 | | Hong Kong Venture Capital and Private Equity Association | | | HKVCA Private Equity Fundamentals Virtual Training Series 2020 | |  | The HKVCA’s Private Equity Fundamentals Course is held each year, largely for the benefit of young professionals working in the industry as well as for those professionals who are seeking to refresh their skill set. In light of the COVID-19 pandemic, however, the HKVCA took the decision this year to deliver the course virtually. The Private Equity Fundamentals Virtual Training Series featured a special, re-structured syllabus. Made up of five modules, each session was presented by leading industry specialists and experts.
The first two sessions of the virtual series were held on October 6th and 8th and dealt with private equity basics and investment decisions. The third module, which covered tax issues, was held on October 13th, a rather challenging circumstance given that the territory was under a typhoon number 8 signal. Modules covering transaction documentation and post-investment matters were completed on October 16th and 20th respectively.
We were extremely pleased this year to have had more than 200 delegates attend the virtual series. The HKVCA extends its most sincere thanks to an amazing group of industry experts who were this year’s course instructors, namely: - Matthew Puhar, Partner, Akin Gump Strauss Hauer & Feld
- Naomi Moore, Partner, Akin Gump Strauss Hauer & Feld
- Wendy Zhu, Managing Director, AlpInvest Partners
- Michael Prahl, Partner, Asia-IO Advisors
- Hao Zhou, Partner, Bain & Co.
- Andrew Whan, Head of Asia-Pacific Corporate Practice & Co-Head of Private Equity Practice, Clifford Chance
- Bryan Koo, Partner of Corporate M&A & Private Equity Practice, Clifford Chance
- Patrick Yip, Vice Chair, Deloitte China
- William Lee, Director, International Tax and M&A Tax Services, Deloitte China
- Yvonne Yip, Senior Manager, International and M&A Tax Services, Deloitte China
- Yvonne Dunn, Executive Director, Ernst & Young
- K. O. Chia, Director, Grace Financial
- John Levack, Vice Chairman, HKVCA
- Rocky Lee, International Partner, King & Wood Mallesons
- Kasheen Grewal, Director, Deal Advisory & M&A Tax, KPMG Tax Services, KPMG
- Sandy Fung, Partner, Alternative Investments, Tax, Hong Kong, KPMG China
- Ivan Chan, Executive Director, Morgan Stanley
- Marcia Ellis, Partner, Morrison & Foerster
- Min Lin, Founding Partner, NewQuest Capital Partners
- Kallan Resnick, Managing Director, Park Hill Group
- Lorna Chen, Asia Regional Managing Partner & Head of Greater China, Shearman & Sterling
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| | Financial Industry Recruitment Scheme for Tomorrow (FIRST) | |  | The Hong Kong government is introducing a job creation scheme designed for the financial services sector. It is intended to be available to private equity firms' Hong Kong operations, but importantly only SFC-licensed firms will be eligible at present.
The FIRST scheme provides a government subsidy of HK$10,000 per month for up to a year for new hires in eligible firms. Effort has been made to make the scheme easy and simple to operate. We advise that licensed firms interested in the scheme study this presentation to determine whether they are eligible to participate. |
| | | | The event will be held virtually on October 22, 2020 (Thursday). | | Limited Registrations Available |  | | Integrating ESG in the private equity secondary market | | Sponsored by |  | | Discussion topics: - How has ESG developed in the secondaries market?
- Integrating ESG into the investment process and influencing portfolio companies.
- The next big challenges - climate change and diversity:
- LP views on climate change/carbon neutrality.
- LP consensus on ESG.
- How has COVID-19 affected the priorities of LPs?
