Coverage

Private equity focusing on the long term in LatAm, say panellists

Private equity focusing on the long term in LatAm, say panellists

02 October 2017

Despite being buffeted by corruption scandals and slowing economies, Latin America has seen a recent influx in long-term and sector-focused investors, heard delegates at Latin Lawyer’s 8th Annual Private Equity Conference, held in New York on Friday.

Corruption dampening PE-led infrastructure investment, says panel

Corruption dampening PE-led infrastructure investment, says panel

09 October 2017

Despite laudable government efforts to plug Latin America’s infrastructure gap, corruption issues are derailing many private equity investments, heard delegates at Latin Lawyer’s 8th Annual Private Equity Conference, held in New York a week ago.

Onerous regulation impeding PE leveraged buyouts, says panel

Onerous regulation impeding PE leveraged buyouts, says panel

24 October 2017

Exacting bankruptcy laws and restrictive requirements for buying public companies in Latin America are holding back leveraged buyouts (LBOs) by private equity funds, delegates heard at Latin Lawyer’s 8th Annual Private Equity Conference, held in New York last month.

Compliance a key concern for PE buyers, says panel

Compliance a key concern for PE buyers, says panel

27 October 2017

The influx of private equity funds is contributing to a greater focus on compliance and corporate governance, said panellists at Latin Lawyer’s 8th Annual Private Equity Conference, held in New York last month.

Messy finances and unsophisticated counsel pose challenges for family M&As

Messy finances and unsophisticated counsel pose challenges for family M&As

08 November 2017

Advising family-owned companies looking to sell is one of the most complex aspects of private equity lawyering in Latin America, heard delegates at Latin Lawyer’s 8th Annual Private Equity Conference, held in New York in September.

Chairs

Todd Crider

Simpson Thacher & Bartlett, New York

Todd Crider divides his time between New York and São Paulo, Brazil, where he is Co-Head of Simpson Thacher & Bartlett's office. He advises clients in international corporate finance transactions, mergers and acquisitions and project finance.

Francisco Ugarte

Carey, Santiago

Francisco Ugarte is partner at Carey and co-head of the firm’s Corporate / Mergers & Acquisitions / Capital Markets / Banking & Finance Group. His practice focuses on advising international and local clients in mergers and acquisitions.

Keynote Speakers

Cate Ambrose

President and Executive Director, Latin American Private Equity & Venture Capital Association (LAVCA), New York

Cate Ambrose is President and Executive Director of the Latin American Private Equity & Venture Capital Association (LAVCA). She speaks and writes regularly on a range of topics related to public policy and private investment in Latin America, and is a regular commentator on CNN En Español, Bloomberg, and Fox Business and a guest lecturer at The Wharton School.

Hernando de Soto

President, Institute for Liberty and Democracy (ILD), Lima

Mr. de Soto is currently President of the ILD —headquartered in Lima, Peru— considered by The Economist as one of the two most important think tanks in the world. Time magazine chose him as one of the five leading Latin American innovators of the century in its special May 1999 issue "Leaders for the New Millennium", and included him among the 100 most influential people in the world in 2004.

Santiago Rubin

Managing Director, Investment Banking, Goldman Sachs, New York

Speakers

Aaron McGovern

Investment Director, IFM Investors, New York

Adam Brenneman

Cleary Gottlieb Steen & Hamilton, New York

Alexandre Gossn Barreto

Souza, Cescon, Barrieu & Flesch, São Paulo

Andrés Hoyos-Ramírez

Gómez-Pinzón Zuleta, Bogotá

Antonio Del Pino

Latham & Watkins, New York

Brian Hutchings

Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, New York

Carlos Fradique Méndez

Brigard & Urrutia, Bogotá

Daniel Sterenberg

Managing Director, The Carlyle Group, São Paulo

Eduardo Calderón

BLP, San José

Felipe Boisset

Rebaza, Alcázar & de las Casas, Lima

Francisco Guzmán

Carey, Santiago

Guillermo Ferrero

Philippi Prietocarrizosa Ferrero DU & Uría, Lima

Hernán Slemenson

Marval, O'Farrell & Mairal, Buenos Aires

Hugo Bruzone

Bruchou, Fernández Madero & Lombardi, Buenos Aires

Jean Michel Enríquez

Creel, García-Cuéllar, Aiza y Enriquez, Mexico City

João Busin

TozziniFreire, São Paulo

Luis Nicolau Gutiérrez

Ritch, Mueller, Heather y Nicolau, Mexico City

María Fernanda Mierez

Estudio Beccar Varela, Buenos Aires

Maurizio Levi-Minzi

Debevoise & Plimpton, New York

Monique Mavignier

Barbosa, Müssnich & Aragão, São Paulo and Rio de Janeiro

Pablo Mijares Ortega

Mijares, Angoitia, Cortés y Fuentes, Mexico City

Paola Lozano

Skadden, Arps, Slate, Meagher & Flom, New York

Pedro Whitaker de Souza Dias

Mattos Filho, São Paulo

Rodrigo Ochagavía

Claro & Cia, Santiago

Thiago Spercel

Machado Meyer, São Paulo

Programme

8.00: Welcome coffee and registration

8.30: Chairs' welcome

Todd Crider, Simpson Thacher & BartlettNew York
Francisco Ugarte, Carey, Santiago

8.45: Overview presentations

Cate Ambrose, President and Executive Director, Latin American Private Equity & Venture Capital Association (LAVCA), New York
Santiago Rubin, Managing Director, Investment Banking, Goldman Sachs, New York

9.15: The bankers' panel

Leading private equity bankers discuss the deal flow, opportunities and challenges in Latin America. Questions to be considered include:

  • What are the right strategies for finding value?
  • How can private equity cope with risks - and is political risk making a comeback?
  • How has the overhang of corruption affected fundraising and deployment of capital?
  • Which sectors and countries in Latin America present the best opportunities - and is Argentina finally making a comeback?
  • What are the parameters of leverage? And what does 2018 have in store?

