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CVCA Annual Conference - May 23-25, 2012 - Fairmont The Queen Elizabeth, Montreal



THANK YOU FOR ATTENDING AND MAKING OUR 2012 A RECORD-BREAKING SUCCESS! 

The conference attracted over 640 industry professionals and influencers from across Canada and around the world.
 
Each Conference attendee received a BlackBerry PlayBook. 

LINK TO INSTRUCTION ON HOW TO CUSTOMIZE YOUR PLAYBOOK 

CVCA Conference Mobile App

The CVCA conference mobile app is the only source of conference materials including the detailed agenda, speakers’ bios, master attendee list, sponsors and partners. The app is the primary tool to access conference information during and after the conference, communicate with other conference attendees and session speakers and engage in social media .

The Theme  “Venture Capital & Private Equity: Outperforming the Markets”.

Since the beginning of time, investors have focused on stocks and bonds, shifting their allocations between these traditional asset classes with the times. Alternative assets like private equity and venture capital were rarely considered and poorly understood, since the traditional assets were considered safe and reliable. But the world has changed: major equity markets have traded sideways with growing volatility through the past several years, and fixed income investments are near zero real returns. The traditional model is broken as investors rethink the risk/reward equation and look for alternatives.
Private equity and venture capital can provide exactly what investors are looking for today: strong returns and companies that will take a leadership position in an increasingly competitive global economy. This is the opportunity to create new companies and transform existing ones. Active management by highly skilled private investors is the secret sauce. These investors jump right into their portfolio companies, working alongside management to truly transform these businesses.

The Attendees

Attendees return year after year for the invaluable benefits of networking with key industry leaders and the topical issues presented and discussed at the various organized presentations. Participants and sponsors at this prestigious event include the following: Private Equity Investors ● Venture Capitalists ● Institutional & Corporate Investors ● Investment Bankers/Intermediaries ● Service Providers – Lawyers, Insurers, Accountants, Strategic and Financial Advisors, Executive Search ● Security Exchanges ● Government ● Academic ● Media 

The Program

The program had equal emphasis on venture and private equity issues. The conference launched with a welcome cocktail event on the Wednesday evening and included a Gala dinner on the Thursday featuring CVCA’s “Entrepreneur of the Year” Award presentation followed by our popular scotch-tasting networking event. The conference closed on Friday after the country spotlight featuring China and networking lunch. 

Wednesday May 23, 2012
9:00 am – 3:00 pm Tourism and golf recommendations
   
9:00 am – 4:30 pm FounderFuel’s Demo Day & C100’s AccelerateMTL event (complimentary to all CVCA Conference attendees) at Monument National 
Link to details and free registration for Demo Day and AccelerateMontreal event.
   
3:00 – 7:00 pm Conference Registration
   
3:00 – 5:00 pm  
Canadian Women in Private Equity (CWPE) Reception 
   Sponsored by

 
  Deloitte
 and
 Fondaction CSN
   
5:00 – 7:00 pm  
Welcome Cocktail Reception                     
  Sponsored by
Represented by Sylvain Corbeil, Vice President  National Bank

   
Thursday May 24, 2012
7:00 am Breakfast Buffet
   
8:10 - 8:30 am Welcoming Remarks by 2012 Conference Co-Chairs:
Chris Arsenault, Managing Partner, iNovia Capital Inc.                  
Pascal Tremblay, President and Managing Partner, Novacap Technologies
   
  President’s Address:
Gregory Smith, President, CVCA and Managing Partner, Brookfield Financial Corp/
   
8:30 - 9:30 am        Session 1: Evolution of VC and PE in Canada
Panelists will reminisce about the last few decades of the Canadian private landscape (venture and buyouts).  This will be measured against a global context with specific discussion on the different sources of capital, the role of Canadian banks over time, the emergence of pension funds as direct investors and thoughts on where all this is going?

