Dear Subscriber,

Upcoming Event



For sponsorship opportunities, please contact Joanne Yuen:
Tel: (852) 2167 7519 / Email: joanne.yuen@hkvca.com.hk

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Members Only Event

Largest Privatization of a US-listed Chinese Company to-date Case Study - Focus Media  FULL 

• Mergers: What you need to know about the key issues you will face when  
  negotiating a merger agreements
• Regulatory investigations of target company: issues in mergers and financing
• Club deals: How to build and manage a consortium in a complex transaction
• Leverage financing – innovations unique to China businesses held through    
  an 
offshore structure

Speakers:
Terry Hu, Managing Director, FountainVest Partners (Asia) Limited 
Michael George DeSombre, Partner, Sullivan & Cromwell (Hong Kong)
Douglas Freeman, Partner, Fried Frank

Date: August 30, 2013 (Fri)
Time: 12:30 - 14:00
Venue: Sullivan & Cromwell (HK), 32/F, Nine Queen's Road Central, HK
Fee:          
      
Full Member: One free pass per company 
Full Member (additional pass)/ Associate Member HK$200
(Sandwiches and drinks will be provided)
CPT: 1 Point

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Members Only Event

The 26th Annual General Meeting & Luncheon

Date:  September 6, 2013 (Fri)
Time: 12:00 - 14:00
Venue: The China Club, 14/F Old Bank of China, 1 Bank Street, Central
Fee: Full Member: One free pass per company 
Full Member (additional pass)/ Associate Member: HK$300
                   

   

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Members Only Event

Date: October 4, 2013 (Fri)
Time: 08:00  - 09:00 am
Venue: Hong Kong Club, 1 Jackson Road, Central, Hong Kong
Fee: Full Member: One free pass per company
                  Full Member (additional pass)/ Associate Member: HK$200

   

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Seminar with Cocktail
How Do Portfolio/ Operations Teams Add Value?

  •  What are the various models of portfolio involvement?
  •  How do they work?
  •  How do these teams work with deal teams and portfolio management?
  •  What are some interesting case studies?
Moderator:
Joseph Wan, Cinven HK Ltd.
Sponsored by: 

Panelists:
Leong Cheung, Bain Capital
Ivan Kwok, Cinven HK Ltd
Alvin Lam, CVC Capital Partners
Chi-Kin Tsang, HKVCA
George Lan, Resources Global Professionals

Date:       Octorber 7, 2013 (Fri)
Time: Panel Discussion: 17:00-18:30 & Cocktail: 18:30-19:30
Venue: 27/F, Club Lusitano, 16 Ice House Street, Central, Hong Kong
Fee: Full Member: HK$100/ Associate Member: HK$200
       Non-Member: HK$500
CPT: 1.5 points

   

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Members Only Event

Meet the Regulator – Recent Market Developments and the Strategic Role of Private Equity Managers

Speaker:
Alexa Lam, Deputy Chief Executive Officer, Investment Products, International and China, Securities and Futures Commission (SFC)

Sponsored by: 

Date: October 11, 2013 (Fri)
Time: 12:30 - 14:00
Venue: The China Club, 14/F Old Bank of China, 1 Bank Street, Central, HK
Fee:         
    
Full Member: One free pass per company
Full Member (additional pass)/ Associate Member: HK$400
CPT: 0.5 points

   

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HKVCA Young Professional
Beer Pong Charity Fund Raising Tournament

Our charity event is aimed to raise funds for St. James Settlement - People’s Food Bank, which provides food for the needy and emergency food supplies for poor families.

Space is limited and will be available on a first-come-first-served basis. Please contact HKVCA or click here for additional registration details.

Date: October 18, 2013 (Fri)
Time: 19:00 - 22:00
Venue:      Privé, Basement, Century Square, 1-13 D'Aguilar St., Central, HK
Fee:        Advance Ticket: HK$100 (Include one drink)
Ticket at Door: HK$200 (Include one drink)

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Members Only Event

Muddier Waters? An Analysis of Short Sellers

This presentation is an examination of the actions of short sellers, with particular focus on their targeting of Chinese companies. Attacks on prominent Chinese firms listed on foreign stock exchanges have exposed bad accounting and fraudulent activities, but they have also perpetuated and often fueled the fire of distrust in the Chinese market. The talk will use Muddy Waters as the prime example since it has been the most high profile and well documented player in this field.

