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PE Leadership Forum 2022: Redefining strategic approaches to operational excellence

2022年11月1日  

The HKVCA held its inaugural PE Leadership Forum on Tuesday, November 1, 2022. The half-day Forum was also the Association’s first few events delivered entirely in person, with no virtual component, since the outbreak of the COVID-19 global pandemic. Although some restrictions remained in place, we were very pleased to have hosted more than 150 people - CFOs, COOs, general counsel, legal officers, tax advisors and a variety of other consultants - at the China Club in Central. 
   
The Forum addressed a broad range of topical operational topics, including tax and legal issues, ESG and portfolio management. We extend a very special thanks to David Chan and Christine Lin from Ernst & Young, our Platinum sponsor, as well as James Ford from Allen & Overy, our Legal Sponsor. 
   
The HKVCA also expresses its gratitude to the following amazing group of industry experts who shared their experience and knowledge with us as speakers: 

  • Adam Williams, Ernst & Young Tax Services Limited 
  • Alvin Lam, CVC Capital Partners 
  • Amy Fong, FountainVest Partners (Asia) Limited 
  • Brandan Wing, Morgan Stanley 
  • Harry Yan, Ernst & Young 
  • James Ford, Allen & Overy 
  • Noah Gellner, CPP Investments 
  • Patrick Cordes, BPEA EQT 
  • Queenie Ho, Affinity Equity Partners 
  • Richard Blair, The Blackstone Group (HK) Limited 
  • Sally Dole, Macquarie Asset Management 
  • Samantha Tan, BlackRock Asset Management North Asia Limited 
  • Sofia Wang, Sterling Private Management Limited 
  • Trinnie So, Ontario Teachers’ Pension Plan 
  • Wayne Bannon, The Carlyle Group

午餐研讨会: Evolution of investment deal terms in Asia: Recent Trends and an overview of what’s on the horizon

2022年10月18日  

The HKVCA hosted its most recent Brownbag Luncheon Talk at Centricity on October 18, 2022. Partners from Latham & Watkins, including Stephen Shi, Richard Watkins, Howard Lam and Dominic Geiser, along with their colleague and Counsel for Latham & Watkins, Lynsey Edgar, discussed the most recent deal terms across Asia. Noting the trend toward the use of investment deal terms to protect the downside risk for a variety of deals, the speakers also addressed the potential developments and the impact of a turning cycle in M&A, distressed transactions, PIPEs, and relevant transactions. With over 60 practitioners in attendance, the event received much positive feedback. We would like to thank sponsor Latham & Watkins for making the event possible. 

网络研讨会: Crypto, Gaming and Web 3.0 

2022年9月15日  

With more and more private equity and venture capital investment paying attention to crypto and Web3.0, the HKVCA and Ascent Partners hosted a webinar on September 15, 2022. The speakers provided a comprehensive guide to consumer crypto, especially the market landscape of the crypto credit/debit cards market. Andrew Wright, a senior advisor at the firm, was joined by his colleague Felix Wong, Principal; Bryant Robinson, Head of Operations, Asia from GDA Group; and Rai Cockfield, CEO and Founder from yup.gg. 

The speakers spoke in particular about a crypto ecosystem developed by GDA Capital, which provides a diverse service for assisting blockchain companies/projects in three phases. The webinar also covered the gaming industry and its integration with Web3.0. More than 100 people participated in the event, which included an interactive Q&A session between attendees and speakers. We extend our thanks to the speakers and to Ascent Partners for their generous sponsorship.    

HKVCA 35th Annual General Meeting  

2022年9月8日 

The HKVCA’s 35th Annual General Meeting was held on September 8, 2022. Rebecca Xu was re-elected Chairwoman, after which she delivered a report summarizing the HKVCA’s work over the course of the last year. We would like to extend our appreciation to the 24 members of the Board of Directors and to all our members who gave of their time to attend this important event. 

香港创业及私募投资协会第21届中国私募投资高峰会2022

2022年8月24日 

The China Private Equity Summit, one of the HKVCA’s major flagship events, was held for the 21st consecutive year on August 24, 2022. Long recognized as the China PE industry’s leading practitioners’ conference, this year’s sessions were held in a hybrid format and were attended by participants both in-person and online virtually. The result was significantly greater engagement from across the region and around the world, with more than 800 venture capital and private equity practitioners, leading corporates, and other industry professionals attending the event.

Among the distinguished guests were the Hon. Christopher Hui, Secretary for Financial Services and the Treasury of the Hong Kong SAR government; Nicolas Aguzin, the CEO of HKEX; and Yi He, Co-Founder & CMO of Binance.

