Webinar: Regulatory update in Hong Kong and the U.S. 
September 5, 2023 The HKVCA hosted a webinar focused on recent regulatory updates in Hong Kong and the US. The event took place on September 5, 2023, and featured three speakers from global law firm Shearman & Sterling: Lorna Chen, Asia Regional Managing Partner & Head of Greater China; Anil Motwani, Partner; and Jieni Ji, counsel in the firm’s litigation practice.
The webinar highlighted the recent US Executive Order (E.O.) restricting outbound investment to China, including Hong Kong and Macau, in semiconductors and microelectronics; quantum information technologies; and artificial intelligence. The speakers raised a number of issues GPs with US-investors in particular needed to be aware of. There was also discussion of the China-US relationship, the recent regulation of digital assets and private funds in both Hong Kong and the U.S, anti-corruption laws and launch of the DOJs corporate crime database.
Attendance at the event was very high with more than 110 people participating. The HKVCA would like to express its appreciation to all attendees, and in particular our speakers and Shearman & Sterling, for their generous support. |
HKVCA Members Breakfast Meeting 
July 7, 2023 The HKVCA held its mid-year Members Breakfast Meeting at the Hong Kong Club on July 7, 2023. Hosted by Rebecca Xu, Chairwoman of the HKVCA, the event drew a full crowd with over 80 members in attendance.
The Association was pleased to welcome many new members, who took the opportunity to introduce themselves and connect with their industry peers. Breakfast Meetings continue to provide excellent networking and peer engagement opportunities for our members.
The HKVCA extends its appreciation to all who participated, and we thank our sponsor, KPMG, whose generous support helped make this valuable event possible. |
| June 20, 2023 The HKVCA’s Diversity & Inclusion Committee hosted a webinar focusing on ways participants could enhance career skills and adopt habits for success as non-investment professionals working in investment firms. Jie Gong, Partner at Pantheon Ventures, moderated the discussion and was joined by panellists Lorna Chen, Asia Regional Managing Partner & Head of Greater China at law firm Shearman & Sterling; Amy Fong, COO at FountainVest Partners; Bonnie Lo, Partner at TPG NewQuest; and Denise Mak, Partner at CVC Capital Partners. The discussion highlighted the difficulties many confront in the investment work environment, with the speakers offering examples of notable key decisions they made that substantially shaped their careers to date. There were more than 100 registrations for the webinar, and the HKVCA is thankful to all the participants. The Association is also grateful to the Diversity & Inclusion Committee for all their work and for hosting the event. |
June 15, 2023 Transaction risks, including breaches of representation and warranties as well as taxation, often play a role in PE and buyout deals. Speaker Sandra Lee, CEO of BMS Asia, discussed alternative risk mitigation solutions and strategies, and outlined the various trends found in M&A insurance across various regions. She also provided practical examples of how insurance solutions themselves can help facilitate negotiations.
More than 50 practitioners attended the event. The HKVCA extends its appreciation to all participants, especially to Sandra Lee and BMS Asia for its generous sponsorship. |
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June 8, 2023 The HKVCA organized a luncheon talk aimed at addressing the fall in Hong Kong’s property markets. Paul Moloney, a partner at global law firm Mayer Brown, moderated the discussion and was joined on the panel by Ken Ng, Head of China Real Estate at Angelo, Gordon Asia; Dr. Charles Lam, Co-Head of APAC Diversified Funds at EQT Exeter; Tony Lo, Managing Director, Principal Investments from Gaw Capital; and Wilfred Ma, Head of Hong Kong Investments at Phoenix Property Investors. Despite the current market, the discussion was conservatively optimistic, noting in particular the growth in interest of Middle East LPs in the China market, and in particular in Hong Kong. In addition, the panel experts highlighted existing local policies that are discouraging a rebound in the residential market, which they said would benefit from lower stamp duty and a relaxation of mortgage requirements as effective ways to stimulate market activity. Over 100 industry practitioners attended the event, which also provided an opportunity for networking after the panel discussion. The HKVCA would like to extend its appreciation to all participants and offers a special thanks to Mayer Brown for its generous sponsorship. |
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May 30, 2023 The China Private Equity Summit (CPES), the Hong Kong Venture Capital and Private Equity Association’s (HKVCA) flagship event for Chinese venture capital and private equity, successfully concluded on May 30, 2023. This year’s event returned to being wholly in-person, bringing together more than 700 participants and featuring insights from an exceptional line-up of 65 GPs, LPs and industry professionals as speakers and panellists.
The annual Summit, which took place at the Hong Kong Convention and Exhibition Centre, welcomed a number of distinguished guests, including The Honourable Christopher Hui, GBS, JP, Secretary for Financial Services and the Treasury; Stephanie Hui, Head of Private and Growth Equity in Asia Pacific, Co-head of Asia Pacific Private Investing, and Global Co-head & Co-CIO of Growth Equity, Goldman Sachs; and Charles Li, Founder & Chairman, Micro Connect.
