David Kalani Lee

DAVID LEE focuses on M&A, venture capital and private equity investments, investment fund formation, joint ventures and general corporate and transactional matters. He has worked on a variety of complex cross-border M&A transactions throughout the Asia region, including Singapore, Southeast Asia, China, and Japan, as well as the U.S., including both inbound and outbound investments.

David’s transactions span across different industries with extensive experience in the telecommunications, media and technology, healthcare, sports, education, real estate, and energy sectors. He has also been involved in several digital assets-related transactions.

David also advises multinational companies on investments, business structures and regulatory issues in the Asia Pacific.

In Legal 500 Asia Pacific Greater China 2025, clients recognized that David Lee is “very commercial and committed to the process and deal” and “an outstanding funds lawyer who is able to build rapport with clients and always willing to go the extra mile. He is able to give good legal advice while still being mindful of commercial considerations.” In the 2024 edition, David is described by clients as being “commercial and responsive”.

David is fluent in English, Mandarin, Japanese and Cantonese.

David’s representative experience includes advising*:

Private Equity

• Certain leading global PE investors in connection with their buyout of certain minority shareholders of a data center operator based in the Asia Pacific and the financing related to such buyout.
• Unified Industrial (UI), a real estate investor fund manager controlled by Macquarie Asset Management, in its acquisition of the industrial real estate fund management business of Boustead Properties Limited (BPL), in exchange for UI issuing shares to an affiliate of BPL. The acquisition created a vertically integrated Pan-Asian logistics real estate development, investment and fund management platform named UIB with an AUM of US$3.5 billion across Japan, China, Singapore, and Vietnam.
• A leading Asian real estate and logistics-focused asset manager in connection with its equity and debt financing from a leading private equity investor.
• A leading Asian asset manager in connection with its acquisition of a South-East Asia based asset manager.
• A leading Asian asset manager in connection with its establishment of a joint venture with a leading North American investor to invest in real estate assets in Japan.
• Vivo Capital and Novo Holdings as lead investors in US$200 million Series A and Crossover round financing for Esco Lifesciences with participation from other institutional investors.
• Shaw Kwei & Partners in the sale of its minority investments in Yongle Tape Co., Ltd., to Avery Dennison.
• A leading Asian private equity investor in connection with a proposed sale of its portfolio investment operating in the precision manufacturing industry.
• A leading private equity investor in its investments in several real estate projects in India and Thailand.
• KKR:
  • as one of the lead investors in the US$200 million Series C financing round of Walnut Education, a junior programming education company; and
  • as one of the lead investors in the US$150 million Series C financing round of moody, a tech-enabled eyewear company based in China.
• A leading PRC-based data center operator in connection with a US$400 million Series B equity investment by two leading global PE investors.
• A leading PRC real estate developer in connection with its joint ventures with various private equity funds to develop real estate projects in the PRC.
• The management team of a leading PRC-based financial institution in connection with the management buyout of the alternative investment business of the financial institution.
• A leading PRC-based financial institution in connection with the restructuring of its alternative investment and wealth management business units.
• The Carlyle Group in its investment, alongside Meinian Onehealth and other investors, in Adicon Holdings Limited, a China-based independent clinical laboratory provider.
• The Softbank Vision Fund in its investment in Full Truck Alliance, a leading Chinese online trucking services provider.
• A Hong Kong-based biotech fund in connection with its minority investments in various U.S.-based life sciences companies.
• General Atlantic in its investment in various healthcare and educational businesses based in the PRC.
• Country Garden Venture Capital in connection with its US$200 million investment in Chindata, a leading data center operator backed by Bain Capital.
• A UK-based virtual asset trading platform in connection with its preferred round financings.
• SIG Investments in connection with its minority investments in various technology companies based in the PRC.
• A leading private equity investor in the establishment, operation, and sale of various majority-owned joint ventures to develop and operate shopping malls in the PRC.
• Various private equity investors and their portfolio investments on obtaining debt financing from commercial banks.

Private Equity Fund Formation

• A leading asset manager in connection with the formation of an infrastructure fund to invest in a data center business based in China.
• The founder of Airwallex, an Asia Pacific-headquartered unicorn, on the establishment of a private equity fund to invest in the fintech industry.
• The March Fund in the formation of a private equity and venture capital fund.
• A major investment management company in the establishment of a private equity fund to invest in a healthcare business based in China.

LP Investments

• An Asia-based sovereign wealth fund in connection with its LP investments in strategic industries.
• APG Asset Management on a number of investments including its US$100 million commitment to invest in GLP Vietnam Development Partners I, GLP’s first commingled fund in Vietnam with an investment capacity of US$1.1 billion.
• Several sovereign wealth funds and pension funds in connection with their LP investments in various private equity funds.

General Corporate

• Kroll, a prominent independent provider of global financial and risk advisory solutions, in relation to their acquisition of Madison Pacific in Asia Pacific from Vistra Group.
• noco-noco Pte. Ltd., an early stage decarbonization solutions provider focused on technologies to accelerate the global transformation to a carbon-neutral economy, in its business combination with Prime Number Acquisition I Corp. (Nasdaq: PNAC), a publicly traded SPAC. The transaction values noco-noco at US$1.35 billion.
• CITIC Private Equity in connection with its investment in, and the going private of, 3SBio Group from Nasdaq.
• A medical device manufacturer listed on the HKSE on its convertible bond pre-IPO cross-over financing led by a consortium of healthcare-focused investors.
• A pharmaceutical company listed on the HKSE on its strategic investment in a subsidiary of an A-share listed company leveraging proprietary technology platforms to deliver innovative pharmaceutical products.
• IGT in the establishment of a joint venture with Telling Telecommunication Holding Co., Ltd., to provide innovative lottery products to regulated lottery centers in the PRC.
• Various clients on structuring their telecommunications and media businesses in the PRC and on data privacy.
• Motorola Solutions in the sale of its networks business in the PRC and Hong Kong to Nokia Siemens Networks.
• Microsoft Corporation in the establishment of a joint venture with China Electronics Technology Group, a large-scale PRC state-owned enterprise, to deliver customized Windows 10 for government institutions and critical infrastructure sector state-owned enterprises.
• DreamWorks Animation in the coproduction and distribution of Kung Fu Panda 3 in the PRC and in its ground-breaking joint venture with various Chinese partners to establish the leading China-focused family entertainment company in the PRC – Oriental DreamWorks.

*Includes transactions prior to joining Sidley.