Introduce the new Board of Directors



The Hong Kong Venture Capital and Private Equity Association (“HKVCA”) has announced that Eric Mason has been elected Chairman of the Association, effective 21 August 2015. He succeeds Conrad Tsang who had been Chairman since 2013.

Mr. Mason, who brings to the role of Chairman more than 20 years of investment experience across a wide spectrum of industries, said: “I am delighted to be taking the chair of the HKVCA at such an important time for the venture capital and private equity industry in Hong Kong. As an organization we continue to build exponentially on the progress of the last few years.”

“With a membership of over 320 firms, we remain fully committed to growing and expanding the diversity of our member base, in Hong Kong and across the Asia Pacific region,” Mason said. “We will continue working to support and protect the interests of the private equity and venture capital community, providing a value added networking environment as well as lobbying the government on behalf of our industry in particular and on behalf of the financial services sector in general. In this way we positively impact the region’s regulatory and business environments, and help attract more GPs and LPs to set up in Hong Kong.”

Conrad Tsang, the HKVCA’s outgoing Chairman added: “I am gratified to report that, during my two years as HKVCA chairman, we sought to increase the Association’s public profile and made great strides in terms of developing our own research capabilities. I am especially pleased about the recent passage of the bill extending the profits tax exemption for offshore funds to private equity funds. ”

“I congratulate Eric on his election and am sure that he will bring his considerable energy and experience to bear in helping the HKVCA achieve more growth and success in the future.”

In addition to electing Mr. Mason as Chairman at the HKVCA’s AGM on 21 August, the members elected the following officers and board members: Vice Chairmen: John Levack and Joseph Wan; Presidents: Johnny Chan, Vincent Chan, K. O. Chia and Conrad Tsang; Secretary: Lucian Wu; Treasurer: Alain Fontaine; Executive Directors:, Varun Bery, Jie Gong, Melissa Guzy, Alvin Lam, Gabriel Li, David Pierce, Siddharth Sharma, Derek Sulger, Denis Tse, Steve Wang, Craig Wilkinson and Rebecca Xu; and Non-Executive Directors: Peter Chen, H. Chin Chou and Marvin Lai.

View Chairman's message by Eric Mason here.

Interview Topic


ESG Enters for Better Exits 

Jie Gong and Fiona Reynolds discuss the increasing integration of ESG into investment practices in Asia

Jie Gong,
Partner, Pantheon Ventures (HK); 

HKVCA ESG Committee
Fiona Reyolds, 
Managing Director, 
Principles for Responsible Investm

ESG (environmental, social and corporate governance) was the subject of a recent co-hosted workshop by the Hong Kong Venture Capital and Private Equity Association (HKVCA) and the United Nations-supported Principles for Responsible Investment (PRI). The workshop highlighted the opportunities and challenges of integrating ESG into private equity (PE) practices in Asia, and this article sheds more light on the subject from two of its leading proponents, Jie Gong, Partner at Pantheon Ventures, and Fiona Reynolds, Managing Director of the PRI.

Gong, who is Chairman of HKVCA’s recently established ESG Committee, said that she was pleased to see growing interest in ESG among Asia’s general partners (GPs), even though some of this interest has been in direct response to limited partners’ (LPs) demands. Notwithstanding that, “, The level of awareness as well as the degree of implementation of ESG still lags in Asia when compared with the more mature PE markets,” she said.

Reynolds highlighted three specific drivers that are behind the integration of ESG considerations into investment practices. First, the increasing regulatory focus, which is lending weight to awareness of the ESG risks that can threaten long-term PE investments. Second, the growing recognition that negative ESG performance can damage exits if companies cannot meet the increasingly higher standards of large trade buyers and local stock exchanges. And third, as Reynolds explained, is the rise of investor expectations.

“Of 286 asset owner signatories to the PRI, over 170 allocate capital to PE managers. More than 70 percent of our LP signatories are integrating ESG into the selection, appointment and monitoring of their PE managers. This group of LPs is predominantly European and Australian, with growing interest in the Asian asset owner community. The PRI has been particularly encouraged by recent public commitments to ESG integration and stewardship engagement from LPs such as Temasek and GPIF”, Reynolds said.

“There are, of course, challenges, the biggest of which is communicating the business case for ESG integration into Asian PE, protecting and unlocking value that  will ultimately help to maximize exit opportunities. GPs in Asia are often working from minority control positions and their biggest challenge is getting company management buy-in. They have to be able to justify why the management of ESG issues, and the associated cost, should be a priority”, Reynolds said.

