Lumina Capital · Hong Kong
Lumina Capital Event Access Fund I LPF
A success-aligned Hong Kong LPF for investors who back profitable companies preparing for IPO, M&A, or strategic liquidity events.
By Invitation · Confidential · Professional Investors only
The opportunity
Below the ticket size of the largest funds, above the reach of conventional capital
The largest pre-IPO funds write US$50M+ tickets. Below that threshold, profitable cross-border companies preparing for a capital event have no natural capital partner. They have audited financials, a liquidity pathway, and a working business — and no one structured to write the cheque.
At the same time, two IPO markets are simultaneously open after a multi-year drought. The HKEX and the US listings windows have both reopened with significant momentum.
Lumina is built to sit precisely in that gap.
The market moment
Two IPO windows, open simultaneously
After a multi-year drought, both HKEX and US IPO markets reopened in 2025 with significant momentum. The Hong Kong and US listing windows are now aligned for the first time in years.
Hong Kong IPO Proceeds
HK$286.9B
—US$36.7B
+244% YoY
Ranked #1 globally
US IPO Proceeds
US$44B
+33% YoY
202 listings · 4-year high
Hong Kong's IPO proceeds, in USD terms, exceeding NYSE and NASDAQ combined.
2025 full-year proceeds. Sources: HKEX market statistics, NYSE / NASDAQ IPO data.
How the structure works
A three-way alignment
Every party holds the same equity outcome. The company gets growth capital it could not otherwise access. The investor gets a sponsor-grade portfolio with offset fees. Lumina earns through the same exit Lumina structured.
The Company
Pays a standard advisory fee. Receives structured growth capital that covers IPO preparation without breaking operating cash flow.
The Investor
Holds structured equity with downside protection on every position. Never plain common equity. Anchor LPs can earn originating economics on companies they introduce.
Lumina
Earns through the same exit the LPs do. Advisory fees offset against management fee. LPs never double-pay.
Investment approach
Disciplined, structured, success-aligned
Portfolio company eligibility▼
- ✦Revenue: US$15M+ OR net profit US$1.5M+
- ✦Financials: Audited or auditable to Big-4 standard
- ✦Liquidity event: Identifiable pathway within 12–36 months
- ✦Structure: Clean or cleanable corporate structure
- ✦Founder: Committed to capital-event timeline
InstrumentsNever plain common equity▼
- ✦Convertible notes
- ✦Preferred shares
- ✦Secured bridges
- ✦Pre-IPO equity at protected entry
Exit pathwaysTiered, with a protective floor▼
- ✦Primary: US IPO — Nasdaq / NYSE
- ✦Secondary: HKEX listing
- ✦Tertiary: M&A
- ✦Floor: Secondary sale or buyback
Portfolio company eligibility
Qualifying criteria
Revenue
US$15M+ OR net profit US$1.5M+
Financials
Audited or auditable to Big-4 standard
Liquidity event
Identifiable pathway within 12–36 months
Structure
Clean or cleanable corporate structure
Founder
Committed to capital-event timeline
Instruments
Never plain common equity
- Convertible notes
- Preferred shares
- Secured bridges
- Pre-IPO equity at protected entry
Exit pathways
Tiered, with a protective floor
Primary
US IPO — Nasdaq / NYSE
Secondary
HKEX listing
Tertiary
M&A
Floor
Secondary sale or buyback
Leadership
Who runs the fund
General Partner
Mandy Cheung
Founder & Director, Lumina Consulting Limited
Hong Kong SFC Type 6 (corporate finance) Responsible Officer with 10+ years, 60+ capital markets transactions, and US$500M+ in deal value across HKEX and NASDAQ. As financial adviser to listed-company boards and shareholders, she has completed general offers, whitewash waivers, convertible-bond subscriptions and restructurings — the structuring and downside-protection mechanics this fund is built on.
- ✦ SFC Type 6 Responsible Officer
- ✦ 60+ transactions: IPOs, general offers, convertible bonds, restructurings
- ✦ Active cross-border pipeline: Hong Kong · PRC · UAE
Investment Manager
SFC Type 9 Asset Manager
Confirmed on engagement
The Fund is managed by an SFC Type 9 (Asset Management) licensed firm acting as Investment Manager — responsible for portfolio management, trade execution, and AML oversight under Hong Kong's regulated framework. The appointed manager is confirmed with investors during the materials discussion.
- ✦ SFC Type 9 (Asset Management)
- ✦ Investment Manager of the LPF
- ✦ Portfolio management & trade execution
Begin the conversation
The complete investor presentation — pipeline, terms, and structure — is shared with Professional Investors under NDA. Either path below opens that door.
By Invitation · Confidential · Lumina Consulting Limited
This page is provided for information purposes only and does not constitute an offer, solicitation, or investment advice. Investments in pre-IPO companies involve significant risks, including total loss of capital. Past performance is not indicative of future results. Any fund participation is subject to legal, regulatory, tax, and compliance review and to the executed Limited Partnership Agreement. For Professional Investors only.