Speaker:
Stuart Witchell, Senior Managing Director, Global Risk and Investigations, FTI Consulting

Sponsored by:

Date: 25 October, 2013 (Fri)
Time: 12:30 - 14:00
Venue: The China Club, 14/F Old Bank of China,1 Bank Street, Central, HK
Fee:       
      
Full Member: One free pass per company
Full Member (additional pass)/ Associate Member: HK$400
(Lunch will be provided)
CPT: 0.5 points

   

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HKVCA 11th Wine Tasting Event 

Date:  November 25, 2013 (Mon)
Time: 18:30 - 20:30
Venue:    Hong Kong Club, 1 Jackson Road, Central, Hong Kong
Fee:             HKVCA Member: HK$350
AIMA Member: HK$420
Non-Member: HK$800

 Sponsored by:          


   

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HKVCA Christmas Cocktail 2013 

Date:  December 6, 2013 (Fri)
Time: 18:00 - 20:00
Venue: The American Club, 49/F, Exchange Square 2, Central, HK
Fee:                 HKVCA Member: HK$250
Non-Member: HK$550

Sponsored by:        


   

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An Integrated Team is the Theme

It’s all about working together as a global team to find the right opportunities says HKVCA Executive Committee member, Eric Mason

Short term goals, sector specific quotas and quantitative monetary targets are not the modus operandi of Church Pension Fund (CPF) in Asia. What drives the company’s investment strategy, according to its Asia Head Eric Mason, is identifying investment themes with long term potential and then finding the best managers in the respective asset classes and geographies.

“We develop strategic themes that try to capture the big picture at the beginning of the year and we look for unique managers in those themes and in those geographies. But it is not a specific amount that is

allocated each year - we could invest in five new managers or we could invest in one – it depends on what opportunities are out there,” he said.

Examples of themes could be geographic or based on a certain investment strategy. Mason highlighted Southeast Asia, for example, as interesting in terms of longer term macro trends but cautioned that relatively high valuations were a concern. Credit is another theme he has been following closely and believes is going to be interesting for the next three to five years.

“We are always looking at how to best add to or manage our existing portfolio. We have approximately US$1 billion directly invested in Asian-based managers. So we are busy trying to decide which managers to continue to support and which new managers to add within the categories we invest. At the same time the Asia team seeks to be the eyes and the ears of the firm in Asia for any big trends that might impact global investment,” he said.

In the New York headquarters, CPF specializes along asset class with global heads of real estate, private equity, hedge funds, and fixed income. In Asia, Mason and his team works directly with each of the asset class teams to add some local expertise. For example, the team works on sourcing unique and interesting managers, particularly emerging managers that might not be on the radar screen of the broad market. In addition, they hope to provide ability to assist in the due diligence of new managers and to provide day to day management of all their Asia based partners.

“We are really one integrated global investment team and we are on the phone several nights a week with the team in New York. We are get involved in understanding everything that is invested, even outside of Asia, because it helps us to put the relative value of Asia versus Latin America or Africa or Europe or even the US into context. Even the team in the US is completely familiar with everything we are investing in here, In other words, we are far from being a lonely outpost. Each of our asset class heads has spent extended periods here – in some cases the entire summer with their families. People in the US team can come and make Hong Kong their base for an extended period, so it is not just a fly in and fly out diligence process.”

Mason is full of praise for the HKVCA, pointing to its ability as a constructive and productive association to bring together regularly a unique group of limited partners, general partners and service providers through talks on specialised topics, luncheons, annual conferences, etc.

“We have gotten a lot of value out of the interaction with both GPs and LPs in HKVCA. As the subcommittee chairman for LPs, we have been successful in bringing them together to talk about issues of concern that are unique to us, whether legal or accounting, due diligence, terms and conditions in some of the limited partnership agreements and so on.

“Going forward I believe we will deepen the depths of our membership. One of the things the association has done recently is establish outreach to overseas members. I am particularly interested to bring more LPs that are not based in the region into the organisation so that when they do visit the HKVCA can be their home away from home, a place where they can get updated on current issues and where they can connect with other LPs.

“In line with that we have established an overseas LP membership category and brought in our first members. I think too that the HKVCA can take the next step, sponsoring research and value-added projects that are interesting to a wider variety of professionals. If we can do that it will in turn attract increasing numbers of members as well as impact the substance and value of what we produce and put forward as an association.”