Rebecca Xu, Chairwoman of the HKVCA, stated: “We are thrilled to host senior leaders in China’s PE and VC industry again. At the HKVCA, we strive to stimulate engaging dialogue, facilitate insightful exchange, and foster valuable relationships among decision-makers, business leaders and emerging talent with our leading platform. With encouraging signs of China’s economic recovery and expecting a rebound in dealmaking this year, we firmly believe the world’s second-largest economy will remain an appealing destination for investors to capture new trends and opportunities.”
Industry experts offered thought-provoking perspectives on the key opportunities and challenges that private equity and venture capital professionals need to navigate and assess in China, spanning buyouts, exits, secondaries, family offices and the Greater Bay Area. Trending themes were also explored at the forum, in particular ESG, healthcare, EVs and new energy, and AI and big data.
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| May 9, 2023 
The HKVCA hosted a webinar focused on the new foreign-sourced income exemption (FSIE) regime and its impact on private equity and venture capital funds. The event took place on May 9, 2023, and featured speakers Samantha Tan from BlackRock, Anthony Lau from Deloitte China, Adam Williams from Ernst & Young, Darren Bowdern from KPMG, and Rex Ho from PwC Hong Kong. The webinar aimed to clarify that the new FSIE regime has no impact on private equity and venture capital funds. The speakers provided information about the new rules and discussed the consultation process for the refinement of FSIE and other related matters. The webinar was moderated by Samantha Tan, Head of Alternatives Tax, Asia Pacific, BlackRock. The event proved very popular and the HKVCA would like to express its appreciation to all participants. We would also like to extend our gratitude to the senior tax advisors from the Big Four accounting firms for their generous support and participation in the event. |
| May 5, 2023 
The HKVCA held its latest Members Breakfast Meeting at the Hong Kong Club on May 5th, 2023. Hosted by Rebecca Xu, Chairwoman of the HKVCA, the event was at full capacity with more than 70 members in attendance. The HKVCA was also very pleased to welcome many new members, who took the opportunity to introduce themselves to their peers. The Breakfast Meeting continues to be a popular event for networking and for members to meet their industry colleagues. The HKVCA would like to extend its thanks to all who participated and to KPMG for their generous sponsorship, which helped make the event a success. We look forward to seeing everyone again at the next meeting. |
Webinar: Hong Kong’s limited partnership fund regime – foundations, common issues and market update April 27, 2023 
On April 27, 2023, the HKVCA hosted a webinar examining Hong Kong’s limited partnership fund (LPF) regime, which has been in operation for three years. The event was led by Viola Lui and Benjamin Lohr of international law firm Clifford Chance. The webinar was designed for managers who are considering using Hong Kong structures for fund vehicles, as well as for those who would like to refresh their knowledge of the legal foundations of the regime. The speakers provided a broad overview of the basic legal features of the LPF structure, highlighted common issues that managers encounter, and gave their views on the state of market adoption. Attendees had the opportunity to ask questions of the speakers and engage in discussion. The HKVCA would like to thank Viola Lui and Benjamin Lohr for leading the event, as well as all participants who attended. We would also like to express our appreciation to Clifford Chance for their generous sponsorship. |
Webinar: Beijing QDLP, QFLP Pilot Program April 26, 2023  
The Beijing Private Equity Association (BPEA), HKVCA, and Hong Kong Investment Funds Association (HKIFA) co-hosted a Mandarin Chinese language webinar on April 26th, 2023. The event provided a dep dive into Beijing’s QDLP and QFLP pilot programs and aimed to help foreign investment institutions better understand China, and especially Beijing's, foreign investment implementation policies. The seminar was broadcast live both online and offline in Beijing and was opened by the Beijing Municipal Bureau of Local Financial Regulation and Supervision's capital markets division, whose representative provided background on the capital city’s pilot programs. This was followed by information on the Chaoyangyuan innovation hub in Zhongguancun, and development policies around the venture capital cluster. A representative from Oaktree Capital then shared details of the firm’s own experience in Beijing under the QDLP and QFLP pilot programs, while a speaker from Han Kun Law Offices discussed typical scenarios when applying for QDLP and QFLP pilot funds. The event attracted a large number of attendees and the HKVCA would like to express its appreciation to all participants. We would also like to thank the BPEA and HKIFA for partnering with us for this event. |
HKVCA Luncheon Talk: PRC investment funds and real estate investment update April 25, 2023 
The HKVCA hosted a luncheon talk on PRC investment funds and real estate investment updates. Sponsored by Fangda Partners, the event took place on April 25, 2023, and featured three of the firm’s partners: Stephen Lin, Flora Qian, and Zhang Yue. The speakers opened with an overview of recent regulatory updates and developments in the private investment fund market and real estate investment market in China. They then discussed the new rules that have been issued by the Asset Management Association of China, tightening registration requirements of private fund managers and the filling of private investment funds. They also discussed trends around the quota management scheme under the QFLP pilot program, highlighting some of the key considerations when setting up "offshore" funds to participate in the QFLP structure. Finally, the speakers addressed the real estate investment market, cooperation and investment models, and a general outlook for the future. The talk ended with an active Q&A session. The event was well attended and the HKVCA would like to express its appreciation to all participants. We would also like to extend our gratitude to Fangda Partners for their generous sponsorship. |
