Share  Print  [-] [+]

Events

Upcoming Events

HKVCA Private Equity Fundamentals Course 2019

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  
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 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 7 sponsored by

 

Module 1: PE Basics 10 September (Tue)
10:00-13:30 | HKU MBA Centre
10:00 – 10:05 Opening Remarks
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)
10:50 – 11:30

Private Equity in Asia

  • Developments and trends
  • Overview of the China market
  • Other Asian markets
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
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
Module 2: Early Stage Investment 18 September (Wed)
14:00-17:55 | HKU MBA Centre
14:00 – 14:05 Introduction and Overview of Early Stage Investment
14:05 – 15:00 How Investors Screen Deals: The Selection Process and Criteria
15:00 – 15:15 The Valuation of Early Stage Investment
15:25 – 16:10 Negotiation and Term Sheets
16:10 – 16:55 Post Investment and Exit
16:55 – 17:55 Entrepreneurship: What Makes a Successful Entrepreneur?
Module 3: The Investment Decision – Due Diligence Pricing and Structure 26 September (Thu)
14:00-16:30 | CUHK MBA Centre
14:00 – 14:15

Deal Sourcing/ Preliminary Assessment of a Potential Deal

  • Right management?
  • Right industry?
  • Right company?
14:15 – 14:30 Investment Committee Proposal
14:30 – 15:10

Due Diligence

  • Financial, legal and operational
  • Due diligence procedures
15:30 – 16:30

Deal Financing

  • Equity finance for acquisition vehicles
  • Debt finance for acquisition vehicles
Module 4: Valuation / ESG / “High Level” Tax Issues 10 October (Thu)
14:00-17:20 | CUHK MBA Centre
14:00 – 15:00 Valuation Issues
15:00 – 16:00 ESG
16:20 – 17:20 “High Level” Tax Issues
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
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
16:10 – 17:05

Buyouts

  • Term sheet
  • Acquisition agreement
  • Other documents
  • Financial and security documentation
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
15:45 – 17:15

Exit Strategies

  • How to prepare for exits
  • IPOs
  • Secondary buyouts
  • Trade sales
Module 7: Tax / Fundraising 8 November (Fri)
11:00-14:30 | KPMG Office
11:00 – 11:30 Understanding the Accounting of Private Equity Funds
11:30 – 12:15

Fundraising (Part 1)

  • Fundraising environment
  • Why LPs invest in private equity
  • Types of LPs that invest in PE funds
12:45 – 13:30

Fundraising (Part 2)

  • What LPs expect of GPs
  • How to approach LPs
13:30 – 14:30 Tax Considerations in Structuring PE Funds
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
15:45 – 17:15 Pacific Coffee – Evolution of Business through PE Investment Rounds

 

 

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.