 | | Hong Kong Venture Capital and Private Equity Association | | | Hong Kong Budget 2020-2021 | | | HKVCA welcomes FC’s comments on the private equity industry in 2020 Budget Speech The HKVCA welcomes the Financial Secretary’s comments in the 2020 Budget regarding the private equity industry. Hong Kong is the largest cross-border center for private equity in Asia and continues to expand through the addition of China-centric and international firms.
H. Chin Chou, the Chairman of the HKVCA, commented, “we are pleased that the Hong Kong government is introducing a limited partnership fund structure, as this fits with global tax trends encouraging the combination of form and substance in legal domicile and which should see more private equity activities brought onshore in Hong Kong.”
”In addition, Hong Kong stands out as one of the few international financial centers that taxes carried interest as income and a review of this treatment will help make Hong Kong a more competitive base for private equity activities,” added John Levack, the Vice Chairman of the HKVCA. |
| | HKVCA Membership Renewal 2020 | |  | | Renew your 2020 membership now to continue enjoy the benefits
Made up of close to 460 local and international firms, our large and diverse membership includes a wide range of private equity and venture capital practitioners, as well as the top 9 of the 10 largest private equity firms in the world by capital. With the largest membership base of all comparable industry associations in Asia, the HKVCA is a powerful representative of, and advocate for, the private capital markets in Hong Kong, Greater China and the Asia-Pacific region. We operate as a strong lobby, working with the government and other entities to help shape the ways in which our industry operates and how it is regulated and taxed.
The HKVCA held more than 50 events in the past year, including high profile forums and summits drawing large numbers, as well as smaller, but certainly equally well-thought-out programs specially tailored to our members’ learning and development. We also hosted a number of very popular social events, from our annual Golf Day to our Annual Dinner. The Association is committed to working hard to provide our members with extensive opportunities, not only for networking and meeting friends both old and new, but also for sharing industry experience and information with peers and colleagues. |
| | | | The breakfast meeting will be rescheduled to May 8, 2020 (Friday). | | Limited Seats Available | Members Only Event |  | | | | Date: | February 21, 2020 (Friday) May 8, 2020 (Friday) | | Time: | 8:00 – 9:00 | | Venue: | Harcourt Suite, Hong Kong Club, 1 Jackson Road, Central, Hong Kong | | Fee: | Corporate Full Member: one free pass per company | | Other HKVCA Member/ Corporate Full Member (additional pass): HK$300 | | *Note, free pass no shows will be charged full price
*An additional charge may apply to accommodate special dietary requests. | | | |  | |
| | The AVCF will be rescheduled to July 6, 2020 (Monday). |  | | Asia Venture Capital Forum (AVCF) 2020 | | Date: | March 27, 2020 (Friday) July 6, 2020 (Monday) | | Time: | 11:30 – 12:15 Registration and light lunch
12:15 – 17:30 Forum | | Venue: | HKEX Connect Hall, 1/F, One and Two Exchange Square, Central, Hong Kong | | Fees: | Early bird rate (payment by May 7, 2020)
CORPORATE FULL MEMBER
One free pass per company
Additional pass per person: HK$580 HK$800
CORPORATE ASSOCIATE / OVERSEAS MEMBER
One pass per person: HK$580 HK$800
NON-MEMBER
One pass per person: HK$1,500 HK$1,800 | | CPT: | 4 points | |  |  |
| | The CPES will be rescheduled to August 28, 2020 (Friday). |  | | China Private Equity Summit 2020 | | Date: | May 29, 2020 (Friday) August 28, 2020 (Friday) | | Time: | 8:30 - 18:00 (followed by a cocktail reception) | | Venue: | Hong Kong Convention and Exhibition Centre (New Wing), 1 Expo Drive, Wan Chai, HK | | | 6.5 CPT points can be claimed after attending the full-day event. | The China Private Equity Summit is an HKVCA flagship event, attracting over 650 venture capital and private equity practitioners, leading corporates, and other industry professionals and participants from across the region. It is recognized throughout the industry as the preeminent, “must-attend” practitioners’ conference, and features in-depth discussions and information on the latest developments and trends in the private equity market in China.
The last twelve months have been one of the most turbulent periods in the history of China private equity. With the Chinese economy slowing as a result of the China-US trade dispute, amongst other factors, the investment and fundraising amounts in Chinese private equity have seen significant drops since their heyday. What actions should be taken by practitioners in these turbulent times? Is the slowdown merely temporary or is it structural?
Meanwhile, the outbreak of CoVID-19 brought the Chinese economy practically to a halt at the start of the year. While the country has worked to contain the virus, which industry sectors have continued to hold up well? Will there be a longer term social and economic impact, and if so, what are the particular implications for China’s private equity and venture capital market?
For those still deploying capital in China, are there a growing number of emerging strategies, such as buyouts, distressed, secondaries, sector-focused strategies, PIPEs, etc.?
