Board of Directors 2018 - 2019 | | New officers elected to serve for 2018 - 2019 term | | H. Chin Chou was elected Chairman of the Hong Kong Venture Capital and Private Equity Association at this year's AGM held on September 28, 2018. He brings to the role of chairman more than 20 years of investment experience across a wide spectrum of industries. | Dear Members and Friends, It is both a pleasure and an honor to address you as the new Chairman of the Hong Kong Venture Capital and Private Equity Association (HKVCA). I feel truly privileged to serve in this position and to continue the great work of the HKVCA. My message to you must begin by acknowledging the accomplishments and hard work of our outgoing Chairman, Eric Mason, and of the entire Board of Directors. Under Eric’s leadership, and indeed that of David Pierce, Johnny Chan and Conrad Tsang who served before him, the HKVCA has grown considerably in terms of membership, has substantially increased the beneficial impact for its members, and is now in better all-around shape than it has ever been. I shall do my very best to continue this remarkable trend and will endeavor to lift the Association to even greater heights. I would also like to take this opportunity to welcome our recently elected Vice Chairs, Alain Fontaine, Jie Gong, John Levack and Rebecca Xu. We will be working closely with the entire elected Board, continuing to build on our standing as a leading industry association within the Asia-Pacific region. As an organization we are committed to furthering the progress of the last few years. With a membership of over 400 firms, we remain dedicated to growing and expanding the diversity of our member base, not only in Hong Kong, but across Asia Pacific and worldwide. 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 a platform for advising and lobbying government on behalf of our industry. In this way I believe we can continue to positively impact the region’s regulatory and business environment, and thus help attract more GPs and LPs to set up in Hong Kong. Thanks to the dedication of several of our Board members, we have recently established two new committees - the Healthcare Committee and the Listed Private Equity (LPE) Subcommittee. The work of the Healthcare Committee will help raise the level of awareness and knowledge around healthcare investing in Asia, while the LPE Subcommittee is tasked with advocating in support of the listed private equity initiative that is before the Hong Kong Government. To further enhance the HKVCA’s educational services, we are planning to organize a number of training seminars that are focused on biotechnology, blockchain and new economy technology. I highly recommend all of our members take advantage of the rich educational offerings that the HKVCA organizes on a regular basis; this is yet another way that the Association can help advance the private equity and venture capital industries within Hong Kong and the Asia-Pacific region. Family offices play an increasingly significant role in private equity and venture capital in Asia. To ensure that family offices are actively involved as members of the HKVCA community, we will be looking at how to provide additional and bespoke services to this important investment group. Finally, no discussion of our remarkable success and the growing confidence we all have in the work of the HKVCA would be complete without mentioning Joanne and her amazing team. Since coming on board, Joanne has energized, organized and revitalized this organization. I know I speak on behalf of the entire Board when I say thank you to Joanne and her team. The primary goal of the HKVCA in the years ahead will be to continue to demonstrate its leadership position as a regional industry association. In the meantime, I encourage you to reach out either to myself or my colleagues with your ideas and suggestions on how to make the Association even better. I look forward to seeing you at our future events. All the best, H. Chin Chou Chairman, Hong Kong Venture Capital and Private Equity Association Managing Director, Morgan Stanley Asia Limited | | | The AGM also saw the election of the following officers and board members: | |
| HKVCA Listed Private Equity Fact-finding Trip to London | | | The HKVCA has established the Listed Private Equity Working Group to explore the idea of introducing listed private equity to Hong Kong to meet growing investor appetite for alternative investment products and to promote Hong Kong’s role as a center for asset management and private equity in Asia. Representatives of the HKVCA have engaged with the Stock Exchange, Securities and Futures Commission, Hong Kong Monetary Authority, Financial Services Development Council, InvestHK and the Financial Services and the Treasury Bureau over the past year on the topic. To deepen the industry’s understanding of listed private equity, it was decided that a fact-finding trip be organized for members of the working group to learn from the experience of London, where a large and diverse market for listed private equity, as part of boarder listed investment funds market, has been in existence and flourishing for decades. |
