Recent Events Report
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HKVCA Luncheon Talk - Fraud Risk in Asia
27 October 2014
The HKVCA hosted a luncheon talk discussing the importance of due diligence from the financial perspective and how effective due diligence can help mitigate risk. The luncheon, held at the Hong Kong Club, attracted 35 members and included a discussion of case studies illustrating the way financial statement fraud is often conducted in Asia. Practical tips for financial statement analysis were provided as were financial due diligence strategies for value creation. We would like to thank FTI Consulting for their sponsorship and contribution to this important topic.
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The HKVCA Private Equity Fundamentals Course 2014
30 October 2014
The final day of the HKVCA’s Private Equity Fundamentals Course 2014 was held on October 30th and included an in-depth discussion of case studies on Pacific Coffee and GE Equity Asia. Close to 45 participants attended and both case studies were conducted in a group discussion format that was very well received by the participants.
We would like to extend a special thank you to our speakers Oscar Chow from Chevalier Group, Roger King and Winnie Peng from HKUST, and Mark Chen and Siddharth Sharma from GE Equity.
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HKVCA’s 13th Wine Tasting Event
10 November, 2014
The HKVCA’s 13th Wine Tasting event proved to be another fantastic evening for wine lovers. Hosted by Marcus Thompson, the event was held at the Hong Kong Club on November 10, 2014. The special theme of the tasting was the amusing “Don't be mortified - Try Fortified!”.
Master of Wine, Debra Meiburg, took the attendees through a selection of bold vintages including the D'oliveira Verdelho 1966, D'oliveira Boal 1968, Delgado Zuleta Quo Vadis Amontillado NV, Lepanto PX Solera Gran Reserva NV, Taylors 20 year old Tawny and Fonseca, OWC, and the Porto 1985.
We would like to extend a special thanks to our sponsors, Clifford Chance and Alter Domus.
Industry News
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Primavera Collects $400m towards First Close
Wed, Nov 19, 2014
(PEI by Clare Burrows) - Primavera Capital, a China-focused private equity fund, has raised at least $400 million towards a rolling first close on its latest private equity fund, people familiar with the matter revealed to Private Equity International.
It is understood that the fund, which is targeting $1.5 billion to invest in China-focused businesses, will keep the initial closing open for investors, anticipating to raise between $400 and $500 million before year-end – possibly surpassing the $500 million mark. The fund has no specified hard cap.
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China's Sailing Capital backs Maldives Resort Developer
Mon, Nov 17, 2014
(AVCJ by Tim Burroughs) - Chinese private equity firm Sailing Capital has agreed to invest in luxury resort developer Soneva Group. It will support the expansion of a portfolio of properties in the Maldives.
The transaction size was not disclosed. The parties simply said Sailing would become "a significant investor" in Soneva, and that the deal represented the largest-ever Chinese private investment in the Maldives.
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Baring Asia Buys Japanese Drug Maker from Tokio Marine
Mon, Nov 17, 2014
(AVCJ by Tim Burroughs) - Baring Private Equity Asia has agreed to buy Japan-based Bushu Pharmaceuticals from Tokio Marine Capital at an enterprise valuation of JPY77.3 billion ($670 million).
According to AVCJ Research, Tokio Marine-managed TMCAP2005 - a JPY32.6 billion fund raised in 2005 - purchased Bushu from Shionogi & Co. for JPY8.56 billion (then $93 million) in 2010. Baring Asia's acquisition represents the largest healthcare M&A deal announced in Japan so far this year. It is also the largest secondary buyout in over two years, and the ninth-biggest on record.
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$1.1bn First Close for Macquarie’s Asia Fund
Fri, Nov 7, 2014
(PEI by Kalliope Gourntis) - Macquarie Infrastructure and Real Assets (MIRA), the alternative asset manager of Sydney-based Macquarie Group, has held a first close of $1.1 billion on its Macquarie Asia Infrastructure Fund (MAIF) within nine months since fundraising efforts began, a source told Infrastructure Investor on Thursday.
“With just this first close, MAIF is already the largest pan-Asian infra fund that has ever been raised,” the source said.
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Female Venture Capitalists Set Up Asian Tech Fund Arbor Ventures
Wed, Nov 5, 2014
(VentureWire by Sonja Cheung) - Two senior female partners from Asia's venture capital industry are giving their male peers a run for their money, having set up a new firm called Arbor Ventures.
Established by Melissa Guzy, previously a managing director of VantagePoint Asia, and Citi Ventures' former head of Asia Wei Hopeman, new manager Arbor Ventures secured a first close for a $125 million maiden fund on Wednesday.
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Orchid Asia Invests in Chinese Apparel Maker La Chapelle
Tue, Oct 14, 2014
(AVCJ by Winnie Liu) - Orchid Asia has taken a minority stake in Shanghai La Chapelle, a PE-backed ladies apparel manufacturer that listed in Hong Kong last month, for HK$122 million ($16 million).
According to a filing, Orchid Asia VI has acquired an additional 8 million shares in Shanghai La Chapelle at HK$15.20-15.15 apiece. Upon completion of the transaction, the private equity firm will see its stake in the manufacturer increase from 2.51% to 6.35%.
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Asia Property Deals Tipped for Record High
Mon, Oct 27, 2014
(AsianInvestor by Oliver Jones) - Property deal volume in Asia is set to hit an all-time high this year, said Graham Mackie, chairman of the investor advisory board of the Asian Association for Investors in Non-Listed Real Estate Vehicles (Anrev), but he did not provide a figure.
