Leung Kwok

Really enjoyed my conversation with Johnny Wu on the AAAIM High Emerging Leaders in Investment podcast. AAAIM is doing so much important work in highlighting the disparity and challenges Asian Americans face in the finance and investing world. Being an emerging fund manager, I am seeing it firsthand myself now. Their studies have found substantial AAPI underrepresentation at the ownership level – only 2.4% of firms, 1.8% of funds, and .3% of AUM in the US are AAPI-owned. When looking at AAPI women in particular, a staggeringly low .01% of US AUM is managed by AAPI women. This is all despite the fact that AAPI-owned funds outperform non-AAPI-owned funds across most asset classes on a capital-weighted average basis. Nearly half of AAPI-owned PE funds appear in the top performance quartile; over 50% of AAPI-owned VC funds achieve top quartile performance as well. AAPI-owned hedge funds yield monthly returns of .50%, significantly outpacing the .19% monthly returns of their non-AAPI-owned counterparts. I look forward to meeting other Asian American investment managers at AAAIM Elevate next week in Los Angeles to discuss these challenges and how we can overcome them as a community.

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🚨 California Bill AB-3129: A New Era for Health Care Transactions? 🚨 Thanks for the detailed note: Kathryn Edgerton, Deborah Daccord, Karen S. Lovitch The recently introduced California Bill (AB-3129) aims to curb the price increases and lower service quality often linked to such acquisitions. Key Highlights: 🔸 Mandatory Reviews: Private equity groups and hedge funds must notify the AG 90 days before any transaction involving a health care facility or provider group. The AG can extend this period by 45 days, potentially delaying transactions. 🔸 Conditional Approvals: The AG can grant, deny, or impose conditions on transactions if they are likely to have anticompetitive effects or significantly impact access to health care services. 🔸 Prohibitions on Management: The bill restricts physician and psychiatric practices from entering management agreements with private equity or hedge fund-controlled entities. Impact on Digital Health Adoption: The increased scrutiny could slow down the adoption of digital health solutions, as transactions involving tech investments may face delays and additional costs. However, it could also ensure that such innovations prioritize patient care over profit. Cost of Healthcare Provision: While the bill aims to control costs, the additional administrative burden and potential delays might increase operational costs for health care providers, which could be passed on to patients. Consolidation by PE Firms: The bill could deter private equity investments, slowing down the trend of consolidation in the health care sector. This might benefit smaller, independent practices but could also limit access to capital for necessary upgrades and innovations. 🤔 Should Other States Follow? While California's approach aims to protect patients from the negative impacts of unchecked acquisitions, it also introduces significant regulatory overhead. Other states should consider the balance between oversight and operational efficiency, learning from California's experience. This bill is a double-edged sword: aiming to protect patients but risking increased costs and delayed innovation. Other states should watch closely to determine the best path forward. #HealthcareReform #DigitalHealth #PrivateEquity #HealthCareInnovation #CaliforniaLegislation

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Worth reading: Situationsl Awareness by Leopold Aschenbrenner PDF : https://lnkd.in/gkxQ3yMD Web site: https://lnkd.in/gyJUCBhb Interesting perspective, time of course will tell.

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This is a very cool read! With the increased visibility in VC secondaries pricing and trading data, makes me wondering if there is less arbitrage for pricing in VC fund secondary deals?

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There are very few career paths that one might have confidence in to remain relevant far into the future. Bio-medical engineering certainly is a contender. Our initial venture into this sector was Intuitive Surgical (ISRG) 25 years ago and we have invested in many med-tech companies since. When young adults are looking for career advice, I have often pointed out that studying biology combined with mechanical or electrical engineering would be valuable in pursuing bio-medical careers. Universities recognizing this rapidly growing discipline have created bio-medical engineering degree programs. A colleague, who is a neurosurgeon, sent me the following press release about a new program at the University of Southern California. I look forward to leaning more. #biomedicalengineering, #medtech, #engineering, #careers, #science, #biocomputers, #funding, #Research, #Technology

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Today LIVE in 1 hour: Lead investor Andreessen Horowitz (a16z) Bio + Health team in Arda Therapeutics joins us today for Family Office Insights Mercury Series Webinar featuring Adam Freund of Arda Therapeutics. Today: June 10 2024, 02:15 PM Eastern Time : RSVP: https://lnkd.in/gNyhUPuh Cells are the functional units of life. They are also the functional units of disease: many chronic diseases are caused by certain cell populations becoming too abundant or active. For example, subsets of stromal cells drives fibrosis, while the hyperactivity of particular immune cells leads to chronic inflammation. Arda Therapeutics is developing medicines to precisely remove these pathogenic cells, thereby treating diseases more effectively than by blocking individual proteins or signaling pathways. Their proprietary, single-cell-based discovery engine identifies pathogenic cells and specific markers to target them. They then design therapies to eliminate these - and only these - cells.

