AVCJ Private Equity Forum 2025
Asia's premier private equity event for the last 38 years
Structures and terms: A shift toward flexibility
- What fee innovations are emerging – performance-based fees, tiered fee structures, or discounts for early commitments?
- How are GPs integrating co-investment rights into their fundraising strategies and is it having the desired effect?
- How are funds choosing between Singapore, Hong Kong, Cayman, and other vehicles?
- Are we entering a new era of bespoke fund formation tailored to the needs of concentrated LP bases?
Speakers
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Yiqing Wang is Managing Editor of Mergermarket’s Asia-Pacific M&A and ECM editorial team, which specializes in breaking news on private and public M&A transactions and delivering forward-looking intelligence on corporate strategy. Yiqing spearheads the editorial strategy and oversees day-to-day operations, to deliver timely, actionable insights and analysis to help clients make better deal-making and investment decisions. Additionally, she frequently moderates panels and chairs conferences at ION Analytics events, bringing industry insights to the forefront.
She has been an investigative M&A reporter and editor since 2009, writing news ranging from healthcare, renewable energy and financial service, etc.
Yiqing achieved her master's degree of multilingual multicultural studies from New York University.
Seraph Chen has served as SVP for Offshore Fund Administration Services at CITIC Securities since 2021.
She has been assistng global expansion for over 200 alternative investment managers by delivering end-to-end administration solutions in corporate structuring, opration compliance, and exit planning.
Previously at HSBC, she specialized in serving institution clients with integrated securities services covering Global Custody and Fund Administration. Seraph excels in systematic fund architecture design (including various fund structure like SPC/OFC/VCC/ELP/LPF/Master-Feeder).
Also highly experienced in multi-jurisdictional compliance frameworks, and cross-asset allocation.
Ms. Pratibha Jain is the Head of Strategy and Group General Counsel at Everstone Group. Prior to Everstone, Pratibha was a Partner at Nishith Desai Associates where she founded their New Delhi office, and lead their Funds and Regulatory practice. She’s an alumnus of Harvard Law School, Oxford University and Delhi University. She brings with her a breadth of international and Indian experience having worked with Sullivan & Cromwell in New York, Tokyo and Hong Kong, with Skadden Arps Slate, Meagher and Flom LLP in Hong Kong and Goldman Sachs in Mumbai.
She has worked on some of the most challenging projects in financial services and regulatory sector globally and in India, including representing Ministry of Finance in setting up of National Investment and Infrastructure Fund and designing USD 1.3 billion special ‘window for funding stalled affordable and middle income housing projects’ as an AIF fund, listing of companies on US exchanges, representing private equity investors in some of the biggest investments into India such as Mubadala’s investment in Reliance Jio and reliance Ventures, Softbank’s in its investment of USD 1.4 billion in PayTM, , representing investors for facilitating listing of stock exchanges in India including BSE, IEX and NSE, representing investors in investigations by the Enforcement Directorate, Central Bureau of Investigation and Reserve Bank of India. \
She enjoys working and writing on public policy issues and is regularly quoted in news on various public policy issues. She sits on various important committees including IVCA Executive Committee, FICCI Capital Markets Committee and CII Financial Markets Committee.
She is a Fellow of the Seventh Generation Class of Ananta Aspen’s Kamalnayan Bajaj Fellowship and member of Aspen Global Leadership Network. She received the “Woman Lawyer of the Year Award 2019” by Business World magazine. Recently, she has been recognized as a Top Individual Lawyer by Forbes Legal Power list 2020.
Brian Lee is the general counsel of FountainVest, a leading Asia-based private equity firm with offices in Hong Kong, Beijing, Frankfurt, Shanghai and Singapore. FountainVest’s investments are long-term oriented and target high-growth industry leaders both in China and in businesses having a strong China nexus. Its core focus is to invest in the consumer, healthcare, industrial and business services sectors. FountainVest works closely with management teams to create value in the areas of strategy, operations, human resource management, finance, industry consolidation and governance.
Prior to joining FountainVest, Brian was working in the Hong Kong office of a well-known offshore law firm. His legal experience includes (i) corporate finance and corporate restructuring matters such as fundraising transactions for venture and private equity investments, mezzanine and pre-IPO financing, IPOs on global stock exchanges such as Hong Kong, Nasdaq, NYSE, China A-share, Singapore and London, note and bond issuances of listed and unlisted entities, mergers and acquisitions, takeovers and privatisations, backdoor listings and company reorganisations; and (ii) fund-related matters such as the structuring and establishment of offshore private equity and venture investment funds. He had also previously worked in the investment banking and legal fields in Singapore and as a venture capitalist in Shanghai focused on China-related investments. He received a Bachelor of Laws (honours) degree from the University of Bristol.
Shirley Choi is the founder of Shirley Choi & Co., a boutique law firm specialising in private investment funds. With over 15 years of experience across Hong Kong, the Cayman Islands, and the British Virgin Islands, she has personally advised on and structured more than 500 private funds spanning private equity, venture capital, hedge, and real estate strategies. Her practice covers the full fund lifecycle—from formation and investor negotiations to restructuring, regulatory alignment, and disputes relating to investment funds.
In addition to fund structuring, Shirley also advises on SFC-licensed entity compliance and investigations, helping clients navigate regulatory obligations and enforcement matters with clarity and discretion.
Before founding her own firm, Shirley trained and practiced at Freshfields Bruckhaus Deringer, Baker McKenzie, Simpson Thacher & Bartlett, and Ogier. This rare combination of global and offshore experience informs her institutional-grade counsel and agile, boutique delivery.
Renowned for her precision, commercial judgment, and ability to trans distill late complex legal frameworks into practical guidance, Shirley serves a diverse client base—from first-time fund sponsors and family offices to seasoned professionals from global managers and investment platforms. Her clients value her discretion, clarity, and long-term partnership ethos.