$8 Billion Sovereign Wealth Fund Hong Kong Investment Corporation to Start First Investments in Startups in 2024 June, Fund to Invest in Technology, Biotech, New Energy & Green Technologies
13th June 2024 | Hong Kong
Hong Kong $8 billion (HKD 62 billion) sovereign wealth fund Hong Kong Investment Corporation (HKIC) will be starting the first investments in startups in 2024 June, with the fund to invest in Technology, Biotech, New Energy & Green Technologies. In 2023 September, Hong Kong Monetary Authority (HKMA) Executive Director & former Exchange Fund Chief Investment Officer (CIO) Clara Chan was appointed as CEO of $8 billion (HKD 62 billion) Hong Kong Investment Corporation (HKIC) to manage Hong Kong Growth Portfolio, Greater Bay Area Investment Fund, Strategic Tech Fund & Co-Investment Fund. The Hong Kong Investment Corporation Limited (HKIC) is wholly owned by the Government of the Hong Kong Special Administrative Region. The HKIC consolidates the management of the investment activities of the “Hong Kong Growth Portfolio”, “Greater Bay Area Investment Fund”, “Strategic Tech Fund”, and the newly established “Co-Investment Fund”. The objectives of the HKIC are to identify investment opportunities and strategically promote development of target industries, so as to enhance the long-term competitiveness and economic vitality of Hong Kong while generating investment return. In this regard, it pools together relevant resources under the steer of the Government to attract and support foreign and local enterprises to further develop Hong Kong. The Hong Kong Investment Corporation Limited (HKIC) is wholly owned by the Government of the Hong Kong Special Administrative Region. The HKIC consolidates the management of the investment activities of the “Hong Kong Growth Portfolio”, “Greater Bay Area Investment Fund”, “Strategic Tech Fund”, and the newly established “Co-Investment Fund”. The objectives of the HKIC are to identify investment opportunities and strategically promote development of target industries, so as to enhance the long-term competitiveness and economic vitality of Hong Kong while generating investment return. In this regard, it pools together relevant resources under the steer of the Government to attract and support foreign and local enterprises to further develop Hong Kong.
“ $8 Billion Sovereign Wealth Fund Hong Kong Investment Corporation to Start First Investments in Startups in 2024 June, Fund to Invest in Technology, Biotech, New Energy & Green Technologies “
Hong Kong to Appoint HKMA Executive Director & Former Exchange Fund CIO Clara Chan as CEO of $7.92 Billion Hong Kong Investment Corporation to Manage Hong Kong Growth Portfolio, Greater Bay Area Investment Fund, Strategic Tech Fund & Co-Investment Fund
30th September 2023 – Hong Kong to appoint Hong Kong Monetary Authority (HKMA) Executive Director & former Exchange Fund Chief Investment Officer (CIO) Clara Chan as CEO of $7.92 billion (HKD 62 billion) Hong Kong Investment Corporation (HKIC) to manage Hong Kong Growth Portfolio, Greater Bay Area Investment Fund, Strategic Tech Fund & Co-Investment Fund. The Hong Kong Investment Corporation Limited (HKIC) is wholly owned by the Government of the Hong Kong Special Administrative Region. The HKIC consolidates the management of the investment activities of the “Hong Kong Growth Portfolio”, “Greater Bay Area Investment Fund”, “Strategic Tech Fund”, and the newly established “Co-Investment Fund”. The objectives of the HKIC are to identify investment opportunities and strategically promote development of target industries, so as to enhance the long-term competitiveness and economic vitality of Hong Kong while generating investment return. In this regard, it pools together relevant resources under the steer of the Government to attract and support foreign and local enterprises to further develop Hong Kong. More info below:
Clara Chan Executive Director (Monetary Management), Hong Kong Monetary Authority – Clara Chan is responsible for the HKMA’s work on the maintenance of financial and monetary stability including the Linked Exchange Rate System, macro-financial surveillance, currency issuance, settlement, and regulation of stored value facilities and retail payment systems. Ms Chan also oversees the development of regulatory framework for stablecoins in Hong Kong, as well as the HKMA’s participation in international discussion on crypto asset-related policy work. Prior to the current role, Ms Chan was the Chief Investment Officer (Private Markets) leading the HKMA’s investment in such areas as private equity, real estate, infrastructure, technology, healthcare and credit. Before joining the HKMA, Ms Chan was a member of the Administrative Officer grade of the Hong Kong Special Administrative Region (HKSAR) Government responsible for subjects covering home affairs, transport, and financial services. She is also a barrister admitted by the High Court of the HKSAR. Ms Chan was on the global list of 40 under 40 named by the Private Equity International as well as the list of Asia’s 20 Influential Executives named by The Asia Investor in 2020, and received the Asia Industry Leadership Award of the 100 Women in Finance in 2016. She is currently the co-chair of the World Economic Forum Global Future Council on Responsible Investing, an advisor of the Global East Government Funds Roundtable, a Council member of Lingnan University and a member of the Board of Directors of Karen Leung Foundation. Ms Chan is an advocate for diversity and ESG awareness in the finance industry, and has been a frequent speaker on relevant topics.
Hong Kong to Appoint HKMA Executive Director & Former Exchange Fund CIO Clara Chan as CEO of $7.92 Billion Hong Kong Investment Corporation
Hong Kong Investment Corporation Limited
The Hong Kong Investment Corporation Limited (HKIC) is wholly owned by the Government of the Hong Kong Special Administrative Region. The HKIC consolidates the management of the investment activities of the “Hong Kong Growth Portfolio”, “Greater Bay Area Investment Fund”, “Strategic Tech Fund”, and the newly established “Co-Investment Fund”. The objectives of the HKIC are to identify investment opportunities and strategically promote development of target industries, so as to enhance the long-term competitiveness and economic vitality of Hong Kong while generating investment return. In this regard, it pools together relevant resources under the steer of the Government to attract and support foreign and local enterprises to further develop Hong Kong.
In the 2022 Policy Address, the Chief Executive of the HKSAR announced the establishment of HKIC to further optimize the use of financial reserves for promoting the development of industries and the economy. In this regard, the HKIC is established to manage the investment activities of the Hong Kong Growth Portfolio, the Greater Bay Area Investment Fund and the Strategic Tech Fund, as well as the newly established Co-Investment Fund, for attracting and supporting enterprises to develop their business in Hong Kong.
Hong Kong Growth Portfolio
In the 2020-21 Budget Speech, the Financial Secretary announced that he would establish a new portfolio, named “Hong Kong Growth Portfolio”, to make strategic investments in projects with a Hong Kong nexus. And in the 2022-23 Budget Speech, the Financial Secretary announced that he will increase the funding allocated to the existing target size of HK$22 billion “Hong Kong Growth Portfolio” by HK$10 billion, of which HK$5 billion will be used to set up the “Strategic Tech Fund”. As for the remaining HK$5 billion, it will be used to set up a “Greater Bay Area Investment Fund”, which will focus on investment opportunities in the Greater Bay Area.
Co-Investment Fund
It was announced in the Chief Executive’s 2022 Policy Address that the Government will establish the HK$30 billion “Co-Investment Fund” for attracting enterprises to set up operations in Hong Kong and investing in their business.
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