EMPEA Private Equity Masterclass in Brazil

7 June 2017

Rua Borges Lagoa 1328, Vila Clementino
São Paulo, Brazil
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Complimentary passes are available to EMPEA and ABVCAP Members with the code MEM100.

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Following a challenging 2016, prospects for private capital investors in Brazil are gradually recovering. Three PE-backed IPOs have already taken place this year, with others in the works. Despite these improvements, Brazil-specific fundraising has not yet caught up. Only one fund closed in Q1 2017, raising US$32 million and only nine funds closed in the last five quarters. Still, Brazil’s return to economic growth and its recent regulatory reforms may entice local institutional investors to allocate capital to private funds. Furthermore, according to EMPEA’s 2017 Global Limited Partners Survey, 22% of LPs plan to begin or expand investment in Brazil over the next two years, up from 13% in 2016.

EMPEA’s 3rd Fundraising Masterclass in Brazil supported by Debevoise & Plimpton and TozziniFreire Advogados will take place on Wednesday, 7 June 2017 following the ABVCAP 2017 Conference 5-6 June in São Paulo. The Masterclass series is core to EMPEA’s growing education and professional development platforms.


Wednesday, 7 June 2017
09:30 – 10:00 Masterclass Breakfast and Registration
10:00 Fundraising Masterclass Opening Remarks

·         Fernando Borges, President, ABVCAP and EMPEA Board Member

·         Kyoko Terada, Vice President, EMPEA

10:00 – 11:00  Learning From Experience – How Successful Fund Managers Navigate the Fundraising Cycle

–          Based on recent fundraising experience, what is the general state of the market?

–          How do managers structure their fundraising efforts from an organizational perspective?

–          What logistics and real costs go into the fundraising process?  What are some strategies for making time on the road more cost-effective?

–          How can a manager make the most out of the in-person pitch?

–          What can managers do to put their best foot forward in the diligence process?

    Faculty Firm & Presenters:

·         Fernando Borges, President, ABVCAP and EMPEA Board Member

·         Jaime Cardoso, Partner and Private Equity Co-Head, Bozano Investimentos

  • Sebastián Popik, Managing Partner and Founder, Aqua Capital
  • Mario Spinola, Co-Managing Partner, Victoria Capital Partners


    Moderator: Kyoko Terada, Vice President, EMPEA

11:00 – 12:30 Legal Strategies: Protecting GP Interests AND Maintaining Competitive and Marketable Positioning to LPs

–          What are the key elements and stages of the documentation process and how does this process work?

–          What are the latest trends in private equity terms and conditions?

–          What are industry standard terms & conditions, and what areas should GPs focus on to craft ideal term sheets?

–          How should GPs show alignment of interests while still shaping profitable agreements?

–          Partnership negotiation strategies: when to be flexible and when to hold firm


   Faculty Firm & Presenters:

·         Jonathan Adler, Partner, Debevoise & Plimpton

·         Alexei Bonamin, Partner, TozziniFreire Advogados

·         João Busin, Partner, TozziniFreire Advogados

·         Peter Furci, Partner, Debevoise & Plimpton


12:30 – 13:30 Networking Lunch
13:30 – 14:15


Mergers & Acquisitions

–          How to structure PE deals in emerging markets? (i.e. common structuring drivers, structuring tools, tax aspects, investment treaties, common holding company jurisdictions, typical structures)


  Faculty Firm & Presenters:


14:15-14:45 Best Practices in the Current Fundraising Climate

–          What are best practices for first time fundraising, and what common pitfalls should fund managers avoid?

–          How can experienced fund managers adapt their skills to meet the challenges of the current economic climate?

–          Where is the capital flowing? Which regions are attracting LP interest, and what can fund managers do to increase LP appetite for their region?

–          Which market sectors are attracting LP interest?


  Faculty Presenter:


14:45-15:00 Networking Break
15:00-15:45 Local LP Seminar

–          Brazil’s economic downturn has coincided with some investors pulling back from new commitments to Brazil-focused PE funds. How have local institutions responded to recent economic challenges from an asset allocation perspective?

–          The majority of commitments from Brazilian LPs have gone to Brazil-focused funds. Will local investors start looking to PE funds beyond Brazil, and how might this affect the competitive landscape for local fund managers?

–           While growth and buyout investments have slowed during the current downturn, venture capital activity has grown substantially. How do local investors perceive the new economic landscape and how have their investment strategies evolved with technology and innovation?

–          (For pension funds) Several legislative changes to Brazil’s pension system are currently being proposed in congress. How would these changes affect local investors’ commitments to fund managers in Brazil?

–          What has your institution found to be the optimal approach to evaluating first-time fund managers?

–          Where do you see roopm for improvement among the GPs currently in your portfolio?

   Faculty Firms & Presenters:

·         Gabriel Gomes, Head of Venture Capital and Private Equity Investments, BNDES

·         Renata Guinther, Head of Investment, FINEP, Brazil’s Ministry of Science, Technology and Innovation



15:45-16:30 Global LP Seminar – Current Outlooks from Global Investors

·         How does Latin America PE fit into your global portfolio? What are attractive markets, sectors or strategies over the next 2-3 years?

·         How have recent political and economic challenges on the macro level in the region affected your commitment levels? Have you experienced pushback from your investment committee?

·         How have Brazil’s recent recession and political challenges affected your perception of the attractiveness of the market? Do you expect this to change as the country’s economy recovers?

·         Recent regulatory changes have expanded and strengthened the legal framework for private capital funds in Brazil. Is your institution more likely to commit capital to the country as a result? What are the greatest barriers to committing capital to Brazil-focused funds?

·         What can Latin America GPs learn from GPs from other regions in your portfolio? And where have you seen Latin America GPs take the lead compared to their peers in other regions?

·         What have been the most memorable deal breakers when evaluating potential GPs for investment?

 Faculty Firms & Presenters:

·         Cesar Collier, Managing Director, Siguler Guff

·         Christian Kvorning, Investment Director, PKA

·         Frank Morgan, President, Coller Capital



  Moderator: Luke Moderhack, Senior Research Analyst, EMPEA

16:30-16:45 The Perfect Pitch

*Advanced signup is required. Space is limited.

Learn how to craft the best pitch from our panel of judges as GP attendees present their two minute “elevator pitch” and gain on-the-spot feedback.

 Judges Panel:

·         Cesar Collier, Managing Director, Siguler Guff

·         Frank Morgan, President, Coller Capital


16:45  Closing Remarks

·         Fernando Borges, President, ABVCAP and EMPEA Board Member

·         Kyoko Terada, Vice President, EMPEA

16:45 Networking Reception