Moustafa Daly
Cairo
The Hong Kong Investment Corporation Limited (HKIC) has announced its appointment of four fund managers to oversee “at least” HK$600 million (US$77.3 million) allocated from its Capital Investment Entrant Scheme (CIES).
HKIC had issued an open invitation for fund manager applications on November 27, with a December 31 deadline.
The four fund managers are Betatron Venture Group, Inno Angel Fund, MindWorks Capital, and Radiant Tech Ventures. They will each manage an equal share of the capital, “focusing on the low-altitude economy, gerontechnology, smart living technologies, and technology-driven cultural and entertainment experiences.”
HKIC said it chose these firms because they presented “concrete Hong Kong development plans” in their proposals and “demonstrated clear investment strategies with proposed investment themes.”
BOCI-Prudential Trustee will serve as fund administrator. KPMG oversaw the selection process with legal counsel from Clifford Chance.
The four fund managers specialize in technology investments across Asia. Their combined portfolio spans early-stage startups, AI, healthcare, smart living, and deep tech solutions. They manage investments ranging from US$500,000 to multibillion-yuan assets.
HKIC will allocate the funds to each party during the first quarter of 2025.
In November, the government announced that the CIES had raised US$2.5 billion from 670 applications since its relaunch in March. The program requires applicants to invest HK$30 million each. HK$3 million from each investment flows into HKIC’s investment portfolio.
Siren Chen, International Marketing Department and Program Research and Development Group Head at Globevisa sees the step as a “demonstration of the government’s commitment to ensuring investments are channeled into sectors with long-term growth potential.”
She notes that the “high demand for the CIES” prompted the government to “seek optimal returns” through professional fund management, “advancing Hong Kong’s development goals” while potentially making the program more appealing to investors.
IMI program guide: Hong Kong Capital Investment Entrant Scheme (CIES)