- How are firms improving diversity? | | Speakers: |  | William Yea
Principal
Coller Capital |  | Eric Poon
Managing Director
All-Stars Investment Limited |  | | | Date: | October 22, 2020 (Thursday) | | Time: | 11:00 - 12:00 (Hong Kong Time) | | Format: | Zoom Webinar* - link will be provided upon successful registration# | | Fee: | HKVCA Members
1 free pass per company
additional passes: HK$200 per person
Non-Members
HK$300 per person | | CPT: | 1 point | | *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. | | Registration deadline: October 21, 2020 |   |
| | Limited Registrations Available | | The next chapter in Chinese PE:
how do you create competitive advantage in the new landscape? | | Sponsored by |  | | | It is becoming increasingly important for funds to develop a differentiated value proposition in Greater China. How do GPs do this and how do they add value to companies, outperform the market, and become institutions that can reliably produce results? Join us for this very special webinar event which will examine the path to creating a competitive advantage in Chinese private equity. | | Speakers: |  | Ivo Naumann,
Partner, Private Equity,
McKinsey & Company
(Shanghai) |  | Wouter Baan,
Associate Principal,
Private Equity,
McKinsey & Company
(HongKong) |  | John Levack
Vice Chairman,
HKVCA | | | | Date: | October 29, 2020 (Thursday) | | Time: | 10:00 - 11:00 (Hong Kong Time) | | Format: | Zoom Webinar* - link will be provided upon successful registration# | | Fee: | HKVCA Member
1 free pass per company
additional passes: HK$200 per person
Non-Member
HK$300 per person | | CPT: | 1 point | | | *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. | | Registration deadline: October 28, 2020 | | |
| | Limited Registrations Available | | | GBA opportunities for private equity | | Supported by |  |  | | | The Greater Bay Area (GBA) includes some of the most innovative and technologically advanced regions in China and offers private equity investors unique and valuable opportunities across a broad range of sectors and industries. Join the HKVCA and supporting organization the Hong Kong Trade Development Council (HKTDC) for this special webinar event. Among the topics that will be discussed by keynoters and an expert panel will be the opportunities and challenges facing investors; the registration-based IPO system in China; and the growth in development of world leading technology, products and services in the GBA. | | Speakers: |  | Tony Zhang
Co-Chief Investment Officer,
Technology & Innovation,
China Resources Capital |  | Ringo Choi
Managing Partner,
China South & Asia-Pacific
IPO Leader,
EY |  | Nicholas Kwan
Director of Research,
Hong Kong Trade
Development Council |  | Conrad Tsang
Founder & Chairman,
Strategic Year Holdings Limited |  | Min Lin
Founding Partner,
NewQuest Capital Partners |  | Michael Chow
Managing Partner,
Radiant Tech Ventures | | | | | | Date: | November 3, 2020 (Tuesday) | | Time: | 10:30 - 12:00 (Hong Kong Time) | | Rundown: | 10:30 - 10:35 Opening Remarks
10:35 - 10:50 Keynote
10:50 - 11:10 Keynote
11:10 - 12:00 Panel Discussion | | Format: | Zoom Webinar* - link will be provided upon successful registration# | | Fee: | HKVCA Member
1 free pass per company
additional passes: HK$200 per person
Non-Member
HK$300 per person | | CPT: | 1 point | | *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. | | Registration deadline: November 2, 2020 | | |
| | Limited Registrations Available | | | Fund financing solutions: recent market trends and insights | In recent years fund managers have increasingly been using fund-level financing solutions as a tool
for optimizing fund performance and increasing investment capacity. The fund financing market of
today extends well beyond traditional subscription facilities and can be utilized by funds for a broad
range of applications across their full lifecycle.
Join this HKVCA webinar featuring panelists who will share their experience in the fund financing
market and discuss a broad variety of topics including: - Financing options available to funds, including NAV facilities, preferred equity instruments and hybrid solutions.
- Advantages of fund financing solutions and commonly seen uses of proceeds.
- Overview of key players active in the market, including banks and private funds, and key differences in their respective approaches.
- Structuring considerations in implementing fund financing transactions.
| | Speakers: |  | Joe Ma
Vice President,
AlpInvest Partners |  | Vjerana Burleigh
Principal,
AlpInvest Partners |  | Stefan Singer
Executive Director,
J.P. Morgan | | | | Date: | November 5, 2020 (Thursday) | | Time: | 16:00 - 17:00 (Hong Kong Time) | | Format: | Zoom Webinar* - link will be provided upon successful registration# | | Fee: | HKVCA Member
1 free pass per company
additional passes: HK$200 per person
Non-Member
HK$300 per person | | CPT: | 1 point | | | *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. | | Registration deadline: November 4, 2020 | | |
| | Limited Registrations Available | | Delivering returns for private equity:
Improving performance and supporting growth in challenging times | | Sponsored by |  |  | | Recent times have seen an increasing emphasis on how funds can improve the performance of their portfolio companies. This upcoming HKVCA webinar will feature a noted panel of experts who will discuss practical, operational, and legal strategies that can be introduced to portfolio companies so as to improve performance while also identifying and managing offshore legal risk.