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BPC is pleased to share that Ovanti Limited(ASX: OVT) released key ASX announcements. 1. EAS Advisors Appointed for USA Expansion. Ovanti Limited (ASX: OVT) is pleased to announce that EAS Advisors, LLC is appointed as OVT's US capital market advisory firm to accelerate growth plans in the US BNPL market, including exploring a suitable US exchange for a dual listing of OVT’s securities (ideally the NASDAQ). The appointment will take effect from 26 November 2024. About EAS Advisors: EAS is a private, New York-based boutique corporate advisory firm providing a unique service to small and mid-cap companies. The foundation of EAS’s business is built on industry knowledge, capital markets insights and access to a deep pool of traditional and alternative sources of capital. In addition to exposure to US investors, EAS provides companies with access to local industry contacts to enhance their growth and expansion. Founded in 2008 by Edward A. Sugar, EAS provides a range of services to clients, including institutional market engagement, equity and debt raising and M&A and capital markets advisory. Since its inception, EAS has participated in over US$6.5 billion of successful transactions. EAS operates under the broker-dealer license of Odeon Capital Group LLC – a member of FINRA/SIPC/MSRB/NFA. 2. Board Changes Ovanti Limited (ASX: OVT) (Company) advises that Mr David Halliday has resigned from his position as chairman and director of the Company with immediate effect. The Company wishes to advise that existing Executive Director, Mr Daler Fayziev has been appointed as the Company’s Executive Chairman to replace Mr Halliday. Read the full announcements: https://lnkd.in/gA_6RaAF Congratulations to the board and the team at Ovanti for reaching this milestone. Stay tuned for more updates and subscribe to Ovanti Limited's chairman's list: https://lnkd.in/gt59UCzJ #OVT #Ovanti #ASX #ASXNews #StockToWatch #BNPL #BuyNowPayLater #ECommerce #Commerce #FinTech #Investment #InvestmentOpportunities

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📈🏢 Aby Rosen's RFR Holding is facing a staggering $2.5B debt bill as defaults pile up! 💥 🔎 According to a recent Bisnow article, RFR Holding, a prominent NYC real estate firm, is grappling with mounting debt and defaults. The company, led by billionaire Aby Rosen, has a portfolio of high-profile properties, including the iconic Seagram Building and Lever House. 🏢🏦 📊 The firm's debt load has surged to a whopping $2.5B, with $1.1B in loans maturing this year alone. 💸 The pandemic has hit the commercial real estate market hard, causing defaults to skyrocket. RFR Holding is no exception, with defaults on several properties, including the $200M mortgage on the Seagram Building. 📉 🗣️ "The pandemic has created a perfect storm for commercial real estate," said one industry expert. "Companies like RFR Holding are facing unprecedented challenges as they navigate this difficult time." 🌪️ 🔜 So, what's next for RFR Holding? The company is reportedly exploring options to refinance its debt and avoid further defaults. 💡 With the commercial real estate market showing signs of recovery, there's hope that RFR Holding can weather this storm. 🌞 Stay tuned for more updates on this developing story! 📰🔔 #RFRHolding #CommercialRealEstate #Debt #Defaults #NYCRealEstate

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A preliminary injunction hearing has been set for September 19, 2024, along with an expedited briefing schedule for Xockets, Inc.’s lawsuit against Nvidia, Microsoft, and RPX Corp. Injunctive relief is an important step in defending U.S. innovators and combating the illegal monopolies maintained by Nvidia and Microsoft in artificial intelligence. For far too long Big Tech has engaged in predatory infringement practices that have devalued the IP of U.S. innovators—the bedrock of the American dream. Xockets’ legal filings set out how Big Tech's cartel is a fundamental threat to small businesses and our innovation economy. This legal proceeding will be a first step in ending this cartel. https://lnkd.in/eavEMFuT

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#orion #Sweetwater_Royalties Orion Resource Partners, a global investment firm specialising in metals and materials, has sold an 8% minority interest in Sweetwater Royalties, a private industrial minerals royalty company, to a Canadian pension fund for $100m. The transaction implies an approximately $1.9bn enterprise value for 100% of Sweetwater Royalties, with Orion retaining a 67% majority ownership share in the asset, having sold a 25% stake to Ontario Teachers’ Pension Plan in March 2023 for approximately $220m. https://lnkd.in/gkKMP3Tr