| | | The Private Equity Fundamentals Course is organized annually by the HKVCA and provides participants with an in-depth examination and analysis of private equity and venture capital. It is especially relevant for those individuals who are seeking greater technical and practical know-how, either to increase their base knowledge or as an effective way to refresh their existing professional skill set. Made up of a series of six purpose-developed modules and a case study session, the Private Equity Fundamentals Course has proven particularly helpful for those keen to further develop their practical competencies and gain additional industry insights. With deep knowledge and understanding of the processes underpinning the development of a firm, leading industry practitioners and experts with unmatched experience in deal-making, deal protection and the allocation of risk, structuring, company value-creation and exits will teach each module. Drawing on actual case studies, the instructors will try to illustrate how investors finance through the different stages of a company’s lifecycle, and explain financing as financial intermediaries practice it. The course also includes a curated section devoted specifically to ESG, which plays an increasingly important role in today’s investment practices and decisions. | Date | Time | Session | Venue | CPT & D | 3 Sep | 09:30-13:00 | Module 1: PE Basics | HKU MBA Centre | 3 | 3 Sep | 14:00-17:30 | Early Stage Investment | HKU MBA Centre | 3 | 10 Sep | 10:00-12:30 | Module 2: The Investment Decision | HKU MBA Centre | 2 | 11 Sep | 14:00-17:20 | Module 3: Valuation/ESG/“High Level” Tax Issues | HKU MBA Centre | 3 | 9 Oct | 14:00-17:15 | Module 5: Post Investment | HKUST Business School | 3 | 10 Oct | 11:00-14:30 | Module 6: Tax/ Fundraising | KPMG Office | 3 | 15 Oct | 09:30-12:35 | Module 4: Transaction Documentation | HKU MBA Centre | 2.5 | 23 Oct | 14:00-17:15 | Case Studies: CVC / HKBN & Pacific Coffee | HKUST Business School | 3 | | | Venue: | The University of Hong Kong (HKU MBA Centre): B2, The HKU Town Centre, 3/F, Admiralty Centre, HK Hong Kong University of Science and Technology (HKUST Business School): HKUST Business School Central, 15/F, HK Club Building, Central, HK KPMG Office: 8th Floor, Prince’s Building, 10 Chater Road, Central, HK | | |
| | Polishing the crystal ball: Demystifying the complex business ecosystem in India | Sponsored by | | India recently overtook France to become the sixth largest economy in the world, and is expected to remain the fastest growing economy for the foreseeable future. Policy support oriented towards measures aimed at improving the ease of doing business are creating a strong opportunity for India to position itself as a global investment hub. However, though India has made great strides towards becoming an attractive investment destination, its business environment remains fraught with unique challenges. Key topics of discussion: • Economic outlook: Where is India headed? • Emerging sectors and their key challenges • Policy and regulatory initiatives create a conducive business environment • Taking stock of the Insolvency and Bankruptcy Code • Jugaad and other challenges unique to doing business in India | Speaker: | | Abhijit Yadav Principal Berkeley Research Group | | | Date: | October 11, 2018 (Thursday) | Time: | 12:00 – 14:00 | Venue: | The China Club, 14/F, The Old Bank of China Building, 1 Bank Street, Central, Hong Kong | Fee*: | Corporate Full Member | Non Member | | One free pass per company | HK$800 per person | | Additional pass: HK$450 per person | | | HKVCA Corporate Associate / Overseas (Full/Associate) Members | | HK$450 per person | | | *An additional charge may apply to accommodate special dietary requests. | CPT: | 1 point | | |
