| | | Renew membership now to ensure continued access to members' benefits |  | Dear Colleagues,
As we embark on the festive season, I would like to take this opportunity to remind you of the importance of renewing your firm’s membership in the Association for the upcoming year, 2018.
This past year has been a very memorable one for the HKVCA, with marked growth in our membership numbers as well as a substantial increase in the number of activities and events that the Association has held. Growth has been notable too in terms of the number of participants who attended HKVCA activities, especially our three major annual flagship events – the Asia Private Equity Forum, China Private Equity Summit and the Hong Kong Venture Capital Forum – which have each come to be regarded as among the leading professional conferences in the region. It is through these and other such events that the HKVCA continues to reach-out to all sectors, not only of our profession, but to those other industry professionals who share a common interest in ensuring the continued financial stability and success of Hong Kong and Greater China.
As we look forward to 2018, the HKVCA remains committed to providing our members with access to a full range and calendar of events, from large international conferences to smaller industry-relevant seminars. We will continue to offer – and indeed will be expanding – our formalized training programs, as well as the number of social events where our members can take full advantage of opportunities for networking with industry peers, government representatives and professional colleagues from other industry associations across the globe.
We sincerely appreciate your continued participation and involvement in the HKVCA and are pleased to be able to offer our members a special incentive for early renewal of their membership. Renewal letters, with accompanying invoices, have already been sent to all members and, accordingly, we invite you to promptly renew your membership, thereby ensuring the essential support that is needed for the work of our Association.
If you have any questions or enquiries, please do not hesitate to contact Joanne Yuen or Shire Xie at sxie@hkvca.com.hk. We look forward to seeing you at the Association’s events in the coming year.
Yours sincerely,
Eric Mason
Chairman, Hong Kong Venture Capital and Private Equity Association
Managing Director - Asia Investments, The Church Pension Fund | | | HKVCA ESG Award of Excellence 2017 | | 
| | HKVCA Christmas Cocktails 2017 | | | | On the evening of Thursday, 7th December, the HKVCA held its annual Christmas cocktail party at the always elegant China Club. As many as 90 people attended the event, drawn from all sectors of the private equity and venture capital community. The evening was a truly celebratory affair and was a wonderful way to kick off the festive season.
We were honored to have HKVCA Vice Chair Rebecca Xu, from Asia Alternatives Advisor Hong Kong, join us for the evening, and we would like to thank her and our sponsors, Latham Watkins and Ascent Partners, for their generous support. Finally, the HKVCA would like to thank all who attended this great networking event and who helped make it a very special evening.
| | | | Limited seats available | | Members Only Event |  | | Sponsored by |  |  | | | Date: | 16 January, 2018 (Tue) | | Time: | 18:30 - 21:30 | | Venue: | The Hong Kong Country Club, 188 Wong Chuk Hang Road, | | Deep Water Bay, HK | | Fee: | | Table Booking | Full table (12 persons) | HK$21,800 | | Half table (6 persons) | HK$10,900 | | Individual Booking | HKVCA Member | HK$2,180 | | | |  
|  | | HKVCA Asia Private Equity Forum 2018 | 
| | | | The Asia Private Equity Forum, a major industry event with a global footprint, is organized annually by the Hong Kong Venture Capital and Private Equity Association and forms an integral part of the Hong Kong Government-sponsored International Financial Week.
The 2018 forum will feature more than 80 speakers addressing key issues facing investors in Asian private markets, including those of China, India, Southeast Asia, Japan and Korea. Keynote speakers include: - The Financial Secretary of the HKSAR on Hong Kong’s place in the regional private equity ecosystem
- Bain Capital’s head of China investments on how a global leader is addressing Asia’s largest private equity market
- The co-founder of one of Asia’s leading alternative asset management firms on how regional markets are evolving
- The regional head of Canada’s national pension plan on their substantial commitments to Asia
Speakers from the limited partner sector will include representatives of leading institutional investors the Caisse de dépôt et placement du Québec, Canada Pension Plan Investment Board, Ontario Teachers’ Pension Plan and the Public Officials Benefit Association of Korea as well as professionals representing many family offices, funds of funds managers and advisory firms.