| April 18, 2023 
With the Hong Kong government unveiling a number of tax concessions aimed at boosting the presence of family office businesses in Hong Kong, the HKVCA organized a luncheon seminar on April 18, 2023, to examine the new measures. Speakers David Chan, Joy Chen and Karina Wong, Tax Partners from Ernst & Young, outlined wealth succession strategies for China and Hong Kong and shared tips on tax planning opportunities for investment in China. Close to 70 industry practitioners attended the event, which also provided an opportunity for attendees to engage in discussion and ask questions of the speakers. The HKVCA would like to extend its appreciation to all participants with special thanks to David Chan and Ernst & Young for its generous sponsorship. |
| March 15, 2023 
The HKVCA hosted a webinar examining the use of alternative remedies when investments go wrong. Held on March 15, 2023, the event featured insightful presentations by Ashley Messick, Managing Director at Global Investigations, and Bruno Vickers of JS Held. The speakers provided an overview of alternative remedies investors may consider when investments run into problems, noting that whether the issue is one of fraud or insolvency, or even external pressures or legal disputes, there is strategic intelligence, evidence gathering and investigative tools that can help inform investment decisions and achieve positive outcomes. The speakers also offered actual case examples that served to demonstrate how certain techniques can aid clients facing a number of different scenarios. Close to 100 industry practitioners registered for the event, which included an opportunity for attendees to engage in discussion and ask questions of the speakers. The HKVCA would like to extend our appreciation to all participants and of course our thanks to JS Held for their generous sponsorship. |
| March 9, 2023 
The HKVCA's popular Members Breakfast Meeting made a welcome return on March 3, 2023, after a long hiatus due to COVID-19 restrictions. Hosted by HKVCA Chairwoman Rebecca Xu at the Hong Kong Club, the event's first gathering this year saw registration quickly oversubscribed, attracting 80 leading industry members and guests. In a relaxed, informal atmosphere with plentiful networking opportunities, HKVCA Chairwoman Rebecca Xu, who hosted the event, introduced 15 new members who were in attendance. Our Members Breakfast Meetings have always been seen as one of the best opportunities to forge new business connections and strengthen existing relationships, with this latest event being no exception. The HKVCA thanks all members and guests for their enthusiastic participation. Thanks also to EY for their longstanding sponsorship, which has never been more important in bringing the industry together following what has been a difficult period. With the support of members and sponsors alike, the HKVCA looks forward to its program of industry engagements throughout 2023 and beyond. |
HKVCA Members Breakfast Meeting March 3, 2023 
The HKVCA's popular Members Breakfast Meeting made a welcome return on March 3, 2023, after a long hiatus due to COVID-19 restrictions. Hosted by HKVCA Chairwoman Rebecca Xu at the Hong Kong Club, the event's first gathering this year saw registration quickly oversubscribed, attracting 80 leading industry members and guests. In a relaxed, informal atmosphere with plentiful networking opportunities, HKVCA Chairwoman Rebecca Xu, who hosted the event, introduced 15 new members who were in attendance. Our Members Breakfast Meetings have always been seen as one of the best opportunities to forge new business connections and strengthen existing relationships, with this latest event being no exception. The HKVCA thanks all members and guests for their enthusiastic participation. Thanks also to EY for their longstanding sponsorship, which has never been more important in bringing the industry together following what has been a difficult period. With the support of members and sponsors alike, the HKVCA looks forward to its program of industry engagements throughout 2023 and beyond. |
| January 13, 2023 .png)
The Asia Private Equity Forum (APEF) 2023, organized by the Hong Kong Venture Capital and Private Equity Association (HKVCA), was successfully held on January 13, 2023. The event was held in-person and during International Financial Week. The event attracted close to 700 delegates and featured more than 65 GPs, LPs, and other industry professionals as speakers and panelists.
Held at the Hong Kong Convention and Exhibition Centre, distinguished guests at this annual event included The Honorable Paul Mo-po Chan, GBM, GBS, MH, JP, Financial Secretary of the Hong Kong Special Administrative Region (HKSAR); The Honorable Duncan Chiu, Legislative Council Member (Technology and Innovation sector) of the HKSAR; Jean Eric Salata, Head of BPEA EQT and Chairperson of EQT Asia; and K.Y. Tang, Founding Chairman & Managing Partner of Affinity Equity Partners.
Rebecca Xu, Chairwoman of the HKVCA, said: “We are very pleased to see many familiar faces again at our flagship forum as it finally returns as a physical event this year. The HKVCA is committed to providing an unmatched platform igniting insightful conversations and building meaningful relationships among decision makers, senior business executives, and industry talents. As Asia remains a bright spot despite global headwinds, we are confident that Hong Kong will continue to be a leading international finance center and a prime location for private equity and venture capital managers.”
