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HKVCA Private Equity Fundamentals Course 2018

The Private Equity Fundamentals Course is organized annually by the HKVCA and provides participants with an in-depth examination and analysis of private equity and venture capital. It is especially relevant for those individuals who are seeking greater technical and practical know-how, either to increase their base knowledge or as an effective way to refresh their existing professional skill set. Made up of a series of six purpose-developed modules and a case study session, the Private Equity Fundamentals Course has proven particularly helpful for those keen to further develop their practical competencies and gain additional industry insights.         

With deep knowledge and understanding of the processes underpinning the development of a firm, leading industry practitioners and experts with unmatched experience in deal-making, deal protection and the allocation of risk, structuring, company value-creation and exits will teach each module. Drawing on actual case studies, the instructors will try to illustrate how investors finance through the different stages of a company’s lifecycle, and explain financing as financial intermediaries practice it. The course also includes a curated section devoted specifically to ESG, which plays an increasingly important role in today’s investment practices and decisions.

 Date Time Session Venue CPT/CPD  Download Flyer 
3 Sep 09:30-13:00  Module 1: PE Basics HKU MBA  Centre 3
3 Sep 14:00-17:30 Early Stage Investment HKU MBA  Centre 3
10 Sep   10:00-12:30 Module 2: The Investment Decision HKU MBA  Centre 2
11 Sep 14:00-17:20 Module 3: Valuation/ESG/“High Level” Tax Issues HKU MBA  Centre 3
17 Sep 14:00-17:05 Module 4: Transaction Documentation HKU MBA  Centre 2.5
9 Oct 14:00-17:15 Module 5: Post Investment HKUST Business School 3
10 Oct 11:00-14:30 Module 6: Tax/ Fundraising KPMG Office 3
23 Oct 14:00-17:15 Case Studies: CVC / HKBN & Pacific Coffee HKUST Business School 3
       
Venue:   The University of Hong Kong (HKU MBA Centre): B2, The HKU Town Centre, 3/F, Admiralty Centre, HK
  Hong Kong University of Science and Technology (HKUST Business School): HKUST Business School Central, 15/F, HK Club Building, Central, HK
  KPMG Office: 8th Floor, Prince’s Building, 10 Chater Road, Central, HK
        

REGISTER NOW

Register in a group of 2 or more from the same company and enjoy a 10% discount.

  HKVCA Member Non-Member
 Per Module HK$1,300  HK$2,600 
 Case Studies HK$1,300  HK$2,600 
 All 8 Sessions HK$8,300  HK$16,600 

   

 

 

 

CPT and CPD points can be claimed after attending each sessions.
  

Certificate will be granted upon completion of each session.

Cancellation must be made in writing at least 7 working days prior to the event. No refund will be made thereafter.
Registrations cancelled will receive a refund, minus a HK$300 cancellation processing fee.

Module 6 sponsored by

 

Supporting Organisations:   
                                             

 

Module 1: PE Basics  3 September (Mon)
09:30 - 13:00  |  HKU MBA Centre
Opening Remarks
John Levack
Vice Chairman
HKVCA
Introduction to Private Equity
  • What is private equity (asset class/business model)
  • Types of PE transactions – VC, MBO, LBO, PTP
  • Types of PE funds (seed stage, growth/expansion stage, pre-IPO, buyout, mezzanine, distressed)
  • Differences between PE and hedge funds
  • The role of the fund principal sponsors/general partners/investment advisers
  • Fund economics (capital contributions, carried interest, distributions, fees)
K.O. Chia
Director
Grace Financial

 

Private Equity in Asia

  • Developments and trends
  • Overview of the China market
  • Other Asian markets
Pratima Divgi
Investment Manager
Aberdeen Standard Investments

 

Established PE Funds
  • Use of offshore domiciles
  • Fund structure (limited partnership/investment companies)
  • Fund documents
  • Functionaries (fund administrators, custodian)
  • Regulatory issues on fund formation (licensing, securities laws, anti-money laundering issues)
  • Tax issues (LP and fund level)
  • Marketing funds
Sean Murphy
Counsel
Shearman & Sterling
Anil Motwani
Associate
Shearman & Sterling

Invest in China

  • Onshore and offshore structures
  • The proposed Foreign Investment Law and VIE
  • Use of weighted voting rights as a control mechanism
Marcia Ellis
Partner & Co-Head of
Asia Private Equity practice
Morrison & Foerster
Catherine Liu
Associate
Morrison & Foerster
Early Stage Investment 3 September (Mon)
    14:00 - 17:30  |  HKU MBA Centre
• Introduction and Overview of the Early Stage Investment
• How Investors Screen Deals: The Selection Process and Criteria
• The Valuation of Early Stage Investment
Duncan Chiu
Managing Director
Radiant Tech Ventures
Michael Chow
General Partner
Radiant Tech Ventures
• Negotiation and Term Sheets

Jack Lange
Partner
Paul, Weiss

• Post Investment and Exit
• Entrepreneurship: What Makes a Successful Entrepreneur?
K.O. Chia
Director
Grace Financial
Module 2: The Investment Decision 10 September (Mon)
10:00 - 12:30  |  HKU MBA Centre

Deal Sourcing/ Preliminary Assessment of a Potential Deal

  • Right management?
  • Right industry?
  • Right company?

