Carol G. Liu

Fund Formations

• Represented Hillhouse, HOPU and SMG in the formation of a US$10+ billion logistics fund
• Represented Warburg Pincus in the formation of its China Fund II and Fund I of over US$6.25 billion
• Represented PAG Asia Capital in the formation of its third flagship private equity buyout fund of US$6 billion
• Represented Orchid Asia in the formation of Fund VIII, Fund VII, Fund VI and Fund V of over US$4.4 billion
• Represented a top-tier China Healthcare Manager in the formation of its Fund VI, Fund V, Fund IV and Fund III of over US$3.5 billion
• Represented TPP in the formation of its Fund II and Fund I of over US$3.1 billion
• Represented a prominent PRC technology sponsor in the formation of a technology PE fund of over US$2.8 billion
• Represented CBC Group in the formation of C-Bridge Healthcare Fund V and Fund IV of over US$2.52 billion
• Represented Loyal Valley Capital in the formation of Fund III, Fund II and Fund I of over US$1.7 billion
• Represented LYFE Capital in the formation of Fund IV and III of over US$1.55 billion
• Represented Creador Capital in its first, second, third and fourth Southeast Asia private equity funds of over US$1.5 billion
• Represented Forebright Capital in the formation of Fund III, Fund II and Fund I of over US$1.3 billion
• Represented Integral Group in the formation of US$1.238 billion fourth Japan fund
• Represented Carlyle in the formation of US$1.2 billion third Japan fund
• Represented Eastern Bell Capital in the formation of Fund II and Fund I of over US$1.17 billion
• Represented AGIC in the formation of its US$1 billion Sino-German Fund I
• Represented Vertex Ventures Holdings in the formation of its China Fund V, Fund IV and Fund III of over US$890 million
• Represented Hosen Capital in the formation of US$800 million Fund III
• Represented Long Hill Capital in the formation of Fund 3, Fund 2, Fund 1 Plus and Fund 1 of over US$800 million
• Represented Sherpa Healthcare Partners in the formation of its Fund II and Fund I of over US$650 million
• Represented Jeneration Capital in the formation of US$650 million Fund II
• Represented Dayone Capital in the formation of its first USD fund of over US$630 million
• Represented Ocean Link in the formation of US$580 million Fund II
• Represented Vision Knight Capital in the formation of its US$550 million Fund II
• Represented PAG in the formation of its second growth-focused private equity fund of US$525 million
• Represented Insignia Ventures in the formation of Fund III, Fund II Plus and Fund II of over US$516 million
• Represented HIKE Capital in the formation of its US$300 million Fund III
• Represented Greenwoods in the formation of its US$300 million Fund III
• Represented Nan Fung Group in the formation of a US$300 million US bioVenture fund and a US$200 million China bioVenture fund
• Represented Panacea Venture in the formation of its second USD healthcare fund of over US$276 million
• Represented Lakeshore Capital in the formation of its first and second Thai private equity fund of over US$250 million

LP Representations and Secondary Transactions

• Represented Hosen Capital in the closing of a single-asset continuation fund and the transfer of its existing investment in Kilcoy Global Foods, from Hosen’s USD Fund I to the new continuation fund and Hosen USD Fund III (US$280 million)
• Represented Cathay Life Insurance in multiple LP portfolio transactions
• Represented Kunling Capital in GP-led RMB to USD redenomination transaction and formation of the continuation fund
• Represented Ardian in Project Gutenberg II in the acquisition of portfolio of LP interests and stapled new offering (approx. $750 million)
• Represented Loyal Valley Capital in GP-led RMB to USD redenomination transactions (approx. US$265 million and US$465 million respectively)
• Represented Legend Capital in the recapitalization of LC Fund IV (approx. US$200 million)
• Represented Kinzon Capital in GP-led RMB to USD redenomination transaction (approx. US$80 million)
• Represented a top life sciences fund in a GP-led RMB to USD redenomination transaction (approx. US$80 million)
• Represented Magic Stone in GP-led tender offer of LP interests (approx. US$200 million)
• Represented HarbourVest Partners and other buyer consortium in the acquisition of a portfolio of investments from IDG (approx. US$600 million and US$200 million respectively)
• Represented Bright VC in GP-led RMB to USD redenomination and stapled transaction
• Represented Harvest Capital in the GP-led recapitalization of its existing funds
• Representing Asia-based sovereign wealth funds and several insurance companies in numerous investments in various private equity funds and SMAs

Proskauer Rose LLP, Boston, MA, U.S.

• Associate, 2006–2010

Massachusetts Appeals Court, Boston, MA, U.S.

• Law Clerk to the Honorable Mark V. Green, 2005–2006