At the forum, leading industry practitioners addressed key opportunities and challenges facing investors in China, India, Southeast Asia, and North Asia in the context of the broadening and deepening of Asian private markets, as well as timely topics such as crypto investing, private equity real estate, ESG and regulatory matters. |
| December 14, 2022 
The HKVCA held a webinar on December 14, 2022, discussing the recent SFC circular addressing measures by LCs to deal with stress events. The Association invited Shearman & Sterling’s Lorna Chen, Asia Regional Managing Partner and Head of Greater China, as well as Vice Chairman of the HKVCA’s Technical Committee, and her colleague Anil Motwani to speak at the event. Included among the issues discussed were the SFC’s expectations on exit plans and the approach of the SEC toward business continuity and disaster recovery plans. Close to 60 people registered for the event. The HKVCA is grateful to all the participants, and in particular to our speakers and Shearman & Sterling’s for their participation. |
| December 13, 2022 
The HKVCA held its annual Christmas Cocktails event at the China Club on the evening of December 13, 2022. This always festive and popular event was held at the China Club and more than 110 people representing the many sectors of the private equity and venture capital community were in attendance. Members noted how much they enjoyed the opportunity to meet in person with their professional colleagues. With Christmas music in the background, and colorful holiday decorations visible throughout the room, it was the perfect way to kick-off the holiday season. The HKVCA would like to thank both Akin Gump Strauss Hauer & Feld and Ascent Partners for their generous sponsorship, as well as all the participants who together helped make this a joyous event. |
HKVCA Institute: Training series for HKSTP startups December 8, 2022 
KO Chia, President of the HKVCA Institute for Private Capital, an educational arm of the Association, delivered in-person training for a group of startups from the Hong Kong Science & Technology Park (HKSTP) on December 8, 2022. The inaugural workshop was limited to 25 participants which allowed for lively and robust discussions. Among the many strategies addressed within the workshop was the importance of an effective 1-minute personal elevator pitch and the funnel management of pitching. Chia also provided insight into the psyche of investors and reviewed due diligence checklists as well as term sheets and how to approach negotiations. The HKVCA is grateful to the HKSTP for co-organizing the training session and extends its thanks to KO Chia and all the participants. |
| December 6, 2022 
The HKVCA held its annual Golf Day on December 6, 2022, at Shek O Golf Club. The event had a celebratory atmosphere, featuring perfect weather that saw blue skies and a brilliant sunny day. Close to 70 people were in attendance, including a number who opted not to play golf but who nevertheless still enjoyed the opportunity to meet with colleagues and friends. Seventeen teams in total competed in the tournament, with the teams comprised of GPs, LPs, and professional services providers working in the private equity and venture capital industry. More than 60 golfers tackled the challenging course, with cocktails on offer at the close of the tournament, capping off a truly memorable day. We would like to thank our generous sponsors, specifically our Platinum Sponsors Citigroup and Morgan Stanley; our Gold Sponsors Ernst & Young, Jefferies and Lexington Partners; and our Wine Sponsors, Jebsen Capital and Jebsen Fine Wines. We would also like to thank the HKVCA’s Golf Committee - Varun Bery, Chin Chou, Terrance Philips, Bob Partridge, Sunil Chandiramani and Adam Goern - for their wonderful support and leadership. |
Webinar: Effective communication December 1, 2022 Jie Gong, a Partner at Pantheon, hosted an HKVCA webinar on the topic of effective communication. Held on December 1, 2022, more than 70 people attended the online event. Joining Gong as speakers were two other private equity veterans: Chin Chou, Managing Director from Morgan Stanley Asia, and Johnny Chan, CIO from Hong Kong Cyberport Management Company. In addition to discussing how best to communicate within a professional setting, the speakers also identified common habits that can sabotage communication and reminded the audience about the importance of first impressions. The HKVCA is grateful to Jie Gong for hosting the event and extends its thanks to all the speakers and participants. |
| November 1, 2022 
The HKVCA held its inaugural PE Leadership Forum on Tuesday, November 1, 2022. The half-day Forum was also the Association’s first few events delivered entirely in person, with no virtual component, since the outbreak of the COVID-19 global pandemic. Although some restrictions remained in place, we were very pleased to have hosted more than 150 people - CFOs, COOs, general counsel, legal officers, tax advisors and a variety of other consultants - at the China Club in Central.
The Forum addressed a broad range of topical operational topics, including tax and legal issues, ESG and portfolio management. We extend a very special thanks to David Chan and Christine Lin from Ernst & Young, our Platinum sponsor, as well as James Ford from Allen & Overy, our Legal Sponsor.
