Hong Kong Investment Corporation Limited announces the appointment of asset managers of the 2025 Capital Batch of the Investment Portfolio under the New Capital Investment Entrant Scheme (December 2025)
(Hong Kong, 2 December) The Hong Kong Investment Corporation Limited (“HKIC”) today announces the appointment of asset managers for the 2025 batch of capital (“2025 Capital Batch”) of the Investment Portfolio (“CIES IP”) under the New Capital Investment Entrant Scheme (“New CIES”).
The HKIC has previously issued Invitation for Proposals (“IFP”) for asset managers for the 2025 Capital Batch of the CIES IP under the New CIES. A decision was made to appoint ten institutions following the selection process, which include asset managers with venture capital, private equity, private credit and hedge fund as strategies. They are Abax Global Capital, Beyond Ventures, CMC Capital, FirstLight Capital, Hidden Hill Capital, M Capital, Polymer Capital, Primavera Capital, Trustar Capital/CITIC Capital with Vision Capital Investment Management Limited and Value Partners.
The above asset managers provided concrete Hong Kong development plans in their proposals, illustrating their commitment to the long-term development of Hong Kong’s economy, competitiveness and society. They also proposed various investment themes including artificial intelligence-enabled applications, sustainable technologies, materials science, biotech, etc.
BOCI-Prudential Trustee Limited, the service provider for asset management administration and related services, will issue notifications to the relevant New CIES applicants regarding the capital injection and transfer in the first quarter of 2026, and closely coordinate with the aforesaid asset managers.
The aforementioned IFP and relevant selection process were supervised by KPMG, with Clifford Chance providing legal advice.
This year’s invitation for asset managers for the 2025 Capital Batch of the CIES IP arranged by the HKIC was well received by the market. The asset managers who submitted proposals were diversified across various fronts such as background, investment strategy and practical experience. This demonstrated market confidence from various institutions in the future development of Hong Kong. The incoming proposals articulated investment areas with significant potential and high-quality industry trends. The HKIC will continue to collaborate with different enterprises and partners in the future and cross-over with institutions having various backgrounds and strengths, with a view to leveraging the HKIC’s professional acumen and network as well as contributing to the development of Hong Kong’s economy, competitiveness and society.
The Government of the Hong Kong Special Administrative Region announced the details of the New CIES in 2024 and has started to accept application since 1 March 2024. An eligible applicant under the New CIES must make investment of a minimum of HK$30 million in the permissible investment, including placing HK$3 million into the CIES IP. Investment of the first batch of capital of the CIES IP (“2024 Capital Batch”), has started with good progress, and in alignment with the objectives of the CIES IP to support the long-term development of Hong Kong’s economy, competitiveness and society. With this basis and in line with the direction of the Chief Executive’s 2025 Policy Address, the CIES IP will place emphasis on nurturing home-grown or Hong Kong-based asset managers with commercial and strategic potential. According to the latest estimation of the HKIC, the capital size of the 2025 Capital Batch of the CIES IP under the New CIES is expected to be at least HK$3 billion by the end of this year. The capital will be evenly allocated to the ten appointed asset managers. The relevant investment work will commence in the first quarter of 2026. The HKIC will closely monitor the operations of the CIES IP and make announcements in due course.
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About HKIC
The HKIC was established in 2022 as the Patient Capital institution wholly owned by and representing the HKSAR Government. It adopts an “Investment +” approach, seeking reasonable financial return in the medium to long term and at the same time creating and supporting growth impetus with a view to contributing to Hong Kong’s economy and society.
The HKIC currently manages the “Hong Kong Growth Portfolio”, “Greater Bay Area Investment Fund”, “Strategic Tech Fund”, and “Co-Investment Fund”. At this stage, it is focusing on three key sectors, namely Hard and Core Technology, Biotech, and New Energy and Green Technology, as well as the relevant applications. As of end October 2025, the HKIC has invested in over 150 projects. Every Hong Kong dollar invested by the HKIC has attracted over 6 Hong Kong dollars from long-term capital for investment.