Four firms have been named to manage a portfolio of funds raised via Hong Kong’s investment residency program.
Hong Kong Investment Corporation (HKIC) has appointed four firms to manage the Capital Investment Entrant Scheme Investment Portfolio (CIES IP), according to a statement. They are Betatron Venture Group, Inno Angel Fund, MindWorks Capital and Radiant Tech Ventures Limited. BOCI-Prudential has also been named as the fund administrator.
This follows a previously issued invitation for proposals by fund managers and service providers. The selection process was supervised by KPMG with Clifford Chance providing legal advice.
The four appointed institutions will invest with a focus on the long-term development of Hong Kong. Their strategies will revolve around various themes including the low-altitude economy, gerontechnology and smart living technologies, technology-driven cultural, entertainment experience and more.
Estimated AUM
The new Capital Investment Entrant Scheme was relaunched in March after being suspended since 2015. Under the latest program, eligible applicants must invest a minimum of HK$30 million ($3.9 million) in funds, stocks, bonds or other approved investment vehicles – including HK$3 million in the CIES IP – in exchange for Hong Kong residency.
According to government-owned HKIC, the capital size of the CIE IP is expected to be at least HK$600 million by the end of 2024. Capital will be evenly allocated to the four appointed fund managers while investment work will commence in the first quarter of 2025.