Moderator: Andy Willis, Senior Vice President, Communications and Media, Brookfield Asset Management Inc.

Panelists:
Marc Beauchamp, Founder and Chairman, Novacap
Brent Belzberg, Senior Managing Partner, TorQuest Partners 
Gary Rubinoff , Managing Partner , Summerhill Venture Partners 
   
9:30 - 10:30 am Session 2: Investing Towards 2030: Anticipating the Future Business Environment
Post 2008-2009 "Great Contraction", one must make sense of a new, complicated and interdependent global economic disorder, where politics, economics, demographics, technologies, mother nature, and ideologies can either cooperate or collide. How will ageing, deleveraging, globalizing emerged markets, natural resources demand, governance paradigms, techno progress and politics or environmental constraints affect our lives,
strategies and investments? Eric Noël will help us explore four megatrends shaping the world in 2030, suggest some strategic implications, mirages and new ages, and then exchange with two investors who are betting on these long term trends.

Overview: Eric Noël, Senior Vice President, North America, Oxford Analytica and Visiting Expert at IESE Business
School

Moderator: Senia Rapisarda, Vice President, Strategic Initiatives and Investments, Business Development Bank of Canada

   
10:30 – 11:00 am Coffee / Networking Break
   
11:00 - noon            Session 3A (PE Stream): Leverage in PE Deals – Visibility on Today’s Changing Debt_Environment
Debt Pricing, Structure and Hold Levels have all fluctuated in the last two years. Our panel of decision makers, representing every major source of debt capital, will explore current and anticipated trends for mid-market and large PE Buy-outs, refinancings and re-caps. The panelists will also provide perspective on the future Debt Wall and the Euro Debt Crisis and their potential impact on PE Debt in Canada.

Introducer: Valerie Leach, Principal, Continuing Education, Canadian Institute of Chartered Accountants (CICA)

Moderator: Robert Olsen, Partner & Americas Leader - Capital Advisory, Deloitte

Panelists:
Blair Cowan, Vice President, Corporate Finance,  CIBC Commercial Banking
Vipon Ghai, Senior Managing Director, Manulife Capital
Mark Jenkins, Vice-President and Head of Private Debt, Private Investments, CPP Investment Board
Joe Mattina, Managing Director, Macquarie Capital Markets Canada
David Torrey, Managing Director, National Bank Financial Markets
   
11:00 - noon Session 3B (VC Stream) : C100: Owning the Podium – How Canadians are Building the Biggest Companies in Tech
Canadian entrepreneurs and investors are behind some of the biggest names in technology.  This new generation of Canadian tech leaders operate fluidly across the 49th parallel, tapping the best of Canada and the U.S.  How are they doing it?  How can investors profit from their networks and experience?

Moderator: Anthony Lee, General Partner, Altos Ventures

Panelists:
Jeff Mallett, President, Mallett Sports & Entertainment, former President, Yahoo!
Shawn Price, President, Zuora Inc.
CJ Prober, Senior Vice President, Digital Publishing/Platform, Electronic Arts
Joel Scott, Chief Operating Officer, Autonomy/HP
 
12:05 -12:15 pm
 
The Private Capital Pulse - CVCA Members' Survey

W. Ian Palm, Partner, McCarthy Tétrault LLP
12:15 -12:45 pm Keynote Speaker: 'The Making of "Hunters"'

Introducer: Paul Kirkconnell, Executive Vice President, Venture Capital, Business Development Bank of Canada

Michel Brûlé
President, Investissement M&M

Many of our entrepreneurs have demonstrated that Canadians can provide the best technology in the world and provide a game changer advantage in some sub-markets. The number of acquisitions of Canadian Tech. companies by Americans and Europeans over the years supports two facts: we have exceptional creativity skills and we have become experts in dressing the bride with the sexiest outfits.
From being the best in the world in some sub-markets to becoming world-dominant size wise in a market, a different strategy that involves a new set of challenges (and skills) is required. Could those struck with the “H” virus raise their hand? Here’s the ecosystem for you!
   