Gong added that some Asian GPs view ESG as a compliance issue and as such take a tick-the-box approach.  “At Pantheon, we see ESG as an important tool for value creation, with broad application in areas directly contributing to PE returns, for example, product quality, branding, human resources, and operational efficiency.  Furthermore strong ESG enhances an exit valuation.  Once PE managers are aware of the full breadth of positive value creation enabled by ESG, they are far more likely to embrace it”, she said.

At the HKVCA-PRI ESG workshop in June, it was clear from those attending that GPs need access to strong local knowledge and expertise to help them identify and manage ESG risks and opportunities in their investments. The workshop also highlighted a need for GPs to follow a structured approach towards monitoring ESG developments at the company level so that they can report progress back to LPs and other stakeholders - this may also prove useful at exit if asked to demonstrate historical management of ESG issues.

According to Gong, there are many best practices in the area.  Guided by these best practices, building ESG components into an investment and monitoring process is relatively straightforward. What takes effort and persistence is for GPs to permeate an ESG culture among their investment teams, so that team members are strong advocates of ESG practices to existing and prospective companies on a continuous basis. 

Reynolds said that while LPs recognize that many GPs have historically included environmental and social impact analysis in their investment activities, LPs need assurance that their GPs have a comprehensive and structured approach to identifying and managing ESG risks and opportunities. “Signatories to the PRI are provided with a framework to develop and demonstrate this approach. The PRI is also dedicated to providing resources to signatories to help them with this process. The PRI Guide for General Partners offers guidance on how to integrate ESG factors into PE investment activities, linking this with organizational governance, structure and culture,” Reynolds explained.

HKVCA decided to promote ESG in the region. “With a broad set of GP and LP members, the HKVCA is in an advantaged position to help raise the level of awareness on ESG and spread the best practices, through classes, seminars, conferences as well as endorsement on strong ESG achievements in Asia,” Gong said. The aim of ESG committee is to bring dedicated efforts towards the advocacy of this important issue.


HKVCA Journal



The HKVCA is proud to have published the second issue of our research journal, the theme of which is "private equity ideas for Hong Kong and beyond".

You may download the HKVCA Journal by clicking on this link.

Press Release



John Levack, the Chairman of HKVCA Technical Committee, commented, “HKVCA is delighted the passage of this amendment as a positive step to enhance the attractiveness of Hong Kong as a Private Equity hub for new arriving PE firms and as a way of deepening the engagement for firms already operating in Hong Kong and simplifying their operating structure."

Inland Revenue (Amendment) Bill 2015 (LegCo - Bills Committee) 

Upcoming Events



SEC Inspections and Enforcement and Volcker Rule Update

  • Lessons from current US Securities and Exchange Commission enforcement and examination trends, including the SEC’s interest in fund expenses.
  • New Volcker Rule “SOTUS” guidance.
          Speaker: Lorna Chen, Partner, Shearman & Sterling
Date: August 31, 2015 (Mon)
Time: 12:30 - 14:00
Shearman and Sterling office, 12/F, Gloucester Tower, 
The Landmark, 15 Queen's Road Central, Central, HK
HKVCA members: HK$200 per person
Non-members: HK$300 per person
CPT:  1.5 points

Limited Seats Available
HKVCA Members Event

Sponsored by:   

Date: September 11, 2015 (Fri)  
Time: 08:00 - 09:00
Harcourt Suite, Hong Kong Club, 1 Jackson Road, Central, Hong Kong (Room reserved under the name of Johnny Chan)
Fee: Full Members (Corporate)one free pass per company
*Note, free pass no shows will be charged full price
       Full Members (additional pass)/ Associate Members: HK$280
*An additional charge may apply to accommodate special dietary requests.


Limited Seats Available

Sponsored by:       

Alternative Investment Fund Manager’s Directive (AIFMD)
  • Are there any particular trends around what is and what is not "marketing" under AIFMD?
  • What are the current approaches to reverse-enquiry?
  • What is the latest on ESMA's opinion on the functioning of the AIFMD marketing regimes and the extension of the passport?
  • What are the implications for EU and non-EU managers?

Foreign Account Tax Compliance Act (FATCA) -- So Where Are We Now?
This session will update members on the US Foreign Account Tax Compliance Act (US FATCA) and the next milestones for Cayman funds since providing US FATCA reports for 2014. What FATCA compliance requirements are due next? This update will discuss remaining remediation and 2015 year-end requirements. It will also mention UK FATCA, with Cayman funds asked to identify UK tax residents and the OECD's Automatic Exchange of Information framework, which goes live 1 January 2016 for Cayman funds onboarding new investors. 

