HKVCA’s Young Professionals Raise Funds for Charity

The HKVCA’s Young Professionals Committee held its annual Charity Fundraising Beer Pong Competition on November 6, 2014 at the exciting Rula Bula in Lan Kwai Fong. Sixteen teams entered the competition, with the team from KKR emerging as the final winners while the team representing Fangda Partners were runners-up.

The evening proved to be a tremendous success with HK$30,600 (ex-costs) raised for the Fulfill a Wish programme (by HOPE Worldwide), a charity that aims to meet both the emotional and social needs of Hong Kong’s single elderly population. Whether an elderly person wants to visit the city’s newest attraction or a special place evoking childhood memories, replace a broken appliance or enjoy a neglected hobby, the Fulfill a Wish programme works with community partners and volunteers to make their wishes come true.

The HKVCA would like to thank The Poseidon Group for their sponsorship and the more than 150 participants who helped turn this very special event into an evening to remember.


Research Corners

Denis Tse, Chairman of the HKVCA’s Research Committee, was interviewed by recently by overseas journalists as part of the Hong Kong Government’s StartmeupHK initiative. Presenting the latest available data on Hong Kong, he noted in particular the industry’s strong growth and development in the years following the global financial crisis. Using the proliferation of Israeli companies as an example, Tse madeit clear that Hong Kong is an international hub and command centre for foreign entrepreneurs seeking to set up in the territory in order to expand their business to Greater China and other Asian countries. The convenience of Hong Kong’s company registration, which requires less than a day to establish and only one dollar of minimum capital, makes it easier to attract overseas entrepreneurs.

The completed findings will be published in the inaugural HKVCA Journal next month. You can also view the latest HKVCA research findings on the developments in Hong Kong by clicking on this link.


Upcoming Events



Limited Seats Available

Member Only Event

Embracing O2O with leading edge Chinese Innovation

China has become the largest e-commerce market and is leading the way in business model and solution innovation. Even consumers in China’s smaller-sized cities are becoming more important to the world’s leading consumer brands given the Chinese consumer’s increased spending power and greater propensity for spending online.

In addition to covering key e-commerce trends in China, this session will discuss:

  • The options traditional offline players have to invest and build their omni-channel capabilities.
  • Ways to leverage digital tools to increase engagement with end customers.
  • Trends and opportunities to enhance the online ecosystem.

Serge Hoffmann, Partner, Bain & Company
Jessica Dai, Manager, Bain & Company

Full speaker's bios can be downloaded here.

Date: December 4, 2014 (Thu)
Time: 12:30 - 14:00
Venue:                   Bain & Co. Conference room, 30/F, One International Finance Centre, 1 Harbour View Street, Central, Hong Kong
Full Member: One free pass per company
Full Member (additional pass)/
Associate Member: HK$200 per person
CPT: 1 point



Sponsored by:


Investment Workshop on Education Markets

Part one: Investing in the Education Sector: Strategies for Success in Education Markets

  • What are the drivers of value creation?
  • What are the benefits of investing in education?
  • What are the challenges of investing in education?
  • Which segments of education are most profitable for investment?
  • Case studies of successful education deals

Part two will focus on the unique opportunities to be found in China’s Education market:

  • Evolution of the Chinese education market
  • Which segments in the China market are most attractive?
  • What are the key drivers of growth in the prioritized segments?
  • What are the challenges presented by the market and how can they be addressed?
  • China education investment case studies from Parthenon's experience

Karan Khemka, Partner and Head of Parthenon’s International Education Practice, The Parthenon Group

Amit Garga, Partner, Head of Parthenon’s China Education Practice, The Parthenon Group

Full speaker's bios can be downloaded here.

Date: December 10, 2014 (Wed)
Time: 14:30 - 17:00
Venue:           Club Lusitano, 24/F, 16 Ice House St, Central, Hong Kong
Full Member: One free pass per company
Full Member (additional pass)/
Associate Member: HK$35
0 per person
Non-member: HK$700 per person
CPT: 2.5 points




Sponsored by:     

HKVCA Christmas Cocktail 2014

Special Christmas Cocktail talk titled "Cool Logistics Opportunities in China".