12:45 - 1:45 pm
Lunch         
 Sponsored by
   BDC
   
1:45 - 2:15 pm
Networking Dessert     
    Sponsored by    
   PwC

   
2:15 - 3:15 pm Session 4A (PE Stream): The Canadian Mid-Market: An Attractive Landscape
The Canadian mid-market for buyouts is a well-established segment of Canada’s private capital investment landscape. Over the past decade, the universe of Canadian GPs has matured. Strong returns have been generated, and leading Canadian GPs continue to receive robust support from LPs in Canada and around the world. Foreign GPs have also shown increasing interest in Canadian deals. This panel brings together leading mid-market participants to discuss the state of the segment. What makes the Canadian mid-market attractive to GPs and LPs and what distinguishes it from the US mid-market? What are the key success factors for investing in this segment? How important is it to be a Canadian GP when pursuing Canadian deals? How has the GP landscape evolved over time? Is the LP base shifting? And what will the Canadian mid-market look like in 10 years?

Introducer: Derek Smyth, Managing Director, OMERS Ventures

Moderator: Matthew Cockburn, Partner, Torys LLP

Panelists:
Eric Berke, Managing Partner, TorQuest Partners
Cody Church, Senior Managing Director, TriWest Capital Partners 
Elmer Kim, Managing Director, Roynat Equity Partners
Stuart Waugh, Managing Director & Managing Partner, Northleaf Capital Partners
   
2:15 - 3:15 pm Session 4B (VC Stream): Is Canada Sexy Now?
What’s the status of cross border syndication? Do US investors want/need/like a Canadian based investor to co-invest with? Is the mindset changing? Has the removal of section 116 made life easier to invest in Canada? What needs to happen for Canada to have vibrant growth in cross-border syndications?

Introducer: R. Todd Tessier, Vice President, BC Renaissance Capital Fund Ltd., Executive Director, Investment Capital Branch, Province of British Columbia

Moderator; Stephen A. Hurwitz, Partner, Choate Hall & Stewart LLP

Panelists:
Paul Ferris, Co-founder and General Partner, Azure Capital Partners
Yona Shtern, Co-Founder and Chief Executive Officer, Beyond the Rack
Jeff Grammer, Partner, Rho Canada
Jit Sinha, General Partner, JMI Equity
Ralph Terkowitz, General Partner, ABS Capital Partners
   
3:15 – 3:45 pm Coffee / Networking Break
   
3:45 – 4:45 pm
















Session 5A (PE Stream): Private Equity's New Challenge – Focus on Operations 
Financial sponsors are now expected to drive returns by growing the intrinsic business value of their portfolio companies.  With constraints on leverage and financial engineering now subject to the increasing risks of volatile markets, financial sponsors in the mid market need to demonstrate their ability to promote and support operational and strategic improvements in their portfolio companies. Limited Partners now evaluate General Partners by how consistently they generate returns through real business enhancements leading to a step change in the enterprise value of the portfolio company. This panel will provide the perspective of a lender, an LP, a GP and a CEO on the role of a financial sponsor in driving investment returns through achieving fundamental business improvements within portfolio companies.

Moderator ; Charles Chevrette, Partner, McMillan LLP

Panelists:
Alex Baniczky, Vice President, BMO Capital Partners 
Daniel Cotte, CEO, Naya Waters Inc.
Paul Day, Vice President, Equity, Export Development Canada
Peter Gordon, Managing Partner, Brookfield Asset Management
Charlie Huebner, Managing Principal and Co-Founder, RCP Advisors

   
3:45 – 4:45 pm

















Session 5B (VC Stream): Building the $100M Business - Hidden Obstacles.
The majority of venture investments start with all parties focused on a hundred million dollar outcome. However, the rear view mirror as reported by Thompson Reuters and NVCA suggests that this optimism isn't warranted -- that most venture backed exits don't break that milestone. This panel will explore the obstacles that need be overcome to build a business worth $100M or more, by those that have made the hard decisions on the path and those well on their way.

