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   Board of Directors 2018 - 2019    
New officers elected to serve for 2018 - 2019 term
H. Chin Chou was elected Chairman of the Hong Kong Venture Capital and Private Equity Association at this year's AGM held on September 28, 2018. He brings to the role of chairman more than 20 years of investment experience across a wide spectrum of industries.
Dear Members and Friends,
 
It is both a pleasure and an honor to address you as the new Chairman of the Hong Kong Venture Capital and Private Equity Association (HKVCA). I feel truly privileged to serve in this position and to continue the great work of the HKVCA.
 
My message to you must begin by acknowledging the accomplishments and hard work of our outgoing Chairman, Eric Mason, and of the entire Board of Directors. Under Eric’s leadership, and indeed that of David Pierce, Johnny Chan and Conrad Tsang who served before him, the HKVCA has grown considerably in terms of membership, has substantially increased the beneficial impact for its members, and is now in better all-around shape than it has ever been. I shall do my very best to continue this remarkable trend and will endeavor to lift the Association to even greater heights.
 
I would also like to take this opportunity to welcome our recently elected Vice Chairs, Alain Fontaine, Jie Gong, John Levack and Rebecca Xu. We will be working closely with the entire elected Board, continuing to build on our standing as a leading industry association within the Asia-Pacific region.
 
As an organization we are committed to furthering the progress of the last few years. With a membership of over 400 firms, we remain dedicated to growing and expanding the diversity of our member base, not only in Hong Kong, but across Asia Pacific and worldwide.
 
We will continue working to support and protect the interests of the private equity and venture capital community, providing a value-added networking environment as well as a platform for advising and lobbying government on behalf of our industry. In this way I believe we can continue to positively impact the region’s regulatory and business environment, and thus help attract more GPs and LPs to set up in Hong Kong.

 
Thanks to the dedication of several of our Board members, we have recently established two new committees - the Healthcare Committee and the Listed Private Equity (LPE) Subcommittee. The work of the Healthcare Committee will help raise the level of awareness and knowledge around healthcare investing in Asia, while the LPE Subcommittee is tasked with advocating in support of the listed private equity initiative that is before the Hong Kong Government.
 
To further enhance the HKVCA’s educational services, we are planning to organize a number of training seminars that are focused on biotechnology, blockchain and new economy technology. I highly recommend all of our members take advantage of the rich educational offerings that the HKVCA organizes on a regular basis; this is yet another way that the Association can help advance the private equity and venture capital industries within Hong Kong and the Asia-Pacific region.

 
Family offices play an increasingly significant role in private equity and venture capital in Asia. To ensure that family offices are actively involved as members of the HKVCA community, we will be looking at how to provide additional and bespoke services to this important investment group.   
 
Finally, no discussion of our remarkable success and the growing confidence we all have in the work of the HKVCA would be complete without mentioning Joanne and her amazing team. Since coming on board, Joanne has energized, organized and revitalized this organization. I know I speak on behalf of the entire Board when I say thank you to Joanne and her team.
 
The primary goal of the HKVCA in the years ahead will be to continue to demonstrate its leadership position as a regional industry association. In the meantime, I encourage you to reach out either to myself or my colleagues with your ideas and suggestions on how to make the Association even better.
 
I look forward to seeing you at our future events.