Alfred Cheung, Founder, APTTPA and the Green Society Association

Full speaker's bio can be downloaded here.

Date: December 12, 2014 (Fri)
Time: 18:00 - 20:00
Venue:        Club Lusitano, 27/F, 16 Ice House Street, Central, Hong Kong
Full Member/Associate Member: HK$300 per person
Non-member: HK$650 per person



Members Only Event 

Sponsored by:   

Date: January 9, 2015 (Fri)  
Time: 08:00 - 09:00
Venue:                   Victoria Suite, Hong Kong Club, 1 Jackson Road, Central, Hong Kong (Room reserved under the name of Mr. Johnny Chan)
Fee: Full Member (Corporate): One free pass per company
       Full Member (Additional pass)/ Associate Member: HK$250



Member Only Event

Gala Dinner Cocktail Sponsor:

Date: January 20, 2015 (Tue)
Cocktail Reception: 18:30 - 19:30
Dinner: 19:30 - 21:30
Hong Kong Country Club, Main Lounge (location)
188 Wong Chuk Hang Road, Deep Water Bay, Hong Kong



Date: January 21, 2015 (Wed)
Time: 08:30 - 17:30  followed by cocktail reception
Venue: S221, Hong Kong Convention and Exhibition Centre 
CPT           6.5 points

Full speakers list can be viewed here

Sponsors list can be viewed here



Date: January 22, 2015 (Thurs)
Time: 10:30 - 16:00  followed by cocktail reception
Venue:          Offices of Debevoise & Plimpton, 21/F AIA Central 1 Connaught Road Central Hong Kong
Fee:                HKVCA and EMPEA Member: complimentary
General registration: US$465 per person

View the preliminary agenda


Other Supported Events:

German Private Equity Conference
5 Dec 2014

FT Non-Executive Directors Diploma

Business of IP (BIP) Asia Forum
4-5 Dec 2014

The 6th Global PE Beijing Forum
6 Dec 2014

SuperInvestor Asia 2015
2-4 Feb 2015




New Members Welcome


Full Members

Max Giant Limited

Max Giant Capital is an asset management company founded by Katherine Tsang, ex-banker and well-recognized business leader in Asia. The Max Giant Fund is geared toward China’s new and growing urban middle class. It focuses on cross border opportunities that bring the best value to investors as well as to its targeted population segments.

Sailing Capital Advisors (Hong Kong) Limited

Founded in 2012, Sailing Capital (“Sailing”) is the first major private equity fund on the global stage with its initial capital raised domestically in Chinese Yuan (RMB). Sailing engages in direct investment and intends to establish industry-specific or geography-specific sub-funds to manage jointly with the key co-investor(s) in each. Sailing enjoys the flexibility to invest in a wide range of geographies and industry sectors.


Associate Members

Asia Coal Limited

Asia Coal Limited (Stock code: 00835.HK) is committed to its business and endeavors to become an international energy company. The Company’s corporate strategy is to develop its business across the whole supply chain of coal energy, including coal mining, production, trading and distribution. The Company is now working with energy experts to identify and pursue energy resources projects with high potential for future development in China and Asia for acquisition.

Augentius (Hong Kong) Ltd

Augentius is a specialist private equity and real estate fund administrator. With over 300 staff working out of 7 operational centres around the world, we administer funds domiciled in Hong Kong, Singapore, England, Scotland, Guernsey, Jersey, Luxembourg, The Netherlands, Mauritius, Delaware, Cayman and the BVI. Over 130 fund management groups, with over 270 funds. Over 130 fund management groups, with over 270 funds, have entrusted their work to us.

Press Release

Auda Appoints Lucian Wu to Growing Asian Private Equity Practice

Auda International (“Auda”), the global investor in private equity, is pleased to announce the appointment of Lucian Wu as a Managing Director, based in Auda’s Hong Kong office. “Lucian Wu is an exceptionally experienced private equity investor,” said Ernest Boles, Auda’s chief executive officer. “We are fortunate to have been able to bring him onto our team to help us grow Auda’s private equity investment practice in Asia.”

Recent Events Report


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.


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.


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


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.


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.


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.


$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.


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.


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%.


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.

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