dd d iinfrastructure
f ttrefersf
tto ththose assetst ththatt are ttypicallyi ll regulatedl t d or contractuallytt ll
defined, offering downside protection of capital in a manner similar to “core” assets, but that also
have the potential to maximize returns through operational improvements or growth opportunities.
The return profile for core value-added infrastructure is attractive. On the basis of transaction size
alone, we are seeing a 100 to 150 basis point higher return in the middle market on a same sector
and jurisdiction basis. Strong operational engagement and skills, including stakeholder relations
and operational improvements, are also critical to driving outperformance. We are seeing that withthe uplift from the middle market and operational alpha, itʼs possible to achieve an extra 200 - 400
basis points or more of risk
risk-adjusted
adjusted return from an asset
asset, bringing the returns for middle market
core-value added infrastructure to the 12% to 16% range or net 9% to 14%.
There is ample deal flow for investors in the North American middle market. Most of theinfrastructure deficit in North America resides at the level of municipalities, universities, schools
and hospitals, or the “MUSH” sector. Municipalities are responsible for 70% to 80% of all
infrastructure activity yet receive only about 10% of every tax dollar. Much of our infrastructure isat or nearing the end of its useful life, or no longer sufficient to deal with 21st century challenges
such as urban density, demographic shifts or climate change. With the magnitude of local
infrastructure needs,
needs we are seeing that there is a huge untapped opportunity in this market forinvestors to work with MUSH institutions to originate high quality projects.

Panda Power Funds クリーデ・ウィリアムス
Creede Williams, Panda Power Funds
Email: CWilliams@pandafunds.com
Sponsored by Golding Capital Partners

URL: http://www.astoriacg.com/pdf/AIF2016_1207-08ALL.pdf

12⽉
12⽉7⽇ 参加パネリストからのメッセージ
Takeaway Messages from Speakers on December 7 th1115 -1200 S3ワークショップ︓⽇本のPEミドルマーケット
Workshop: Middle Market PE in Japan
講師︓⽇本産業推進機構 津坂 純
Lecturer: Jun Tsusaka, NSSKEmail: jtsusaka@nsskjapan.com
Take-away Message:
ご参加の皆様へ、
ご参加の皆様へ
この度はNSSKが主催したワークショップにご参加頂き誠にありがとうございました。
今回は⽇本の中⼩企業を対象とするPEのお話をさせて頂きました。繰り返しになりますが、起業後の事業継承問題により、このエリアでの市場は⾶躍しています。
ご存知のように世界各地で起きている不透明動向は不安材料として市場に取り込まれますが、その中でも⽇本は⽐較的安定を保ち、且つ、中⼩企業市場はグローバル
インベントからワンクッション、ツークッションと守られており、極めて投資対象として分かりやすく、⼤変魅⼒的なリスクリターンを有しています。
本ワークショップ内ではこの点において多くのご質問を頂き皆様の関⼼の⾼さが⼤変刺激になりました。
ワークショップにてモデレーターを勤めて頂きました、パートナーズ・グループ
シニア・バイスプレジデントの⽵内壽⼀さんには改めて御礼申し上げます。素晴ら
しいワークショップに仕上げて頂きました。
また、当フォーラムを主催された森本様にも感謝を申し上げると共に15年⽬の節⽬を迎えられました事をお祝い申し上げます。PEにとって中⼩企業は魅⼒的なセグメントです。NSSKは今後も中⼩企業に注⼒していく投資会社です。
今後とも宜しくお願い致します。
司会︓パートナーズグループ ⽵内寿⼀
Moderator: Juichi Takeuchi, Partners Group
Email: juichi.takeuchi@partnersgroup.com

Sponsored by NSSKURL: http://www.astoriacg.com/pdf/AIF2016_1207-08ALL.pdf

12⽉
12⽉7⽇ 参加パネリストからのメッセージ
Takeaway Messages from Speakers on December 7 th1205-1245 S4:グローバル・PEミドルマーケット/共同投資機会について
Mid-Market Private Equity /Co-investment Opportunities
司会︓ニッセイアセットマネジメント 秦 由佳
Moderator: Yuka Hata, Nissay Asset Management
Email: hata_y068@nam.co.jp

Take-away Message:
ミッドマーケットの優良GPへのアクセスとアロケーションの確保は永遠の課題かもしれません
が、地道なソーシングとリレーションの構築を⾏うことによって、投資のチャンスは必ず巡ってくるでしょう。共同投資に関しては、さらに狭き⾨かもしれませんが、グローバルに拠点を有す
るアドバイザーを上⼿に利⽤することで道は開けると思います。私どものパネルをきっかけに、
ミドルマーケットも積極的に⾒てみようと考える⽇本の投資家が増えれば幸いです。

パネリスト/Panelists:
GCM Grosvenor バーナード・ヤンコビッチ
Bernard Yancovich, GCM Grosvenor
Email: byancovich@gcmlp.com