 
All the best,
 
H. Chin Chou
Chairman, Hong Kong Venture Capital and Private Equity Association
Managing Director, Morgan Stanley Asia Limited
The AGM also saw the election of
the following officers and board members:
VICE CHAIRMAN
Rebecca Xu
Asia Alternatives Advisor HK
VICE CHAIRMAN
Alain Fontaine
Beyond Traditions
VICE CHAIRMAN
John Levack
HKVCA
VICE CHAIRMAN
Jie Gong
Pantheon Ventures (HK)
TREASURER
Alvin Lam
CVC Capital Partners
SECRETARY
Varun Bery
Latitude Capital Management
PRESIDENT & NON-EXECUTIVE DIRECTOR
K. O. Chia
Grace Financial
PRESIDENT & EXECUTIVE DIRECTOR
Vincent Chan
Samena Capital HK
PRESIDENT & EXECUTIVE DIRECTOR
Conrad Tsang
Strategic Year Holdings
PRESIDENT & EXECUTIVE DIRECTOR
Johnny Chan
Techpacific Capital
EXECUTIVE DIRECTOR
Wendy Zhu
AlpInvest Partners
EXECUTIVE DIRECTOR
Melissa Guzy
Arbor Ventures
EXECUTIVE DIRECTOR
Eric Mason
The Church Pension Fund
EXECUTIVE DIRECTOR
Joseph Wan
Cinven HK
EXECUTIVE DIRECTOR
David Pierce
HQ Capital
EXECUTIVE DIRECTOR
Derek Sulger
Lunar Capital Management
EXECUTIVE DIRECTOR
Bonnie Lo
NewQuest Capital Partners
EXECUTIVE DIRECTOR
Gabriel Li
Orchid Asia Group Management
EXECUTIVE DIRECTOR
Duncan Chiu
Radiant Tech Ventures
EXECUTIVE DIRECTOR
Peter Chen
ZZ Capital International
NON-EXECUTIVE DIRECTOR
Leon Meng
Ascendent Capital Partners (Asia) 
NON-EXECUTIVE DIRECTOR
Judith Li
Lilly Asia Ventures
NON-EXECUTIVE DIRECTOR
Kent Chen
Neuberger Berman 

   HKVCA Listed Private Equity Fact-finding Trip to London   
The HKVCA has established the Listed Private Equity Working Group to explore the idea of introducing listed private equity to Hong Kong to meet growing investor appetite for alternative investment products and to promote Hong Kong’s role as a center for asset management and private equity in Asia.
 
Representatives of the HKVCA have engaged with the Stock Exchange, Securities and Futures Commission, Hong Kong Monetary Authority, Financial Services Development Council, InvestHK and the Financial Services and the Treasury Bureau over the past year on the topic. To deepen the industry’s understanding of listed private equity, it was decided that a fact-finding trip be organized for members of the working group to learn from the experience of London, where a large and diverse market for listed private equity, as part of boarder listed investment funds market, has been in existence and flourishing for decades.

   Upcoming Events   
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 & D
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
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
15 Oct 09:30-12:35 Module 4: Transaction Documentation HKU MBA Centre 2.5
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 
Download Brochure
Form


Polishing the crystal ball: Demystifying the complex business
ecosystem in India
Sponsored by   
India recently overtook France to become the sixth largest economy in the world, and is expected to remain the fastest growing economy for the foreseeable future. Policy support oriented towards measures aimed at improving the ease of doing business are creating a strong opportunity for India to position itself as a global investment hub. However, though India has made great strides towards becoming an attractive investment destination, its business environment remains fraught with unique challenges.
 
Key topics of discussion:
•            Economic outlook: Where is India headed?
•            Emerging sectors and their key challenges
•            Policy and regulatory initiatives create a conducive business environment
•            Taking stock of the Insolvency and Bankruptcy Code
•            Jugaad and other challenges unique to doing business in India
Speaker:
Abhijit Yadav
Principal
Berkeley Research Group 
Date: October 11, 2018 (Thursday)
Time: 12:00 – 14:00
Venue: The China Club, 14/F, The Old Bank of China Building, 1 Bank Street, Central, Hong Kong
Fee*: Corporate Full Member Non Member
One free pass per company HK$800 per person
Additional pass: HK$450 per person
    
HKVCA Corporate Associate / Overseas (Full/Associate) Members
HK$450 per person
  
*An additional charge may apply to accommodate special dietary requests.
CPT: 1 point
     

Enhancements to the Hong Kong Fund Manager Code of Conduct
Sponsored by  
Key points to be discussed:
•        Applicability of the revised FMCC
•        Key enhancements to the FMCC
。Risk management 。Disclosure of leverage
。Securities lending and repurchase agreements 。Liquidity risk management
。Termination 。Safe custody of fund assets
。Auditors and audited accounts 。Fund portfolio valuation
。Side pockets
•        What fund managers should do
Speaker:
Luke Gannon
Partner
Head of Corporate, Asia
Head of Funds and Investment Management, Asia
DLA Piper Hong Kong
Date: October 25, 2018 (Thursday)
Time: 12:30 – 14:00
Venue: DLA Piper Hong Kong Office, 17th Floor, Edinburgh Tower, The Landmark, 15 Queen's Road Central, Hong Kong
Fee: Corporate Full Member Non Member
One free pass per company HK$400 per person
Additional pass: HK$200 per person
    