The HKVCA also expresses its gratitude to the following amazing group of industry experts who shared their experience and knowledge with us as speakers: - Adam Williams, Ernst & Young Tax Services Limited
- Alvin Lam, CVC Capital Partners
- Amy Fong, FountainVest Partners (Asia) Limited
- Brandan Wing, Morgan Stanley
- Harry Yan, Ernst & Young
- James Ford, Allen & Overy
- Noah Gellner, CPP Investments
- Patrick Cordes, BPEA EQT
- Queenie Ho, Affinity Equity Partners
- Richard Blair, The Blackstone Group (HK) Limited
- Sally Dole, Macquarie Asset Management
- Samantha Tan, BlackRock Asset Management North Asia Limited
- Sofia Wang, Sterling Private Management Limited
- Trinnie So, Ontario Teachers’ Pension Plan
- Wayne Bannon, The Carlyle Group
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| October 18, 2022 The HKVCA hosted its most recent Brownbag Luncheon Talk at Centricity on October 18, 2022. Partners from Latham & Watkins, including Stephen Shi, Richard Watkins, Howard Lam and Dominic Geiser, along with their colleague and Counsel for Latham & Watkins, Lynsey Edgar, discussed the most recent deal terms across Asia. Noting the trend toward the use of investment deal terms to protect the downside risk for a variety of deals, the speakers also addressed the potential developments and the impact of a turning cycle in M&A, distressed transactions, PIPEs, and relevant transactions. With over 60 practitioners in attendance, the event received much positive feedback. We would like to thank sponsor Latham & Watkins for making the event possible. |
Webinar: Crypto, Gaming and Web 3.0 September 15, 2022 With more and more private equity and venture capital investment paying attention to crypto and Web3.0, the HKVCA and Ascent Partners hosted a webinar on September 15, 2022. The speakers provided a comprehensive guide to consumer crypto, especially the market landscape of the crypto credit/debit cards market. Andrew Wright, a senior advisor at the firm, was joined by his colleague Felix Wong, Principal; Bryant Robinson, Head of Operations, Asia from GDA Group; and Rai Cockfield, CEO and Founder from yup.gg. The speakers spoke in particular about a crypto ecosystem developed by GDA Capital, which provides a diverse service for assisting blockchain companies/projects in three phases. The webinar also covered the gaming industry and its integration with Web3.0. More than 100 people participated in the event, which included an interactive Q&A session between attendees and speakers. We extend our thanks to the speakers and to Ascent Partners for their generous sponsorship. |
HKVCA 35th Annual General Meeting September 8, 2022 The HKVCA’s 35th Annual General Meeting was held on September 8, 2022. Rebecca Xu was re-elected Chairwoman, after which she delivered a report summarizing the HKVCA’s work over the course of the last year. We would like to extend our appreciation to the 24 members of the Board of Directors and to all our members who gave of their time to attend this important event. |
HKVCA China Private Equity Summit 2022 August 24, 2022 The China Private Equity Summit, one of the HKVCA’s major flagship events, was held for the 21st consecutive year on August 24, 2022. Long recognized as the China PE industry’s leading practitioners’ conference, this year’s sessions were held in a hybrid format and were attended by participants both in-person and online virtually. The result was significantly greater engagement from across the region and around the world, with more than 800 venture capital and private equity practitioners, leading corporates, and other industry professionals attending the event. Among the distinguished guests were the Hon. Christopher Hui, Secretary for Financial Services and the Treasury of the Hong Kong SAR government; Nicolas Aguzin, the CEO of HKEX; and Yi He, Co-Founder & CMO of Binance. Held at the Hong Kong Convention and Exhibition Centre, the theme of the discussion this year highlighted the many opportunities that continue to be present in the market in China, including in such sectors as fintech, consumer products and services, deeptech and climatetech. Current sentiment among LPs and family offices was also a focus, as were the challenge of SPACs listings; the latest developments in the PE secondaries market; RMB funds and government guidance funds; and the advantages to be found in Hong Kong spurred by a number of new private equity-related policies. The recognition that it has been more than two years since the initial outbreak of COVID-19, and that the virus continues to have significant impact on business and economies, underlay much of the discussion. Similarly, the move by many corporates in China to embrace stricter governmental oversight and acknowledge that the “reckless” tech era is over, means there continues to be a consensus of uncertainty as to how all these factors will impact the Chinese economy, not to mention ongoing global political and economic instability, supply chain disruptions and increasing inflation around the world. We would like to thank our extremely knowledgeable participants and audience of attendees who joined us from locations around the world. Thank you also to our PRC Committee, co-chaired by Conrad Tsang and Jacob Chiu, and to the other committee members. Finally, the HKVCA would like to express our sincere thanks to our valuable sponsors, whose contributions and continued support made the event not only possible but also an unprecedented success. |
Webinar: Climate change and Asia private equity – iCI Asia launch July 21, 2022 Jie Gong, a Partner at Pantheon, hosted an HKVCA webinar to announce the official launch of Initiative Climate International (iCI) Asia. Held on July 19, 2022, more than 70 people attended the online introductory seminar. Other speakers included fellow iCI members Eimear Palmer, a partner at Pantheon; James Bone and Kathy Yang, partners at ERM; Natasha Buckley, Head of ESG from HarbourVest; and Sonali Siriwardena, a partner at international law firm Simmons & Simmons. The speakers introduced the iCI initiative as well as a description of its member base, committee structure, and the initiative’s mission. Since it’s establishment in 2015, over 100 private equity firms have joined the network globally. With the support of a broad group of private equity-related associations, including BVCA, France Invest, ILPA as well as the HKVCA, the group hopes their members will follow their guidance to better understand and manage risks associated with climate change. The HKVCA is grateful to Jie Gong for hosting the event, and extends its thanks to all the speakers and participants. |
