Claudia Zeisberger & Michael Prahl on LP’s Going Direct – Special Report Zürich

On May 27 the INSEAD Alumni Association Switzerland’s Zürich Chapter hosted an evening conference entitled, “LP’s [pullquote align=”left|center|right” textalign=”left|center|right” width=”30%”]There is no rule that says direct investing is good or bad, but there are ways to do it right and many ways to get it wrong.[/pullquote]Going Direct: Beyond Co-Investing to Direct Investing” at the historic Zunfthaus zur Saffran in the city centre. INSEAD’s Professor Claudia Zeisberger and Michael Prahl, who together lead the School’s six year old Global Private Equity Centre, spoke to an audience of more than 40 private equity professionals, as well as attendees from investment banks, corporate finance, family offices and law firms, about the latest trend amongst institutional investors to bypass private equity funds and invest directly into businesses in their search for above average returns.

Zeisberger has identified a Canadian pension fund that is a frontrunner in direct investing by Limited Partners (LPs), and developed it as a case for INSEAD. By analysing its approach and research data, comparing it over time with other institutional investors’ direct and co-investments, she and Prahl found certain success factors, challenges, and best practises which they shared. There is no rule that says direct investing is good or bad, but there are ways to do it right and many ways to get it wrong. LP have several options, such as pooling capital and working together with other LPs, sharing or outsourcing the work, or they can build the capability in-house, knowing that there is a need to dedicate resources and go up the learning curve, or find another solution that fits the LPs goals and capabilities.

 

Read the full reportLPs Going Direct Special Report June 2014 FINAL (pdf)

The presentation slides are available here.

When to Use M&A for Growth – Prof. Laurence Capron’s Presentation Available

The Geneva Chapter of the INSEAD Alumni Association Switzerland hosted an evening conference, entitled “Build, [pullquote align=”left|center|right” textalign=”left|center|right” width=”30%”]”When is M&A the right answer to your growth challenges? [/pullquote]Borrow, Buy”, on Thursday May 15, 2014. Attended by more than 50 alumni and special guests, the event featured groundbreaking M&A research by INSEAD Prof. Laurence Capron (pictured right) and a dynamic six-person strong panel discussion amongst healthcare industry executives and corporate finance professionals. She answered the question, “When is M&A the right answer to your growth challenges?”

Prof Laurence Capron, INSEAD

Prof Laurence Capron, INSEAD

The Geneva Chapter has made her presentation available to Alumni here.  Prof. Laurence Capron described the effect of M&A activities on share prices of companies in a range of industries, as well as the effect on the acquired companies, concluding with data-backed suggestions about when and how to use M&A to drive the growth of a business.

Laurence Capron also moderated the panel discussion with Marvelle Sullivan, Head of Global M&A Novartis, Michèle Ollier, LifeSciences, Partner, Index Ventures, Jean-Pierre Rosat, CEO, Aleva NeuroTherapeutics, Alex Schmitz, VP Business Development, Biosensors International, Daniel Kubitza, Executive Director UBS, and Thimo Sommerfeld, Co-Founder and Managing Director, Abolon Group.

The panelists shared real life lessons learned in executing buy, borrow, and build strategies. Marvelle Sullivan shared her M&A experience at Novartis, mentioning that capturing value was key and that the deal team had to prepare its case on how value was being captured before any due diligence could begin. Michèle Ollier elaborated on the human factor in build strategies, explaining that it was essential to achieve growth in her portfolio companies. Each portfolio company that achieved growth succeeded to recruit the right people. They exhibited an open and challenging mind to identify and find new growth levers.

Jean-Pierre Rosat, a serial entrepreneur, explained the challenges of being the target of an acquisition in the healthcare field. He stressed the importance of preparing the team for a potential acquisition early on, as well as being careful to not be seduced by big corporates and not starting collaboration with big firms without a clear roadmap and terms of the partnership.Alex Schmitz described how his employer, BioSensors, used all three growth modes: build, borrow, buy, in its development phase. Daniel Kubitza also discussed human factor in the development of projects, while Thimo Sommerfeld spoke on the role of private equity in healthcare deals.

 

Laurence Capron is a Professor of Strategy at INSEAD and co-author of Build, Borrow, or Buy: Solving the Growth Dilemma (Harvard Business Review Press), an award-winning book that examines how companies can select and balance different modes of growth: organic growth (build), licensing and alliances (borrow) and M&A (buy) to outperform.. She is also the Paul Desmarais Chaired Professor of Partnership and Active Ownership and also directs the “M&As and Corporate Strategy” Executive Education Programme at INSEAD.

 

Oct 30 – Domaine La Colombe Winetasting

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Did you know the Geneva region has more than its share of treasured wine labels? On Thursday October 30, 2014 you can discover the wines of Domaine La Colombe located in Féchy, a beautiful small village in the La Côte area. Raymond Paccot will explain his grape growing, wine-making and production philosophy (biodynamie). Do feel free to bring your partner or a friend along. The more the merrier!

When: Thursday Oct 30, 2014, 18h15 to 20h00

Where: Rte du Monastère 1, 1173 Féchy

Tickets: CHF 20 to be paid at the door

Registration : By e-mail to yves(dot)haldemann(at)bluewin.chwith guests’ names no later than October 24.

October 28 – Lunch Conference Benoît Dubuis, Director of Campus Biotech

Looking Towards the Future. October 28, 2014, Genève

Okt2014_Dubuis_558x272The Lunch Conference features Dr. Benoît Dubuis who heads up Campus Biotech, located at the former Merck Serono site in Geneva. He is also in charge of development at The Wyss Center, a unique research organization funded by a CHF 100 million endowment by the entrepreneur Hansjoerg Wyss. The Center aims to accelerate science and engineering research by providing the skills and resources needed to create innovative neurotechnology for human benefit.

Key Facts

When: Tuesday, October 28, 12:00 to 14:00

Where: Hotel Métropole, Quai du Général-Guisan 34, 1204 Genève

Tickets: CHF 70 per person (payment at the door). Tickets include cocktails and a three course menu.

Registration

By e-mail to insead at bluewin dot ch with your name & organization (including guests’ names and organization) no later than October 23.

INSEAD AACH Geneva Chapter

Ludovic Choppin, MBA ‘12D