HKVCA Corporate Associate / Overseas (Full/Associate) Members
HK$200 per person
CPT & CPD: 1.5 points
     

HKVCA Young Professionals Mixer 2018
Sponsored by   
         
Special Guest: H. Chin Chou, CEO, Morgan Stanley Private Equity Asia; Chairman, HKVCA
Date: October 25, 2018 (Thursday)
Time: 18:30 – 21:00
Venue: LIBERTY EXCHANGE Kitchen & Bar, G/F, 2 Exchange Square, 8 Connaught Road, Central
Fee: Cash bar basis

On-prem, private cloud, hybrid cloud, public cloud:
Which is the right set up for your firm?
Sponsored by   
As the number of global private equity firms increases each year, the demand for seamless, efficient IT solutions is greater than ever before. The combination of changing economic patterns and new regulations coming into effect puts pressure on internal IT teams to seek new ways to boost efficiency, remain compliant, whilst also focusing on important growth and the strategic goals of the firm.
  
In an industry where downtime is not an option, infrastructure is the backbone of all business operations, so it is important to consider each infrastructure model carefully to assess which is likely to operate most reliably and efficiently for a given firm.
 
Join Executive Director Dean Hill and Associate Director Michael Steinkuhl from global IT provider Eze Castle Integration for a special HKVCA luncheon as they explore the different cloud computing models best suited to your firm.
Speakers:
Dean Hill
Executive Director
Eze Castle Integration
Michael Steinkuhl
Associate Director
Eze Castle Integration
Date: November 12, 2018 (Monday)
Time: 12:30 – 14:00
Venue: The China Club, 14/F, The Old Bank of China Building, 1 Bank Street, Central, Hong Kong
Fee*: Corporate Full Member Non Member
One free pass per company HK$800 per person
Additional pass: HK$450 per person
    
HKVCA Corporate Associate / Overseas (Full/Associate) Members
HK$450 per person
  
*An additional charge may apply to accommodate special dietary requests.
CPT: 1 point
     

Sponsored by   
~ Let China sleep, for when she wakes she will shake the world – is this true for Chinese wine? ~
The HKVCA is holding its annual wine tasting event on November 19, 2018, hosted by Marcus Thompson and with instruction by Master of Wine, Jeannie Cho Lee. Ms. Cho Lee was appointed Professor of Wine at the Polytechnic University's School of Hotel and Tourism Management in 2012 and in 2015 helped launch the school’s Master of Science Degree in International Wine Management. She began hosting a weekly wine program on TVB, In Vino Veritas, in early 2014.
  
The focus of the evening will be an examination of the old saying “let China sleep, for when she wakes she will shake the world” and whether this applies in the context of Chinese wines. Participants will taste six Bordeaux blend red wines. Three will be from China, one will be from Bordeaux, one from California and one from Chile. The tasting will be semi-blind i.e. everyone will know the names of the six wines but the actual tasting will be blind. The wines will be tasted in pairs – one from China and one from outside of China. The participants will then be asked to guess which of each of the pairs is the Chinese wine.
  
Those who would like to attend are strongly encouraged to secure their places now to ensure they don’t miss out on what will undoubtedly be a terrific event.
Instructed by Jeannie Cho Lee, Master of Wine 
    
Date: November 19, 2018 (Monday)
Time: 18:30 - 20:30
Venue:       Victoria Suite, Hong Kong Club, 1 Jackson Road, Central, HK
Fee: HKVCA Members
Early bird rate (payment settled by October 5, 2018): HK$730
Standard rate: HK$800 per person
   
Tables (For HKVCA Members Only)
Full table (11 persons): HK$8,030
Half table (6 persons): HK$4,380
  
Non Members
HK$1,300 per person
     

Strategic use of M&A insurance for PE and M&A dealmakers
Sponsored by  
Warranty and indemnity (representation and warranty) and tax insurance are becoming increasingly prevalent in regional and outbound M&A transactions.
 
Whilst these products have been available and marketed for some time, it is only recently that private equity and strategic dealmakers, as well as their advisors, have begun to use them, armed with greater understanding, experience and confidence in how they work as part of a successful M&A process.
 