Webinar: Data customization and what’s driving asset managers and owners into private markets July 19, 2022 Wendy Cheng, APAC Head of Private Equity Services for Alternative Investment Solutions from State Street, hosted an HKVCA webinar addressing the importance of driving operational alpha by leveraging both structured and unstructured investment data on private equity and venture capital. Held on July 19, 2022, more than 110 people registered for the event. Joined by fellow State Street colleagues Cora Tang, APAC Head of Product for Alternatives; Haresh Patel, CEO from Mercatus, an affiliate of State Street; as well as Kenneth Leong, CFO & COO of independent funds of fund manager Axiom Asia Private Capital, the speakers discussed recent trends around data requirements for LPs as well as how such requirements have changed over time. The HKVCA extends its thanks to State Street for sponsoring the event, and to all the speakers and participants. |
Webinar: Democratization of private equity June 28, 2022 Gaurav Nayak, Sales Director at Datasite, hosted an HKVCA webinar on June 28, 2022, discussing the growing democratization in private equity. The event attracted around 100 participants who attended online. After noting the emergence of retail investors who are increasingly accessing PE transactions and products, and offering an overview of the latest industry trends, Nayak was joined by Myron Zhu, Head of Private Market Asia at Manulife; Pamela Fung, Executive Director at Morgan Stanley Alternative Investment Partners; and Seung-Ki Jeong, Manager at DGB Life. The speakers addressed three specific issues: i) the emergence of job positions at Tier 1 PE firms that are focused on private wealth; ii) whether this will lead in turn to more IPOs/M&A down the line; and iii) the impact of tokenization on private markets. They also all agreed that technology will continue to act as a catalyst increasing access to PE. The HKVCA thanks Datasite for its sponsorship. Thanks also to the speakers and to all who attended the event. |
Webinar: Private Equity and Impact Investing June 23, 2022 Impact investing was the subject of a recent HKVCA webinar held on June 23, 2022. With close to 100 people in attendance, active participation was encouraged with many attendees involved in the virtual discussion by submitting questions and comments for the speakers. KO Chia, Co-Chair of HKVCA Education & Research, acted as host and he was joined by Leonie Kelly, Director and Global Head of Sustainable Investment Consulting from Ogier. After offering a brief overview of impact investing, such as the definition of impact investing, discussion turned to developments since the 2009 Rockefeller Foundation report, including the size of market and the key players in the private equity space. Also discussed were the so-called three pillars of successful impact investment, namely intentionality, contribution and measurement. The HKVCA extends its sincere thanks to Ogier for their generous sponsorship, and to KO Chia as well as Leonie Kelly for their participation. |
Webinar: Fund finance 2.0 – NAV financing (for HKSFC) June 16, 2022 The HKVCA held a training webinar for staff of the Securities and Futures Commission to address the latest issues involved in NAV financing. Held on June 16, 2022, Danielle Roman, a partner at offshore law firm Mourant, acted as moderator of the discussion. She was joined by Doos Choi, a partner at law firm Mayer Brown; and Emma Wang, Managing Partner & Head of Private Credit at TR Capital. The content of the discussion was similar to that of an earlier webinar held by the HKVCA on April 20, 2022. The speakers offered their perspectives on fund financing, documentation, due diligence and other considerations when applying for NAV financing. The Association extends its appreciation to Mayer Brown, Mourant and TR Capital for sharing their expertise on the topic once again. The HKVCA looks forward to continuing to provide a broad diversity of training to government departments in Hong Kong and abroad. |
Webinar: Ethics, Compliance and Corporate Culture June 14, 2022 The HKVCA held a webinar on June 14, 2022, discussing the regulatory expectations around “ethics” and “culture”. The Association invited Clifford Chance Funds & Investment Management Group partners Mark Shipman, who is also Vice Chairman of the HKVCA’s Technical Committee, and Viola Lui to speak at the event. They were joined by their colleague Benjamin Lohr, a consultant with the Group. The speakers had designed five different scenarios around which their presentations were based, prompting an active discussion among the participants. More than 130 people registered for the event. The HKVCA extends its sincere thanks to all of the participants, and in particular to our speakers and Clifford Chance’s for their participation. |
HKVCA Private Equity Fundamentals Virtual Training Series 2022 The HKVCA Private Equity Fundamentals Virtual Training Series 2022 was again held virtually this year. Unlike the past years, this year’s training series was held in April and May. The program was restructured and condensed from eight modules to six, with a session on crisis management addressing the post-pandemic world. In addition, each module was sprinkled with some case studies for better and easier understanding by the attendees. The first session, held on April 28th, dealt with private equity basics and VC investment. Modules covering investment decisions; valuation & tax issues; and transaction documentation were completed on May 5th, 12th and 17th respectively. Of course, there was a module on ESG, portfolio management & exit strategies held on 26th. The final module, a session dedicated to fundraising, was held on 31st. We were extremely pleased this year to have had more than 200 delegates attend the training series. The HKVCA extends its sincere thanks to the following amazing group of industry experts who were this year’s course instructors: - Michael Prahl, Partner, ACE Equity Partners
