Ming Liao is the founding Partner of Prospect Avenue Capital (PAC), a growth capital fund focusing on China's technology sector. Prior to PAC, he was the Chief Representative of UBS AG’s Beijing Office. He also worked with Morgan Stanley IBD and Firm Management Department, covering China’s regulators and major financial institutions. He later joined the Carlyle Group and established close cooperation relationship with China’s sovereign wealth funds, including SAFE and CIC. Ming has been the only China’s PEVC fund manager to contribute to Preqin’s reports for six consecutive times, including Preqin’s inaugural report on China’s PEVC market in 2019, 2021 Global PEVC Report and 2022 Global VC Report. His comments on China’s capital markets and regulation have been quoted for more than 20 times by the Wall Street Journal, Financial Times, Bloomberg, CNBC, Reuters and South China Morning Post in 2021. Ming earned a BA in Economics in China’s Renmin University and a Master in Public Affairs from Princeton University’s Woodrow Wilson School of Public and International Affairs. Before studying at Princeton, he was a foreign service officer with China’s Foreign Ministry for three years.