Held at the Hong Kong Convention and Exhibition Centre, the theme of the discussion this year highlighted the many opportunities that continue to be present in the market in China, including in such sectors as fintech, consumer products and services, deeptech and climatetech. Current sentiment among LPs and family offices was also a focus, as were the challenge of SPACs listings; the latest developments in the PE secondaries market; RMB funds and government guidance funds; and the advantages to be found in Hong Kong spurred by a number of new private equity-related policies.

The recognition that it has been more than two years since the initial outbreak of COVID-19, and that the virus continues to have significant impact on business and economies, underlay much of the discussion. Similarly, the move by many corporates in China to embrace stricter governmental oversight and acknowledge that the “reckless” tech era is over, means there continues to be a consensus of uncertainty as to how all these factors will impact the Chinese economy, not to mention ongoing global political and economic instability, supply chain disruptions and increasing inflation around the world.

We would like to thank our extremely knowledgeable participants and audience of attendees who joined us from locations around the world. Thank you also to our PRC Committee, co-chaired by Conrad Tsang and Jacob Chiu, and to the other committee members. Finally, the HKVCA would like to express our sincere thanks to our valuable sponsors, whose contributions and continued support made the event not only possible but also an unprecedented success.

网络研讨会: Climate change and Asia private equity – iCI Asia launch

2022年7月21日 

Jie Gong, a Partner at Pantheon, hosted an HKVCA webinar to announce the official launch of Initiative Climate International (iCI) Asia. Held on July 19, 2022, more than 70 people attended the online introductory seminar.  

Other speakers included fellow iCI members Eimear Palmer, a partner at Pantheon; James Bone and Kathy Yang, partners at ERM; Natasha Buckley, Head of ESG from HarbourVest; and Sonali Siriwardena, a partner at international law firm Simmons & Simmons. The speakers introduced the iCI initiative as well as a description of its member base, committee structure, and the initiative’s mission. Since it’s establishment in 2015, over 100 private equity firms have joined the network globally. With the support of a broad group of private equity-related associations, including BVCA, France Invest, ILPA as well as the HKVCA, the group hopes their members will follow their guidance to better understand and manage risks associated with climate change.

The HKVCA is grateful to Jie Gong for hosting the event, and extends its thanks to all the speakers and participants.

网络研讨会: Data customization and what’s driving asset managers and owners into private markets  

2022年7月19日 

Wendy Cheng, APAC Head of Private Equity Services for Alternative Investment Solutions from State Street, hosted an HKVCA webinar addressing the importance of driving operational alpha by leveraging both structured and unstructured investment data on private equity and venture capital. Held on July 19, 2022, more than 110 people registered for the event.  

Joined by fellow State Street colleagues Cora Tang, APAC Head of Product for Alternatives; Haresh Patel, CEO from Mercatus, an affiliate of State Street; as well as Kenneth Leong, CFO & COO of independent funds of fund manager Axiom Asia Private Capital, the speakers discussed recent trends around data requirements for LPs as well as how such requirements have changed over time.

The HKVCA extends its thanks to State Street for sponsoring the event, and to all the speakers and participants.

网络研讨会: Democratization of private equity

2022年6月28日

Gaurav Nayak, Sales Director at Datasite, hosted an HKVCA webinar on June 28, 2022, discussing the growing democratization in private equity. The event attracted around 100 participants who attended online.  

After noting the emergence of retail investors who are increasingly accessing PE transactions and products, and offering an overview of the latest industry trends, Nayak was joined by Myron Zhu, Head of Private Market Asia at Manulife; Pamela Fung, Executive Director at Morgan Stanley Alternative Investment Partners; and Seung-Ki Jeong, Manager at DGB Life. The speakers addressed three specific issues: i) the emergence of job positions at Tier 1 PE firms that are focused on private wealth; ii) whether this will lead in turn to more IPOs/M&A down the line; and iii) the impact of tokenization on private markets. They also all agreed that technology will continue to act as a catalyst increasing access to PE.

The HKVCA thanks Datasite for its sponsorship. Thanks also to the speakers and to all who attended the event.    

网络研讨会:  Private Equity and Impact Investing 

2022年6月23日

Impact investing was the subject of a recent HKVCA webinar held on June 23, 2022.  With close to 100 people in attendance, active participation was encouraged with many attendees involved in the virtual discussion by submitting questions and comments for the speakers.  