  • Mark Shipman, Partner, Clifford Chance
  • Angelica Kwan, Partner, US Tax, PricewaterhouseCoopers
Date: September 18, 2015 (Fri)
Time: 12:30 - 14:00
The China Club, 14/F, Old Bank of China Building, 
Bank Street, Central, Hong Kong
Full Members (corporate): one free pass per company
*Note, free pass no shows will be charged full price
Full Members (additional pass)/Associate Members:
HK$450 per person

Non-members: HK$800 per person

*An additional charge may apply to accommodate special dietary requests.
CPT:  1 point



This comprehensive training course is designed for those wishing to increase their knowledge of the core fundamentals of private equity and venture capital. It represents an excellent introduction for beginners who are considering entering the profession. It is also an opportunity to refresh and upgrade the skills of existing professionals within the industry.

The modules are led by recognized and highly respected practitioners and experts with years of experience in deal-making, structuring, value-creation and exits. Instructors draw on real case studies so as to illustrate and share in a practical way the many lessons they have learnt over the years.

   *Topics include:
     September 25 (Fri) Early Stage Investment
     September 30 (Wed) Module 1: PE Basics
     September 30 (Wed) Module 2: The Investment Decision
     October 13 (Tue) Module 3: Transaction Documentation
     October 15 (Thu) Module 4: Post Investment
     October 16 (Fri) Case Studies: Pacific Coffee and CVC/HKBN
     October 26 (Mon) Module 5 :LP Universe, Fund Raising and Ecosystem 
of the Finance Industry
     Module 5: sponsored by   
Additional program information can be found here.
   CPT: 3 points per module and 1.5 points per case study


*The above information is subject to change until final confirmation.


Sponsored by:       

This training session will be led by Blackpeak Group, an Asia-focused strategic advisory firm that has conducted over 750 IDD investigations. Whether your firm is looking for techniques to improve in-house due diligence competencies or simply to better understand the IDD process, this session will discuss:
  • The IDD process and what’s needed to get started
  • Getting the most out of in-house public records and desktop research
  • Key China and Hong Kong databases
  • Conducting field investigations and industry interviews
  • Case studies
Blackpeak speakers:
  • Jack Clode, Partner, Hong Kong
  • Sean Chen, Director, Beijing
  • Tom Pellman, Senior Associate, Beijing
  • Nancy Ma, Senior Associate, Shanghai
Date: November 16, 2015 (Mon)
Time: 12:30 - 14:00
The China Club, 14/F, Old Bank of China Building, 
Bank Street, Central, Hong Kong
Full Members (corporate): one free pass per company
*Note, free pass no shows will be charged full price
Full Members (additional pass)/Associate Members:
HK$450 per person

Non-members: HK$800 per person
*An additional charge may apply to accommodate special dietary requests.
CPT:  1 point
CPD: 1.5 points


Sponsored by:  


Date: November 23, 2015 (Mon)
Time:  18:30 - 20:30
Hong Kong Club, 1 Jackson Road, Central, Hong Kong
(Room reserved and hosted by Marcus Thompson)
Early-bird rate (Deadline: 9 Oct 2015)
Full/Associate Members: HK$590 HK$680 per person
Non-members: HK$1080 HK$1200 per person


9 months after Announcement 7 
Sharing of war stories and market responses by EY

Sponsored by:       

  • Highlights of new supplementary regulations to Announcement 7
  • Experience sharing on Announcement 7 reporting and tax filing
  • Discussion of how Announcement 7 impacts the transaction environment and practices
          David Chan, Head of Transaction Tax, Greater China, Ernst & Young 
Date: November 30, 2015 (Mon)
Time: 12:30 - 14:00
Ernst & Young, 22/F CITIC Tower, 1 Tim Mei Avenue, Central, Hong Kong
Full Members (corporate): one free pass per company
*Note, free pass no shows will be charged full price
Associate Members/ Full Members (additional pass): HK$200 per person
Non-member: HK$400 per person
CPT:  1.5 points



 Save the date  

Sponsored by:


Date: December 10, 2015 (Thur)
Time: 18:00 - 20:00
Venue:        The China Club, 15/F, Old Bank of China, 1 Bank Street,
Central, Hong Kong