Among the important topics that will be discussed are: - How to identify and investigate possible financial irregularities.
- Advice on how to manage companies and better recognize and handle threats that may arise when parties are operating in a remote working environment.
- How private equity firms can step up when the situation arises so as to quickly adopt turnaround and reorganization strategies, both contentious and non-contentious.
| | Speakers: |  | Olly Stratton
Managing Director
of Performance
Improvement,
Alvarez & Marsal |  | Keith Williamson
Managing Director &
Head of Disputes and
Investigations Asia,
Alvarez & Marsal |  | Eddie Middleton
Managing Director of
Restructuring &
Insolvency,
Alvarez & Marsal |  | Paul Christopher
Managing Partner,
Mourant Ozannes |  | Justine Lau
Partner,
Mourant Ozannes | | | | Date: | November 10, 2020 (Tuesday) | | Time: | 11:00 - 12:00 (Hong Kong Time) | | Format: | Zoom Webinar* - link will be provided upon successful registration# | | Fee: | HKVCA Member
1 free pass per company
additional passes: HK$200 per person
Non-Member
HK$300 per person | | CPT/CPD: | 1 point | | *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. | | Registration deadline: November 9, 2020 | | |
| | Limited Registrations Available | | | | | Sponsored by |  | | Discussion topics will include: - Hong Kong’s limited partnership fund regime: was it worth the wait?
- Luxembourg: a gateway to European investors?
- The Cayman Islands and other alternatives
| | Speakers: |  | Gavin Anderson
Partner,
Debevoise & Plimpton |  | Christopher Dortschy
Partner,
Debevoise & Plimpton |  | Jin-Hyuk Jang
International Counsel,
Debevoise & Plimpton |  | Patricia Volhard
Partner,
Debevoise & Plimpton | | | | | | Date: | November 17, 2020 (Tuesday) | | Time: | 16:00 - 17:00 (Hong Kong Time) | | Format: | Zoom Webinar* - link will be provided upon successful registration# | | Fee: | HKVCA Member
1 free pass per company
additional passes: HK$200 per person
Non-Member
HK$300 per person | | CPT: | 1 point | | *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. | | Registration deadline: November 16, 2020 | | |
|  | | Asia Private Equity Forum 2021 (Virtual Conference) | | 6 CPT points can be claimed after attending the full-day event. | | Date: | January 20, 2021 (Wednesday) | | Time: | 8:45 - 16:50 | | Format: | Online Forum | | Fee: | HKVCA MEMBERS with membership 2021 renewed
One free pass per company
Additional pass per person: HK$2,700
NON-MEMBERS
Non-members: HK$3,800 per person
Group Discount: Register in a group of 3 or more from the same company and enjoy a 15% discount. | | CPT: | 6 points | | Free LP Passes
We have a limited number of free passes for pension funds, fund of funds, endowments, foundations, family offices, DFIs and sovereign wealth funds (subject to verification and a maximum of one pass per company).
If you would like to apply, please email to hkvca@hkvca.com.hk. | | |  |
| | |  | Over the course of this year we have continued to inform our members about changes made to the HKVCA’s logo, specifically, the addition of the byline “The Association for Private Capital in Asia”, which we believe reflects the way our industry has continued to innovate and develop. At the same time, however, we recognize the importance of our position as the Hong Kong Venture Capital and Private Equity Association. Accordingly, our logo will continue to reflect both our formal name as well as the byline representing the diversity of our members.