⼤同⽣命保険 ⼭村⼀郎
Ichiro Yamamura, Daido Life Insurance
Email: yamamura.ichirou@daido-life.co.jp
Take away Message:Take-away
特にミドルマーケットでは、トップティアと平均的なファンドのパフォーマンスには⼤きな乖離があるため、優良ファンドへのアクセスが鍵となりますが、⾃前で取組もうとすると⼈的リソー
スや時間を要します。これから、ＰＥ投資の拡⼤を検討されている投資家は、費⽤対効果の観点からもアドバイザーの活⽤は、アクセスの確保するための解決策のひとつになるのではないで
しょうか

Sponsored by GCM Grosvenor

12⽉
12⽉7⽇ 参加パネリストからのメッセージ
Takeaway Messages from Speakers on December 7 th
1350-1430 S6:グロースマーケット・インフラストラクチャ―の投資機会
Growth Markets Infrastructure Opportunities
司会︓ ニッセイアセットマネジメント ⼤⻄かおる
Moderator: Kaoru Onishi, Nissay Asset Management
Email: onishi@nam.co.jp
Take-away Message:
インフラファンドのリスクリターン特性は、投資戦略によって異なります。グロースマーケット
でのインフラ投資は、⾼い成⻑が⾒込めるエマージング地域が主な投資対象となるため、相対的に⾼いリターンが期待できる⼀⽅で、先進国インフラ投資とは異なるリスクが存在します。運⽤者の投資戦略を⼗分理解した上で、どのようなダウンサイドリスクの軽減⼿法をとっているのか、
現地法制度等に対する⼗分な知⾒、現地ネットワークを有しているか等も含めて⾒極めることが必要です。また、組⼊れの際には、どのような効果を期待できるのか、ポートフォリオ組み⼊れ意義を整理した上で検討すべきかと思います。
パネリスト/Panelists:
Actis Capital ルーシー・ハインツ
Lucy Heintz, Actis Capital
Email: lheintz@act.is
IFC Global Infrastructure Fund

アンドレイ・ロタル

Andrei Rotaru, IFC Global Infrastructure Fund
Email: arotaru@ifc.org

Sponsored by Actis Capital

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12⽉7⽇ 参加パネリストからのメッセージ
Takeaway Messages from Speakers on December 7 th
1435-1515 S7: ⽇本に於けるもう⼀つの成⻑企業投資
本 於
成 企業投資Growth Capital Investment, an Alternative to VC Investing in Japan
司会︓エーアイキャピタル 平尾奉⽂
Moderator: AI Capital Yoshifumi Hirao
Email: hirao@aicapital.co.jp
Take-away Message:

グロース投資は、アーリーステージベンチャー投資、IPO、プライベートエクイティをつなぎ、企業の持つニーズを解決するSolution Capitalだと思います。認知度が⾼まり、アセットクラス
として拡⼤していくことが期待されます。
パネリスト/Panelists:
WM Partners 松本守祥Moriyoshi Matsumoto, WMP Partners
Email: matsumoto@wmpartners.jp
Take-away Message:
投資のスタイルをVCやbuy out というように単純分類するのには理由がある訳ですが、プライベートカンパ
ニーにおけるエクイティの領域でのコーポレートファイナンスと⾔う意味では、⽇本はまだまだ海外に学ぶことの多い領域だと思っています。とりわけスタートアップではない企業年齢の若い経営チームに投資ファンドが寄与する機会に注⽬して今後も投資活動を続けていきます。
今回は世界のグロース投資に造詣の深い平尾さんにナヴィゲートしていただき、ご⼀緒した⽇本政策投資銀
⾏様、IFC様にごいっしょいただき、この領域のベストプラクティスを少しでも聞いていただければと思いました。また皆さんにお会いできることを楽しみにしております。
We have some good simple reasons why we categorise a VC or Buy out investment as mainstreams of private equity asset class. But we could find a lot more strategy about corporate financeto the private companies especially in a way of private equity investment if we take a look at thecases around the globe.
globe We WM Partners have dedicated with the opportunities to work together
with the energetic top management team who have experience but not like a start up.
In our panel discussion, Hirao-san who has a vast deep experience and network in the industry
navigates us so that the panelists from DBJ and IFC could shared their insight with the audience. I
hope the audience could take something like best practice in the category, which makes sense inJapan for now. I look forward to seeing you all again.

URL: http://www.astoriacg.com/pdf/AIF2016_1207-08ALL.pdf
Sponsored by WM Partners

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12⽉7⽇ 参加パネリストからのメッセージ
Takeaway Messages from Speakers on December 7 th
1435-1515 S7: ⽇本に於けるもう⼀つの成⻑企業投資
Growth Capital Investment, an Alternative to VC Investing in Japan

パネリスト/Panelists:
⽇本政策投資銀⾏ 梶村 毅
Tsuyoshi Kajimura, Development Bank of Japan
Email: tskajim@dbj.jp
T kTake-away
M
Message:
⽇本において、社会のニーズに応じた新たな資⾦供給の形を作ることができれば、それが資産運⽤における新たなアセットクラスとなり、さらなるポートフォリオ最適化をもたらすだろうと考えております。
今回はWMパートナーズ様、AIC様及びIFC様とともに貴重な機会を頂き、ありがとうございました。
今後も新たなアセットクラスの確⽴に向けて、GPの皆さまや機関投資家の皆さまとご⼀緒に取り組んでいくことを楽しみにしております。
I believe that investors can achieve further optimization of portfolio if we canestablish a new asset class by filling unmet needs of society in Japan.
I hope you get interested in such initiatives through the discussion with leading
figures; WM Partners, AIC and IFC.
I hope to you to join us in such initiatives, and look forward to meeting you
again.