Moderator: Shawn Abbott, Partner, iNovia Capital Inc.

Panelists:
Howard Gwin, Managing Director, OMERS Ventures
Daniel Debow, Co-Founder and Co-CEO, Rypple
Joe Poulin, President & CEO, Luxury Retreats International
Eric Boyko, President & CEO, Stingray Digital Group
 4:45 - 5:00 pm
Speaker: Thomas A. Kloet, CEO, TMX Group Inc. 
'Ideas and Opportunity Require Capital and Know-How - Funding, Building and Nurturing the Next Generation of Canadian Businesses'

6:30 – 7:30 pm
Gala Cocktail Reception                        
 Sponsored by
 
Represented by Jim White
Partner, Vice President,
Directors' Liability Practice HKMB HUB International
and Andrew Knight, Chubb Insurance 

 HKMB HUB International  Chubb Insurance

   
7:30 – 10:00 pm
Gala Dinner                Sponsored by
   Coller Capital
Represented by Sebastien Burdel, Principal, Coller Capital
 
Speaker:
Sam Hamad, Minister of Economic Development, Innovation and Export Trade, Government of Quebec

CVCA's 'Entrepreneur of the Year' Award Ceremony

Gala Keynote Speaker:
Martyn Mallick, Vice President, Global Alliances & Business Development, Research in Motion

9:30 pm – midnight
Scotch-Tasting Networking Event    Sponsored by
Represented by Stephen Hurwitz,
Partner
 
   
Friday, May 25, 2012
   
7:30 am Breakfast Buffet
   
8:25 - 8:30 am Opening Remarks
   
8:30 - 9:30 am Session 6 :The Return of the Corporate Strategics
Over the past year, there is a marked increase in corporations as direct investors in both venture capital and private equity.  This panel will explore the basis for this resurgence of corporate investment in major sectors: Life Sciences, Oil & Gas, Ag, and IT.  The Why, the How, and What that may be different about how they go about their business.  How they see their participation in relation to the rest of the VC/PE community, and what may this mean for the future evolution of our industry.

Moderator; Ross Bricker, President & CEO, AVAC Ltd.

Panelists:
Kevin Chew, Vice President & Managing Director, EMC Ventures
Reid Leonard, Managing Director, Merck Research Venture Funds and Executive Director, External Scientific Affairs, World Wide Licensing
Andrée-Lise Méthot, Founder and Senior Partner, Cycle Capital Management
Alexander Munro, Investment Manager, Cenovus Environmental Opportunity Fund, Cenovus Energy

   
9:30 - 10:00 am Session 7 : The Uncanny Valley
Inventing a technology and choosing a market are two important parts of every startup.   Keyhole, the startup that led to Google Earth, faced some hard choices about what was possible and what was sellable.  In the end, though, timing also matters.

Introducer: Shahir Guindi, Managing Partner, Osler, Hoskin & Harcourt LLP

Speaker: Brian McClendon, Vice President, Engineering, Google
   
10:00 – 10:30 am Coffee / Networking Break
   
10:30 – 11:30 am Session 8 : Trends in Fundraising and New Rules of the Road
This session will focus on recent trends in fundraising for VC/PE funds and will feature 2 GPs and 2 LPs.  Recent changes as outlined by the ILPA to align interests and change the historical management fee structure will be discussed.  What is and is not getting funded and what models works from an LP’s perspective?  This is sure to be a lively discussion featuring both LPs and GPs.

