2024

On April 23, 2024, the HKVCA hosted a Luncheon Talk focused on the intricate dynamics involved when investing in developed Asian markets during a time of global risk and uncertainty. Attended by over 50 members, expert Jessica Pyman, a partner at Control Risks, shared her expertise on navigating the complexities involved in navigating maturer markets. Highlighting the increasing shift by private equity into Asia’s developed regions, in particular Japan, South Korea, and Australia, she noted they are increasing in favor due to their mature financial systems, political stability, and consistent track record of sustainable returns. She also identified many of the more nuanced challenges and barriers that investors face, including issues related to market entry, partnership exploration, local stakeholder dynamics, regulatory changes, and the broader impacts of geopolitics, energy transitions, and supply chain diversification.

Participants were able to gain valuable insights into the more practical considerations required for assessing the risk profiles of various developed Asian locations and received strategic intelligence on sectors poised for future growth. The event was especially relevant to those investors considering expansion into these stable yet complex markets.

The HKVCA is extremely grateful to Jessica Pyman for sharing her expertise and to Control Risks for sponsoring this important event.

More than 60 participants joined the HKVCA on April 11, 2024, for a Luncheon Talk by Alpha Tsang of Ernst & Young and Peter Alleston of S&P Global Market Intelligence. The speakers discussed the complexities and current methodologies used in valuing private equity and early-stage companies. The session also included a fireside chat focusing on the risks and challenges in PEVC valuation. The HKVCA extends its thanks to the speakers and to S&P for sponsoring the event, providing an important contribution to the ongoing education of our members.

The HKVCA’s Diversity & Inclusion Committee hosted a wellness event on April 10, 2024, focused on helping participants find inner stillness through guided meditation with alchemy crystal bowls. Led by Amy Fong, MD, Strategic Initiatives and Sustainability at FountainVest, the session offered 14 participants a relaxing and mentally rejuvenating experience. Our thanks to Amy Fong for leading the session and to all participants for joining this unique event.

The HKVCA’s annual Asia Venture Capital Forum (AVCF) was held on April 8, 2024, marking a successful and significant return to large-scale in-person events after three years of virtual meetings due to the pandemic. Held the day after the  Hong Kong 7’s global sporting event, the Forum featured robust participation, attracting over 300 attendees, many of them key players in the venture capital community.

This year’s event explored a rich vein of topics crucial to the Asian venture capital landscape, with a focus on regions and sectors such as Southeast Asia, China, Hong Kong, biotech, fintech, and perspectives from limited partners. These discussions offered attendees a deep dive into current investment trends and opportunities across the most dynamic markets.

We were honored to collaborate once again with Cyberport and the Hong Kong Science and Technology Park, who joined with us to co-host the event. Their continued partnership underscores the Forum’s importance when it comes to fostering innovation and investment across the region’s technology and venture sectors.

KPMG graciously returned as our Platinum Sponsor, playing a pivotal role in the event’s success. We also extend our gratitude to InvestHK for sponsoring the luncheon, which served as an incredibly valuable networking opportunity for attendees. C Capital supported the forum as our Silver Sponsor, while Arbor Ventures continued their involvement as a Venture Sponsor.

However, the Forum was not just a platform for discussing market trends and investment opportunities – it was also a celebration of the venture community’s resilience and adaptability as we returned to face-to-face exchanges. This year’s event provided a much-needed space for direct engagement and networking, enhancing the value and impact of our lively discourse and discussion.

We sincerely thank each of our sponsors, co-hosts, speakers, and attendees for their contributions and enthusiasm. Their participation and support were crucial in making the HKVCA Asia Venture Capital Forum 2024 a landmark event. We look forward to continuing to build on these partnerships in the years to come.

Christian Lynaes and Clinton Pang from PwC were the featured speakers at the latest HKVCA Luncheon Talk held on March 26, 2024. The two shared their expertise on how to maximize returns through transformational value creation and ESG integration. The event, attended by close to 60 participants, offered invaluable insights into strategies to enhance value across the investment lifecycle. The HKVCA thanks PwC for its sponsorship and commitment to fostering industry knowledge.

The HKVCA hosted a webinar on March 21, 2024, with the four winners of the HKVCA ESG Award of Excellence 2023. The speakers shared insightful case studies from their award-winning entries and the session provided a valuable opportunity for the award winners to discuss in-depth the key ESG initiatives undertaken by their portfolio companies.

The speakers discussed the various challenges and learning gained from collaborating with portfolio companies to drive impactful ESG initiatives and demonstrate measurable results. Attendees were able to see best practices at work in terms of ESG integration and how to drive sustainable value creation.