Investment Committee Proposal

Due Diligence

  • Financial, legal and operational
  • Due diligence procedures
Ivan Chan
Executive Director
Morgan Stanley

Deal Financing

  • Equity finance for acquisition vehicles
  • Debt finance for acquisition vehicles
Joseph Ferrigno
Managing Partner
AMCG Partners
Module 3: Valuation/ESG/“High Level” Tax Issues 11 September (Tue)
14:00 - 17:20  |  HKU MBA Centre
• Valuation Issues
Robert Kwok
Managing Director, 
Transaction Advisory Services
Ernst & Young
• ESG
Alvin Lam
Principal 
CVC Capital Partner
• “High Level” Tax Issues
Patrick Yip
National M&A Leader,
National Financial Services Tax Leader & Deputy Tax Managing Partner, Greater China Region
Deloitte
Module 4: Transaction Documentation  17 September (Mon)
14:00 - 17:05  |  HKU MBA Centre
 
Simon Cooke
Partner, Hong Kong
Latham & Watkins

Deal Protection and Risk Allocation Issues

  • Protecting the deal via exclusivity arrangements and break / termination fees
  • Allocating risk via warranties, indemnities, disclosures and other contract provisions
Amy Beckingham
Partner, Hong Kong
Latham & Watkins
Maurice Conway
Associate
Latham & Watkins
Gwenlynne Lee
Associate
Latham & Watkins
 
Stephen Shi
Associate
Latham & Watkins

Non-leveraged Transactions/VC Transactions

  • Term sheet
  • Articles of association of target company: terms of shares/anti-dilution issues/transfer procedures
  • Investment/subscription agreement and shareholders agreement: information rights, board representation, investor protection covenants
  • Management carrots and sticks: milestones, ratchets, options, warrants, terms of service agreements/non-competes
  • Other documents
Rocky Lee
International Partner
King & Wood Mallesons

Buyouts

  • Term sheet
  • Acquisition agreement
  • Other documents
  • Financial and security documentation
Christopher Kelly
Partner
White & Case
Andrew Bishop
Local Partner
White & Case
Module 5: Post Investment  9 October (Tue)
14:00 - 17:15  |  HKUST Business School

Management of Portfolio Companies

  • Aligning interests of investors and management
  • Value creation
  • Corporate governance
  • Monitoring reports
  • Board/shareholders’ meetings
John Levack
Vice Chairman
HKVCA

Exit Strategies

  • How to prepare for exits
  • IPOs
  • Secondary buyouts
  • Trade sales
Miranda Tang
Managing Director & Head of ARIA
CLSA Capital Partners
Michael Chan
Senior Vice President,
Marketing Development Division
HKEX
Module 6: Tax/ Fundraising   10 October (Wed)
11:00 - 14:30  |  KPMG Office
• Understanding the Accounting of Private Equity Funds
Arion Yiu
Partner
KPMG Hong Kong

Fundraising

  • Why LPs invest in private equity
  • Types of LPs that invest in PE funds
  • What LPs expect of GPs
  • How to approach LPs
Mounir Guen
CEO
MVision
• Tax Considerations in Structuring PE Funds
Malcolm Prebble
Partner
KPMG China
 
Module 6 sponsored by
Case Studies: CVC / HKBN & Pacific Coffee   23 October (Tue)
14:00 - 17:15  |  HKUST Business School
• CVC/ Hong Kong Broadband - From MBO to IPO in < 3 Years
Alvin Lam
Principal 
CVC Capital Partner
NiQ Lai
COO
Hong Kong Broadband Network
Roger King
Adjunct Professor of Finance
HKUST
Winnie Peng
Adjunct Assistant Professor in Finance
HKUST
• Pacific Coffee – Evolution of Business through PE Investment Rounds
Roger King
Adjunct Professor of Finance
HKUST
Winnie Peng
Adjunct Assistant Professor in Finance
HKUST
Oscar Chow
Managing Director
Polaris Holdings

 

*Information on this page is subject to change.