Date:   January 19, 2016 (Tue)     
Time: 18:30 - 21:30
Venue:     The Hong Kong Country Club,
188 Wong Chuk Hang Road, Deep Water Bay, Hong Kong
Cocktail Sponsor:

Highlights of Gala Dinner 2015





Date:       January 20, 2016 (Wed)
Time: 8:30 - 17:30 
Venue:     S421, Hong Kong Convention and Exhibition Centre
Platinum Sponsors:
Gold Sponsors:


Sliver Sponsors: Lanyard Sponsor: 



HKVCA Supporting Events:

2015 TMA Australia National Conference & Gala Dinner
2-4 September 2015
GGEF Sustainability Workshop 2015
9-11 September 2015
AVCJ ESG Forum 2015
18 September 2015
SuperReturn Asia 2015
21-24 September 2015
APAC Innovation Summit 2015 Series
22-23 September 2015
BVCA Summit 2015
8 October 2015
Private Equity in Emerging Markets Summit
27 October 2015
CPA Congress 2015
30 October 2015
EY Entrepreneur Of The Year 2015 China
The 28th Annual AVCJ Private Equity & Venture Forum
3-5 November 2015


New Members Welcome

Full Members

Asia Climate Partners

Asia Climate Partners (ACP) is a joint initiative of the Asian Development Bank, ORIX and Robeco to make private equity investments in the clean energy, resource efficiency and environmental sectors in Asia. ACP benefits from the combined strength of Robeco as a global asset manager, as well as ORIX and ADB as two of the most active investors in the target sectors in the Asia-Pacific region. Institutional support from the Partners includes deal sourcing, due diligence and access to regional networks.

Asia-IO Advisors Limited
China Everbright Limited

China Everbright Limited has woven huge cross-border social and business networks in Hong Kong and the Mainland. China Everbright Limited, being a member of China Everbright Group, is a diversified financial services enterprise operating in Hong Kong and Mainland China. It is the second largest shareholder of Everbright Securities and third largest shareholder of China Everbright Bank in the Mainland. China Everbright Group is the holding company of Everbright. After the launch of "Shanghai-Hong Kong Stock Connect" on 10 April 2014, Everbright becomes one of the first batch of specific stocks listed on The Stock Exchange of Hong Kong which can be directly traded by Mainland investors.

Forebright Capital Management Limited

Forebright Capital is a differentiated, well resourced, institutional-quality fund manager in China. Before its spin-off in May 2014, the Forebright team had operated for more than 10 years under China Everbright Limited, a state-owned enterprise listed on the Hong Kong Stock Exchange. As one of the earliest teams investing in China, Forebright sails through various economic cycles and delivered steady and long term return for its global investors including sovereign wealth funds, insurances, pension funds, university and corporate endowments and fund of funds. Forebright is committed to partnering with business leaders, providing value added services, and driving long term growth hence returns for investors through discipline and rigorous process.

Frontier Global Asset Management Limited

Hatton Capital Partners

Well Base Capital Limited

Well Base Capital Limited is engaged in proprietary futures trading in US CME futures markets. We employ a systematic approach to our trading activities, looking to profit from short to medium tern price movements. We also provide consultancy and CTA style asset management services to a few funds and institutional investors in mainland China, where we trade the CSI 300 index futures as well as commodities futures. We are now actively looking for investment opportunities in the PE/VC arena.


Overseas Full Member
Boldpoint Alliance Management International Limited


Associate Members

AltQuest Partners Ltd

AltQuest Partners is a Hong Kong based compliance consultancy focused on serving clients in the alternative investment industry.  Our clients include a range of local and international boutique alternative asset managers, asset management arm of large financial institutions, start up fund managers and family offices. Our experienced team can assist clients on the entire licensing cycle, from SFC licensing applications, on-going compliance support post-licensing, assisting on SFC inspections and investigations.  

Conyers Dill & Pearman
Greenpro Capital Corp.

Greenpro Capital Corp. (OTCQB: GRNQ), a public company listed on the OTC Markets, is one of the leading Asian providers of flexible private debt and equity capital to sponsor-owned and non-sponsor-owned medium-sized companies in Asia, covering Hong Kong, China, Malaysia, Singapore, Thailand, etc. We are a venture capital firm investing in emerging market companies with high potential and impact to develop their products and/or services with a vision for going public.