Also on the program will be general partner professionals representing more than 40 Asian and global firms, including senior figures from Abraaj, Apollo, Avenue, Baring Asia, Blackstone, the Carlyle Group, CDH, J-Star, KKR, L Catterton, Mindworks, Navis, PAG, the Rohatyn Group and SSG, to name just a few.
Some 700 persons attended the 2017 forum, more than half of whom were partners and C-suite executives. Given the dynamism that continues to characterize private investment activity in Asia, it is expected that APEF 2018 will attract an even larger audience.
The HKVCA will provide regular updates on the agenda for APEF 2018 on the website at apef.hkvca.com.hk. Alternatively, please feel free to contact the HKVCA by email at apef@hkvca.com.hk. | | Date: | 17 January, 2018 (Wed) | | Time: | 8:30 - 17:30 (followed by cocktail reception) | | Venue: | S421, Hong Kong Convention and Exhibition Centre (Old Wing),
1 Expo Drive, Wan Chai, Hong Kong | | | | Fee: | Corporate Full Member | Non-Member | | One free pass per company | HK$7,800 per person | | Additional pass: HK$4,500 per person | | | | | | Corporate Associate Members / Overseas (Full / Assoc) Members | | HK$4,500 per person | | | | | | CPT: | 6.5 points | |
| | Co-hosted Event |  | | Date: | 18 January, 2018 (Thur) | | Time: | 10:00 - 17:00 | | Venue: | The Offices of Debevoise & Plimpton, | | 21/F AIA Central, 1 Connaught Road, Central, Hong Kong | | Fee: | USD300 per person | | | | | EMPEA and HKVCA Members are eligible for complimentary passes |
| Members Only Event  | | HKVCA Members Breakfast Meeting | | Sponsored by |  | | Date: | 2 February, 2018 (Fri) | | Time: | 8:00 - 9:00 | | Venue: | Victoria Suite, Hong Kong Club, 1 Jackson Road, Central, HK | | (Room reserved under the name of Mr. Johnny Chan) | | Fee*: | Full Member (Corporate): one free pass per company | | *Note, free pass no shows will be charged full price | | Associate Member/ Full Member (additional pass): HK$300 | | *An additional charge may apply to accommodate special dietary requests. | | | |
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| Supporting Events:
| | | New Members | | Corporate Full Members | | | Big Bay Asset Management (HK) Limited
Big Bay Asset Management (HK) Ltd is a wholly-owned investment subsidiary of Sunway International Holdings Ltd (HK stock code: 58). Our primary focus is on high quality projects/deal sourcing, LP sourcing, deals monitoring and deal exits. Our current projects involve biotechnology, clean energy, natural gas, real estate and education with AUM over US$10 billion. | | | Jebsen Capital
Jebsen Capital is the investment arm of Jebsen & Co. Ltd (JCL). JCL is a family-owned Hong Kong-based distribution and trading house with strong expertise in Greater China. Jebsen Capital is an independent, standalone unit of JCL with the objective of identifying and investing in new business opportunities. The transfer of JCL's expertise and know-how to portfolio companies is an underlying investment guideline for Jebsen Capital. | | | Macquarie Infrastructure and Real Assets
MIRA is one of the largest and most experienced private infrastructure asset managers globally. Over the last 23 years, MIRA has raised approximately $80 billion of equity through private and publicly traded vehicles for investment in infrastructure and similar assets. MIRA manages approximately $A154 billion (US$118 billion) of assets via approximately 50 public and private funds, co-investments, partnerships and separately managed accounts. MIRA has an extensive network of experienced infrastructure professionals with long-standing relationships in the infrastructure sector. MIRA’s global team of approximately 450 experienced professionals is located in 19 countries, with principal offices in London, Sydney, New York, Seoul and Hong Kong. This regional and local network provides MIRA with access to key stakeholders, including governments, regulators, organized labor and the communities where its investments operate. The team is often allocated across the various infrastructure sub-sectors in each local jurisdiction where it invests. MIRA believes this style of regional, dedicated active management is critical to managing risk, creating value and achieving optimal returns. | | | ORIX Asia Capital Ltd
ORIX Asia Capital is a wholly-owned subsidiary of ORIX Corporation and has developed into a leading principal investment firm focusing on diversified investments, including private equity, GP/LP investment and structured financing. Since its inception, ORIX Asia Capital has invested in many leading companies from several industries. In recent years, our accelerating and expanding global investment focuses on growing companies. We are strategic partners with entrepreneurs and management teams, and are committed to helping them with long-term development. | | | Sectoral Asset Management Limited
Sectoral Asset Management (Sectoral) is an investment boutique exclusively focused on the global healthcare sector. The company manages public and private equity healthcare strategies for investors around the world. Our clients include leading insurance companies, private banks and family offices. In addition, we have long-standing sub-advisory relationships with institutional investors in Europe, North America and Asia. The company has one of the world’s longest track records in managing biotech equities. | | | | Overseas Full Members | | | CMIA Capital Partners Pte. Ltd.
