Upcoming Events               

In the wake of a boom in the domestic private equity/venture capital industry in China, last year saw a sharp decline in terms of the amount of funds raised, investments and divestments. Is this downturn cyclical, or are we seeing structural changes in the industry? How do PE/VC firms position themselves amid the changes?

Closer to Hong Kong, Qianhai is being developed as an experimental zone to spearhead financial reform, particularly in cross-border capital flows. A set of provisional measures on the establishment of private equity investment enterprises involving foreign capital has been promulgated. How do practitioners in Hong Kong take advantage of the Qianhai opportunity?

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Members Only Event

Date: June 7,2013 (Fri)
July (No Breakfast Meeting)
Time: 08:00  - 09:00 
Venue: Hong Kong Club, 1/F, 1 Jackson Road, Central HK
Fee: Full Member: Free of Charge
                        Full Member (additional pass)/ Associate Member: HK$200



Members Only Event

AIFMD (Alternative Investment Funds Manager Directive) 
What is it

Jean-Christian Six, Partner, Allen & Overy Luxembourg
Eric Feyereisen, Vice-President, Banque Privée Edmond de Rothschild Europe
Olivier Coekelberg, Partner, Ernst & Young

Date:  June 4, 2013 (Tue)
Time: 12:30-14:00
Venue: 9/F Three Exchange Square, Central
Fee:          Full Member: Free of Charge/ Associate Member HK$200

Sandwiches and drinks will be provided



Members Only Event

The Recent Market Development and How Private Equity Managers Fit Into the Strategy

Alexa Lam, Deputy Chief Executive Officer, Investment Products, International and China, Securities and Futures Commission (SFC)

Date: July 8, 2013 (Mon)
Time: 12:30 - 14:00
Venue: The China Club, 14/F Old Bank of China, 1 Bank Street, Central, HK
Fee:        Full Member: Free of Charge/ Associate Member: HK$400



Members Only Event

Seminar with Cocktail
How Do Portfolio/ Operations Team Add Value?

  •  What are are various models of portfolio involvement?
  •  How do they work?
  •  How do these teams work with deal teams and portfolio management?
  •  What are some interesting case studies?
Joseph Wan, Cinven HK Ltd.
Sponsored by: 

Leong Cheung, Bain Capital
Ivan kwok, Cinven HK Ltd
C.K. Tsang, HKVCA
Alvin Lam, CVC Capital Partners
George Lan - Resource Global Professionals

Date: September 13, 2013 (Friday)
Time: Cocktail: 18:30-19:30
Venue: 47/F, Club Lusitano, 16 Ice House Street, Central, Hong Kong
Fee:             Full Member: HK$100/ Associate Member: HK$200/ Non-Member: HK$500



Members Only Event

The 26th Annual General Meeting 

Date:  September 6, 2013 (Fri)
Time: 12:00 - 14:00
Venue: The China Club, 14/F Old Bank of China, 1 Bank Street, Central
Fee: Full Member: Free of Charge
                       Associate Member: Free of Charge (Attend AGM only);
$300 (Attend AGM and Lunch or Attend Lunh only)



The Power of the Network: Interview with
David Pierce, Chairman, HKVCA

In the nearly two years he has served as Chairman of the Hong Kong Venture Capital and Private Equity Association (HKVCA), David Pierce has had the good fortune to preside over both an association that is growing organically and an industry that is increasingly recognized as an important component of Hong Kong’s overall financial services sector. But, as he is keen to stress, the successes of the Association in that time have been the product of a collective effort.

“We, and I stress the collective ‘we’ because this is a combined effort, have accomplished a number of important things over the last few years. One of the most important has been expansion of our membership to include more limited partner investors and a number of large financial sponsors that have a significant presence in Hong Kong but whose activities may be focused principally on China or elsewhere in the region.

“Our membership increasingly reflects the fact that Hong Kong, while very much part of Greater China, is also a centre for Asia Pacific private equity,” he says.  “Many of the global firms and several large Chinese private equity fund managers have chosen to establish a significant presence here. Bringing them into the Association was a priority not only because they are important members of our community but also because they bring additional perspective and experience.”

Pierce continues: “The breadth of our membership makes the Association more effective in a number of ways.  Not least is in enhancing our ability to assist the Government in its efforts to understand our industry and what can be done to promote Hong Kong as a base for financial services generally and private equity in particular.” 

In the past couple of years, he notes, the HKVCA has been more proactive in speaking with the Government about regulatory, tax and other matters of concern to the membership. Recent Government initiatives, such as the measures announced by the Financial Secretary in the 2013-14 Budget to encourage the development of Hong Kong as a funds hub, may in part be due to this increased dialogue and flow of information.

“We want to be a resource for the Government and are keen to make sure we represent fairly how our industry affects the local economy, which is greater than many people might imagine,” Pierce says.  He notes that the HKVCA, together with the local branch of AIMA, is now working with researchers at a local university to try to quantify the impact of the alternative investment industry as a whole in terms of employment and other metrics, something which has not previously been done in Hong Kong.

Pierce also highlights the expansion, both in terms of numbers and breadth, of the associate membership. “Accounting and legal firms have always been well represented among our membership but we have expanded outreach to many other types of service providers, including fund administrators, public relations experts, information service providers, consultants, due diligence experts and forensic accountants, again reflecting the nature of Hong Kong as an important industry support base,” he says.

