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网络研讨会:  Private Equity and Impact Investing 


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)


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 


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 


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 


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 


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 


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)  


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 


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


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


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.