CMIA Capital Partners (CMIA) is a private equity firm focused on control and growth capital investment opportunities in mid-sized companies in China and South East Asia. CMIA is particularly focused on investment opportunities in the agribusiness and food, and healthcare and medical sectors. We seek to work in close partnership with trustworthy management teams with proven track records to grow mid-sized companies into market and industry leaders. Our typical investment size is between US$5-50 million. | | | Loyal Valley Capital
Loyal Valley Capital (LVC) is a leading Chinese investment firm seeking to create long-term value by investing in outstanding enterprises with great potential globally, and supporting entrepreneurs with an extraordinary pursuit to become world-class leaders. It was founded in 2015 by Andy Lin, the former founder and CEO of China Universal Asset Management (CUAM). Lim oversaw CUAM as it became in 11 short years one of the largest fund managers in China, with the best track record and over US$73 billion AUM by 2015. LVC employs a top-down, fundamental research-driven investment approach that centers on industries benefiting from progressive secular trends, such as technology, entertainment, advanced manufacturing, healthcare and financial services. LVC is headquartered in Shanghai and has over US$2 billion AUM. | | | Monk's Hill Ventures Pte. Ltd.
Monk’s Hill Ventures is a venture capital firm that invests into high-growth technology startups in post-seed stage operating across Southeast Asia. With a mantra of “entrepreneurs backing entrepreneurs”, its founding partners Peng T. Ong and Kuo-Yi Lim are seasoned entrepreneurs who have built and backed global companies in Silicon Valley and Asia. With offices in Singapore and Jakarta, Monk’s Hill Ventures invests in top entrepreneurs who are leveraging technology to take advantage of the fast-growing Southeast Asian markets . For more information, please visit www.monkshill.com. | | | | Paradigm Advisors | | | UFG Private Equity
UFG Private Equity invests in fast-growing companies in Russia and CIS countries, focusing on healthcare, business process outsourcing, telecoms and technology, and consumer staples and retail. The three UFG private equity funds have a total of $712 million in investments and commitments. UFG Private Equity also offers co-investment opportunities on larger deals. | | | | Corporate Associate Member | | | | State Street Fund Services (Hong Kong) Limited | | | | Overseas Associate Member | | | LRI Group
LRI Group is a leading independent investment services company based in Luxembourg. It provides asset managers and investors with nearly three decades of experience in structuring and administration of traditional and alternative investment strategies. Established in 1988, LRI Invest S.A. acts as a super management company authorized as an alternative investment fund manager and UCITS management company in Luxembourg. Through LRI Invest Securitisation S.A. it also operates a securitization platform for a variety of underlying alternative investments for institutional investors. With LRI Depositary S.A. it also provides depositary services and can act as register and transfer agent for alternative investment funds. LRI Group has over EUR12 billion in assets under management and 100 staff. |
| | Recent Events Report | | | HKVCA seminar with cocktails: opportunities for private equity in fintech investment
5 December, 2017 |  | The HKVCA hosted its latest seminar on 5 December, 2017 at the offices of PwC. Josephine Kwan, a partner at PwC; Henri Arslanian, FinTech & RegTech Lead at PwC China/HK; and Vivian Ma, a partner in financial services in PwC China, discussed with participants the latest trends and opportunities arising in the fintech sector. Among the topics considered were developments in initial coin offerings and digital currencies, artificial intelligence, the growth in RegTech and the latest on fintech IPOs.
