The series of events, held in California, served as an example of how banks catering to UHNW clients seek to tap into interest in private market investing, such as venture capital and private equity.
HSBC has held an “All-in
on Innovation” thought leadership programme for ultra-high net
worth Asian clients who want to study startups and the US tech
sector.
In the three-day programme, based in California, clients met with
venture capitalists and startup businesses.
The events included tours to Playground Global (see more detail
about that firm below), an early-stage investment firm known for
nurturing new ideas, and Stanford Medical Center, where those
taking part could see the transformation effect of AI in
medicine.
The bank’s programme is an example of how firms working with UHNW
clients tap this cohort’s interest in venture capital, direct
investing, and a desire to exploit new fields such as AI and
biotech.
To underscore the point, HSBC said global private equity assets
under management – to give one broad measure of such investing –
increased to $8.2 trillion through 30 June 2023, rising 22 per
cent a year over the last five years.
Within the “PE” bracket, venture capital – holding a cluster of
startup firms in the hope that some are successful – is an
important sub-set, although it has been knocked somewhat by US
rate rises of the past two years.
“Venture capital is increasingly a global story. Not only have
global markets significantly increased their share of VC
investment over the last five years, the sources of capital
supporting the VC asset class have increasingly come from every
corner of the world,” David Sabow, head of innovation banking,
HSBC USA, said in a statement.
Speakers in the programme included:
— Peter Hébert, co-founder and managing partner, Lux
Capital;
— Michael Kim, founder, Cendana Capital;
— Scott Kupor, investing partner, Andreessen Horowitz;
— Bruce Leak, general partner, Playground Global;
— Sherry Lin, senior advisor, Argentum Peak;
— Sasha Ostojic, venture partner, Playground Global;
— Michael Romano, chief business officer, Lightspeed Venture
Partners;
— Pramod Thummala, vice president, Lawrence
Investments;
— Elias Torres, founder and CEO, Novy.ai;
— Samantha Wang, co-founder and general partner, RPS Ventures;
and
— Alan Yeung, MD, cardiologist, Li Ka Shing Professor in
Cardiology.
Bruce Leak, general partner of Playground Global, taking
HSBC clients on an interactive tour and sharing insights about
early-stage investment.