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CVCA Seminar - RMB Funds vs. USD Funds: Fundraising, Fund Formation and Fund Terms

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CVCA's "RMB Funds vs. USD Funds: Fundraising, Fund Formation and Fund Terms" Seminar was successfully held in Hong Kong on April 26th, 2012. The seminar attracted almost 70 professionals in the VC/PE industry.


In the seminar, speakers and panelists shared their research findings, observation and opinions on the current situation and development trend of RMB and USD fund terms and fund formation from academic and practice perspectives separately. The speakers provided and discussed the landscape of the terms & conditions of limited partnership agreement of RMB and USD funds in China market and related issues. The speakers and audience had a close interaction and in-depth exchange of views.


CVCA speaker shared their findings of the Limited Partnership Agreement Survey in 2011, including the primary data and charts. Ms. Queenie You from CVCA compared the similarity and difference of the fund terms between RMB funds and USD funds on the basis of the survey. The unique research on this topic and plentiful data won great feedback from the participants.


Presentation by Queenie You


Ms. Lynn Chan and Ms. Elaine Zhang from OMM jointly gave a quick review of the development of the RMB fund industry in China and then analyzed some key terms of RMB and USD fund in detail. Lynn and Elaine both have rich experience in fund terms, so their sharing was from their practice and focused on the differences between RMB and USD funds and the reasons behind.


Presentation by Lynn Chan and Elaine Zhang


Mr. Jeremy Ngai, Partner of China Tax and Business Advisory Service Division of PwC, shared his opinions on RMB fund market in China especially on the fund structure from the taxation and business perspective.


Presentation by Jeremy Ngai


In the panel discussion, the panelists from different roles of the industry including LP, GP, placement agents, and service providers, had a warm discussion on the hot issues in the terms and fund structures. The audiences were attracted by speakers’ sharp observations nd humorous comments. Combined with their own practice and experience, the speakers also answered lots of practical questions from the audiences.


Panel Discussion


Panelists (from left to right)


Xuan ZhangCounsel, O'Melveny & Myers LLP

Conrad YanPartner, Campbell Lutyens Asia Pacific Ltd

Shirley XiePartner, Private Equity Group of PricewaterhouseCoopers

David LinHead of Fund Investing, GoldStone Investment Co.

Lucian WuManaging Director, Paul Capital Advisors Hong Kong Ltd

Larry SussmanPartner, O'Melveny & Myers LLP



The seminar ended with heated discussion. All the participants expressed that they greatly benefited from the speakers' ideas and sharing, and the event is very practical with deep foresight.


中华股权协会投资