国際⾦融公社（IFC）アレクサンダー・ウェルスティード
Alexander Wellsteed, IFC
Email: awellsteed@ifc.org

Sponsored by WM Partners

12⽉
12⽉7⽇ 参加パネリストからのメッセージ
Takeaway Messages from Speakers on December 7 th1545-1630 S8:基調講演︓「欧州市場の最新事業、Brexit 他」
Keynote Address on “Brexit and Japanese Companies in Europe”; “An
update on PE activities in Europe, etc.”
司会/ Moderator:
Invest Europe マイケル・コリンズ
Michael Collins, Invest Europe
S8 スピーカー/Speaker:
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
Dr GerryD
Ge
M
Murphy,ph Senio
Senior Managing Di
Director
ecto and Chairman,
Chai man Blackstone Europe,
E ope
Chairman 2016 – 2017, Invest Europe
Email: gerry.murphy@blackstone.com

Take-away Message: The recent headlines on Europe have overshadowed
Europeʼs post-crisis performance. Japanese investors should look past thisnoise and explore the opportunities resulting from growth retuning to Europe,with EU GDP steadily increasing year-on-year since 2012, and Europe
becoming the worldʼs largest market, larger than Japan and China combined.
The EU Single Market makes Europe an attractive investment destination byaccelerating the capital markets union, alleviating financial regulatory obstacles
and stimulating investment capital, with US companies continuing to invest
heavily in Europe. The private equity market in Europe is one that Japanese
investors should pay close attention to with continued resilience in fundraising,investment and divestment activity across the continent. There is also a highly
professionalpo ess o a cu
culturetu e acacrossoss European
u opea regions,eg o s, witht ststrongo g stastandards
da ds ingovernance and reporting, led by Invest Europeʼs professional standards
guidelines developed to uphold the highest industry standards governing
relationships between private equity managers and their investors. The team at
Invest Europe, the industry association representing private equity,
infrastructure and venture capital in Europe, is a resource available to getfurther clarification on European regulations, industry performance data, ESG
standards and sector or region-specific case studies. Please donʼt hesitate toreach out to us at info@investeurope.eu.
Blackstone is a global leader in private equity with around $100 billion of
AUM. As well as the global Blackstone Capital Partnersʼ funds, Blackstone
Energy Partners (approx. $11 billion AUM) is energy-focused and Blackstone
Tactical Opportunities (approx. $16 billion AUM) invests
opportunistically across asset classes, industries and regions.
Sponsored by Invest Europe

URL: http://www.astoriacg.com/pdf/AIF2016_1207-08ALL.pdf

12⽉
12⽉7⽇ 参加パネリストからのメッセージ
Takeaway Messages from Speakers on December 7 th
1635-1705 S9:基調講演
LP Keynote
スピーカー/Speaker:
ゆうちょ銀⾏ 貞永英哉
Hideya Sadanaga, Japan Post Bank
Email: sadanaga@nam.co.jp

12⽉
12⽉7⽇ 参加パネリストからのメッセージ
Takeaway Messages from Speakers on December 7 th1710-1800 S10:受託機関パネル-I
受託機関パネ
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
Fiduciary Panel-I: Issues facing SWFs and very-large Institutional
Investors: Dealing with Market Capacity, Building Teams & Portfolio
Construction, etc.
司会︓Abbott Capital チャールズ・ヴァン・ホーン
Moderator: Charles H. van Horne, Abbott Capital
Email: cvanhorne@abbottcapital.com
パネリスト/Panelists:
東京海上アセット 髙⽥創⼀髙⽥創Soichi Sam Takata, Tokio Marine Asset
Email: takatas@tokiomarineam.co.jp
スダースキス＆パートナーズ ジョージ・スダースキス
Georges Sudarskis, Sudarskis and Partners
Email: gs@sudarskisandpartners.com
東急不動産 チャールズ・ハーシィ
Charles Haase, Tokyu Land Co.
Email: charles_haase@tokyu-land.co.jp
Take-away Message from the Speakers:
The historic “recipe” for attractive private equity portfolios has been “access,selection and diversification”. The successful performance of many investors inprivate markets has led many new investors to the asset class, both large andsmall, and similarly the size and opportunity set for private markets
investments has increased dramatically.
While this original recipe still is important today, the growing differentiation ofmanagers within the sub-strategies has led to a corresponding increase in needfor skilled resources and the further development of models to satisfy fiduciarystandards.
The panel examined three broad alternative models for managing theconstruction of global diversified portfolios: In-House staffing, Outsourcing to athird party/specialist manager, and Investing directly in a focused investment
space.
Each of these approaches has helped different types of investors build
successful portfolios in a different manner, but the ultimate standards remaintheh same: access to world-classld lexperienceiin
i a localll marketk andd rigorousiattention to seeking out the best transactions available to the model selected.
The panelists had a robust discussion on the diversification appropriate fordifferent kinds and types of investors, and the necessity for allocation
processes that ensured alignment with the goals of that organization.