In terms of geographic region, do investors see the Greater Bay Area (GBA) as the next growth area? Are media reports on the ease of access to the GBA accurate? |  | | Early bird rate (payment deadline: June 26, 2020) | | HKVCA Members | Corporate Full Members | One free pass per company
Additional pass: HK$3,500 HK$4,500 per person | | HKVCA Corporate Associate / Overseas Members | HK$3,500 HK$4,500 per person | | Non-members | Non-Member | HK$5,800 HK$7,000 per person | | LP firms (sovereign wealth funds, pension funds, endowments, foundations, family offices, DFIS and fund of funds) | One free pass per company
Additional pass: HK$5,800 HK$7,000 per person | | | Simultaneous interpretation will be provided in English and Mandarin in the main conference room. | | |  |
| Golf Day will be rescheduled to
November 3, 2020 at the Shek O Golf & Country Club. |  |  | | Date: | March 6, 2020 (Friday) November 3, 2020 (Tuesday) | | Time: | Registration and breakfast: 7:30 am
Shotgun start: 8:15 am
Lunch: 1:00 pm | | Venue: | The Hong Kong Golf Club (Fanling) The Shek O Golf & Country Club
Address: 15 Shek O Road, Shek O, Hong Kong | | Format: | Scramble | | Fees*: | Early bird rate (payment deadline: September 4, 2020)
Members: HK$2,600 HK$2,900
Non-members: HK$3,500 HK$3,800
* Fee inclusive of light breakfast and lunch | | Individual booking:
Team booking: |
| | |  | After many months of discussion and due deliberation among the HKVCA’s Board of Directors, we would like to announce that with effect from January 1, 2020 we have amended the byline - or tagline – that appears immediately underneath the HKVCA’s logo. Specifically, the words “Hong Kong Venture Capital and Private Equity Association” have changed to “The Association for Private Capital in Asia”. The HKVCA’s new tagline is a reflection of the innovative ways in which our industry has grown and changed over the last several years, changes that can also be seen in the composition of our membership.
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. |
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6 - 8 May, 2020 | | | | HKVCA Research Journal Issue 7: ESG in Private Equity Investing - A Refreshed View |  | | Download the journal here. | | |
| | HKVCA ESG Award of Excellence 2019 | | The HKVCA has produced a video on the 2019 ESG Award of Excellence. The video features interviews with the two winners, conducted by Jie Gong, head of the HKVCA’s ESG committee, in which the winning cases and the firms’ ESG journeys are discussed. | | | | ● HKVCA ESG Award of Excellence 2019 | | ● Interview with the winners | | |
| | | | New Members | | Corporate Full Member | | Eurazeo | | Eurazeo Group is a leading global investment company, with a diversified portfolio of €17.7 billion AUM, including nearly €11.6 billion from third parties, invested in over 300 companies. Beginning with an historical French and European base, it has now established footholds in Asia and America. | | | | Corporate Associate Member | | Circle Investment Support Services (HK) Pte Ltd. | | We are a global fund administrator delivering tailor-made services to investment funds. Your true partner to progress, we have close to 20 years of experience in fund administration, fund set-up and fund structuring. We offer services from the world’s major financial jurisdictions to a wide range of investment funds, special purpose vehicles, companies and foundations. Our offices are located in the Netherlands, Luxembourg, Switzerland, Hong Kong, Singapore, Slovakia, the United States, the Cayman Islands, the British Virgin Islands and Curaçao. This global footprint allows us to take advantage of different time zones and equally to tap into local knowledge. We offer a full range of fund administration, middle office, investor relation, reporting, corporate and legal services to hedge funds, fund of funds, real estate funds, private equity funds and mutual funds. For ancillary services, we work in close cooperation with banks, brokers, auditors, notaries, tax and legal experts. We understand the needs of our clients - asset managers, banks and family offices, based in Europe, North and South America and Asia, with funds based in onshore and offshore jurisdictions. In response, we offer our clients a one-stop shop solution, helping them focus solely on growing their businesses and achieving their strategic goals. Reliable, professional, personalized service is at the heart of what we do. | | | | Overseas Associate Member | | Xen Technologies Pte. Ltd. | | Xen is a next-generation investment platform offering access to exclusive opportunities in alternatives for a new community of investors who value accessibility, liquidity and transparency. Founded in 2018 and headquartered in Singapore, Xen’s visionary team of former investment bankers, traders and fintech veterans, are creating a smarter way to build wealth. | | |
| | | | Industry News | | | | Terry McGuire to receive outstanding service award at the 2020 Leadership Gala | | February 4, 2020 | | As a Founding Partner of Polaris Partners, Terry McGuire brings more than 35 years of successful early stage investing experience in medical and information technology companies. Terry has invested in more than 50 companies. He co-founded Inspire Pharmaceuticals, AIR, and MicroCHIPS. Companies Terry has supported have touched more than 60 million patients and saved over 400,000 lives... | | (link to the full article) | | | | Ares Management Corporation announces agreement to acquire majority interest in SSG Capital Holdings Limited | | January 21, 2020 | | (Press Release) - Ares Management Corporation (NYSE: ARES) (Ares) announced today that its subsidiary, Ares Holdings L.P., has entered into a definitive agreement to acquire a controlling interest in SSG Capital Holdings Limited and its operating subsidiaries (collectively, SSG), a leading Asian alternative asset management firm... | | (link to the full article) | | | | Baring Private Equity Asia Fund VII raises US$6.5 billion at hard cap | | January 21, 2020 | | (Press Release) - Baring Private Equity Asia confirms the final closing of its seventh private equity fund, The Baring Asia Private Equity Fund VII (“Fund VII” or the “Fund”). The Fund was raised in 2019 and closed at its hard cap, with total capital commitments of US$6.5 billion... | | (link to the full article) | | | | Innovation and Technology Venture Fund invites new round of applications from venture capital funds | | January 16, 2020 | | Press Release - The Innovation and Technology Commission today (January 16) invited a new round of applications from venture capital funds to become co-investment partners of the Innovation and Technology Venture Fund. Venture capital funds incorporated in Hong Kong or overseas are welcome to apply before the deadline of March 31... | | (link to the full article) | | | | More news in Industry News | |
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