| | Enhancements to the Hong Kong Fund Manager Code of Conduct | Sponsored by | | Key points to be discussed: • Applicability of the revised FMCC • Key enhancements to the FMCC | 。Risk management | 。Disclosure of leverage | | 。Securities lending and repurchase agreements | 。Liquidity risk management | | 。Termination | 。Safe custody of fund assets | | 。Auditors and audited accounts | 。Fund portfolio valuation | | 。Side pockets | | • What fund managers should do | Speaker: | | Luke Gannon Partner Head of Corporate, Asia Head of Funds and Investment Management, Asia DLA Piper Hong Kong | | | Date: | October 25, 2018 (Thursday) | Time: | 12:30 – 14:00 | Venue: | DLA Piper Hong Kong Office, 17th Floor, Edinburgh Tower, The Landmark, 15 Queen's Road Central, Hong Kong | Fee: | Corporate Full Member | Non Member | | One free pass per company | HK$400 per person | | Additional pass: HK$200 per person | | | HKVCA Corporate Associate / Overseas (Full/Associate) Members | | HK$200 per person | | CPT & CPD: | 1.5 points | | |
| | HKVCA Young Professionals Mixer 2018 | Sponsored by | | Special Guest: | H. Chin Chou, CEO, Morgan Stanley Private Equity Asia; Chairman, HKVCA | Date: | October 25, 2018 (Thursday) | Time: | 18:30 – 21:00 | Venue: | LIBERTY EXCHANGE Kitchen & Bar, G/F, 2 Exchange Square, 8 Connaught Road, Central | Fee: | Cash bar basis | | |
| | On-prem, private cloud, hybrid cloud, public cloud: Which is the right set up for your firm? | Sponsored by | | As the number of global private equity firms increases each year, the demand for seamless, efficient IT solutions is greater than ever before. The combination of changing economic patterns and new regulations coming into effect puts pressure on internal IT teams to seek new ways to boost efficiency, remain compliant, whilst also focusing on important growth and the strategic goals of the firm. In an industry where downtime is not an option, infrastructure is the backbone of all business operations, so it is important to consider each infrastructure model carefully to assess which is likely to operate most reliably and efficiently for a given firm. Join Executive Director Dean Hill and Associate Director Michael Steinkuhl from global IT provider Eze Castle Integration for a special HKVCA luncheon as they explore the different cloud computing models best suited to your firm. | Speakers: | | Dean Hill Executive Director Eze Castle Integration | | Michael Steinkuhl Associate Director Eze Castle Integration | | | Date: | November 12, 2018 (Monday) | Time: | 12:30 – 14:00 | Venue: | The China Club, 14/F, The Old Bank of China Building, 1 Bank Street, Central, Hong Kong | Fee*: | Corporate Full Member | Non Member | | One free pass per company | HK$800 per person | | Additional pass: HK$450 per person | | | HKVCA Corporate Associate / Overseas (Full/Associate) Members | | HK$450 per person | | | *An additional charge may apply to accommodate special dietary requests. | CPT: | 1 point | | |
| | Sponsored by | | ~ Let China sleep, for when she wakes she will shake the world – is this true for Chinese wine? ~ | The HKVCA is holding its annual wine tasting event on November 19, 2018, hosted by Marcus Thompson and with instruction by Master of Wine, Jeannie Cho Lee. Ms. Cho Lee was appointed Professor of Wine at the Polytechnic University's School of Hotel and Tourism Management in 2012 and in 2015 helped launch the school’s Master of Science Degree in International Wine Management. She began hosting a weekly wine program on TVB, In Vino Veritas, in early 2014. The focus of the evening will be an examination of the old saying “let China sleep, for when she wakes she will shake the world” and whether this applies in the context of Chinese wines. Participants will taste six Bordeaux blend red wines. Three will be from China, one will be from Bordeaux, one from California and one from Chile. The tasting will be semi-blind i.e. everyone will know the names of the six wines but the actual tasting will be blind. The wines will be tasted in pairs – one from China and one from outside of China. The participants will then be asked to guess which of each of the pairs is the Chinese wine. Those who would like to attend are strongly encouraged to secure their places now to ensure they don’t miss out on what will undoubtedly be a terrific event. | Instructed by Jeannie Cho Lee, Master of Wine | | Date: | November 19, 2018 (Monday) | Time: | 18:30 - 20:30 | Venue: | Victoria Suite, Hong Kong Club, 1 Jackson Road, Central, HK | Fee: | HKVCA Members Early bird rate (payment settled by October 5, 2018): HK$730 Standard rate: HK$800 per person Tables (For HKVCA Members Only) Full table (11 persons): HK$8,030 Half table (6 persons): HK$4,380 Non Members HK$1,300 per person | | |