Sponsored by Abbott Capital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
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
アストリアインベスタ
フォ ラム2016
インカム戦略について (Track A)

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)

S1: 「説明責任の新しいスタンダ「説明責任の新しいスタンダード−投資家がド 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グローバル・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,
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 ⼤橋英雄

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,
GoldPointld
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

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 gglobal economic demand and yields
ysustainingg
historically low levels, investors are in a constant searchfor better performance. There is evidence that someinfrastructure investments may offer attractive risk‐
adjusted 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)

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 常
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
良 投資パ
探 求
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 ⾦融危機など 市場リ クを避 よ とす あ り
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︓⽇本政策投資銀⾏ ⿊⽊重史
協賛︓Hastings
協賛
g Fund Managementg

Astoria Investor Forum ‐ 201616

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

1700
‐
1830

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:Md
S i Nakagawa,
Sei
N k
Daiwa
D i Fund
F dC
ConsultingliPanelists: 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和中川 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
Kitao, Hamilton Lane
Panelists: Eric Upin, Makena Capital Management
Pete Glerum, Castlelake(Sponsored by Castlelake)

司会︓ハミルトンレ ン 北尾智⼦
司会︓ハミルトンレーン
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
1550
‐
1650

⼆⽇⽬: 12⽉
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
アストリアインベスタ
フォ ラム2016

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

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
変わりつつある⽇本の機関投資家のニズにどのように答えてゆくか
司会: IFC アレクサンダー・ウェルスティード
パネリスト︓
三井住友信託銀⾏ 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 ‐ 2016

17

12⽉
12
⽉8⽇ 参加パネリストからのメッセージ
Takeaway Messages from Speakers on December 8 th
0940-1040 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」
S1: A New Standard in Responsible Reporting

司会︓System 2 ⽯⽥英和
Moderator: Hidekazu Ishida, System 2
Email: ishida.hidekazu@gmail.com

コメンテーター: ゆうちょ銀⾏ ⼤橋英雄
Commentator: Hideo Ohashi, Japan Post Bank
Email: hideo.oohashi.hw@jp-bank.jp
Take-away Message:
今回は、⽇本と、アメリカとイギリスの報道関係者を繋いで、皆様の前で議論するという新たな試みに参加させていただきました。全く問題なく進み、アストリアのコンファレンスの未来形をリアルタイムで経験させていただきました。これからは来⽇の⼼配もなく、海外の旬なスピーカーに参加してもらえるのではないでしょうか。議論の内容については、PEの情報誌については、GPサイドの個別案件の「宣伝的」になるのではなく、案件毎の深い洞察やインダストリーに関する⼤きなVIEWなど、もう少し分析的な要素を加えるべきだと感じました。また、PEと不動産とインフラの垣根がなくなりつつあり、現状のように三つを分けて報道することは直に限界がくるのではないかと思いました。ありがとうございました。
ジャーナリスト/Journalists:
Privcap デービッド・スノー(NY)David Snow, Privcap (NY)
Email dsnow@privcap.com
Email:
dsno @p i cap com
Take-away Message:
Private equity is a valuable asset class but very unique. There is a risk that itʼs unique attributes,
such as very long-term time horizon, illiquidity and J-curve performance, are not understood bysome stakeholders and they perceive more risk than there actually is. It is important to continually
educate these stakeholders about why private equity is both work pursuing and different fromtraditional asset classes (Privcap has an online training platform designed to do this:
http://privcapacademy.com/ )Japan is part of a coming wave of new institutional capital from around the world that will takeprivate equity, and alternatives more broadly, to the next level. Just as it has at every new stage of
growth, private equity managers will need to be creative to process all this capital and look for new
ways to find and add value.
Some managers will succeed and others will not. It will be important to place capital with the best
managers and also to be diversified. Private equity has a long history of one-time winners turning
into losers.

PEI トービー・ミッチェノール(London)
Toby Mitchenall, PEI (London)
Email: toby.m@peimedia.com
Take-away Message:
The arrival of Japan Post Bank and Government Pension Investment Fund as investors in private
equity is a story of global significance for those in the industry. General partners and consultants
around the world are watching with interest!
There is a wealth of market data, information and context available on the asset class, but it canbe hard to find. PEI and Privcap, should obviously be the first two ports of call! As well as ourregular analysis, we also produce country- and region-focused reports and specialist books which
go into great technical depth on certain issues.

12⽉
12⽉7⽇ 参加パネリストからのメッセージ
Takeaway Messages from Speakers on December 7 th1055-1110
Invest Europe プレゼンテーション
Invest Europe Presentation
Dr Oliver C. Wolfgramm,
Partner
Corporate law, M&A, Private Equity
CMSg
Email: oliver.wolfgramm@cms-hs.com"The British referendum has cooled appetite for M&A among many players
in what was already an uncertain environment. However, opportunities
certainly still exist in the market. For some, the risk will be worthwhile.
Others will wish to see how Brexit negotiations unfold, focusing on other
European markets – predominantly Germany and France as well as the
N di region
Nordici– whichhi h are seen as hhavingiffavorable
bl valuations.
l ti
W
We expectt
buyers from the US and Asia to be particularly active also in the next
years."
Oliver Wolfgramm is a Corporate/M&A partner with CMS in Frankfurt,
Germany. His practice focuses on corporate transactions in the area of
M&A Private Equity and Special Situations.
M&A,
Situations
He has more than eighteen years of experience in advising national andinternational clients in cross-border as well as in domestic transactions.
This includes sell side and buy side mandates as well as advice on joint
ventures, restructurings and corporate law matters.
John OʼConnor, Managing Partner, CMS Dubai OfficeJohn.oconnor@cms-cmck.com
CMS is an international law firm headquartered in Europe. Ranked as a Top
10 Global Law Firm, we have over 60 offices across 30 countries
worldwide where our staff of 3
worldwide,
3,200
200 CMS lawyers offer businessbusiness-focused
focusedadvice tailored to our clientsʼ needs. We regularly assist investors of all
sizes on their inbound investments into Europe (and vice versa) and carryout more transactions across the continent than any other law firm.

