• 08:45

    Registration

  • 09:30

    Chair’s welcome remarks

    Giovanni Tinuper
    Giovanni Tinuper
    Private Equity and Transaction Services Leader, PwC
  • 09:35

    Keynote Address – Macro Economic Outlook

  • 09:50

    Panel – Market Outlook

    Private equity deal activity in 1Q20 reflected the uncertainty felt in the market as the coronavirus pandemic spread, with deal volume hitting its lowest first quarter value, matching the just 21 deals in 1Q16. However, the €1.6bn secondary buyout of IT services firm, Engineering Ingegneria Informatica, in early February by US PE firms Bain Capital and NB Renaissance, showed that Italian assets remain attractive, even in the midst of the crisis. Market activity is likely to remain slow even and more transactions are likely to be postponed or abandoned such as the planned acquisition of ParterRe by French insurance group Covea from Exor for €7bn in early March that was then pulled in mid-May.

  • 10:30

    Panel – Supporting Portfolio Companies in the Short- and Long-term

    As global economies entered lockdown, private equity veterans sought comparisons with the global financial crisis. To many, it quickly became apparent that this time was not like the last as the scale of government stimulus dwarfed the previous intervention. It was also targeted at the real economy rather than propping up the banking sector. 

    In stark contrast to 2008 has been the catch-all effect of lockdown on otherwise healthy portfolio companies in many industries. In order to see their portfolio companies through these short-term liquidity issues until the pandemic subsides and the economy stabilises, private equity sponsors have a strong incentive to perform additional salvation investments (i.e., rescue capital) into those companies. 

    However, as the first wave of the crisis passes, GPs must look beyond just short-term cash injections to support their portfolio companies and instead explore other operational measures to optimise performance and allow for continued value creation. 

    Luca  Deantoni
    Luca Deantoni
    Partner and Managing Director , NB Renaissance
  • 11:10

    Networking Coffee

  • 11:40

    Fireside Chat/Case Study

  • 12:00

    Panel – Deal Strategies in a Slowdown

    In recent years, there has been record levels of dry powder available to GPs and the increase in market volatility has seen a reduction in valuations that have also been at record highs. Now that price multiples have fallen, PE managers are in a strong position to deploy capital and acquire high-quality assets at more attractive valuations. 

    The rise in distressed companies that require additional support provides an opportunity for managers with experience of turnaround and special situation funds. There is already evidence of domestic Italian GPs exploring these opportunities through the launch of new debt and restructuring funds. One possible lasting impact of this unprecedented health and economic crisis, is a shift in the role that private equity plays in providing support beyond the provision of capital.

  • 12:40

    Panel – Fundraising Challenges

    Unquote recorded 44 first or final closes of European private equity funds between March and May, a 42% drop on the three-month average seen across 2019. In Italy, GPs are likely to struggle to maintain the strength seen in 2019 when buyout and generalist vehicles raised €6.8bn. 

    As a result of continued uncertainty, many LPs are putting fund commitments on hold and are re-considering their exposure to certain countries and sectors. A number of GPs in the Italian market have delayed the launch of their next fundraises such as Consilium Private Equity and Green Arrow Capital, among others. Others including Quadrivio, Mandarin Capital and Aksìa Group have postponed the final closes of open funds until the crisis calms. 

  • 13:20

    Lunch