Moderator:
Todd Crider, Simpson Thacher & BartlettNew York

Panel:
Aaron McGovern, Investment Director, IFM Investors, New York
Cate Ambrose, President and Executive Director, Latin American Private Equity & Venture Capital Association (LAVCA), New York
Daniel Sterenberg, Managing Director, The Carlyle Group, São Paulo
Santiago Rubin, Managing Director, Investment Banking, Goldman Sachs, New York

10.15: Coffee break 

10.40: Sector focus: Private equity in energy and infrastructure

From Brookfield's purchase of Petrobras' natural gas pipeline unit to Pemex's sale and leaseback agreement with KKR, Latin America's energy and infrastructure sectors are at the forefront of many investors' minds. This panel will identify the key players making headway in those areas and analyse the considerations acquirers should take into account to make sure they achieve the long-term gains up for grabs. Some energy and infrastructure assets fall under government concession agreements, presenting certain regulatory considerations and the need to weigh up political risk. Meanwhile, corruption by a few major Latin American infrastructure players means acquirers need to have FCPA regulations in mind and conduct thorough due diligence to avoid nasty surprises further down the road.

Moderator:
Antonio Del Pino, Latham & Watkins, New York

Panel:
Alexandre Gossn Barreto, Souza, Cescon, Barrieu & Flesch, São Paulo
Carlos Fradique Méndez, Brigard & Urrutia, Bogotá
Guillermo Ferrero, Philippi Prietocarrizosa Ferrero DU & Uría, Lima
Jean Michel Enríquez, Creel, García-Cuéllar, Aiza y Enriquez, Mexico City

11.40: Coffee break 

11.55: The nuts and bolts of private equity lawyering

Perspectives from across the region lay down the essentials of private equity work. From nondisclosure agreements, binding offer letters and shareholder and registration rights agreements, to exit rights and indemnifications, this panel will deliver the core components of representing private equity clients.

Moderator:
Maurizio Levi-Minzi, Debevoise & Plimpton, New York

Panel:
Andrés Hoyos-Ramírez, Gómez-Pinzón Zuleta, Bogotá
Hernán Slemenson, Marval, O'Farrell & Mairal, Buenos Aires
Pablo Mijares Ortega, Mijares, Angoitia, Cortés y Fuentes, Mexico City
Pedro Whitaker de Souza Dias, Mattos Filho, São Paulo

12.55: Networking lunch 

13.45: "A fireside chat"

Hernando de Soto, President, Institute for Liberty and Democracy (ILD), Lima
Todd Crider, Simpson Thacher & Bartlett, New York

14.30: Coffee break 

14.45: Wherefrom the "L" in "LBO"?

An overview of financing sources and recent trends will consider the pros and cons of equity versus debt financing, as well as private equity's role as a debt financing source. Currency depreciation remains a somewhat constant phenomenon in Latin America; if 2015 was Brazil's year, 2016 was Mexico's. Sliding currencies mean private equity lenders need to stay ahead of FX risk. The panel will identify who's leading the way as a financing source in the region and evaluate the role sovereign wealth funds can play alongside more established players from the US, Europe and Asia.

Moderator:
Paola Lozano, Skadden, Arps, Slate, Meagher & Flom, New York

Panel:
Eduardo Calderon, BLP, San José
Luis Nicolau Gutiérrez, Ritch, Mueller, Heather y Nicolau, Mexico City
Rodrigo Ochagavía, Claro y Cia, Santiago
Thiago Spercel, Machado Meyer, São Paulo

15.45: Coffee break 

16.00: From Silicon Valley to Latin America: Venture capital

Venture capital in Latin America is evolving, with some governments in the region heavily incentivising venture capital investment. This panel explores the key differentials between a venture capital and private equity deal, the core components of structuring venture capital investments, and the growth of start-up financing across the region.

Moderator:
Francisco Guzmán, Carey, Santiago

Panel:
Brian Hutchings, Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, New York
João Busin, TozziniFreire, São Paulo
María Fernanda Mierez, Estudio Beccar Varela, Buenos Aires

17.00: Governing private equity

Does the private equity model promote better corporate governance standards? This panel will discuss the ways to maintain healthy governance in private equity funds. When it comes to portfolio companies, private equity backers should approach governance dilemmas with caution and the panel will share their tips on the do's and don'ts of successful boards. Effective partnerships between limited and general partners underpins private equity's success, so what are the best practices to make that a reality?

Moderator:
Adam Brenneman, Cleary Gottlieb Steen & Hamilton, New York

Panel:
Felipe Boisset, Rebaza, Alcázar & de las Casas, Lima
Hugo Bruzone, Bruchou, Fernández Madero & Lombardi, Buenos Aires
Monique Mavignier, Barbosa, Müssnich & Aragão, São Paulo and Rio de Janeiro

18.00: Chairs' closing remarks

Todd Crider, Simpson Thacher & BartlettNew York
Francisco Ugarte, Carey, Santiago

18.15: Close of conference

Venue

425 Lexington Avenue, New York, NY 10017, USA

Testimonials

  • “Latin Lawyer conferences provide a great forum for the latest industry trends and regulations as well as networking with the leading industry players in the region. The quality of speakers and topics of discussion deliver a balanced academic and practical view of the law.”

    Marco Solano
    Aguilar Castillo Love

  • “The Latin Lawyer conferences gather the leading lawyers from the region to discuss the most significant current legal topics. A must go event for Latin American practitioners.”

    Fulvio Italiani
    D'Empaire Reyna Abogados