The HKVCA and the Education Committee were very pleased that nearly 80 participants attended the seminar, which was immediately followed by a cocktail reception where participants had the opportunity to network with colleagues. We would like to thank our dynamic and knowledgeable speakers, and a special thanks to our sponsor, PwC, whose support made this popular event possible. | | | HKVCA luncheon talk: driving transformational change in PE portfolio businesses through different stages in the growth cycle
1 December, 2017 |  | The HKVCA hosted a luncheon seminar on the topic of driving transformational change in PE portfolio businesses on 1 December, 2017 at the China Club. Eric Wang and Oliver Stratton, managing directors at Alvarez & Marsal, provided their views on the handling of priorities and different approaches through the growth cycle. They also discussed issues related to operational due diligence and the importance of establishing a mandate for change; effective stakeholder management; and ensuring high impact roles for all involved parties. Wang also highlighted a number of successful cases where his team were able to move their position from recession to growth.
With close to 40 members attending the event, we would like to thank all the participants, and especially our sponsor, Alvarez & Marsal, for their generous support. | | | HKVCA seminar with cocktails: private equity transformation enabled by RPA and other recent developments
9 November, 2017 |  | | The HKVCA held a cocktail event on 9 November, 2017. The evening featured a seminar presentation by a team of EY partners specializing in private equity and with extensive experience advising on operational transaction services. Welcoming remarks were delivered by Adam Williams, Partner of Asia Pacific Private Equity Tax at EY, who was followed by Henry Lacey, Partner, APAC Financial Tax Services and Karen Ko, Director, Financial Tax Services, who discussed the latest developments in the use of robotic process automation (RPA) in private equity funds. Anish Benara, Director of Financial Tax Services at EY, then provided attendees with an outline of new developments in the Asian PE sector and the Common Reporting Standard. The evening ended with a lively cocktail session, offering an excellent opportunity for networking to the more than 50 members who attended. | | | HKVCA LP roundtable discussion
7 November, 2017 |  | The HKVCA’s LP Committee hosted its latest LP only luncheon on 7 November, 2017 at the China Club. Lorna Chen, Head of Greater China at Shearman & Sterling, and Wen Tan, Co-Head of Asia Private Equity at Aberdeen International Fund Managers, discussed the latest global and regional issues facing LPs, including emerging trends around co-investment terms, and the removal and replacement of GPs.
The HKVCA and the LP Committee were delighted that more than 25 LP representatives attended the luncheon and had an opportunity to meet and network with colleagues. We would like to thank all the participants who helped make this event a success, with special thanks to our speakers who made the event possible. | |
| | | Industry News | | Dividend bonanza as Li & Fung sells three businesses for US$1.1b | | —December 15, 2017 | | (SCMP by Jane Li) - Shareholders in the venerable Li & Fung Limited – the multi-faceted Hong Kong trading conglomerate started in 1906 – are set for bumper payouts after the firm announced it is selling its furniture, jumpers and beauty businesses to a consortium for US$1.1 billion, nearly half of which will be paid out as a special dividend to stockholders. | | (link to the full article) | | Marathon Venture leads $6.4m round in HK fintech firm Lion Rock | | —December 14, 2017 | | (DealStreetAsia by Tomas Noda III) - Marathon Venture Partners has led a $9.4-million funding round in Hong Kong fintech company Lion Rock Fintech Ltd, the company said in a statement. 9F Inc, the strategic investor who backed Lion Rock’s previous round of financing, also invested in this round. The NYSE-listed fintech company Yirendai participated as a new strategic investor. | | (link to the full article) | | | Canada Pension Plan Investment Board invests HK$1.94 billion in Goodman Hong Kong Logistics Partnership | | —December 07, 2017 | | Press Release - Canada Pension Plan Investment Board (CPPIB) has invested HK$1.94 billion (C$320 million) to acquire an interest in Goodman Hong Kong Logistics Partnership (GHKLP or Partnership). GHKLP is one of Goodman’s flagship logistics partnerships, with the largest portfolio of high quality, modern logistics properties in Hong Kong. | | (link to the full article) | | | Link Reit sells 17 Hong Kong malls to Gaw-Goldman venture for HK$23 billion | | —November 28, 2017 | | (SCMP by Peggy Sito and Shirley Zhao) - Link Reit, the largest real estate investment trust in Asia, on Tuesday announced the sale of a portfolio of properties that includes 17 Hong Kong shopping centres for HK$23 billion (US$2.94 billion) – the biggest sale of its kind in the city – despite criticism from activist groups that this could lead to a rise in rents. | | (link to the full article) | | | | |
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