12⽉
12⽉7⽇ 参加パネリストからのメッセージ
Takeaway Messages from Speakers on December 7 th1110-1155 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
S2 Workshop: The Role and the Benefit of Private Equity andMezzanine in the Portfolio of US Financial Institutions
講師︓GoldPoint Partners トーマス・ハウベンストリッカー
Lecturer: Thomas Haubenstricker, GoldPoint Partners
Email: thaubenstricker@goldpointpartners.com

司会︓みずほ信託銀⾏ 沼⽥守

Moderator: Mamoru Numata, Mizuho Trust Bank
Email: mamoru.numata@mizuho-tb.co.jp

Sponsored by GoldPoint Partners

12⽉
12⽉7⽇ 参加パネリストからのメッセージ
Takeaway Messages from Speakers on December 7 th

1200-1245 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
S3 Workshop: Do infrastructure investments offer attractive riskadjusted returns and resilience in the face of economic and market
shocks?
講師︓Hastings カート・レメキ
Lecturer: Kurt Lemke, Hastings
Email: Kurt.Lemke@hastingsinfra.com

司会︓⽇本政策投資銀⾏ ⿊⽊重史
Moderator: Shigefumi Kuroki, DBJ
Email: shkurok@dbj.jp
Take-away Message
Hastingsが運⽤するオープンエンド型ファンドにおける20年超の投資パフォーマン
ス・データを下に、ポートフォリオ構築の効果・⼿法について具体的な説明があり、⾮常に興味深いワークショップでした。
会場からのご質問には、サブ・セクター（空港、港湾、発電、エネルギー、規制ユー
ティリティ等）とリターンの関連性や、投資戦略（ラージ市場戦略vs.ミドル市場戦略）
略）とリターンの関連性に関する質問が多く寄せられましたが、「案件毎にリターンが多 寄が 「案 毎特性は異なる。収⼊構造やリスク要因等について財務モデル分析を通じてしっかりと把握し、いろいろなリスク・シナリオに対して、リターンがどの様に変化していくのか感度分析を⾏うことが重要」というLemeke⽒の説明には説得⼒があります。更に、「既にクローズエンド型のインフラファンドに既に投資済の投資家にとっても補完的（“complementary”）なポートフォリオ構築が可能」、「この様な分析に基づくポー
トフォリオ構築は的確なEXIT時期の判断を⾏う上でも有益」といったコメントに関しては、時間が許せば、更に深堀りして議論をしたいテーマでした。

Sponsored by Hastings Fund Management

12⽉
12⽉7⽇ 参加パネリストからのメッセージ
Takeaway Messages from Speakers on December 7 th
1300-1400 (Over Networking Lunch)
Invest Europe プレゼンテーション
Invest Europe Presentations
登壇者のプレゼンテーション資料は全て下記リンクからダウンロード可能となってい登壇者のプレゼンテ
ション資料は全て下記リンクからダウンロ ド可能となっています。
This contains all the materials from the firms who appeared in Tokyo.
http://bit.ly/InvestEuropeTokyo
Invest Europe発表者（太字の発表者は本レポートにTake-away Messageを収録）•

Christoph Braun,
Braun Acton Capital Partners•

Jan-Gisbert Schultze, Acton Capital Partners•

Michael Allen, Arcus Infrastructure Partners•

Stephan Grillmaier, Arcus Infrastructure Partners•

Martin Kõdar, BaltCap•

Babette Pettersen, Capricorn Venture Partners•

Tobias Schneider, CMS•

Jacob Siebert, CMS•

Altan Küçükçınar, Diffusion Capital Partners•

Karl van de Paer, Gilde Buyout Partners•

Max Roemer, Quadriga Capital•

Dmitry Schuetzle, VIY Management•

Nadezhda Nesterova, VIY Management

Sponsored by Invest Europe (旧称 EVCA)

12⽉
12⽉7⽇ 参加パネリストからのメッセージ
Takeaway Messages from Speakers on December 7 th
1300-1400 (Over Networking Lunch)
Invest Europe プレゼンテーション
Invest Europe Presentations
Martin Kodar,
Managing Partner, BaltCap,
martin.kodar@baltcap.com