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Emerging markets account for roughly 80% of global growth and provide opportunities for a burgeoning middle class. In the early stages of development, they have more robust nominal GDP growth, which gives #investors numerous prospects for development. https://lnkd.in/dQeUF6c8

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🚀 Excited to share insights from the GoingVC Cohort 15 panel on "Company Building & PortCo Support in VC," where I was joined by fellow panelists Sunny Shuoyang Zhang, PhD and Daniel P Petrozzo We had an engaging discussion focused on the critical roles VCs play post-investment in supporting portfolio companies. Here are five key takeaways: 1. **Diverse Capital Support**: Effective VC involvement goes beyond financial backing; it includes leveraging intellectual, human, and social capital to empower founders, particularly those from underrepresented backgrounds. 2. **Resource Availability**: Being the first call for founders when challenges arise is critical to your ability to help them solve problems. VCs with an operator background can offer tailored support that meets the specific needs of growing companies. 3. **Data-Driven Engagement**: Using tools and automations for data collection fosters transparency and encourages open communication, helping strengthen relationships with portfolio companies. 4. **Board Dynamics**: The evolution of board composition is vital as companies scale. An independent board member can add significant value beyond capital, especially if they have common stock. 5. **Redefining VC Careers**: Diverse, nontraditional backgrounds in venture capital enhance the support provided to startups and challenge the conventional narratives around VC career paths. Grateful to Dan Cliff and Rahul Sethi for the opportunity to share insights and connect with the vibrant GoingVC cohort! Looking forward to building more connections in the future! #GoingVC #VentureCapital #StartupSupport #CompanyBuilding 

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We need pharmaceuticals controlled by state regulations and out of the lobbies' grip in Washington DC. Shifting control of pharmaceuticals from federal oversight to state regulation and reducing lobbyist influence in Washington could indeed address many issues, such as drug pricing and access. The influence of pharmaceutical lobbyists in shaping policy has long been criticized, as these companies have often prioritized profits over public health, resulting in skyrocketing drug prices and limited access to necessary medications for many Americans. A more effective economic development authority that employs locals with community first and lobbyists not invited and draining money for middle man money changers. Moving to a state-controlled regulatory framework for pharmaceuticals could mean that states set their standards for drug pricing, approval, and distribution. This decentralization might encourage competition, drive down costs, and foster innovation as states try different models. Additionally, it could increase transparency by allowing for more localized and responsive systems, potentially holding pharmaceutical companies more accountable.

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The Evolving Landscape of Pro Rata Rights in VC Funding Lee Edwards of Root VC underscores the importance of pro rata rights for venture capitalists to maintain their ownership stakes during subsequent funding rounds, despite potential costs. Specialized funds, such as Alpha Partners, SignalRank, and SaaS Ventures, have emerged to assist seed VCs in exercising these rights. However, later-stage lead investors and founders' efforts to limit equity sold in each round complicate early investors' participation. Early investors often rely on the advocacy of founders, which depends on the value they provide, and sometimes opt out of exercising their pro rata rights due to high valuations or an inability to keep up with larger funds. The pro rata rights landscape is evolving, with specialized funds gaining momentum to support early investors and founders. This trend is crucial as the number of later-stage deals decreases, emphasizing the significance of pro rata rights. The first quarter of 2024 saw a sharp decline in VC funding, highlighting the challenges faced by smaller funds. Experts like Steve Brotman advocate for doubling down on successful investments, while angel investor Jason Calacanis regrets not leveraging pro rata rights earlier, recognizing their potential for substantial returns. Overall, pro rata rights and strategic investments are becoming increasingly important in navigating later-stage funding complexities. # Thank you Ludmila Petrovich for your submission!

Acquisitions come in two flavors: Friendly and not-so-friendly. When it comes to #M&A, the real work begins when most people believe the deal is "done." #privateequity #valuecreation https://ow.ly/OJhJ50RWrvY