Our members today represent far more diverse types of asset classes than was true at the Association’s founding, and include private credit, real estate and illiquid private markets. Likewise, our membership is more diverse - in addition to our GP members, for example, we also have private capital investors from family offices, pension funds, endowments and insurance who invest in markets throughout Asia Pacific. Hence, the adoption of our new tagline was done in the sincere belief that it far more accurately reflects the nature of our industry and the aspirations of our membership. We hope all of our members are excited about this new change to our organizational identity. |
| | HKVCA Official WeChat Account | | | |
| | | Asian Financial Forum Webinar Series: Family Office and the Post-Pandemic Economy
29 October, 2020 PolyU-FoE(HK) Green Finance Connect Forum –ESG Implementation in HK
2 November, 2020 Cyberport Venture Capital Forum (CVCF)
3 - 4 November, 2020
Hong Kong FinTech Week 2020
2 - 6 November, 2020
Discount code (10% off) for HKVCA members: HKVCA10 EdVentures Global Business Acceleration Fellowship
3 - 7 November, 2020
AVCJ Private Equity & Venture Forum
17 - 19 November, 2020
SmartHK Chengdu
25 - 26 November, 2020 Belt and Road Summit
30 November, 2020
SuperReturn Growth Markets Virtual
30 November - 3 December, 2020 2020 ZVCA Sino-foreign Capital Cooperation Summit
3 December, 2020 Business of IP Asia Forum
3 -4 December, 2020
EY Entrepreneur Of The Year 2020 China
29 July - December, 2020 | | | | | New Members | | | | Corporate Full Members | | Moonfare Asia Limited | | Moonfare is a technology-enabled platform allowing individuals and their advisors to invest in top-tier private equity funds. Through our platform, our investors have deployed $500 million into 19 funds in the past two years. | | | | S28 Capital | | Spectrum 28 Capital is an early-stage venture capital firm based in San Francisco, with $170 million under management. The firm’s core specialization is investing in and building companies around Enterprise SaaS and Cloud Infrastructure. The firm is run by a team of investors, entrepreneurs and startup operators who collectively have more than 40 years operating in the startup world. The team has helped build companies such as PagerDuty (NYSE: PD) and Playdom (acquired by Disney), and also invested in companies such as Zoom (NASDAQ: ZM), Palantir, PlanGrid, Coupang, and Noom. | | | | Corporate Associate Members | | Appleby | | Appleby is one of the world’s leading international law firms. Our global teams of legal specialists advise public and private companies, financial institutions and private individuals. We are a full service law firm providing comprehensive, expert advice and services across corporate, dispute resolution, property, regulatory and private client and trusts practice areas. | | | | Central Business Information Limited | | Incorporated in 1996, Central Business Information Limited (CBI) is a global business information company with operations in Hong Kong, China and 214 countries around the world offering a full range of services including due diligence, business credit reports, employment screening, asset search, business verification and site investigation for different business sectors and industries. CBI offers due diligence services for corporate, private equity firms and venture capital firms, IPO sponsors, law firms, consultancy firms and other professional service providers. With five established offices in Hong Kong, Beijing, Shanghai, Guangzhou and Xi’an and over 300 staff, CBI has built a strong client base that includes the world's largest CPA firms, law firms, investment institutions, commercial banks, listed companies and government authorities. | | | | Overseas Associate Member | | Kasikorn Vision Limited Company | | Kasikorn Vision Company Limited (KVision) is an investment holding company initiated under the mandate to source new value-enhancing capabilities for KASIKORNBANK Public Company Limited (KBank) and our respective clients. It is our mission to scout innovative firms and tech talent with flexible collaborative models including hiring, co-creating solutions, forming partnerships, offering subscription, forming joint ventures and making direct investments (M&A). | | |
| | | | Event Reports | | | Webinar - Leveraging big data and AI to feed your investment pipeline
October 15, 2020 |  | The HKVCA hosted another of its popular series of webinars on October 15, 2020. Association Vice Chairman Alain V Fontaine was the featured host, overseeing a discussion on how to leverage big data and AI to feed investment opportunities. Tanguy Lesselin, CEO of M&A and direct investment platform Finquest, shared his insights with the attendees on opportunities for digitized M&A, including during Covid-19, as well as the growing importance of private company deal origination and how that can be supported.