Take-away Message:
Baltics, being part of Nordic region and Eurozone, is the closest European
Union region to any major city in East Asia
The Baltic region offers attractive opportunities for mid-market private
equity and private equity infrastructure. The competition is limited andpricing of deals very reasonable.
Innovation, business friendliness and transparency are the key
characteristics for the business environment in Baltic States.
Company information:
BaltCap is the largest buy-out, growth capital and private equity
infrastructure investor in the Baltic countries. We invest in a lower midmarket and are proud of our track record to date, which since ourformation in 1995 has seen us invest in more than 70 companies. Ourinvestors include both international and local institutions like the European
Investment Fund, the European Bank for Reconstruction & Development
and the Baltics' largest pension funds.
Martin Kõdar
Co-Managing Partner
BaltCap Ltd
Tartu mnt. 2
Tallinn 10145
Estonia
Phone: +372 6650 280
Direct: +372 6650 282
Fax: +372 6650 281
mailto:martin.kodar@baltcap.com
www.baltcap.com

12⽉
12⽉7⽇ 参加パネリストからのメッセージ
Takeaway Messages from Speakers on December 7 th
1300-1400
Invest Europe プレゼンテーション
Invest Europe Presentations
Dr Jan-Gisbert
Dr.
Jan Gisbert Schultze,
Schultze Managing Partner
Jan-Gisbert is a co-founder and managing partner of Acton Capital Partners.
Prior, he was managing director at Hubert Burda Media supervising allinternational investment activities in Europe and Asia and in charge of several
publishing groups in Germany. Before joining Burda, Jan-Gisbert was involvedin the restructuring of an engineering group in eastern Germany and prior tothat he was a consultant at McKinsey & Company. He holds a Doctorate andMaster degree from University of St. Gallen, Switzerland.
jgpContact: jgs@actoncapital.com
Dr. Christoph Braun, Managing Partner
Christoph is co-founder and managing partner of Acton Capital Partners. Prior
to Acton, he was responsible for Burda Digital Ventures, the corporate venture
capital vehicle of Hubert Burda Media. As Managing Director he has overseen
the investment activities, and built the investment team which formes the coreof Acton Capital Partners. Before joining Burda, Christoph was a consultant
McKinsey & Company
Company. He holds a Doctorate and Master degree from LMU
Munich, and an MBA from the Tuck School at Dartmouth.
Contact: cb@actoncapital.com
Take-away Message:
The digital disruption we are currently experiencing globally in all industries
pp
From an investorʼs p
point of view
creates enormous investment opportunities.
th mostt importanttheit t findingfi diiis ththatt ththe growthth thithis transformationtfti
creates,t
doesd
not require an overall growing world economy. It is the transfer of market
share from traditional business models to new business models, which will fuelthis growth for many years to come. Looking at Europe who would expect, that
5 of the worldʼs top ten Computer Science Institutions are European, that there
are more professional developers in Europe than the US, and that every 5th
MBA student from the top business schools in Europe is entering techcompanies to help them scale? Even though the US has been the main
innovation force in the digitalization Europe has created numerous very
successful and sizeable players as well. The opportunity is that compared to
the US Europe only gets 15% of the funding in the venture/growth space while
the number of financing rounds is nearly on the same level. For the first time in
15 years, Venture and Growth funds have started to outperform traditional
private equity funds. This actually holds true in the US, Asia and Europe alike.
There are only very few sectors that will achieve growth in the coming years.
The Digital transformation is by far the most important growth driver of ourage.
Company information:
Acton Capital Partners (www.actoncapital.com) is a Munich-based growth
venture fund for internet companies. The team has been working together
successfully for many years and has invested more than € 350m in 65
companies since 1999 in four vintages. Acton invests into internet or mobile
enabled consumer businesses with a sustainable business model, a strong
management team, and a strong market position. Those targets typicallygenerate revenues of at least EUR 4-5m, have significant double-digit growthpotential and are structurally profitable. The Acton team has built one of themost successful European venture portfolios and consistently achieved top
quartert returns.
t

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Takeaway Messages from Speakers on December 7 th
1300-1400 (Over Networking Lunch)
Invest Europe プレゼンテーション
Invest Europe Presentations
Michael Allen
Partner & Arcus Investment Committee Member
Arcus Infrastructure Partners
Email: michael.allen@arcusip.com
Take-away Message:
The European Infrastructure market has been very active over the last 18 months andhas offered more opportunities for investment than any other geography, including
North America. The infrastructure asset class has become increasingly popular as
investors seek out defensive investments with attractive yield profiles, whilst still
looking for capital appreciation over the period of ownership. Furthermore,
infrastructure provides returns which are non-correlated
non correlated to listed equities or fixedincome products, thereby enhancing portfolio diversification for investors.
Europe needs c.€2 trillion of investment in infrastructure by 2020, according to theEuropean Council. With this in mind, Arcus has been looking at four key mega-trends
that we think will impact the infrastructure asset class over time, with a view toconsidering where the attractive investment opportunities will develop in the near term.
The EU macro-economic environment is likely to have sustained low-interest rates andpotential deflation for a number of years, which will impact on the equity returns
expected for infrastructure. A shift in demographics is also likely to be a big driver of
new opportunities in Europe. With an ageing European population and an increasing
dependency ratio, there is likely to be a fundamental change in the way infrastructure isboth owned and delivered, with a predicted move towards renting/sharing schemes as
opposed to ownership. Other themes which are significantly impacting the European
infrastructure market at present are the drive for decarbonisation and the so called “4thindustrial revolution” or data revolution. These themes are not only impacting on theenergygy sector but also other sectors including
g transportation,p, leadingg to expandedpopportunities such as smart metering, electric cars and connectivity infrastructure (bothfixed and mobile). Rapid technological progress is driving disruption and evolution
across some sectors leading to a huge opportunity for those infrastructure investors
with the experience and defined strategies to take advantage of these movements. At
Arcus, we believe that whilst there is an increasing appetite for infrastructure
investments and competition for assets in Europe remains fierce, the team is able tocontinue to discover attractive investment opportunities that provide essential services
to communities, have robust cash flows that are protected or regulated by law orcontract,, and which will benefit from our expertisepand know how to deliver investors
good risk-adjusted returns over the period of ownership.