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𝐍𝐞𝐰𝐬 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬 𝐟𝐨𝐫 𝟮𝟗𝘁𝗵 𝐌𝐚𝐲 𝟐𝟎𝟐𝟒 1. Infra.Market 𝐠𝐞𝐭𝐬 $𝟓𝟎 𝐌𝐢𝐥𝐥𝐢𝐨𝐧 𝐦𝐨𝐫𝐞 𝐢𝐧 𝐟𝐮𝐧𝐝𝐢𝐧𝐠 𝐟𝐫𝐨𝐦 LIQUiDITY Group Infra.Market announced an additional $50 million funding from 𝐌𝐀𝐑𝐒 𝐔𝐧𝐢𝐜𝐨𝐫𝐧 𝐅𝐮𝐧𝐝, a joint venture of LIQUiDITY Group and MUFG, totaling their investment to $100 million. The #funds will expand global reach and enhance products. Co-Founder Souvik Sengupta emphasized growth, targeting new markets. Infra.Market addresses price, quality, and logistics in construction, serving B2B and D2R sectors. Founded in 2016, it rapidly targets the $140-billion market. 2. 𝐀𝐈 𝐬𝐭𝐚𝐫𝐭𝐮𝐩 Flam 𝐬𝐞𝐜𝐮𝐫𝐞𝐬 $𝟒.𝟓 𝐌𝐢𝐥𝐥𝐢𝐨𝐧 𝐢𝐧 𝐩𝐫𝐞-𝐒𝐞𝐫𝐢𝐞𝐬 𝐀 𝐟𝐮𝐧𝐝𝐢𝐧𝐠 Flam, an AI-powered mixed reality platform, secured $4.5 million in pre-Series A funding led by Turbostart, Twin Ventures, and Alphatron Capital. This investment, joined by existing backers, will support global expansion. Flam democratizes MR experiences, attracting brands like 𝐁𝐫𝐢𝐭𝐚𝐧𝐧𝐢a and Netflix. The platform offers seamless MR content via mobile cameras, enhancing brand marketing strategies with AI-driven image recognition and tracking. 3. 𝐃𝐚𝐭𝐚 𝐩𝐫𝐢𝐯𝐚𝐜𝐲 𝐩𝐥𝐚𝐭𝐟𝐨𝐫𝐦 Transcend 𝐬𝐞𝐜𝐮𝐫𝐞𝐬 $𝟒𝟎 𝐌𝐢𝐥𝐥𝐢𝐨𝐧 𝐢𝐧 𝐒𝐞𝐫𝐢𝐞𝐬 𝐁 𝐟𝐮𝐧𝐝𝐢𝐧𝐠 Transcend, a data privacy platform, raised $40 million in Series B funding led by StepStone Group, totaling nearly $90 million raised. The funds will enhance its Privacy and AI Governance suite, which automates privacy tasks and manages AI systems. CEO Ben Brook emphasized the inadequacy of legacy solutions amid new privacy regulations, underscoring the need for integrated privacy controls. 4. FarMart 𝐫𝐚𝐢𝐬𝐞𝐬 𝐑𝐬 𝟐𝟒 𝐜𝐫𝐨𝐫𝐞 𝐢𝐧 𝐟𝐮𝐧𝐝𝐢𝐧𝐠 𝐟𝐫𝐨𝐦 𝐒𝐰𝐢𝐭𝐳𝐞𝐫𝐥𝐚𝐧𝐝-𝐛𝐚𝐬𝐞𝐝 responsAbility Investments AG FarMart, an agritech platform, secured Rs 24 crore in #funding from Switzerland-based ResponsAbility #Investments. This investment will support FarMart's mission to enhance its technology and expand its reach, facilitating better access to markets for farmers and improving agricultural supply chains. 𝐅𝐨𝐥𝐥𝐨𝐰 Corporate Valuations𝐨𝐫 𝐦𝐨𝐫𝐞 𝐬𝐮𝐜𝐡 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 #newshighlights #newsupdates #InvestmentNews #funds #Funding #Seedfunding #Valuations #BusinessValuation #BusinessGrowth #EconomicGrowth #CorporateValuations #BusinessFinance #valuationservices

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Exciting news from Arbe (#nasdaq: ARBE), an MS-IR LLC client, announcing the dual listing of the company’s ordinary shares on both the Nasdaq and the Tel Aviv Stock Exchange - הבורסה לניירות ערך (TASE). In a recent classified investor bid, the company also received an overwhelming response for the proposed $32 million convertible debt offering. The demand exceeded expectations, reaching 230% of the amount offered. “We are very pleased with the interest and preliminary commitments for the debenture offering and the listing of our ordinary shares on TASE,” said Kobi Marenko, CEO of Arbe. “This demonstrates the growing interest and strong belief in the company's prospects. This strategic move reflects Arbe's commitment to expanding its market presence, ensuring robust financial health, and supporting its mission to revolutionize radar technology for safer roads and an autonomous future.” To read the full announcement, please click the link in the first comment.    Karine Pinto-Flomenboim Shlomit Hacohen #arbe #automotivenews #autonomousdriving #automotiveindustry #ImagingRadar #perception #TASE #ConvertibleDebtOffering 

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