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HKVCA Private Equity Fundamentals Virtual Training Series 2022: Module 5

Date: Thursday, 26 May 2022
Venue: N/A; Zoom Webinar
Time: 09:30 to 13:05

The private equity and venture capital industry has grown increasingly complex. In terms of private investment, GPs are encountering an increasing number of challenges due to a tightening regulatory environment; greater demand for ESG reporting; and the impact of COVID-19 on businesses and how they operate. GPs looking for exit strategies are facing capital market volatility. The HKVCA’s Private Equity Fundamentals Course offers participants an in-depth understanding of best practices in the private equity industry; an exploration of the governance, structure, and investment challenges that are unique to Asia; and the discovery of new approaches and strategies for managing private capital.

 Date Time (HKT) Session Format CPT/D
Apr 28 09:30-12:00 Module 1: PE Basics & VC Investment Zoom 2
May 5 14:00-17:10 Module 2: The Investment Decision Zoom 2.5
May 12 09:30-12:20 Module 3: Valuation & Tax Issues Zoom 2.5
May 17 09:30-12:30 Module 4: Transaction Documentation Zoom 2.5
May 26 09:30-13:05 Module 5: ESG, Portfolio Management & Exit Strategies Zoom 3
May 31 09:30-12:40 Module 6: Fundraising Overview Zoom 2.5
Sponsored by

 

Who should enrol? 

Experienced industry professionals looking to refresh their skills 

Successful PE and VC professionals are adept at managing the shifting business environment between GPs and LPs, as well as GPs and their investees. At the same time, regulations and the investment environment are constantly changing. As a result, the HKVCA regularly updates the Course’s curriculum and contents, providing industry professionals with the most efficient way to equip themselves with the latest industry tools to address specific challenges and a deeper understanding of investment opportunities in the industry. 

New entrants to the profession 

The Private Equity Fundamentals Course features six structured modules that have been specially designed to provide participants comprehensive information as well as thorough analysis of the private equity and venture capital industry. The program provides opportunities for candidates to deepen their understanding of the private investment market and help them acquire relevant fundraising and exit knowledge in a complex market.  

REGISTER NOW

DOWNLOAD FLYER

 
  HKVCA Member Non-Member
 Per Module HK$1,000  HK$2,000
 All 6 Sessions HK$4,200  HK$8,400
Group Discount: Register in a group of 3 or more from the same company and enjoy a 10% discount

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

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

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.

A certificate will be granted upon completion of each session.

Materials will not be provided for every session.


Module 1: PE Basics & VC Investment

28 April (Thursday) | 09:30-12:00
 
9:30 – 9:35 Opening Remarks K. O. Chia
President,
HKVCA
9:35 – 10:15

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
10:15 – 10:30

Private Equity in Asia and Lessons from Managing through Crisis

  • Scope of private markets
  • Developments and trends
  • Crisis and unexpected risk management  
10:40 – 12:00
  • Introduction and overview of early-stage investment
  • How early-stage investors screen deals: The selection process and criteria
  • Valuation of early-stage investment
  • VC post investment
Gordon Yen
Founding Managing Partner,
Radiant Tech Ventures
 

Module 2: The Investment Decision - Legal Framework & Due Diligence

5 May (Thursday) | 14:00-17:10
 
14:00 – 15:00
  • 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
15:10 – 16:10

Deal Financing

  • Equity finance for acquisition vehicles
  • Debt finance for acquisition vehicles
Michael Prahl
Partner,
ACE Equity Partners
16:20 – 17:10
  • Legal Framework for investing in Asia/China & Cross-border
  1. Potential new CSRC regulations on overseas listing: Impact on exit options for PE funds
  2. Listing through deSPAC: Exit option for PE investors in China headquartered companies?
  3. Recently adopted cybersecurity regulations:  Impact on data rich targets of PE investments in Asia/China
       
  • Anti-Monopoly Enforcement: Impact on China-based PE Portfolio Companies

Marcia Ellis
Global Chair,
Private Equity Group,
Morrison Foerster

Module 3: Valuation & Tax Issues

12 May (Thursday) | 09:30-12:20
 
09:30 – 10:20

Valuation Issues

  • What is fair value?
  • Private equity life cycle: Different motives for valuations
  • Commonly used valuation approaches
  • Discounts and premiums
  • Impact of the pandemic on business valuation
Alice Chan
Director, Valuation, Modelling and Economics, Strategy and Transactions,
Ernst & Young
10:30 – 11:20

“High Level” Tax Issues

  • Basic considerations
  • Indirect and direct transfer
  • QFLP and QDLP
  • Unified fund exemption regime and tax concession for carried interest
  • Economic substance rule
Patrick Yip
Vice Chair,
Deloitte China
11:30 – 12:20

Tax Considerations in Structuring PE Funds

  • Typical Asia PE fund structures and tax considerations
  • Hong Kong and Singapore - an overview
  • OFC, VCC and LPF
Sandy Fung
Partner,
KPMG
Kasheen Grewal
Director, Deal Advisory & M&A Tax
KPMG

Module 4: Transaction Documentation

17 May (Tuesday) | 09:30-12:30
 
9:30 – 10:20

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
Bryan Koo
Partner of Corporate M&A & Private Equity Practice,
Clifford Chance
Andrew Crook
Head of Corporate APAC,
Clifford Chance
10:30 – 11:30

Non-leveraged Transactions/VC Transactions

  • Term sheets
  • 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
Brian Lee
General Counsel,
FountainVest
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: ESG, Portfolio Management & Exit Strategies

26 May (Thursday) | 09:30-13:05
 
09:30 – 10:30

Management of Portfolio Companies

  • Aligning interests of investors and management
  • Value creation
  • Corporate governance
  • Monitoring reports
  • Board/shareholders’ meetings
  • Impact of Covid

Queenie Ho
Partner,
Affinity Equity Partners

10:40 – 11:25 ESG and DEI

Alvin Lam
Principal,
CVC Capital Partners

11:30 – 12:15

Exit Strategies

  • Trade sales
  • Secondary
Min Lin
Partner (Hong Kong),
NewQuest Capital Partners
12:20 – 13:05

Exit Strategies

  • How to prepare for IPOs
  • IPO exits


Michael Chan
Head of International Issuer Services,
HKEX

Module 6: Fundraising Overview

31 May (Tuesday) | 9:30-12:40
 
09:30 – 10:30

Established PE Funds

  • Use of offshore domiciles or onshore LPF regime
  • Fund structure (limited partnership/investment companies) and documents
  • Functionaries (fund administrators, custodian)
  • Regulatory issues on fund formation (licensing, securities laws, anti-money laundering issues)
Lorna Chen
Asia Regional Managing Partner &
Head of Greater China,
Shearman & Sterling
10:40 – 11:40

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


Mounir Guen
Chief Executive Officer,
MVision Private Equity Advisers

Wendy Zhu
Managing Director,
AlpInvest Partners
11:50 – 12:40
  • IR role
  • LP reporting and technical expertise
  • How GPs govern their funds
  • How fund management and governance are  evaluated (metrics, etc.) by LPs
Haide Lui
Head of Investor Relations,
Ascendent Capital Partners

   

Instructors' bio

Module 1  |  Module 2  |  Module 3  |  Module 4  |  Module 5  |  Module 6 

 

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.