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Other Events Supported by HKVCA:

TiE Investors’ Forum
September 12, 2013 by TiE Hong Kong

SuperReturn Asia 2013
September 16-19, 2013 by ICBI

The 26th Annual AVCJ Private Equity & Venture Forum 2013
November 12-14, 2013 by AVCJ

Ernst & Young Entrepreneur Of The Year 2013 China Awards
November 15, 2013 by Ernst & Young

StartmeupHK Venture Programme 2013
December 4-7, 2013 by InvestHK


New Members Welcome

Full Members

BlackRock Asset Management North Asia Limited
Represented by 
Scott Greenberg, Managing Director
BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. At June 30, 2013, BlackRock’s AUM was $3.857 trillion. BlackRock helps clients meet their goals and overcome challenges with a range of products that include separate accounts, mutual funds, iShares® (exchange-traded funds), and other pooled investment vehicles.

BlackPine Private Equity
Represented by 
Lawrence Chu, Managing Director

BlackPine Private Equity Partners is an independent investment firm based in Hong Kong and Beijing with a Greater China focus. Our team invests in middle-market, growth companies in Greater China. We have invested in a wide range of industries, including Consumer, Alternative Energy, Real Estate, Industrial and Natural Resource sectors. Partnering with proven entrepreneurs and sourcing proprietary opportunities is core to our investment strategy. In addition, our technical and differentiated investment niche includes distressed and opportunistic investments requiring innovative financing solutions. We typically act as a trusted advisor to companies, entrepreneurs, business leaders and investors.

XBE Capital Limited
Represented by 
Dr. Frederick Wong, Director

Associate Members

Kroll Associates (Asia)

Represented by
Steve Bernstein, CEO
Trista Pang, Business Development Manager

SinoPac Solutions and Services
Represented by
Jason Wright, Associate Managing Director
Violet Ho, Senior Managing Director

SS+S is a comprehensive portfolio management support platform within SinoPac Holdings. We deliver high quality service to small and medium-sized funds. Our offerings include Fund accounting, Middle Office, Portfolio Analytics, Risk Reporting and Investor statements. We also are able to on-board funds to SinoPac Asset Management.

TPA & Company Ltd
Represented by
Adam Goern, DirectorWilliam Lin, Senior Investment Manager
TPA & CO LTD is the advisory company of AVC & CO LTD, an early stage private investment vehicle in Hong Kong targeting the Australian resource sector in the key areas of mining, metals, technology and energy.

Yvonne Yip & Associates Limited
Represented by
Yvonne Yip, Director

Recent Events Report

HKVCA-SFC PRIVATE EQUITY FUNDAMENTALS COURSE 2013

Jul 11 & Aug 8, 2013

The HKVCA-SFC Private Equity Fundamentals Course is a comprehensive and intensive training program that has been specially designed for professionals working at the Securities and Futures Commission (SFC). The goal of the course is to provide these professionals with greater insight into and a more significant understanding of the fundamental principles involved in the private equity and venture capital industry.

We would like to thank our speakers for their invaluable contribution and support.

Vincent Warner, Managing Director and Chief Executive Officer of Chepstow Capital to deliver topics on Deal Sourcing, Due Diligence.

Anna Cheung from HKVCA on Exit Strategies

Bernard Poon and Emily Tam, Partner and Manager of Transaction Advisory Services of Ernst & Young on Valuation issues

William Ho, Partner of CVC Asia Pacific Ltd. on Deal Financing

HKVCA Members Breakfast Meeting
Aug 2, 2013

Our monthly breakfast meeting was once again oversubscribed in August with more than 50 members in attendance. We would like to thank our sponsor, Factset, for helping make this great networking event possible for our members.

Latest News

Global Venture Capital Congress 2013
November 8 & 9, 2013
Hong Kong

The venture capital and private equity (VC/PE) industries have evolved substantially from their roots in Europe and America over forty years ago. While initially focused on technology startups in the 1970s, today’s VC/PE asset classes now include growth equity and leveraged transactions of both mature and rapidly growing businesses. And no longer is investment principally found in America and Europe, with active industries on every continent. The domestic focus of the past two decades of most VC/PE investors has evolved as venture capital and private equity have become an international business with investors increasingly indifferent to national borders.

Click here for more details

KKR’s third Environmental, Social, and Governance (ESG) Report
July 22, 2013

The KKR’s third Environmental, Social, and Governance (ESG) Report, which is now available online.

Click here for more details

Announcements

Special Acknowledgment

The Association would like to thank Mrs Patricia Chiu, One Eleven and her team for their service to the Association over the past 17 years, during which time the HKVCA grew significantly in both membership and scope of activities.

As she moves on to pursue other interests, Mrs Chiu can be justly proud of her record of accomplishment at the HKVCA, leaving the Association in a much stronger position in large part due to her deep dedication and tireless efforts. Mrs Chiu leaves with the deep gratitude of the entire HKVCA membership and our very best wishes for the future.


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