CVCFO/COOLEY LLP 2014 CHINA FUND MANAGER SEMINAR SERIES - Beijing,Park Hyatt
CVCFO/COOLEY LLP 2014 CHINA FUND MANAGER SEMINAR SERIES
Date and Time:
Thursday, May 15 (BEIJING – PARK HYATT)
Agenda
8:30 a.m. Registration; Coffee and Light Breakfast
9:00 a.m. – 9:10 a.m. Welcoming Remarks
9:10 a.m. – 9:50 a.m.
Fund Raising Is War: Maximizing Your Outcome. The variety of outcomes fund managers achieve
in the course of fund raising continues to diverge on a manager-by-manager basis. Past performance is important, but by no means the only indicator of fund raising success. Do not be fooled: most limited partners view the fund raising process as a way to get the best terms their leverage will permit. An overview of the fund raising environment, followed by a detailed discussion of fund raising strategy and what managers can do, performance aside, to have the best chance for success. The panelists, all seasoned fund attorneys who devote 100% of their time to raising private equity and venture funds, will provide real life “war stories” to show what is working well strategically, and what is not.
9:50 a.m. – 10:30 a.m.
Let’s Make a Deal: A Data-Driven Analysis of Financing Terms and Deal Structures. A review of
key trends impacting recent financing deals in the venture capital, growth and private equity segments. Through a proprietary data survey conducted by Cooley showing the prevalence of various terms, the panel will explore different ways to structure key economic and control terms including liquidation preferences, protective provisions, anti-dilution, conversion and redemption rights and “pay-to-play”provisions, and how these key deal terms protect and impact the entrepreneurs’ and investors’ control over corporate direction. In terms of the VC space specifically, the panel will also analyze the impact of angel financing on deal terms, the current market for founder share vesting and other critical deal terms.
10:30 a.m. – 10:45 a.m. Networking Coffee Break
10:45 a.m. – 11:15 a.m.
FATCA Compliance for Cayman Islands Funds In Plain English (And Other Fun Tax Stuff). FATCA comes into effect in July of this year and China fund managers need to consider whether and to what extent FATCA will affect their funds, management company entities and their investors. The panelist, an international tax specialist and expert in FATCA, will provide a “plain English” discussion intended to help fund managers navigate their way through the FATCA maze as the time for registration under FATCA is now. In addition, this session will cover other U.S. tax developments and issues of particular interest to China fund managers who have U.S.-based managing directors or principals in their management company vehicles, invest in the U.S. or otherwise have U.S. source income.
11:15 a.m. – 12:00 p.m.
We Had An Exit! Now What Do We Do? A Discussion Of Fund Distribution Issues. The uptick in
public equity markets and increased M&A and Trade Sale activities have resulted in many funds looking forward to exit proceeds and portfolio company IPOs. Once the proceeds are received or the IPO is done, a fund must then distribute or reinvest those proceeds or publicly traded stock. This session will focus on the practical considerations involved in making a cash or stock distribution, typical fund agreement rules governing distributions, carried interest escrow mechanisms, tax distributions, and how distribution decisions impact potential clawbacks. Special attention will be given to issues surrounding stock distributions, and related securities, tax and other laws. Reinvestment (or “recycling”) provisions and their implications will also be reviewed. In addition, we will discuss the practical aspects of making carried interest distributions to the members of the GP.
12:00 p.m. – 1:00 p.m.
Networking Lunch and IPO Market Update Sponsored by Merrill Lynch. A chance to network with
your fellow professionals as well as the Cooley panel of attorneys. A senior banking professional from Merrill Lynch will present a succinct update of the current state of the IPO market and topics of particular interest to fund managers, including a discussion of choice of IPO location, critical items to achieve in your portfolio companies pre-listing, how accounting standards and issues in China play into offshore IPOs, and more.