Company information:
Arcus Infrastructure Partners is an experienced, innovative private investments teamtargeting European businesses with strong infrastructure qualities, unlocking alphathrough dedicated investment management, founded in 2009. Arcus currently manages
investments in the infrastructure sector with an aggregate enterprise value of over €14
billion (as of 30 September 2016). The Arcus Team, comprising 12 partners and a totalof 27 investment professionals, has strong industry knowledge in ports, rail, airports,
roads, energy & power (including renewables), water, utilities and telecommunication
sectors.

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Takeaway Messages from Speakers on December 7 th
1300-1400 (Over Networking Lunch)
Invest Europe プレゼンテーション
Invest Europe Presentations
Altan KucukcinarPartner, Diffusion Capital Partners
altan@dcp.vc
Take-away Message:
Turkey is home to 78 million people, with an average age of 29 and aquarter of the population younger than 14. GDP is growing at an annual
average rate of 5.2% since 2010.
There are 47 Technoparks, hosting a total of 1,724 startups in theecosystem. Turkey is an emerging market for PE/VC with a total of 80
entities
titi (b(businessiangell networks,tk accelerators,lt
VC ffunds
d and
d corporatetVCʼs) operating, in addition to the recently established two fund-of-funds.
There is strong demand for funding with bigger investment rounds, making
room for potentially larger and international funds. When coupled with astrong local knowledge, international investors may enjoy high rates ofreturn from Turkeyʼs increasing and lucrative investment opportunities.
Company information:
DCP is an early stage venture capital fund manager investing in technology
intensive start-ups in Turkey. At DCP, we aim to invest in entrepreneurial
teams that are building the future through progressive science andtechnology. We look for the opportunities aiming to harvest the young
population, geographic advantage at the crossroads of three continents
and stable growth in the economy
economy. We focus on cross industry sectors andinterdisciplinary projects to discover innovations taking place at the nexusof technology domains where capital efficient solutions can unlock
significant value.

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Takeaway Messages from Speakers on December 7 th
1300-1400 (Over Networking Lunch)
Invest Europe プレゼンテーション
Invest Europe Presentations
Babette Pettersen
Chief Business Development Officer
Capricorn Venture Partners
babette@capricorn.be
Take-away Message:
The Fund will create shareholder value through financial return combinedwith a positive impact on the environment . We will do this by investing intechnologies that enable more sustainable solutions for everyday products in a
broad range of markets, from food & feed, fibers & textiles, to multiple
industrial applications, such as biopolymers for plastics and other products witha low carbon footprint. One of the key drivers for the Fund is the growing
demand for food, with a growing population and increasing urbanisation,
shifting to more processed foods, meat and dairy, which will drive the need for
as much as 70% more protein (see slide 3). The Fund will be investing in new
feedstocks that can be processed into alternative proteins for both food andfeed, and will cover sustainable agriculture, and innovation in agricultural
technology, to increase yield, as well as in non-toxic, natural fertilisers andpesticides. At the industrial level, we will invest in sustainable chemistries andprocesses for the production of novel, functional products with both highperformance and a reduced carbon footprint, from bio-based fibres (seeexample of new running shoe from Adidas; 100% bio-based andbiodegradable, in a fully natural process, that are both stronger and lighter
than conventional, synthetic fibres on slide 3), and bio plastics, to biopolyurethane foams made from CO2. (For examples of broad application
leverage, see slide 4). The Fund will also be investing in new tools, thatcombine robotics and big data for rapid screening of organisms to accelerate
the development of sustainable chemicals.

Company information:
Capricorn Venture Partners, a European manager of venture capital andequity funds, is launching a new fund, the Capricorn Sustainable
Chemistry Fund (CSCF),(CSCF) to capture the growing opportunities emerging
from a wave of innovation across the chemical value chain, fromalternative, non fossil feedstocks, such as biomass, CO2 and waste, to new
products that enable more sustainable solutions, with a lower carbon
footprint, for everyday applications in a broad range of markets. The
objective of the Fund is to create shareholder value through financial
return combined with the sustainability impact of the planned investments,
and will contribute to industryʼs role in meeting the targets of COP22, as
well as the UN Sustainable Development Goals.