KO Chia, Co-Chair of HKVCA Education & Research, acted as host and he was joined by Leonie Kelly, Director and Global Head of Sustainable Investment Consulting from Ogier. After offering a brief overview of impact investing, such as the definition of impact investing, discussion turned to developments since the 2009 Rockefeller Foundation report, including the size of market and the key players in the private equity space. Also discussed were the so-called three pillars of successful impact investment, namely intentionality, contribution and measurement. 

The HKVCA extends its sincere thanks to Ogier for their generous sponsorship, and to KO Chia as well as Leonie Kelly for their participation. 

网络研讨会: Fund finance 2.0 – NAV financing (for HKSFC)

2022年6月16日

The HKVCA held a training webinar for staff of the Securities and Futures Commission to address the latest issues involved in NAV financing. Held on June 16, 2022, Danielle Roman, a partner at offshore law firm Mourant, acted as moderator of the discussion. She was joined by Doos Choi, a partner at law firm Mayer Brown; and Emma Wang, Managing Partner & Head of Private Credit at TR Capital. 

The content of the discussion was similar to that of an earlier webinar held by the HKVCA on April 20, 2022. The speakers offered their perspectives on fund financing, documentation, due diligence and other considerations when applying for NAV financing. The Association extends its appreciation to Mayer Brown, Mourant and TR Capital for sharing their expertise on the topic once again. The HKVCA looks forward to continuing to provide a broad diversity of training to government departments in Hong Kong and abroad. 

网络研讨会: Ethics, Compliance and Corporate Culture 

2022年6月14日

The HKVCA held a webinar on June 14, 2022, discussing the regulatory expectations around “ethics” and “culture”. The Association invited Clifford Chance Funds & Investment Management Group partners Mark Shipman, who is also Vice Chairman of the HKVCA’s Technical Committee, and Viola Lui to speak at the event. They were joined by their colleague Benjamin Lohr, a consultant with the Group. The speakers had designed five different scenarios around which their presentations were based, prompting an active discussion among the participants.   

More than 130 people registered for the event. The HKVCA extends its sincere thanks to all of the participants, and in particular to our speakers and Clifford Chance’s for their participation. 

HKVCA Private Equity Fundamentals Virtual Training Series 2022

The HKVCA Private Equity Fundamentals Virtual Training Series 2022 was again held virtually this year. Unlike the past years, this year’s training series was held in April and May. The program was restructured and condensed from eight modules to six, with a session on crisis management addressing the post-pandemic world. In addition, each module was sprinkled with some case studies for better and easier understanding by the attendees.

The first session, held on April 28th, dealt with private equity basics and VC investment. Modules covering investment decisions; valuation & tax issues; and transaction documentation were completed on May 5th, 12th and 17th respectively. Of course, there was a module on ESG, portfolio management & exit strategies held on 26th. The final module, a session dedicated to fundraising, was held on 31st.

We were extremely pleased this year to have had more than 200 delegates attend the training series. The HKVCA extends its sincere thanks to the following amazing group of industry experts who were this year’s course instructors:

  • Michael Prahl, Partner, ACE Equity Partners
  • Queenie Ho, Partner, Affinity Equity Partners
  • Matthew Puhar, Partner, Akin Gump Strauss Hauer & Feld
  • Naomi Moore, Partner, Akin Gump Strauss Hauer & Feld
  • Wendy Zhu, Managing Director, AlpInvest Partners
  • Haide Lui, Head of Investor Relations, Ascendent Capital Partners
  • Andrew Crook, Head of Corporate APAC,Clifford Chance
  • Bryan Koo, Partner of Corporate M&A & Private Equity Practice, Clifford Chance
  • Alvin Lam, Principal, CVC Capital Partners
  • Patrick Yip, Vice Chair, Deloitte China
  • Yvonne Yip, Senior Manager, International and M&A Tax Services, Deloitte China
  • Alice Chan, Director, Valuation, Modelling and Economics Strategy and Transactions, Ernst & Young
  • Brian Lee, General Counsel, FountainVest
  • Michael Chan, Head of InternationalIssuer Services, HKEX
  • KO Chia, President, HKVCA
  • Sandy Fung, Partner, KPMG
  • Kasheen Grewal, Director, Deal Advisory & M&A Tax, KPMG
  • Ivan Chan, Executive Director, Morgan Stanley
  • Marcia Ellis, Global Chair, Private Equity Group, Morrison Foerster
  • Yilong Luo, Associate, Hong Kong, Morrison Foerster
  • Mounir Guen, Chief Executive Officer, MVision Private Equity Advisers
  • Min Lin, Partner(Hong Kong), NewQuest Capital Partners
  • Gordon Yen, Founding Managing Partner, Radiant Tech Ventures
  • Lorna Chen, Asia Regional Managing Partner & Head of Greater China, Shearman & Sterling