| | Strategic use of M&A insurance for PE and M&A dealmakers | Sponsored by | | Warranty and indemnity (representation and warranty) and tax insurance are becoming increasingly prevalent in regional and outbound M&A transactions. Whilst these products have been available and marketed for some time, it is only recently that private equity and strategic dealmakers, as well as their advisors, have begun to use them, armed with greater understanding, experience and confidence in how they work as part of a successful M&A process. Join us for a special luncheon discussion on the use of M&A insurance for dealmakers, with particular focus on key practical buy-side and sell-side strategies to maximize results. | Speaker: | | Terence Montgomery Head of Mergers and Acquisitions, Asia Pacific Willis Towers Watson | | | | Date: | November 22, 2018 (Thursday) | Time: | 12:00 – 14:00 | Venue: | The China Club, 14/F, The Old Bank of China Building, 1 Bank Street, Central, Hong Kong | Fee*: | Corporate Full Member | Non Member | | One free pass per company | HK$800 per person | | Additional pass: HK$450 per person | | | HKVCA Corporate Associate / Overseas (Full/Associate) Members | | HK$450 per person | | | *An additional charge may apply to accommodate special dietary requests. | CPT: | 1 point | | |
| Members Only Event | | Sponsored by | | Date: | November 23, 2018 (Friday) | Time: | 8:00 - 9:00 | Venue: | Victoria Suite, Hong Kong Club, 1 Jackson Road, Central, Hong Kong (Room reserved under the name of Johnny Chan) | Fee*: | Full Member (Corporate): one free pass per company | | Associate Member/ Full Member (additional pass): HK$300 | | *Note, free pass no shows will be charged full price | | *An additional charge may apply to accommodate special dietary requests. | | |
| By Invitation & LP Only | | HKVCA LP Luncheon Talk: If you're an investor, you better know CIFUS | Sponsored by | | The extensive media coverage of US-China trade tensions has focused mainly on the issue of exports, with little mention being made of US moves to tighten its grip on technology transfers. This luncheon seminar aims to shed light on the decision-making behind US decisions to block overseas investments in companies of “national security concern” and the CFIUS (Committee on Foreign Investment in the United States). What is its mandate? What are the recent developments and in what direction will future policy take? Other than chip companies, what sectors and types of companies are more likely to draw the attention of CFIUS? Specifically, the talk will focus on: • What has happened under the Trump administration? 。Who are the decision makers? 。Background and role of CFIUS and other organizations 。New and pending legislation • Examples of impacted sectors and deals • China’s reaction and response • Impact on the private equity and venture capital industry • A discussion of what might come next | Speakers: | | Massimo Zannella Managing Director SS&C Private Equity Asia | | Lorna Chen Head of Greater China & Partner Shearman & Sterling | | | Date: | November 27, 2018 (Tuesday) | Time: | 12:30 - 14:00 | Venue: | The China Club, 14/F, The Old Bank of China Building, 1 Bank Street, Central, Hong Kong | CPT: | 1 point | | Please contact Kamy Chan (kamy@hkvca.com.hk) for more information. |
| | Sponsored by | | This very special event offers an excellent opportunity for networking with fellow professionals and for celebrating the holiday festivities with both colleagues and friends. | Date: | December 11, 2018 (Tuesday) | Time: | 18:00 - 20:00 | Venue: | The China Club, 15/F, The Old Bank of China Building, 1 Bank Street, Central, Hong Kong | Fee: | Full Member/Associate Member: HK$350 per person | | Non-member: HK$700 per person | | *Priority is given to HKVCA Members | | | | Canapés and unlimited drinks including house wines, spirits, beers, fresh orange juice, soft drinks and water (mineral or sparkling | | |
| | Date: | January 16, 2019 (Wednesday) | Time: | 8:30 – 17:30 (Followed by the Cocktail Reception) | Venue: | Forum – S421, Hong Kong Convention and Exhibition Centre (Old Wing), 1 Expo Drive, Wan Chai, HK Lunch – Chancellor Room, Hong Kong Convention and Exhibition Centre | | More than 450 industry experts have spoken at APEF over the past eight years. View here. | Early-bird rate (Payment deadline: 15 November, 2018) | HKVCA Members with membership 2019 renewed | HKVCA Corporate Full Members | One free pass per company | Additional passes: HK$3,600 HK$4,800 per person | HKVCA Corporate Associate / Overseas Members | First pass at special rate (HK$3,200) | Additional passes: HK$3,600 HK$4,800 per person | Non-Members | Non-Member | HK$7,300 HK$8,300 per person | Members of Supporting Organizations (20% off) | HK$5,840 HK$6,640 per person | LP firms (Sovereign Wealth Funds, Pension Funds, Endowments, Foundations, Family Offices, DFIS and Fund of Funds) | One free pass per company | Additional passes: HK$7,300 HK$8,300 per person | | | 6.5 CPT points can be claimed after attending the full-day event. | |