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Takeaway Messages from Speakers on December 7 th
1350-1430

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

S4: Private Debt on Infrastructure and Real Estate markets
司会︓⼤和ファンドコンサルティング 中川 晴
Moderator: Sei Nakagawa, Daiwa Fund Consulting
Email: sei.nakagawa@daiwa-fc.co.jp
Take-away Message:
パネリスト/P
パネリスト/Panelists︓li t
IFM Investors スコット・バーカー
Scott Barker, IFM

Investors

Email: Scott.Barker@ifminvestors.com
Standard Life Investment (Japan) ニール・スレイター
Neil Slater, Standard Life Investment (Japan)
Email: neil_slater@standardlife.com
S
Sponsored
d by
b IFM Investors
I
t

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Takeaway Messages from Speakers on December 7 th
1435 1520 S5:
1435-1520
S5 プライベート・デット投資
プライベ ト デ ト投資
S5: Private Debt Investing
司会︓ハミルトンレーン 北尾智⼦
Moderator: Tomoko Kitao, Hamilton Lane
Email: tkitao@hamiltonlane.com
tkitao@hamiltonlane com
Take-away Message:
この度は、クレジット投資についての皆さまの議論をお⼿伝いさせて頂く機会を頂き、ありがとうございました。弊社でも、⽇本の投資家の皆さまのクレジット投資への関⼼の⾼まりを実感しております。本パネルにより、クレジット投資の魅⼒、ポートフォリオにおける位置づけ、リス
ク等についての皆さまのご関⼼に少しでもお応え出来たなら嬉しく思います 更なる質問 ご意
ク等についての皆さまのご関⼼に少しでもお応え出来たなら嬉しく思います。更なる質問、ご意⾒等があれば、是⾮弊社にご連絡頂ければと存じます。今後ともどうぞよろしくお願い致します。

パネリスト/Panelists︓Castlelake ピーター・グレラム
Pete Glerum, Castlelake
Email: pete.glerum@castlelake.com
Take-away Message from Castlelake:
Private debt is a unique component in institutional portfolios and not easily
categorized into existing asset allocations.
Private debt experiences lower expected volatility while retaining attractive
returns. The low correlation to other asset classes combined with the portfoliosʼ
cash yield can improve liability matching and offer an attractive risk return
profile.
A high quality private debt investing platform requires sophistication and scale,utilizing an experienced team, expertise and operational infrastructure.
Continued growth of the private debt market coupled with market maturity willsustain the window for private debt investing.
Makena Capital エリック・ユーピン
Eric Upin, Makena Capital Management
Email: eupin@makenacap.com

URL: http://www.astoriacg.com/pdf/AIF2016_1207-08ALL.pdf
Sponsored by Castlelake

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Takeaway Messages from Speakers on December 7 th
1540-1550
Invest Europe プレゼンテーション
Invest Europe Presentations
Karl van de Paer,
Partner and Head of IR & Co-investments,
Gilde Buy Out Partners,
vandepaer@gilde.com

Take-away Message:
On investing in mid-market buyouts in Europe: “Both the Dutch- andGerman-speaking countries in Europe represent some of the best private
equity investment environments in the world. Stable economic
environments, steady GDP growth and liquid and transparent markets are
the underlying drivers for this. As a result, mid-market buyouts in theseregions have been some of the most lucrative alternative asset strategies
over the last 20+ years and will certainly continue to outperform in the
future. We believe it is a great investment consideration and a must-havefor any diversified portfolio.”
Company information:
Gilde Buy Out Partners is a leading European private equity investor in
mid-market transactions with operations in the German- and Dutchspeaking regions in Europe. Gilde manages funds in excess of EUR 3 billion
and has offices in Zurich, Frankfurt, Utrecht and Brussels. Since itspin 1982,, Gilde has invested in over 250 companiespacross a
inception
diverse range of sectors. With EUR 1.1 billion, the current investment fund
Gilde Buy Out Fund V is among the largest dedicated mid-market buy-out
investment funds in Europe. Gilde controls majority shareholdings in,amongst others, companies like amor, Royal Reesink, Comcave, RIRI,
Eismann, Royal Ten Cate, Teleplan and Enkco. For more information,please visit www.gilde.com.

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Takeaway Messages from Speakers on December 7 th

1550-1650 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
S6: Fiduciary Panel-II:Meeting the needs of Japanese Institutional
Investors in fast changing markets
司会: IFC アレクサンダー・ウェルスティード
Moderator: Alexander Wellsteed, IFC
Email: awellsteed@ifc.org
パネリスト/Panelists︓
三井住友信託銀⾏ 増⽥ 徹
Toru Masuda, SuMi Trust Bank
Email: Masuda_Tooru@smtb.jp
東京海上アセット ⼭越貴⽣
Takao Yamakoshi, Tokio Marine AM
Email: yamakoshit@tokiomarineam.co.jp

ニッセイアセット 飯⽥彦⼆郎
Hikojiro Iida, Nissay AM
Email: iida@nam.co.jp
⽇系投資家によるPE投資がいよいよ活発化しようとしている中、「いかにローカ
⽇系投資家によるPE投資がいよいよ活発化しようとしている中、「いかにロカルへのアクセス⼒を有するパートナーと組めるか」がポイントの⼀つになると考えます。
GSAM ⼭⽥俊⼀
Shunichi Yamada, GSAM
Email: shunichi.yamada@gs.com