网络研讨会: Overview and practice of SPACs in Hong Kong 

2022年5月23日

The HKVCA hosted a webinar on May 23, 2022, providing an overview of the use and practice of SPACs in Hong Kong. Delivered by a team of experts from Deloitte China, the discussion began with a presentation by Johnny Chu, a partner and member of the Capital Market Service Group at the firm, outlining details of the Hong Kong market. Fran Hung and Sally Yin, Partners in the firm’s Audit & Assurance, then tackled issues that need to be considered when it comes to financial reporting, sharing a case study of a completed de-SPAC transaction in the US. Finally, Conrad Chan, Leader of Venture Capital & Private Equity, spoke on the differing perspectives of investors and targets. The webinar proved highly popular with close to 180 people registering to attend. The HKVCA is grateful to Deloitte for sponsoring the event, and to the speakers and participants who made it possible. 

网络研讨会: A Hitchhiker's Guide to Digital Assets 

2022年5月19日

With more and more private equity and venture capital investment allocated to digital assets, the HKVCA hosted a webinar on May 19, 2022, with Ascent Partners that provided a comprehensive guide to the asset class. Andrew Wright, a senior advisor at the firm, was joined by his colleague Felix Wong (Principal). After an introduction to the different types of digital assets and their application, the speakers opened-up about the many pitfalls, and indeed many opportunities, to be found in digital assets and shared their own views on investing in this evolving market. More than 80 people participated in the event, which included an interactive Q&A session between attendees and speakers. We extend our thanks to the speakers and to Ascent Partners for their generous sponsorship.   

网络研讨会: How to be your own best ambassador using effective communication 

2022年4月26日

On April 26, 2022, the HKVCA Diversity and Inclusion Committee hosted a webinar titled “How to be your own best ambassador using effective communication”. Five senior women practitioners in the PE and VC industry shared their experiences and expertise on topics around effective communication. The speakers offered a number of scenarios to illustrate the most effective approach in particular circumstances, including, for example, the importance of leaning forward and/or raising a hand as a signal to speak. More than 50 people participated in the well-attended event, which included an interactive Q&A session between attendees and speakers. 

网络研讨会: Fund finance 2.0 – NAV financing 

2022年4月20日

Danielle Roman, Partner at offshore law firm Mourant, acted as moderator for an HKVCA panel discussion on the opportunity for NAV financing in private equity. She was joined by Doos Choi, Partner at law firm Mayer Brown; and Emma Wang, Managing Partner & Head of Private Credit at TR Capital. Held on April 20, 2022, more than 120 people registered to attend the virtual event.    

The speakers gave a brief overview of NAV financing and identified the benefits for funds, LPs and sponsors. The also detailed the documentation, due diligence and other considerations when applying for NAV financing. The HKVCA is grateful Mayer Brown, Mourant and TR Capital for sponsoring the event, and to the speakers and participants who made it possible. 

网络研讨会: Proposed tax concession for family-owned investment holding vehicles (FIHV)  

2022年4月12日

Harvey Coe, Partner, Ernst & Young Transactions Limited, Head of Greater China Mergers & Acquisitions, Real Estate, Hong Kong Family Enterprise Leader, moderated an online panel discussion on the proposed tax concession for family-owned investment holding vehicles in Hong Kong on April 12, 2022. Joining him were speakers Danny Lee, Senior Advisor at Blue Pool Capital, and Karina Wong, Tax Partner at Ernst & Young. 

The speakers discussed the key features of the proposed tax concession and offered their own insights into the development and increasing importance of family offices in Asia. They noted that the proposed tax concession is focused on attracting single family-owned offices to open in Hong Kong. The importance of the topic was highlighted by the fact that close to 100 family office professionals and services providers registered for the event. We extend our thanks to Danny Lee, Chairman of the HKVCA’s Family Office Committee, and to Harvey Coe and Ernst & Young, whose sponsorship made the event possible.

网络研讨会: U.S. SEC proposal targeting private fund advisers a potential game changer 

2022年3月31日

Lorna Chen, Asia Regional Managing Partner and Head of Greater China at international law firm Shearman & Sterling, and Anil Motwani, Counsel at the firm, hosted an HKVCA webinar on March 31, 2022. The topic of the event were the new proposed SEC rules in the U.S. aimed at private fund advisers. Close to 100 attendees joined the webinar and participated in the discussion online.   