- Queenie Ho, Partner, Affinity Equity Partners
- Matthew Puhar, Partner, Akin Gump Strauss Hauer & Feld
- Naomi Moore, Partner, Akin Gump Strauss Hauer & Feld
- Wendy Zhu, Managing Director, AlpInvest Partners
- Haide Lui, Head of Investor Relations, Ascendent Capital Partners
- Andrew Crook, Head of Corporate APAC,Clifford Chance
- Bryan Koo, Partner of Corporate M&A & Private Equity Practice, Clifford Chance
- Alvin Lam, Principal, CVC Capital Partners
- Patrick Yip, Vice Chair, Deloitte China
- Yvonne Yip, Senior Manager, International and M&A Tax Services, Deloitte China
- Alice Chan, Director, Valuation, Modelling and Economics Strategy and Transactions, Ernst & Young
- Brian Lee, General Counsel, FountainVest
- Michael Chan, Head of InternationalIssuer Services, HKEX
- KO Chia, President, HKVCA
- Sandy Fung, Partner, KPMG
- Kasheen Grewal, Director, Deal Advisory & M&A Tax, KPMG
- Ivan Chan, Executive Director, Morgan Stanley
- Marcia Ellis, Global Chair, Private Equity Group, Morrison Foerster
- Yilong Luo, Associate, Hong Kong, Morrison Foerster
- Mounir Guen, Chief Executive Officer, MVision Private Equity Advisers
- Min Lin, Partner(Hong Kong), NewQuest Capital Partners
- Gordon Yen, Founding Managing Partner, Radiant Tech Ventures
- Lorna Chen, Asia Regional Managing Partner & Head of Greater China, Shearman & Sterling
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Webinar: Overview and practice of SPACs in Hong Kong May 23, 2022 The HKVCA hosted a webinar on May 23, 2022, providing an overview of the use and practice of SPACs in Hong Kong. Delivered by a team of experts from Deloitte China, the discussion began with a presentation by Johnny Chu, a partner and member of the Capital Market Service Group at the firm, outlining details of the Hong Kong market. Fran Hung and Sally Yin, Partners in the firm’s Audit & Assurance, then tackled issues that need to be considered when it comes to financial reporting, sharing a case study of a completed de-SPAC transaction in the US. Finally, Conrad Chan, Leader of Venture Capital & Private Equity, spoke on the differing perspectives of investors and targets. The webinar proved highly popular with close to 180 people registering to attend. The HKVCA is grateful to Deloitte for sponsoring the event, and to the speakers and participants who made it possible. |
Webinar: A Hitchhiker's Guide to Digital Assets May 19, 2022 With more and more private equity and venture capital investment allocated to digital assets, the HKVCA hosted a webinar on May 19, 2022, with Ascent Partners that provided a comprehensive guide to the asset class. Andrew Wright, a senior advisor at the firm, was joined by his colleague Felix Wong (Principal). After an introduction to the different types of digital assets and their application, the speakers opened-up about the many pitfalls, and indeed many opportunities, to be found in digital assets and shared their own views on investing in this evolving market. More than 80 people participated in the event, which included an interactive Q&A session between attendees and speakers. We extend our thanks to the speakers and to Ascent Partners for their generous sponsorship. |
Webinar: How to be your own best ambassador using effective communication April 26, 2022 On April 26, 2022, the HKVCA Diversity and Inclusion Committee hosted a webinar titled “How to be your own best ambassador using effective communication”. Five senior women practitioners in the PE and VC industry shared their experiences and expertise on topics around effective communication. The speakers offered a number of scenarios to illustrate the most effective approach in particular circumstances, including, for example, the importance of leaning forward and/or raising a hand as a signal to speak. More than 50 people participated in the well-attended event, which included an interactive Q&A session between attendees and speakers. |
Webinar: Fund finance 2.0 – NAV financing April 20, 2022 Danielle Roman, Partner at offshore law firm Mourant, acted as moderator for an HKVCA panel discussion on the opportunity for NAV financing in private equity. She was joined by Doos Choi, Partner at law firm Mayer Brown; and Emma Wang, Managing Partner & Head of Private Credit at TR Capital. Held on April 20, 2022, more than 120 people registered to attend the virtual event. The speakers gave a brief overview of NAV financing and identified the benefits for funds, LPs and sponsors. The also detailed the documentation, due diligence and other considerations when applying for NAV financing. The HKVCA is grateful Mayer Brown, Mourant and TR Capital for sponsoring the event, and to the speakers and participants who made it possible. |
Webinar: Proposed tax concession for family-owned investment holding vehicles (FIHV) April 12, 2022 Harvey Coe, Partner, Ernst & Young Transactions Limited, Head of Greater China Mergers & Acquisitions, Real Estate, Hong Kong Family Enterprise Leader, moderated an online panel discussion on the proposed tax concession for family-owned investment holding vehicles in Hong Kong on April 12, 2022. Joining him were speakers Danny Lee, Senior Advisor at Blue Pool Capital, and Karina Wong, Tax Partner at Ernst & Young. The speakers discussed the key features of the proposed tax concession and offered their own insights into the development and increasing importance of family offices in Asia. They noted that the proposed tax concession is focused on attracting single family-owned offices to open in Hong Kong. The importance of the topic was highlighted by the fact that close to 100 family office professionals and services providers registered for the event. We extend our thanks to Danny Lee, Chairman of the HKVCA’s Family Office Committee, and to Harvey Coe and Ernst & Young, whose sponsorship made the event possible. |