Huatai Financial Holdings (Hong Kong) Limited

Paul Hastings

Paul Hastings is a leading international law firm that provides innovative legal solutions to many of the world's top financial institutions and Fourtune Global 500 companies. With a strong presence throughout Asia, Europe, Latin America, and the U.S., we have the global reach and extensive capabilities to provide personalized service wherever our clients' needs take us. We are proud to consistently rank among the best firms in leading legal publications such as The American Lawyer, Chambers and Partners, and Legal 500.

Willis Hong Kong Ltd

Recent Events Report

The 28th HKVCA Annual General Meeting
21 August 2015

On August 21, 2015, with more than 60 members in attendance at the China Club, the HKVCA’s 28th AGM elected 24 board members. We would like to thank all our valuable members for their continuous support of the Association during the past year.

The HKVCA-IRD Training Course
20 August 2015



The HKVCA-IRD Training Course is a comprehensive and intensive training program that has been specially designed for professionals working at the Inland Revenue Department (IRD). The goal of the course is to provide these professionals with greater insight into and a more significant understanding of the fundamental principles involved in the private equity and venture capital industry.

We would like to thank our speakers, John Levack, Vice Chairman of the HKVCA, and Puay Khoon Lee, Director of PwC, for their invaluable contribution and support.


HKVCA Young Professionals Mixer
16 July 2015

The always popular Young Professional Mixer was held on July 16, 2015 at Racks MDB in Lan Kwai Fong. This regular networking event, which is aimed specifically at our younger professionals, attracted over 60 participants from the private equity and venture capital industries. 


Industry News


CVC appoints JP Morgan's Lim as Korea chairman

Thursday, August 13, 2015

(FinanceAsia by Alison Tudor-Ackroyd) - CVC Capital Partners has hired Steve Lim from JP Morgan to be its chairman in Korea at a time when buyouts are mushrooming in the country.

Lim will be based in Seoul. Prior to joining CVC, Lim was the chief executive and managing director of JP Morgan in Korea where he was also the member of the Asia-Pacific management committee.

A JP Morgan spokeswoman confirmed that Lim is leaving the US investment bank after a hand-over period. He has been replaced by Tae Jin Park as senior country officer and head of investment banking for Korea.

Korea has been an active and competitive buyout market with sizeable deals hitting the market. Last year the value of private equity investments in Korea climbed to $8.72 billion from $6.68 billion in 2013 according to data provider Dealogic. Most sales have been sold via auctions at steep earnings multiples.


View full article here


Columbia Center sells to Hong Kong company for $711 million

Friday, August 07, 2015

(Puget Sound Business Journal by Marc Stiles) - Columbia Center sold Friday for just over $711 million.

The sale of the 76-story high-rise is the Puget Sound region's largest real estate transaction since late 2012, when (Nasdaq: AMZN) paid $1.15 billion for 11 buildings that are part of the company's South Lake Union headquarters.

Beacon Capital Partners sold the tower to Gaw Capital Partners, a private equity fund management company based in Hong Kong. The company has offices in Los Angeles and San Francisco.

Asian investors have been snapping up residential and commercial properties in the Puget Sound region for several years. Now, investors from Asia own the Northwest's tallest skyscraper.


View full article here


Tencent leads $60m round for Hong Kong online brokerage

Wednesday, August 05, 2015

(AVCJ by Tim Burroughs) - Tencent Holdings has led a Series B round of funding worth $60 million for Hong Kong-based online brokerage, with participation from Matrix Partners and Sequoia Capital.

Futu5 is a Hong Kong-registered securities broker focused on the Hong Kong, US and China A-share markets. Founded two years ago, it has accumulated 300,000 customers and generated more than HK$100 billion ($12.9 billion) in turnover. Monthly turnover is now around HK$20 billion.

View full article here



Hong Kong's New Tax Break for Offshore Private Equity Funds Raises Questions

Wednesday, July 15, 2015

(Tax Analysts by Yimian Wu) - Practitioners welcome Hong Kong's enactment of Inland Revenue (Amendment) (No. 2) Ordinance 2015, which extends the tax exemption for offshore funds to private equity funds, but observers say there are many concerns that have not yet been addressed.

After the enactment of Revenue Ordinance 2006, private equity funds continued to restrict their Hong Kong activities to advisory services, keeping their management activities outside Hong Kong, according to John Levack, chair of the technical committee of the Hong Kong Venture Capital and Private Equity Association.

With the new legislation, private equity funds will be able to perform management activities in Hong Kong, which will expand their investment and advisory services and increase local hiring. This is in line with the government's hope of further developing Hong Kong as a competitive financial center.

View full article here


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