The speakers offered a snapshot of the proposed rules, including required practices, prohibited conduct, and a timeline for their adoption. They also drew attention to the fact that the SEC has proposed amendments to Form PF, the reporting form used by larger SEC-registered advisers. 

The HKVCA thanks Shearman & Sterling for its sponsorship. Thanks also to the speakers and to all who attended the event. 

Asia Venture Capital Forum 2022

2022年3月11日

The HKVCA’s Asia Venture Capital Forum (AVCF) was held on Friday, March 11, 2022. This was the third year in a row that the event was held largely in a virtual format. Despite the restrictions, we were very pleased to have had more than 500 people, including both PE and VC practitioners, register for the event from locations around the world.  

The Forum addressed a list of topical venture investing topics, as well as opportunities and issues encountered by investors. A panel of LPs discussed their views on the current investment environment, while corporate VCs shared how to identify synergies in portfolios. Other topics included the latest trends in digital assets, especially NFTs; biotech investing; and finally, speakers offered a deep dive into the many different paths taken by women founders. 

We were especially honored that the Japan Venture Capital Association (JVCA), and its esteemed Chairman Shinzo Nakano along with other board members, joined us as sponsors of a very special panel on Japanese venture capital. Among the many issues discussed by the panel was the current favorable investment outlook existing in Japan. 

We are very grateful to Cyberport and the Hong Kong Science and Technology Park for once again joining us as co-hosts of this important annual event. We would also like to thank our sponsors, specifically Citi and KPMG, our Platinum Sponsors; Arbor Ventures and Globalization Partners, our Venture Sponsors; and the JVCA, our Japan Panel Sponsor. The continued loyalty of our sponsors is what has made this Forum possible. Of course, our thanks to all the speakers and attendees for their participation. We are also grateful for the patience and understanding of the participants for any technical glitches they may have experienced, and thank everyone for joining us this year for what proved be a successful event. 

HKVCA Asia Private Equity Forum 2022

2022年1月12日

The Hong Kong Venture Capital and Private Equity Association (HKVCA)’s 12th Asia Private Equity Forum (APEF) was held virtually on January 12, 2022. As the region’s premier private equity forum, the annual event featured an exceptional line-up of expert speakers and panelists. This year, more than 60 general partners, limited partners and industry professionals came together, addressing the latest trends driving the growing and increasingly robust private markets in Asia. The event drew close to 900 delegates, most of whom are senior management and C-suite executives that have been actively participating in the dynamic investment markets across all sectors, stages and geographies in Asia. 

Following a record year of deal-making, the private equity and venture capital markets are set to enter into 2022 with ever-growing dry powder and faster fundraising cycles. APEF 2022 brought together a multi-disciplinary group of investment professionals, government representatives and industry peers to discuss the latest developments of the industry in Asia, especially in China, Japan, Korea, India, South East Asia and Australia. Panelists talked about the opportunities and challenges in the new year as well as issues around family offices, real estate, venture capital, sector-focused funds and regulation. They also addressed the growing importance of ESG, diversity and inclusion, and career advancement in the industry. 

Distinguished guests at this annual event included the Financial Secretary of the Hong Kong SAR, Paul Mo-Po Chan, GBM, GBS, MH, JP; Chairman of Asia Pacific and Head of Real Estate Asia of Blackstone, Christopher Heady; Managing Director & Head of Asia Private Equity of Neuberger Berman, Kent Chen; Managing Partner of TPG Capital Asia, Ganen Sarvananthan; and Founder, Chairman and CEO of NIO, William Li. 

During the event, panellists expressed optimism about the Asia market in 2022 despite pandemic-induced challenges and uncertainties in the dynamic market. The past two years have led investors to rethink their strategy and review their portfolio to navigate through the changing economic and political landscape. Moving ahead, GPs believe markets such as India and Japan are at the inflection point for new, critical opportunities in the next couple years. At the same time, technology innovation and digital transformation continue to drive value creation opportunities. Mostly importantly, ESG remains top of mind of the speakers, panelists and delegates, as investors look to up their game and deliver tangible value. 

The encouraging feedback from participants again proves that even amid the pandemic, APEF remains an indispensable platform for investment professionals, government representatives and industry peers to meet and discuss the latest trends and issues in the region.  

HKVCA would like to thank all attendees, including many who joined from different time zones. Our most sincere appreciation extends also to our generous sponsors, whose substantial contributions and support made this year’s event possible. We look forward to seeing all of you again at APEF next year.