Webinar: U.S. SEC proposal targeting private fund advisers a potential game changer March 31, 2022 Lorna Chen, Asia Regional Managing Partner and Head of Greater China at international law firm Shearman & Sterling, and Anil Motwani, Counsel at the firm, hosted an HKVCA webinar on March 31, 2022. The topic of the event were the new proposed SEC rules in the U.S. aimed at private fund advisers. Close to 100 attendees joined the webinar and participated in the discussion online. The speakers offered a snapshot of the proposed rules, including required practices, prohibited conduct, and a timeline for their adoption. They also drew attention to the fact that the SEC has proposed amendments to Form PF, the reporting form used by larger SEC-registered advisers. The HKVCA thanks Shearman & Sterling for its sponsorship. Thanks also to the speakers and to all who attended the event. |
Asia Venture Capital Forum 2022 March 11, 2022 The HKVCA’s Asia Venture Capital Forum (AVCF) was held on Friday, March 11, 2022. This was the third year in a row that the event was held largely in a virtual format. Despite the restrictions, we were very pleased to have had more than 500 people, including both PE and VC practitioners, register for the event from locations around the world. The Forum addressed a list of topical venture investing topics, as well as opportunities and issues encountered by investors. A panel of LPs discussed their views on the current investment environment, while corporate VCs shared how to identify synergies in portfolios. Other topics included the latest trends in digital assets, especially NFTs; biotech investing; and finally, speakers offered a deep dive into the many different paths taken by women founders. We were especially honored that the Japan Venture Capital Association (JVCA), and its esteemed Chairman Shinzo Nakano along with other board members, joined us as sponsors of a very special panel on Japanese venture capital. Among the many issues discussed by the panel was the current favorable investment outlook existing in Japan. We are very grateful to Cyberport and the Hong Kong Science and Technology Park for once again joining us as co-hosts of this important annual event. We would also like to thank our sponsors, specifically Citi and KPMG, our Platinum Sponsors; Arbor Ventures and Globalization Partners, our Venture Sponsors; and the JVCA, our Japan Panel Sponsor. The continued loyalty of our sponsors is what has made this Forum possible. Of course, our thanks to all the speakers and attendees for their participation. We are also grateful for the patience and understanding of the participants for any technical glitches they may have experienced, and thank everyone for joining us this year for what proved be a successful event. |
Asia Private Equity Forum 2022 January 12, 2022 The Hong Kong Venture Capital and Private Equity Association (HKVCA)’s 12th Asia Private Equity Forum (APEF) was held virtually on January 12, 2022. As the region’s premier private equity forum, the annual event featured an exceptional line-up of expert speakers and panelists. This year, more than 60 general partners, limited partners and industry professionals came together, addressing the latest trends driving the growing and increasingly robust private markets in Asia. The event drew close to 900 delegates, most of whom are senior management and C-suite executives that have been actively participating in the dynamic investment markets across all sectors, stages and geographies in Asia. Following a record year of deal-making, the private equity and venture capital markets are set to enter into 2022 with ever-growing dry powder and faster fundraising cycles. APEF 2022 brought together a multi-disciplinary group of investment professionals, government representatives and industry peers to discuss the latest developments of the industry in Asia, especially in China, Japan, Korea, India, South East Asia and Australia. Panelists talked about the opportunities and challenges in the new year as well as issues around family offices, real estate, venture capital, sector-focused funds and regulation. They also addressed the growing importance of ESG, diversity and inclusion, and career advancement in the industry. Distinguished guests at this annual event included the Financial Secretary of the Hong Kong SAR, Paul Mo-Po Chan, GBM, GBS, MH, JP; Chairman of Asia Pacific and Head of Real Estate Asia of Blackstone, Christopher Heady; Managing Director & Head of Asia Private Equity of Neuberger Berman, Kent Chen; Managing Partner of TPG Capital Asia, Ganen Sarvananthan; and Founder, Chairman and CEO of NIO, William Li. During the event, panellists expressed optimism about the Asia market in 2022 despite pandemic-induced challenges and uncertainties in the dynamic market. The past two years have led investors to rethink their strategy and review their portfolio to navigate through the changing economic and political landscape. Moving ahead, GPs believe markets such as India and Japan are at the inflection point for new, critical opportunities in the next couple years. At the same time, technology innovation and digital transformation continue to drive value creation opportunities. Mostly importantly, ESG remains top of mind of the speakers, panelists and delegates, as investors look to up their game and deliver tangible value. The encouraging feedback from participants again proves that even amid the pandemic, APEF remains an indispensable platform for investment professionals, government representatives and industry peers to meet and discuss the latest trends and issues in the region. HKVCA would like to thank all attendees, including many who joined from different time zones. Our most sincere appreciation extends also to our generous sponsors, whose substantial contributions and support made this year’s event possible. We look forward to seeing all of you again at APEF next year. |