Join us for a special luncheon discussion on the use of M&A insurance for dealmakers, with particular focus on key practical buy-side and sell-side strategies to maximize results.
Speaker:
Terence Montgomery
Head of Mergers and Acquisitions, Asia Pacific

Willis Towers Watson
Date: November 22, 2018 (Thursday)
Time: 12:00 – 14:00
Venue: The China Club, 14/F, The Old Bank of China Building, 1 Bank Street, Central, Hong Kong
Fee*: Corporate Full Member Non Member
One free pass per company HK$800 per person
Additional pass: HK$450 per person
    
HKVCA Corporate Associate / Overseas (Full/Associate) Members
HK$450 per person
  
*An additional charge may apply to accommodate special dietary requests.
CPT: 1 point
     

Members Only Event
Sponsored by  
Date: November 23, 2018 (Friday)
Time: 8:00 - 9:00
Venue: Victoria Suite, Hong Kong Club, 1 Jackson Road, Central, Hong Kong
(Room reserved under the name of Johnny Chan)
Fee*: Full Member (Corporate): one free pass per company
Associate Member/ Full Member (additional pass): HK$300
*Note, free pass no shows will be charged full price
*An additional charge may apply to accommodate special dietary requests.
     

By Invitation & LP Only
HKVCA LP Luncheon Talk: If you're an investor, you better know CIFUS
Sponsored by   
The extensive media coverage of US-China trade tensions has focused mainly on the issue of exports, with little mention being made of US moves to tighten its grip on technology transfers. This luncheon seminar aims to shed light on the decision-making behind US decisions to block overseas investments in companies of “national security concern” and the CFIUS (Committee on Foreign Investment in the United States). What is its mandate? What are the recent developments and in what direction will future policy take? Other than chip companies, what sectors and types of companies are more likely to draw the attention of CFIUS? Specifically, the talk will focus on:

•        What has happened under the Trump administration? 
          。Who are the decision makers?
          。Background and role of CFIUS and other organizations
          。New and pending legislation
•       Examples of impacted sectors and deals 
•       China’s reaction and response
•       Impact on the private equity and venture capital industry
•       A discussion of what might come next
Speakers:
Massimo Zannella
Managing Director
SS&C Private Equity Asia
Lorna Chen
Head of Greater China & Partner
Shearman & Sterling
Date: November 27, 2018 (Tuesday)
Time: 12:30 - 14:00
Venue:       The China Club, 14/F, The Old Bank of China Building, 1 Bank Street, Central, Hong Kong
CPT: 1 point
Please contact Kamy Chan (kamy@hkvca.com.hk) for more information.

Sponsored by            
This very special event offers an excellent opportunity for networking with fellow professionals and for celebrating the holiday festivities with both colleagues and friends.
Date: December 11, 2018 (Tuesday)
Time: 18:00 - 20:00
Venue: The China Club, 15/F, The Old Bank of China Building, 1 Bank Street, Central, Hong Kong
Fee: Full Member/Associate Member: HK$350 per person
Non-member: HK$700 per person
*Priority is given to HKVCA Members
Canapés and unlimited drinks including house wines, spirits, beers, fresh orange juice, soft drinks and water (mineral or sparkling
     

Date: January 16, 2019 (Wednesday)
Time: 8:30 – 17:30 (Followed by the Cocktail Reception)
Venue: Forum – S421, Hong Kong Convention and Exhibition Centre (Old Wing), 1 Expo Drive, Wan Chai, HK
Lunch – Chancellor Room, Hong Kong Convention and Exhibition Centre
More than 450 industry experts have spoken at APEF over the past eight years. View here.
Early-bird rate (Payment deadline: 15 November, 2018)
HKVCA Members with
membership 2019 renewed
  HKVCA Corporate Full Members
  One free pass per company 
  Additional passes: HK$3,600 HK$4,800 per person
  HKVCA Corporate Associate / Overseas Members 
  First pass at special rate (HK$3,200)
  Additional passes: HK$3,600 HK$4,800 per person
Non-Members   Non-Member
  HK$7,300 HK$8,300 per person
  Members of Supporting Organizations (20% off)
  HK$5,840 HK$6,640 per person
  LP firms (Sovereign Wealth Funds, Pension Funds,
  Endowments, Foundations, Family Offices, DFIS and Fund of Funds)
  One free pass per company
  Additional passes: HK$7,300 HK$8,300 per person
6.5 CPT points can be claimed after attending the full-day event.
    