| Members Only Event | Limited Seats Available | | Cocktail Sponsors: | | | Date: | January 15, 2019 (Tuesday) | Time: | 18:30 – 21:30 | Venue: | Dragon Room 1 – 5, The Hong Kong Bankers Club, 43 Floor, Gloucester Tower, 11 Pedder Street, The Landmark, Central, Hong Kong | Fees: | Early-bird Rate (Payment on or before 31 Oct 2018) Full Table (12 persons): HK$19,800 HK$21,800 Half Table (6 persons): HK$9,900 HK$10,900 Individual HKVCA Member: HK$1,980 HK$2,180 | | |
| South-East Asia Private Equity Conference 4 October, 2018 | ESG: Greening the Belt and Road Initiative 12 October, 2018 | EMPEA Sustainable Investing in Emerging Markets Summit 23 October, 2018 | 第二十二屆京港會科技專場 24-25 October, 2018 | Elevator Pitch Competition 2018 26 October, 2018 | Think Global Think HK 2018 1 November, 2018 | AI & Investments Conference 2 November, 2018 | Cyberport Venture Capital Forum 8-9 November, 2018 | The 31st Annual AVCJ Private Equity & Venture Forum 13-15 November, 2018 | EY Entrepreneur Of The Year 2018 China May - November, 2018 | SuperReturn Japan 5 - 6 December, 2018 | | | HKVCA 31st Annual General Meeting 2018 | | | | The HKVCA’s 31st Annual General Meeting (AGM) was held on September 28, 2018. More than 50 members attended this year’s gathering, which saw the election of a new Chairman and the election of 24 Board Members. Outgoing Chairman Eric Mason (2015-2018) delivered his report summarizing the Association’s great work over the course of the last year. He then formally recognized and welcomed the HKVCA’s new Chairman, Chin Chou. We would like to extend our appreciation to members of the Board of Directors and to all members who gave of their time to attend this important Association event. | | |
| New Members | Corporate Full Members | | Cachet Asset Management Cachet Asset Management (CAM) was established in 2014. Headquartered in Hong Kong, we hold HKSI 1, 4 and 9 licenses. We started as a multi-family office for ultra-high net-worth families in the greater China region and expanded to become a comprehensive asset management firm offering proprietary hedge funds, private equities and direct investment opportunities for investors. We are currently managing three hedge funds. The CEO and senior management all have solid track records with on average more than 15-years’ experience in banking and finance with such international banks as Citi Bank, Morgan Stanley and UBS. | | China Group International Investment China Group International applies a buy and build investment strategy. We focus on consumer businesses in the health and beauty industry as well as related tech and services. We invest in Asia, the US and Europe with a view on Chinese consumers. | | Ping An Global Voyager Fund Formed by Ping An Group, Ping An Global Voyager Fund specializes in growth stage investments in companies in fintech, healthtech and related sectors. The fund's investment areas include core banking, insurance and healthcare technologies, innovative digital business models, unique customer experiences, and AI. As a result of its tight affiliation with Ping An, the Global Voyager Fund is uniquely positioned to deliver scale access to the China market for portfolio companies. | | VMI Capital Group VMI Capital Group (VMI) was established in 2010 to serve and support the rapid growth in Greater China. Founded by prestigious investment bankers, public companies, and the largest asset managers, we have successfully developed into a leading interregional diversified financial institution that combines securities underwriting, sales and trading, private placement advisory, investment management and other financial services. VMI currently has a team of close to 30 professionals, based out of offices in Hong Kong, Xiamen, Shenzhen, and Taipei. | | Overseas Full Member | | BLG Capital Advisors Asia Pte. BLG Capital Advisors Asia is a single family office with a global private equity portfolio. | | Corporate Associate Members | | Envinary Group We provide financial advisory services (M&A, capital markets, asset management, financial restructuring, valuation, strategic consulting and asset protection) to individuals, corporations, institutions and governments. We invest in promising projects and opportunities, and develop new solutions and products to fill the gaps in the market. | | SMBC Nikko Securities (HK) SMBC Nikko Securities, founded in 1918 under the name of Kawashimaya Shoten, is a leading Japanese securities firm. It forms with Sumitomo Mitsui Banking Corporation (SMBC) the two core members of Sumitomo Mitsui Financial Group (SMFG), making it the second largest financial group in Japan (by market capitalization). SMBC Nikko has overseas offices in New York, London, Luxembourg, Hong Kong, Shanghai, Singapore, Jakarta and Sydney and has over 10,800 employees globally. With 149 branches in Japan, SMBC Nikko provides full investment banking services to its Japanese clients in M&A advisory, equity and debt capital markets and structured finance. SMBC Nikko Hong Kong provides services in cross-border M&A advisory, debt capital markets, sales and trading in Japanese equities and fixed income securities. SMBC Nikko Hong Kong’s M&A department serves as a hub for the Asia-Pacific region of our global network. Our operations focus on cross border M&A transactions in Greater China, covering Hong Kong, China and Taiwan, as well as the Philippines. We work closely with our bankers in SMBC Nikko Japan and SMBC Hong Kong to provide professional advice to our Japanese and other clients on both sides of M&A transactions. | |