Moderator: Jocelyn Blanchet, Partner, National Leader, M&A Tax Services, KPMG LLP

Panelists:
Jacques Foisy, President and Managing Partner, Novacap Industries
Clint Harris, Managing Partner, Grove Street Advisors, LLC
David Zug,Vice President, Harbourvest Partners, LLC
Jacques Bernier, Managing Partner, Teralys Capital
   
11:30 – 1:00 pm Session 9: Country Spotlight on China: Dancing with the Dragon: Building Profitable Relationships in the China market for the Benefit of Canadian VC and PE Fund Managers and their Portfolio Companies          
As Canada’s trade and investment flows increasingly turn toward the Far East, Canadian fund managers and their portfolio companies need to reconsider how China fits into a larger strategy for developing international sales and partnership opportunities. In this panel, you will hear from Chinese fund managers and Canadian LPs active in China market on how Canadian fund managers and their portfolio companies can better develop local networks and market insights that will allow them to profit from one of the most enduring high growth markets in the world.

Moderator; Alison Nankivell, Head of Fund Investments, EDC Equity, Export Development Canada

Panelists:
Pierre Fortier, Vice President, Investments, Emerging Countries, Caisse de dépôt et placement du Québec 
Shelby Chen, Managing Partner, Tsing Capital 
Frank Tang, Managing Partner, FountainVest Partners (Asia) Limited
Raymond Yang, Managing Director and Partner, WestSummit Capital Management
   
1:00 pm – 1:10 pm Closing Remarks
   
1:10 pm – 2:30 pm
Networking Lunch                     Sponsored by
 

AVAC

   
   


2012 Organizing Committee

Chris Arsenault (iNovia Capital) (Co-Chair)
Pascal Tremblay (Novacap Technologies) (Co-Chair)
Jacques Bernier (Teralys Capital)
Ross Bricker (AVAC Ltd.)
Alain Denis (Fonds de solidarité (FTQ))
Howard Gwin (OMERS Ventures )
Steve Hnatiuk (Vanedge Capital)
Lorne Jacobson (TriWest Capital Partners)
Anthony Lee (Altos Ventures )
Chris Legg (Tandem Expansion Fund)
Lauren Linton (CVCA)
Joe Lucke (CVCA Director)
Alison Nankivell (Export Development Canada)
Karamdeep Nijjar (iNovia Capital Inc.)
Wayne Pommen (TorQuest Partners)
Senia Rapisarda (BDC Venture Capital)
Richard Remillard (CVCA)
Kathryn Ryan (CVCA)
Sunil Sharma (CVCA)
Christian Turgeon (Novacap Technologies)
Mark Usher (Wellington Financial)


2012 SPONSORS:

 
Blackberry   BDC - Venture Capital
Brookfield   
 
 Coller Capital
 
B.C. Renaissance Fund

 

 Export Development Canada

 

CAPITAL IQ

 HKMB HUB International
Chubb Insurance
McMillan     

         KPMG


National Bank
 

 Roynat



     

AVAC

 

 The Canadian Institute of Chartered Accountants

Fasken Martineau



McCarthy Tetreault

 

 OMERS Private Equity

 

OMERS Ventures 

Olser    
 

 

   Ontario Venture Capital Fund

 

Northleaf Capital Partners

 


TSX


http://www.mdeie.gouv.qc.ca

 
 
 

Aird & Berlis

Alberta Enterprise Corporation Bennett Jones
Blaney McMurtry
CPP Investment Board
Chaitons LLP
CIBC
 

comerica
  Fonds de solidarite FTQ

 Gowlings

   Growthworks 

Fraser Miler 

 Meyers Norris Penny  RBC Royal Bank
 

Stikeman Elliott

Teralys
  TriWest Capital Partners  

Wellington Financial

 
         







BREAKFAST SPONSOR  Avrio Ventures

 ECO BAG SPONSOR


Relay Ventures
 
 
Media Edge Publishing ACG Toronto
 Backbone
Thomson Reuters

Institutional Limited Partners Association Banff Venture Forum
 
 
Equentia

Canadian Innovation Exchange

 ACG Vancouver

ABVCAP   

 Summerhill