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Allen Lee, Publisher, ASIAN VENTURE CAPITAL JOURNAL
Interviewer: Tim Burroughs, Managing Editor, ASIAN VENTURE CAPITAL JOURNAL
Interviewee: Jon Winkelried, Co-Chief Executive Officer and Partner, TPG
Given how sentiment withered as 2018 wore on, it comes as little surprise that 2019 has thus far been characterized by uncertainty. Concerns about the macro climate, high valuations, and unclear paths to exit are primarily to blame. GPs want to be sure their thesis is watertight before pulling the trigger, which means more time spent on due diligence and value creation plans. Our panel of top investors assess the current state of the market.
Moderated by: Lars Aagaard, Head of M&A, Asia Pacific and Head of Financial Sponsors, Asia Pacific, BARCLAYS
Nicholas Bloy, Managing Partner, NAVIS CAPITAL PARTNERS
Boon Chew, Senior Managing Director and Managing Partner, CITIC CAPITAL PARTNERS
Brian Hong, Partner, CVC CAPITAL PARTNERS
Tatsuo Kawasaki, Founding Partner, UNISON CAPITAL
Teck Sien Lau, CEO and Partner, HOPU INVESTMENTS
Technology serves as an enabler across almost every industry, bringing about fundamental changes in how people eat, sleep, shop, trade and socialize. Investors must be able to spot the next big monetization opportunity. This could mean shepherding a start-up through its early rounds or betting on the ability of an established player to achieve significant scale. Our diverse collection of investors explain how they identify transformative technologies and work with founders to realise this potential.
Moderated by: Patrick Loofbourrow, Partner, COOLEY
Jeffrey Chi, Managing Director and Vice Chairman, VICKERS VENTURE PARTNERS
Erhai Liu, Founding & Managing Partner, JOY CAPITAL
Andrew Ng, Managing Partner, AI FUND
Jerry Talton, Director of Data & Machine Learning, CARTA
In a climate of abundant capital, VC investors remain competitive by finding ways to make themselves relevant and useful to entrepreneurs. Post-investment services are increasingly part of the engagement toolkit in Asia, whether it involves serving as a high-level sounding board to founders or utilising internal and external resources to help with recruitment, marketing, and finance. In this session a panel of investors discusses their hands-on efforts to drive value creation in start-ups.
Moderated by: Henry Yin, Partner, COOLEY
Emre Hidekazu Yuasa, Director, GLOBIS CAPITAL PARTNERS
Melisa Irene, Partner, EAST VENTURES
Han Kim, Managing Director and Co-Founder, ALTOS VENTURES
Steven Wang, Managing Partner, HIGHLIGHT CAPITAL
Interviewer: Carman Chan, Founder & Managing Partner, CLICK VENTURES
Interviewee: Scott Sandell, Managing General Partner, NEA
Private equity firms, sovereign wealth funds, hedge funds, and strategic players are all active in this space, as are multi-strategy VC firms keen to continue backing portfolio companies – and make new investments – in later-stage rounds. Our seasoned industry practitioners consider the implications of broader investor participation in technology.
Moderated by: Pang Lee, Partner, COOLEY
Ben Cheng, Managing Partner, C VENTURES
Michelle Deaker, Managing Partner, ONEVENTURES
Xiaodong Jiang, Managing Partner, LONG HILL CAPITAL
Haiyan Wu, Managing Partner, CHINA GROWTH CAPITAL (CGC)
Anna Xu, Founding Partner, HIKE CAPITAL
As the global technology investment opportunity has grown, so have the ways in which VC firms harness capital. Activity stretches from the mainstream – early-stage funds raised in parallel with growth vehicles, enabling investors to continue backing companies that are saying private longer – to niches such as highly specialized funds or evergreen pools of capital. The question for LPs is whether their interests remain aligned with those of managers. A diverse group of GPs share their experiences.
Moderated by: Jingyi Xu, Counsel, COOLEY
Shane Chesson, Partner, OPENSPACE VENTURES
Frances Du, Founding Partner, THE JIANGMEN VENTURES
Paul Keung, Partner & COO, INCE CAPITAL
Abhay Pandey, General Partner, A91 PARTNERS
Levels of development vary markedly across Asia’s venture capital markets, but all are to some extent benefiting from growing investor interest – domestic and international, high net worth and institutional – in the asset class. The combination of maturity and the scope to participate at more points along the value chain as start-ups stay under private ownership for longer is encouraging diversification in strategy and skillsets. Investors operating in different markets share their tips for success.
Moderated by: Ferish Patel, Partner, COOLEY
Amit Anand, Founding Partner, JUNGLE VENTURES
Manish Kheterpal, Managing Partner, WATERBRIDGE VENTURES
Nisa Leung, Managing Partner, QIMING VENTURE PARTNERS
Shinichi Takamiya, Managing Partner, GLOBIS CAPITAL PARTNERS
Wei Zhou, Founding Managing Partner, CCV
Alongside international investors, Asian investors have become a mainstay of the alternatives space. Those with more advanced programmes have built up strong in-house skills and become active co-investors, with direct investment the next priority in select areas. For more recent arrivals, the challenge is choosing where and with whom to allocate capital, always conscious of j-curve mitigation. Our panellists explain how their approaches are evolving and what managers must do to win favour in the current market.
Moderated by: Hemal Mirani, Managing Director, HARBOURVEST PARTNERS (ASIA)
Tanya Carmichael, Managing Director, Global Funds, ONTARIO TEACHERS’ PENSION PLAN
Maria Guo, Investment Manager, Private Markets, SUNSUPER
Kathy Wong, Head of Private Equity and Direct Investment, HONG KONG MONETARY AUTHORITY