Members Only Event | Limited Seats Available
Cocktail Sponsors:          
Date: January 15, 2019 (Tuesday)
Time: 18:30 – 21:30
Venue: Dragon Room 1 – 5, The Hong Kong Bankers Club,
43 Floor, Gloucester Tower, 11 Pedder Street, The Landmark, Central, Hong Kong
Fees: Early-bird Rate (Payment on or before 31 Oct 2018)
Full Table (12 persons): HK$19,800 HK$21,800
Half Table (6 persons): HK$9,900 HK$10,900
Individual HKVCA Member: HK$1,980 HK$2,180
    

    Supporting Events 
 
South-East Asia Private Equity Conference
4 October, 2018
  
ESG: Greening the Belt and Road Initiative
12 October, 2018
  
EMPEA Sustainable Investing in Emerging Markets Summit
23 October, 2018
  
第二十二屆京港會科技專場
24-25 October, 2018
  
Elevator Pitch Competition 2018
26 October, 2018
   
Think Global Think HK 2018
1 November, 2018
   
AI & Investments Conference
2 November, 2018
  
Cyberport Venture Capital Forum
8-9 November, 2018
 
The 31st Annual AVCJ Private Equity & Venture Forum
13-15 November, 2018
  
EY Entrepreneur Of The Year 2018 China
May - November, 2018
   
SuperReturn Japan
5 - 6 December, 2018
  HKVCA 31st Annual General 
  Meeting 2018   
  
The HKVCA’s 31st Annual General Meeting (AGM) was held on September 28, 2018. More than 50 members attended this year’s gathering, which saw the election of a new Chairman and the election of 24 Board Members. Outgoing Chairman Eric Mason (2015-2018) delivered his report summarizing the Association’s great work over the course of the last year. He then formally recognized and welcomed the HKVCA’s new Chairman, Chin Chou. We would like to extend our appreciation to members of the Board of Directors and to all members who gave of their time to attend this important Association event.        
   

New Members
Corporate Full Members 
      
Cachet Asset Management 
   

Cachet Asset Management (CAM) was established in 2014. Headquartered in Hong Kong, we hold HKSI 1, 4 and 9 licenses. We started as a multi-family office for ultra-high net-worth families in the greater China region and expanded to become a comprehensive asset management firm offering proprietary hedge funds, private equities and direct investment opportunities for investors. We are currently managing three hedge funds. The CEO and senior management all have solid track records with on average more than 15-years’ experience in banking and finance with such international banks as Citi Bank, Morgan Stanley and UBS.
   
China Group International Investment
    

China Group International applies a buy and build investment strategy. We focus on consumer businesses in the health and beauty industry as well as related tech and services. We invest in Asia, the US and Europe with a view on Chinese consumers.
    
Ping An Global Voyager Fund
  

Formed by Ping An Group, Ping An Global Voyager Fund specializes in growth stage investments in companies in fintech, healthtech and related sectors. The fund's investment areas include core banking, insurance and healthcare technologies, innovative digital business models, unique customer experiences, and AI. As a result of its tight affiliation with Ping An, the Global Voyager Fund is uniquely positioned to deliver scale access to the China market for portfolio companies.
     
VMI Capital Group
  

VMI Capital Group (VMI) was established in 2010 to serve and support the rapid growth in Greater China. Founded by prestigious investment bankers, public companies, and the largest asset managers, we have successfully developed into a leading interregional diversified financial institution that combines securities underwriting, sales and trading, private placement advisory, investment management and other financial services. VMI currently has a team of close to 30 professionals, based out of offices in Hong Kong, Xiamen, Shenzhen, and Taipei.
    
Overseas Full Member
   
BLG Capital Advisors Asia Pte.
   

BLG Capital Advisors Asia is a single family office with a global private equity portfolio.
    
Corporate Associate Members
     
Envinary Group
     

We provide financial advisory services (M&A, capital markets, asset management, financial restructuring, valuation, strategic consulting and asset protection) to individuals, corporations, institutions and governments. We invest in promising projects and opportunities, and develop new solutions and products to fill the gaps in the market.
      