We extend our congratulations again to the deserving 2023 ESG Award of Excellence winners: AirPower – PAG; EcoCeres – Bain Capital and Kerogen Capital; Elevarm – Insignia Ventures Partners; and FineToday – CVC Capital Partners.

The HKVCA was honored to have hosted a very exclusive Champagne tasting event on March 15, 2024, a distinguished gathering attended by 24 of our members. The evening featured the renowned Champagne Salon 2013, expertly presented by Grégoire Piochon, Ambassador of Salon and Delamotte. Participants had the unique and rare opportunity to savor this exceptional vintage together with the luxurious flavors of Plantin Kaviari Caviar. This very special event allowed the participants to connect with their professionals peers and fellow oenophiles. The HKVCA extends its heartfelt thanks to all participants for a most memorable evening.

The Hong Kong Club was the site of the HKVCA’s latest Members Breakfast Meeting on March 1, 2024. This always popular event stayed true to form with more than 60 of our members attending. The Association was also delighted to be able to welcome several new members, who had the opportunity to introduce themselves to their industry colleagues. The Breakfast Meeting continues to provide a rich opportunity for networking among HKVCA members and we thank everyone who joined us for this event.

The HKVCA played host to a lively networking event, the “Year of the Dragon Mix at 6”. Held on February 29, 2024, and sponsored by PCL Insurance, the popular social event provided a unique platform for close to 100 members to connect and engage with their industry peers in a relaxed and congenial setting.

The HKVCA extends its appreciation to all attendees for their participation and to PCL Insurance for its generous support and for helping make the event possible.

A recent HKVCA webinar examined the growing need for liquidity solutions among Asian general partners (GPs). The well-attended event, which was held on February 29, 2024, was sponsored by HSBC and had over 140 participants. Mathieu Rabiller, Managing Director, Head of Origination Credit Advisory, North Asia at HSBC Global Private Banking; and Doos Choi, Partner at Mayer Brown, led the discussions.

After delving into the reasons why Asian GPs might seek to monetize assets such as future management fees, carried interest, and co-investment interests, Rabiller and Choi examined the various structures that are commonly used for such transactions, highlighting the typical challenges faced by both borrowers and lenders. The event provided valuable insights into the evolving landscape of GP financing options in Asia.

The HKVCA extends its gratitude to Mathieu Rabiller and Doos Choi for sharing their expertise with the participants, and to HSBC for its generous sponsorship.

The Asia Private Equity Forum (APEF) 2024, organized by the Hong Kong Venture Capital and Private Equity Association (HKVCA), was a notable success. Close to 800 delegates, of which more than 65% were investors, attended the conference. The 14th annual edition of the Forum featured some 70 LPs, GPs and other industry professionals, including program leaders, speakers and sponsors. Leading industry practitioners addressed the latest trends driving private markets in Asia, particularly in China, Japan, Korea, India and Southeast Asia, and covered topics relevant to private equity, venture capital, real estate, private credit, investor sentiment and regulation.

Held at the Hong Kong Convention and Exhibition Centre, the event featured an array of distinguished guests, including: the Honourable Paul Mo-po Chan, GBM, GBS, MH, JP, Financial Secretary of the Hong Kong Special Administrative Region (HKSAR); Samson Wong, Chief Investment Officer (Private Markets), Hong Kong Monetary Authority; Ming Lu, Executive Chairman, Asia Pacific, KKR; Eric Mason, Managing Director, The Church Pension Fund; and Kent Chen, Managing Director, Neuberger Berman Asia.

Rebecca Xu, Chairwoman of the HKVCA, said: “As the HKVCA’s flagship conference and a key event during Hong Kong’s annual International Financial Week, we are delighted that APEF drew an impressive gathering of esteemed speakers and industry leaders to address the key issues, developments, and trends in private market investing in the region. APEF’s robust attendance demonstrated Asia’s enduring appeal as a prime destination for global investors, and underscored Hong Kong’s strategic preeminence as the gateway to the region’s abundant opportunities.”

The HKVCA was thrilled to host the 2024 Gala Dinner on January 25th at the Hong Kong Club. This highly anticipated event marked the return of this popular event after a three-year hiatus due to the pandemic.

The evening was generously sponsored by Debevoise & Plimpton LLP. Over 150 senior executives and industry leaders gathered to reconnect with fellow colleagues and peers in the private equity and venture capital community. The event provided an invaluable opportunity for networking and socializing following the challenges of the past few years.

A highlight of the evening was the HKVCA ESG Awards ceremony, where the following winners were recognized for their outstanding ESG initiatives:

• Bain Capital and Kerogen (EcoCeres)
• CVC Capital Partners (FineToday)
• Insignia Ventures Partners (Elevarm)
• PAG (AirPower)

Congratulations again to the deserving winners! We look forward to the next ESG Awards in 2025.