Highlights: FEB. 2019 london
Less than a week after our Miami conference ended on February 1, an almost entirely different group gathered in London. Discussions took us in new directions, to Africa and Southeast Asia, TO cleantech AND thematic strategies (ageing population, data mining, urbanization), but once again cannabis. Many family offices were large (including from Asia, MIDDLE EAST, Russia), but thousands of London’s (U)HNW investors are backing both deals and funds.
Over two days, 45 participated in London, some noting it was the first time they’d been to the city center in years. We promised to move back to Mayfair for our London Fall Conference on October 10-11. Already 15 London participants RSVP’d for the New York Spring Conference on May 9-10.
> London Opening Panel & Roundtables (Thursday).
We tweaked the Agenda of the London Conference to add an Opening Panel, which set the tone for thoughtful discussions. Participants shared “ASKs” on seeking investments and/or capital. Co-leaders shared take-aways followed by Q&A. We also had an Opening Panel. Highlights included:
· - UK investors back Canadian cannabis plays; European market will take off, perhaps as soon as two years
· - Interest rates look set to remain low for several years, echoing sentiment from NY and Miami conferences
· - With rise of Lithium batteries, there is a massive undersupply of “tech” metals
· - Family offices can do what PE cannot, e.g. Truell’s Disruptive Capital is building a $3B high-voltage direct current (HVDC) cable from Iceland
· - Cleantech can achieve 30%+ IRRs in various strategies and niches, albeit often in emerging markets
> London Panel Discussions (Friday).
Panelists and participants shared perspectives across asset classes, plus emerging markets and opportunities. Highlights include the following:
· - PE mega funds keep growing, driven partly by pension funds (with understaffed and underpaid management)
· - Yet best returns (and valuation multiples) are in lower middle market
· - Emerging markets can offer strong returns with right tailwinds and partners in place in niches such as breweries in Somalia, agriculture,
· - In closing, we asked each participant to name a country and industry/opportunity that most excites them. It ranged from Angola and Bangladesh to Indonesia, but Vietnam received the most votes.