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HKVCA Private Equity Fundamentals Virtual Training Series 2020: Module 4

Date: Friday, 16 October 2020
Venue: N/A; Zoom Webinar - link will be provided upon successful registration
Time: 10:00 to 12:30

Organized annually, the HKVCA’s Private Equity Fundamentals Course comprises five tailormade modules to provide participants with in-depth information and analysis of private equity and venture capital, either as industry entrants or for those seeking to refresh their skill sets. Covering the entire fund-raising process from strategy to distribution of returns, data on global funds and investment activity, current issues and fund marketing, it is particularly relevant for those practitioners keen to expand their technical ability and know-how.

Delivered by leading industry specialists and experts with experience in different fund strategies, marketing, deal making, and the pros and cons of investing in private equity as an asset class, each module will be taught relative to real case studies to show how investors finance through the different stages of a company’s lifecycle, and explain financing as financial intermediaries practice it.

 Date Time (HKT) Session CPT/CPD Download Flyer
Oct 6 10:00-12:35  Module 1: PE Basics 2.5
Oct 8 14:00-16:30 Module 2: The Investment Decision 2.5
Oct 13   10:00-12:30 Module 3: Tax Issues 2.5
Oct 16 10:00-12:30 Module 4: Risk & Transaction Documentation 2.5
Oct 20 10:00-12:30 Module 5: Post Investment & Fundraising 2.5

Format: Zoom Webinar*

* Be advised that a webinar recording of this event will not be available upon its conclusion. To avoid technical problems registrants should log in to Zoom webinars using the email address they provided when registering for the event.

REGISTER NOW

 
  HKVCA Member Non-Member
 Per Module HK$700  HK$1,500
 All 5 Sessions HK$2,800  HK$6,000
Group Discount: Register in a group of 3 or more from the same company and enjoy a 10% discount

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

Participants have to follow the start and finish times as stated, otherwise CPT/CPD may be deducted.

Participants who would like to claim CPD points have to update their Mandatory CPD Training Records with the CPD points for the course. 

Certificate will be granted upon completion of each session.

Materials will be provided for some of the sessions only.


Module 1: PE Basics

October 6 (Tue) | 10:00-12:35
10:00-10:05 Opening Remarks John Levack,
Vice Chairman,
HKVCA
10:05-10:55 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
K. O. Chia,
Director,
Grace Financial
10:55-11:45 Private Equity in Asia and Impact of COVID-19 crisis on PE
  • Scope of Private Markets
  • Developments and trends
  • Impact of COVID-19
K. O. Chia,
Director,
Grace Financial
Hao Zhou,
Partner,
Bain & Co.
11:45-12:35 Established PE Funds
  • Use of offshore domiciles or onshore LPF regime
  • Fund structure (limited partnership/investment companies) & documents
  • Functionaries (fund administrators, custodian)
  • Regulatory issues on fund formation (licensing, securities laws, anti-money laundering issues, marketing)
Lorna Chen,
Asia Regional Managing Partner & Head of Greater China,
Shearman & Sterling

Module 2: The Investment Decision –
Due Diligence, Pricing and Structure

October 8 (Thur) | 14:00-16:30
14:00-14:50 Legal Framework on Investing in China & Cross-border
  • Onshore and offshore structures involving equity and debt
  • Impact of the Foreign Investment Law on PE Investors
  • Impact of COVID-19 on the Terms that PE Investors are Requiring
  • Cross-border issues (i.e. FACTA)
Marcia Ellis,
Partner,
Morrison & Foerster
14:50-15:40
  • Deal Sourcing/ Preliminary Assessment of a Potential Deal
    1. Right management?
    2. Right industry
    3. Right company?
  • Investment Committee Proposal
  • Due Diligence
    1. Financial, legal and operational
    2. Due diligence procedures
Ivan Chan,
Executive Director,
Morgan Stanley
15:40-16:30 Deal Financing
  • Equity finance for acquisition vehicles
  • Debt finance for acquisition vehicles
Michael Prahl,
Partner,
Asia-IO Advisors

Module 3: Tax Issues

October 13 (Tue) | 10:00-12:30
10:00-10:50 Valuation Issues Yvonne Dunn,
Executive Director,
Ernst & Young
10:50-11:40 “High Level” Tax Issues Patrick Yip,
Vice Chair,
Deloitte China
William Lee,
Director,
International Tax and M&A Services,
Deloitte China
Yvonne Yip,
Senior Manager,
International and M&A Tax Services,
Deloitte China
11:40-12:30 Tax Considerations in Structuring PE Funds Sandy Fung,
Partner, Alternative Investments,
Tax, Hong Kong,
KPMG China
Kasheen Grewal,
Director, Deal Advisory
& M&A Tax,
KPMG

Module 4: Transaction Documentation
(Risk, Term Sheet and other Documentations)

October 16 (Fri) | 10:00-12:30
10:00-10:50 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
Andrew Whan,
Head of Asia-Pacific Corporate Practice & Co-Head of Private Equity Practice,
Clifford Chance
Bryan Koo,
Partner of Corporate M&A & Private Equity Practice,
Clifford Chance
10:50-11:40 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
  • USD plus RMB funds – “dual” funds

Rocky Lee,
International Partner,
King & Wood Mallesons

11:40-12:30 Buyouts
  • Term sheet
  • Acquisition agreement
  • Other documents
  • Financial and security documentation
Matthew Puhar,
Partner,
Akin Gump Strauss Hauer & Feld
Naomi Moore,
Partner,
Akin Gump Strauss Hauer & Feld

Module 5: Post Investment
(Portfolio Management & Exits) & Fundraising

October 20 (Tue) | 10:00-12:30
10:00-10:50 Management of Portfolio Companies
  • Aligning interests of investors and management
  • Value creation
  • Corporate governance
  • Monitoring reports
  • Board/shareholders’ meetings
John Levack,
Vice Chairman,
HKVCA
10:50-11:40 Exit Strategies
  • How to prepare for exits
  • IPOs
  • Secondary buyouts
  • Trade sales
Min Lin,
Founding Partner,
NewQuest Capital Partners
11:40-12:30 Fundraising
  • Fundraising environment
  • Why LPs invest in private equity
  • Types of LPs that invest in PE funds
  • What LPs expect of GPs
  • How to approach LPs
Kallan Resnick,
Managing Director,
Park Hill Group
Wendy Zhu,
Managing Director,
AlpInvest Partners

 

Notes

  • Registration must be followed by payment to secure your place.
  • Registration will be confirmed upon receipt of payment.
  • Should you require an invoice, please contact us.
  • 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.
  • Information is subject to change. The HKVCA retains the right to make changes as it deems necessary.
  • Priority will be given to HKVCA Members.
  • No shows will be charged.
  • Registrations are limited at first-come-first-served basis. 
  • No media registrations will be accepted for this event.