SMBC Nikko Securities (HK) 
    
SMBC Nikko Securities, founded in 1918 under the name of Kawashimaya Shoten, is a leading Japanese securities firm. It forms with Sumitomo Mitsui Banking Corporation (SMBC) the two core members of Sumitomo Mitsui Financial Group (SMFG), making it the second largest financial group in Japan (by market capitalization). SMBC Nikko has overseas offices in New York, London, Luxembourg, Hong Kong, Shanghai, Singapore, Jakarta and Sydney and has over 10,800 employees globally. With 149 branches in Japan, SMBC Nikko provides full investment banking services to its Japanese clients in M&A advisory, equity and debt capital markets and structured finance. SMBC Nikko Hong Kong provides services in cross-border M&A advisory, debt capital markets, sales and trading in Japanese equities and fixed income securities. SMBC Nikko Hong Kong’s M&A department serves as a hub for the Asia-Pacific region of our global network. Our operations focus on cross border M&A transactions in Greater China, covering Hong Kong, China and Taiwan, as well as the Philippines. We work closely with our bankers in SMBC Nikko Japan and SMBC Hong Kong to provide professional advice to our Japanese and other clients on both sides of M&A transactions.
     

Recent Events Report
    
HKVCA Members Breakfast Meeting
24 August, 2018
The HKVCA's monthly breakfast meeting was held at the Hong Kong Club on Friday, August 24, 2018. More than 80 members attended the event, most of whom took advantage of the excellent opportunity to network and reconnect with their colleagues and fellow industry practitioners. We would like to especially thank EY for their participation and generous sponsorship. 
     
HKVCA Luncheon Talk: What the Hack is the Difference? Understand the differences between a Cyber Policy and a Computer Crime Policy
7 August 2018
The HKVCA hosted a special luncheon seminar on August 7, 2018 at the China Club. Naureen Rasul, Senior Vice President and Regional Financial Institutions Industry Leader for Asia at Marsh, discussed the important distinction between cyber policy versus computer crime policy, and the differing protections each offers. Using a wealth of statistics, she stressed the necessity of having a robust system of cyber security in place, pointing out the most common cyber incidents and crimes companies are most vulnerable to as well examples of breaches that have actually occurred. The presentation ended with the audience joining in for a pop quiz.
 
With over 40 HKVCA members attending the event, we would like to thank all the participants, and especially our sponsor, Marsh, whose generous support made this event possible.
     

Industry News
Hillhouse Capital raises record US$10.6 billion for PE fund focused on Asia tech and health care
— September 19, 2018
Hillhouse Capital, known for its investments in Tencent Holdings, Baidu, Didi Chuxing and Meituan Dianping, has raised a record US$10.6 billion for its latest private equity fund that will focus on Asian technology, health care and consumer sectors, the Beijing-based firm said on Wednesday.

Hillhouse Capital Fund IV is likely to have beaten KKR’s record of US$9.3 billion to become the largest pool of private equity capital ever raised with a focus on the Asia-Pacific region, according to figures from data provider PitchBook.
(link to the full article)
   
Franklin Templeton, Asia Alternatives to form PE firm
— September 12, 2018
US asset manager Franklin Templeton Investments (Franklin Templeton) is teaming up with Hong Kong-based Asia Alternatives Management to form a private equity joint venture that will focus on offering fund-of-funds.

Franklin Templeton Private Equity (FTPE), which is scheduled to start operating officially in October, will provide investors with “bespoke global private equity fund-of-funds solutions”, Franklin Templeton says in a statement on September 10, 2018.
(link to the full article)
   
Japan's Pioneer gets US$540 million lifeline from Baring as debt deadline looms
— September 12, 2018

TOKYO, Sept 12 (Reuters) - Japan’s Pioneer Corp secured a bailout worth up to 60 billion yen (US$540 million) from Baring Private Equity Asia, after failed bets on car navigation and audio systems saddled it with debt and pushed it into the red.

Under the terms of the deal, the once-popular stereo maker said it will issue around 50 billion to 60 billion yen worth of shares to Baring by end-December and obtain a 25 billion yen bridge loan from the Hong Kong-based investment firm next week, allowing Pioneer to pay down a bank loan due later this month.

(link to the full article)
   
Klook gears up for next round of global expansion and innovation with US$200 million series D funding
— August 7, 2018
(Press Release) - Klook, a world-leading full-service in-destination booking platform, today announced it has closed US$200 million in Series D funding, bringing its total financing to date to US$300 million. This makes Klook the most funded company in the tours and activities sector globally. Investors in this round include Sequoia China, Matrix Partners, Goldman Sachs, Boyu Capital, TCV, an Asia-based sovereign wealth fund, OurCrowd, and some family offices.
(link to the full article)
   


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