Hong Kong Investment Corp (HKIC), the government’s investment arm, on Tuesday appointed 10 asset managers spanning venture capital, private equity, private credit and hedge funds to oversee at least HK$3 billion (US$385 million) under its enhanced cash-for-residency scheme.
HKIC said in a statement that the new batch of managers for the investment portfolio under the New Capital Investment Entrant Scheme (New CIES) included Hong Kong-headquartered Value Partners, one of Asia’s largest asset management firms, and Primavera Capital, whose founder and chairman Fred Hu Zuliu was a former partner and chairman of Goldman Sachs Greater China. Primavera’s portfolio features Yum China, which operates fast-food chains in mainland China.
Other managers were Abax Global Capital, Beyond Ventures, CMC Capital, FirstLight Capital, Hidden Hill Capital, M Capital, Polymer Capital and Trustar Capital/Citic Capital with Vision Capital Investment Management, the statement said.
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“The 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,” it said. “They also proposed various investment themes, including artificial intelligence-enabled applications, sustainable technologies, materials science and biotech.”
Launched in March last year, the New CIES requires applicants to invest at least HK$30 million in “permissible investment” categories, including HK$3 million earmarked for the CIES investment portfolio (CIES IP).
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