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.