The HKVCA would like to thank Alain Fontaine for taking the time from his busy schedule to act as event host. Our thanks also to Finquest for sponsoring the event and to all of those who attended and participated by submitting questions for discussion. | | | Webinar - Safeguarding performance in a downturn: ‘the rise of operational value creation’
September 22, 2020 |  | The essential necessity of creating “alpha” returns for PE portfolios was the subject of a recent HKVCA webinar held on September 22, 2020. Hosted by Association Vice Chairman John Levack, close to 80 participants registered to hear speakers Josh Lewsey, a partner and practice leader for value creation and turnaround in Hong Kong at Ernst & Young; and Claudia Polli, Director Strategy and Transformation at Ernst & Young, discuss the opportunities for optimizing performance during the global pandemic. The speakers shared their latest findings that have emerged over recent months, identifying in particular the rising impact of digital across the whole value chain. They also identified the positive relationship between customer involvement and the average P/E of portfolio companies.
The HKVCA would like to thank both speakers as well as John Levack for making the event possible. Thanks also to all of those to attended this virtual event and contributed to the valuable discussion. | | | Webinar - Climate change and TCFD for private equity
September 8, 2020 |  | As part of the HKVCA’S webinar series on the latest developments in private equity and ESG, HKVCA Vice Chairman Jie Gong hosted an event looking at the issue of climate change and the Financial Stability Board’s Task Force on Climate-Related Financial Disclosures (TCFD). Held on September 8, 2020, she was joined by speakers Matthew Bell, Asia Pacific Leader, Climate Change & Sustainability Services at Ernst & Young; and Peter Dunbar, Private Equity, Senior Specialist at PRI who offered an overview of climate-related financial disclosure and advice on how the private equity industry can address the issue in a substantive way. They also discussed the importance of dealing with risk around climate change and identified companies at the forefront of developments in Asia.
More than 60 participants registered for the event and the HKVCA would like to extend its thanks to Jie Gong, our expert speakers and all those who attended and contributed to the lively debate. | | | Webinar - An overview of the latest global ESG trends
September 1, 2020 |  | With LPs increasingly demanding comprehensive ESG reports from GPs, the HKVCA was pleased to invite Therese Lennehag, Head of Sustainability at EQT, and Daniel Del Re and Helena Norrman, partners at Kekst CNC, to provide an overview on ESG criteria, standards and reporting across a variety of frameworks. The speakers addressed a number of questions often raised by LPs and discussed the impact that Covid-19 is having on ESG priorities. The speakers also identified a number of recent practical challenges to ESG implementation.
More than 80 participants registered for the event, which was hosted by HKVCA Vice Chairman John Levack. The Association would like to thank Kekst CNC, both for their participation as well as for their generous sponsorship. | | |
| | | | Industry News | | | | Alternative fund structures: Alternate universe | | October 14, 2020 | | (AVCJ by Justin Niessner) - Asian private equity appears to be on the cusp of a practical shift in terms of its widely adopted protocols for structuring investments. Unfortunately, the improvement may be more motivated by desperation than enlightenment... | | (link to the full article) | | | | Hong Kong closer to launching unprecedented HK$22.4 billion investment vehicle with appointment of top executives | | September 30, 2020 | | (SCMP by Denise Tsang) - Hong Kong moved closer on Wednesday to launching an unprecedented HK$22.4 billion (US$2.9 billion) investment vehicle with six non-officials appointed to helm the initiative... | | (link to the full article) | | | | FITURE raises $65m in Series A funding led by Tencent and C Ventures | | September 26, 2020 | | C Ventures is excited to announce our new investment in FITURE, a smart household fitness equipment brand, also a company in the Intelligent Home Gym, Personal Trainer, Social Element space. This series A funding is led by Tencent, C Ventures is the 2nd largest investor. Other investors include Cathay Capital, BA Capital, BAI, All - Star Investment. Fiture's existing investor Sequoia Capital also made a Follow-On investment, supporting Fiture with consumer resources... | | (link to the full article) | | | | Green Monday Holdings, Asia’s answer to Beyond Meat, raises $70 million from TPG, Swire Pacific | | September 22, 2020 | | (TechCrunch by Jonathan Shieber) - Green Monday Holdings, a manufacturer of plant-based pork substitute products and frozen meals and an operator of a chain of vegetarian-focused retail outlets and cafes, said it has raised $70 million in financing from investors, including TPG’s The Rise Fund and the massive conglomerate Swire Pacific... | | (link to the full article) | | | | More news in Industry News | |
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