A high point for Pierce during his term as HKVCA Chairman has been the success of the Asia Private Equity Forum, launched two years ago and now held immediately after the Hong Kong Government-sponsored Asian Financial Forum in January each year.  The APEF and the HKVCA’s China Private Equity Summits each June, have become regular fixtures in the calendars of many industry players, each attracting hundreds of participants from around the region and the globe.

As he prepares to step down as Chairman, Pierce is optimistic about the future of the industry and Hong Kong’s place in it.  “There will be cycles, of course, but the overall trend is growth,” he says. “It is exciting to see new things continue to emerge. Forbes magazine just had an article about Hong Kong becoming a hotbed for venture investing and early stage investing.  Why not?  Hong Kong certainly has the required critical elements, including an educated and diverse populace willing to try new things and take risks,” Pierce says.

When asked why he believes members find participation in the HKVCA of value, Pierce says the answer for him lies first and foremost in the power of the network. “One of the things the Association does really well is to help bring us together, outside of our daily tasks, with people who may be able to significantly affect the way we think about things, bring us opportunities, help us achieve a specific goal or even to see a bigger picture. That is the essence of what the HKVCA does – it helps to bring people together.”




Other Events Supported by HKVCA:

The Entrepreneur Day 2013 – Deal Flow
May 31 2013, by Hong Kong Trade Development Council

AVCJ Private Equity & Venture Forum – China 2013
May 30-31 2013, by AVCJ (Asian Venture Capital Journal)

4th Annual EURASIA – Russia (CIS) Private Equity Convention
June 17-18 2013, by Global Directors Forum Group

Seminar on Shandong – Hong Kong Outbound Investment Cooperation
August 28 2013, by HKTDC

New Members Welcome

Full Members

DB Capital Partners Limited
Represented by 
Ken Deayton, Partner

Ironfire Angel Partners LP
Represented by
Jacky Chan, Managing Partner
Richard Chan, Managing Partner
Ironfire is an investment management firm that invests in public equities via the Capital Fund and early-stage technology startups via the Angel Fund. We believe insights we gain throughout the spectrum of the technology life cycle helps us make better decisions. We value sound corporate governance, accountability, integrity and transparency.

LGT Capital Partners
Represented by 

Raphael Paglia, CEO, Executive Director
Doug Coulter, Partner

Associate Members

Ascent Partners Valuation Service Limited
Represented by
Simon Mak, Chief Executive Officer
William Yuen, Director

Kinetic Partners
Represented by
Winnie Tsui, Director

Represented by
Jack Clipsham, Head of Corporate Finance, Asia Pacific
Mazars is an international accountancy firm with more than 13,500 professionals in 71 countries, including 300 in Hong Kong. Our Private Equity services cover every stage of a portfolio company’s life cycle, from initial fund raising or due diligence, to adding value through acquisitions / other corporate transactions, to exits.

Simpson Thacher & Bartlett
Represented by 
Philip Culhane, Partner
Adam Furber, Counsel


Recent Events Report

Qianhai Luncheon Talk,
sponsored by KPMG

April 11, 2013

The luncheon talk on Qianhai New Business Zone was supported by KPMG and held in the China Club. Around 30 members attended. Speakers Linda Wang from Hony Capital, John Gu from KPMG, and James Yong Wang from Han Kun Law Office presented members with an update on fund settlement, the latest policies, and future prospects for the development of Qianhai.


Wine Tasting, sponsored by Clifford Chance, Alter Domus, and Moët Hennessy
April 15, 2013

The 10th instalment of our extremely popular wine tasting event saw record high enrolment with more than 70 people attending. We were, once again, oversubscribed and there was a long waiting list of those wishing to attend. Special thanks to our sponsors Clifford Chance, Alter Domus and Moët Hennessy. The star of the evening was “Master of Wine” Debra Meiburg who took us on a “journey” through France and its extraordinary champagne. As always the talk was both entertaining and instructive. Thanks also to our organizing committee and especially Alain Fontain and Marcus Thompson for another very successful event.


Masterclass - Best Practice Board Governance in Asia / How to Run An Effective Board / Responsibilities in Hong Kong, sponsored by Deacons
April 30, 2013

At a midweek afternoon seminar, Rhoda Yung and Sabrina Fung, partners in Corporate Finance at Deacons, and Jamie Allen, Secretary General of the Asian Corporate Governance Association (ACGA), shared their expertise on corporate governance in Hong Kong and Asia. This Masterclass attracted more than 30 attendees and we would like to thank Deacons for its continuous support.


Avoiding the Pitfalls of Private Investments in Public Markets
May 6, 2013

This Luncheon Talk was held in Clifford Chance’s Boardroom and attracted an audience of around 25 people. Speakers Simon Cooke and Neeraj Budhwani, both Partners from Clifford Chance, tackled topics including the do’s and don’ts of exits, structuring PIPE deals and the HKEx’s latest pre-IPO transaction terms.

Industry News

Asian Venture Capital and Private Equity Council, Korea Congress
May 21 - 23, 2013

Global Venture Capital Congress
Nov 8 - 9, 2013
Hong Kong Exchange

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