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HKVCA Private Equity Fundamentals Course 2019 - Module 1

Date: Tuesday, 10 September 2019
Venue: B2, The HKU Town Centre, 3/F, Admiralty Centre, HK
Time: 10:00 to 13:30

Organized annually, the HKVCA’s Private Equity Fundamentals Course comprises seven tailormade modules and a case study session 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. The course also includes a curated section devoted specifically to ESG investing, which plays an increasingly important role in determining the future financial performance of companies and their risk and return.

 Date Time Session Venue CPT/CPD  
Sept 10 (Tue) 10:00 – 13:30  Module 1: PE Basics HKU MBA Centre 3  
Sept 18 (Wed) 14:00 – 17:55 Module 2: Early Stage Investment HKU MBA Centre 3
Sept 26 (Thur) 14:00 – 16:30 Module 3: The Investment Decision CUHK MBA Centre 2
Oct 10 (Thur) 14:00 – 17:20 Module 4: Valuation / ESG / “High Level” Tax Issues CUHK MBA Centre 3
Oct 15 (Tue) 14:00 – 17:05 Module 5: Transaction Documentation HKUST Business School 2.5
Oct 22 (Tue) 14:00 – 17:15 Module 6: Post Investment CUHK MBA Centre 3
Nov 8 (Fri) 11:00 – 14:30 Module 7: Tax / Fundraising KPMG Office 3
Nov 12 (Tue) 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 (Sept 10) 
  The University of Hong Kong (HKU) MBA Centre: B4, The HKU Town Centre, 3/F, Admiralty Centre, HK (Sept 18)
  Hong Kong University of Science and Technology (HKUST) Business School: 15/F, HK Club Building, Central, HK
  The Chinese University of Hong Kong (CUHK) MBA Centre: Diamond Room, Unit B, 1/F, Bank Of America Tower, 12 Harcourt Road, 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$1,400  HK$3,000 
 Case Studies HK$1,400  HK$3,000
 All 8 Sessions HK$8,960 HK$11,200 (20% off)   HK$19,200 HK$24,000 (20% off) 

   

 

 

   

DOWNLOAD FLYER

 

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

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

Certificates will be granted upon completion of each session.

Cancellations 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 7 sponsored by

 

Module 1: PE Basics 10 September (Tue)
10:00-13:30 | HKU MBA Centre
10:00 – 10:05 Opening Remarks

K O Chia
Director,
Grace Financial

10:05 – 10:50

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
10:50 – 11:30

Private Equity in Asia

  • Developments and trends
  • Overview of the China market
  • Other Asian markets
Wen Tan
Co-Head of Asia Pacific Private Equity,
Aberdeen Standard Investments
11:45 – 12:45

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
Lorna Chen
Head of Greater China, Shearman & Sterling
12:45 – 13:30

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,
Morrison & Foerster

Catherine Liu
Of Counsel,
Morrison & Foerster

 

Module 2: Early Stage Investment 18 September (Wed)
14:00-17:55 | HKU MBA Centre
 
  • Introduction and Overview of Early Stage Investment
  • How Investors Screen Deals: The Selection Process and Criteria
  • The Valuation of Early Stage Investment
Gordon Yen
Founding Managing Partner,
Radiant Tech Ventures
14:00 – 15:15
 
15:25 – 16:10 Negotiation and Term Sheets

John E. (Jack) Lange
Partner,
Paul, Weiss

Betty Yap
Managing Partner,
Paul, Weiss

16:10 – 17:55
  • Post Investment and Exit
  • Entrepreneurship: What Makes a Successful Entrepreneur?
K O Chia
Director,
Grace Financial
Module 3: The Investment Decision –
Due Diligence Pricing and Structure
26 September (Thu)
14:00-16:30 | CUHK 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
14:00 – 15:10
 
15:30 – 16:30

Deal Financing

  • Equity finance for acquisition vehicles
  • Debt finance for acquisition vehicles
Michael Prahl
Partner,
Asia-IO Advisors
Module 4: Valuation / ESG / “High Level” Tax Issues 10 October (Thu)
14:00-17:20 | CUHK MBA Centre
14:00 – 15:00 Valuation Issues Robert Kwok
Partner,
Transaction Advisory Services,
Ernst & Young
15:00 – 16:00 ESG Alvin Lam
Principal,
CVC Capital Partners
16:20 – 17:20 “High Level” Tax Issues Patrick Yip
Vice Chair,
Deloitte China
Module 5: Transaction Documentation 15 October (Tue)
14:00-17:05 | HKUST Business School
14:00 – 14:55

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
Simon Cooke
Partner,
Latham & Watkins
(Hong Kong)
15:05 – 16:00

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

Helen Huang
Co-Chief Executive,
Hong Kong,
King & Wood Mallesons
16:10 – 17:05

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 6: Post Investment 22 October (Tue)
14:00-17:15 | CUHK MBA Centre
14:00 – 15:30

Management of Portfolio Companies

  • Aligning interests of investors and management
  • Value creation
  • Corporate governance
  • Monitoring reports
  • Board/shareholders’ meetings
John Levack
Vice Chairman,
HKVCA
15:45 – 17:15

Exit Strategies

  • How to prepare for exits
  • IPOs
  • Secondary buyouts
  • Trade sales

Michael Chan
Senior Vice President, Marketing Development Division,
HKEX

Bonnie Lo
Partner & COO,
NewQuest Capital Partners

Module 7: Tax / Fundraising 8 November (Fri)
11:00-14:30 | KPMG Office
11:00 – 11:30 Understanding the Accounting of Private Equity Funds Arion Yiu
Partner,
KPMG
11:30 – 12:15

Fundraising (Part 1)

  • Fundraising environment
  • Why LPs invest in private equity
  • Types of LPs that invest in PE funds
Dennis Kwan
Managing Director,
MVision Private Equity Advisers
12:45 – 13:30

Fundraising (Part 2)

  • What LPs expect of GPs
  • How to approach LPs
Jonathan Lee
Director,
MVision Private Equity Advisers
13:30 – 14:30 Tax Considerations in Structuring PE Funds Malcolm Prebble
Partner,
KPMG China
Case Studies: CVC / HKBN & Pacific Coffee   12 November (Tue)
14:00-17:15  |  HKUST Business School
14:00 – 15:30 CVC / Hong Kong Broadband - From MBO to IPO in < 3 Years

Alvin Lam
Principal,
CVC Capital Partners

NiQ Lai
Co-Founder & CEO,
Hong Kong Broadband Network Limited

Roger King
Adjunct Professor of Finance, HKUST

Winnie Peng
Associate Director,
Tanoto Center for Asian Family Business and Entrepreneurship Studies, HKUST

15:45 – 17:15 Pacific Coffee – Evolution of Business through PE Investment Rounds

Roger King
Adjunct Professor of Finance, HKUST

Winnie Peng
Associate Director,
Tanoto Center for Asian Family Business and Entrepreneurship Studies, HKUST

Oscar Chow
Managing Director,
Polaris Holdings

 

 

Notes
1. Registration must be followed by payment to secure your place.     
2. Registration will be confirmed upon receipt of payment.
3. Should you require an invoice, please contact us.   
4. Cancellation must be made in writing at least 7 working days prior to the event. No refund will be made thereafter. 
5. Information is subject to change. The HKVCA retains the right to make changes as it deems necessary.
6. Priority will be given to HKVCA Members.                        
7. No shows will be charged.
8. Seats are limited at first-come-first-served basis.             
9. An additional charge may apply to accommodate special dietary requests.