Hong Kong taps Value Partners, 9 others to manage US$385 million residency scheme fund

Core Viewpoint - Hong Kong Investment Corp (HKIC) has appointed 10 asset managers to manage at least HK$3 billion (US$385 million) under its enhanced cash-for-residency scheme, aimed at supporting the long-term development of Hong Kong's economy and society [1][5]. Group 1: Asset Managers and Their Background - The appointed asset managers include notable firms such as Value Partners and Primavera Capital, with Primavera's founder being a former Goldman Sachs executive [2][4]. - Other managers in the portfolio are Abax Global Capital, Beyond Ventures, CMC Capital, FirstLight Capital, Hidden Hill Capital, M Capital, Polymer Capital, and Trustar Capital/Citic Capital [3]. Group 2: Investment Themes and Proposals - The asset managers presented concrete development plans for Hong Kong, focusing on investment themes such as artificial intelligence applications, sustainable technologies, materials science, and biotechnology [4]. - The New Capital Investment Entrant Scheme (New CIES) requires applicants to invest a minimum of HK$30 million, including HK$3 million for the CIES investment portfolio [4]. Group 3: Scheme Objectives and Implementation - The CIES investment portfolio aims to nurture home-grown asset managers with commercial and strategic potential, emphasizing the importance of local expertise [5]. - The asset managers will share the capital evenly and are expected to commence operations in the first quarter of 2026, with HKIC monitoring their activities closely [5].