Projects
Select case studies from Sivel Consulting outlining the success of our business model.
Direct minority stake in a regional healthcare platform
Client profile
Hong Kong–based private wealth management firm with a history in regional consumer services and an increasing allocation to private healthcare in Asia.
Mandate
Evaluate and structure a minority investment into a Southeast Asian outpatient and diagnostics group via a Hong Kong–nexus holding vehicle, using a limited partnership fund (LPF) structure to align with local tax and governance norms.
Sivel Consulting’s role
- Map regulatory, reimbursement and licensing risks across the group’s operating markets.
- Benchmark valuations, growth assumptions and exit pathways against comparable private transactions and sector data.
- Design a phased capital deployment plan and information-rights package suitable for a non-control investor.
Outcome
The client proceeded with a staged commitment, anchored by explicit performance triggers and reserved matters. The LPF structure allowed co-investment by aligned families while keeping control with the lead SFO and maintaining Hong Kong substance for tax and regulatory purposes.
Establishing a Singaporean investment platform for pan-Asia direct deals
Client profile
First-generation entrepreneur relocating wealth management functions to Singapore, seeking a platform for direct private equity and venture investments rather than fund-of-funds exposure.
Mandate
Design and implement an investment platform that can accommodate direct equity stakes and club deals across Asia, aligned with Singapore’s evolving family office tax concessions and fund regimes.
Sivel Consulting’s role
- Compare Singaporean legal structures for suitability to the client’s deal profile and control preferences.
- Model after-tax outcomes and substance requirements under Singapore’s concessions for family-owned investment holding vehicles and carried interest.
- Coordinate with counsel to define investment committee terms, veto rights and reporting formats suitable for a lean in-house team.
Outcome
The client launched a Singapore-centred platform capable of holding multiple direct positions and co-investments, with clear decision processes and reporting lines. The structure was aligned with Singapore’s regulatory and tax framework, positioning the vehicle to benefit from available concessions while remaining operationally manageable.
Co-investment into a growth-stage technology company alongside a specialist fund
Client profile
Multi-jurisdiction family office with principals in Hong Kong, already allocating to external private funds but looking to build a disciplined co-investment programme in Asia.
Mandate
Assess a proposed co-investment into a late-stage technology business with a Hong Kong and Greater Bay Area nexus, offered by an existing GP relationship. The principals wanted an independent view on valuation, downside risks and governance terms.
Sivel Consulting’s role
- Perform an independent review of the GP’s investment case, including market sizing, competitive landscape and regulatory context in the region.
- Stress-test the financial model and liquidity scenarios, focusing on path-to-profitability and exit options.
- Review shareholder documentation to negotiate protections appropriate for a non-lead, long-term investor (information rights, anti-dilution, consent items).
Outcome
The SFO participated in the co-investment on adjusted terms that strengthened minority protections and clarified information flows. The case became the template for subsequent co-investments, with Sivel Consulting’s framework adopted as the internal standard for screening and negotiation.