| Recent Events Report | | HKVCA Members Breakfast Meeting 24 August, 2018 | | The HKVCA's monthly breakfast meeting was held at the Hong Kong Club on Friday, August 24, 2018. More than 80 members attended the event, most of whom took advantage of the excellent opportunity to network and reconnect with their colleagues and fellow industry practitioners. We would like to especially thank EY for their participation and generous sponsorship. | | HKVCA Luncheon Talk: What the Hack is the Difference? Understand the differences between a Cyber Policy and a Computer Crime Policy 7 August 2018 | | The HKVCA hosted a special luncheon seminar on August 7, 2018 at the China Club. Naureen Rasul, Senior Vice President and Regional Financial Institutions Industry Leader for Asia at Marsh, discussed the important distinction between cyber policy versus computer crime policy, and the differing protections each offers. Using a wealth of statistics, she stressed the necessity of having a robust system of cyber security in place, pointing out the most common cyber incidents and crimes companies are most vulnerable to as well examples of breaches that have actually occurred. The presentation ended with the audience joining in for a pop quiz. With over 40 HKVCA members attending the event, we would like to thank all the participants, and especially our sponsor, Marsh, whose generous support made this event possible. | | |
| | Industry News | Hillhouse Capital raises record US$10.6 billion for PE fund focused on Asia tech and health care | — September 19, 2018 | Hillhouse Capital, known for its investments in Tencent Holdings, Baidu, Didi Chuxing and Meituan Dianping, has raised a record US$10.6 billion for its latest private equity fund that will focus on Asian technology, health care and consumer sectors, the Beijing-based firm said on Wednesday. Hillhouse Capital Fund IV is likely to have beaten KKR’s record of US$9.3 billion to become the largest pool of private equity capital ever raised with a focus on the Asia-Pacific region, according to figures from data provider PitchBook. | (link to the full article) | | Franklin Templeton, Asia Alternatives to form PE firm | — September 12, 2018 | US asset manager Franklin Templeton Investments (Franklin Templeton) is teaming up with Hong Kong-based Asia Alternatives Management to form a private equity joint venture that will focus on offering fund-of-funds. Franklin Templeton Private Equity (FTPE), which is scheduled to start operating officially in October, will provide investors with “bespoke global private equity fund-of-funds solutions”, Franklin Templeton says in a statement on September 10, 2018. | (link to the full article) | | Japan's Pioneer gets US$540 million lifeline from Baring as debt deadline looms | — September 12, 2018 | TOKYO, Sept 12 (Reuters) - Japan’s Pioneer Corp secured a bailout worth up to 60 billion yen (US$540 million) from Baring Private Equity Asia, after failed bets on car navigation and audio systems saddled it with debt and pushed it into the red. Under the terms of the deal, the once-popular stereo maker said it will issue around 50 billion to 60 billion yen worth of shares to Baring by end-December and obtain a 25 billion yen bridge loan from the Hong Kong-based investment firm next week, allowing Pioneer to pay down a bank loan due later this month. | (link to the full article) | | Klook gears up for next round of global expansion and innovation with US$200 million series D funding | — August 7, 2018 | (Press Release) - Klook, a world-leading full-service in-destination booking platform, today announced it has closed US$200 million in Series D funding, bringing its total financing to date to US$300 million. This makes Klook the most funded company in the tours and activities sector globally. Investors in this round include Sequoia China, Matrix Partners, Goldman Sachs, Boyu Capital, TCV, an Asia-based sovereign wealth fund, OurCrowd, and some family offices. | (link to the full article) | | |
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