$8 Billion Sovereign Wealth Fund Hong Kong Investment Corporation (HKIC) Organized Inaugural International Forum for Patient Capital (22/5/25) Attended by 400 Attendees from 80 Institutions with Combined $20 Trillion AUM, Announced 3 Investment Themes in 1) Hard & Core Technology, 2) Biotech & 3) New Energy / Green Technology, Announced 3 Investment Partnerships with 1) Gobi Partners Patient Capital Strategic Fund Investing in Innovation & Technology, 2) Lanchi Ventures Co-Investment Partnership Programme to Support China Technology Entrepreneurs & 3) Gaw Capital International Strategic Expansion Platform to Accelerate the Commercialisation & Application of R&D Outcome
24th May 2025 | Hong Kong
Hong Kong $8 billion (HKD 62 billion) sovereign wealth fund Hong Kong Investment Corporation (HKIC) organized the inaugural International Forum for Patient Capital (22/5/25) attended by around 400 attendees from 80 institutions with combined $20 trillion AUM, and announcing 3 investment themes in 1) Hard & Core Technology, 2) Biotech & 3) New Energy / Green Technology and 3 investment partnerships with 1) Gobi Partners Patient Capital Strategic Fund investing in innovation & technology (I&T), 2) Lanchi Ventures Co-investment Partnership Programme to support China technology entrepreneurs & 3) Gaw Capital International Strategic Expansion Platform to accelerate the commercialisation & application of R&D outcome. HKIC (22/5/25): “The inaugural IPC, hosted by the HKIC, kicked off successfully this morning. About 400 representatives representing 80 patient capital institutions from around the world, covering 15 jurisdictions with a total AUM of over US$ 20 trillion attended the event. These included sovereign wealth funds, pension funds, university endowments, family offices, and corporate venture capital entities from Europe, the US, Australia, Japan and the Global South including Middle East and South East Asia, as well as representatives of start-up companies and investment institutions in different sectors. Amid challenges of geopolitical uncertainty and market volatility, the IPC provides a platform for international patient capital investors to focus on capturing the next growth trends and investment opportunities in innovation and technology (“I&T”) and business transformation. Attending parties highlighted the positive growth momentum and opportunities in Mainland China and Hong Kong, and advantages of Hong Kong particularly the stable investment and policy environment, wide scenarios for I&T application, constant technology and products breakthroughs and innovations, and the role as international platform of Hong Kong, have provided a seamless and efficient platform for overseas, long-term investors to access and participate in global opportunities, in particular I&T opportunities relating to Mainland China and Hong Kong. Multilateral meetings were held at the margin of the IPC to explore concrete collaboration proposals in different forms. The HKIC also announced deliverables such as (1) joining hands with Gobi Partners to set up “Patient Capital Strategic Fund” to groom the next generation I&T by way of leveraging more Patient Capital including sovereign wealth funds and matching them with tertiary institutions in Hong Kong; (2) collaborating with Lanchi Ventures to set up “Co-investment Partnership Programme” to facilitate a range of co-investment projects, with a focus on supporting Chinese technology entrepreneurs with global vision and leading technologies, and to promote the globalisation of Chinese technological capabilities; and (3) working with Gaw Capital to set up “International Strategic Expansion Platform” to accelerate the commercialisation and applications of R&D outcomes of start-ups, with the first stage focusing on Global South particularly the Middle East as the destination for expanding market and deepening development. The HKIC believes that these collaborations will facilitate the capturing of trends and opportunities, efficiently and systematically transforming the aforesaid trends and opportunities into tangible financial return and new growth momentum supporting local and regional economic and social developments, and establish good precedents for the formation of sustainable, trusted strategic partnerships which could benefit all parties concerned … … The theme of the IPC is “Uniting the Power of Patient Capital, Collectively Building a Bright Future”. Speakers elaborated on considerations and choices regarding investments in frontier technology from the perspective of long-term capital. The IPC featured three sessions with respective themes: “Bright Minds, Big Impact – Let’s Invest in Innovation,” “Bridge to the World – Powering Growth of Mainland Innovation,” and “Local Roots, Global Impact.” Participants unanimously pointed out that the rapid development and application of innovative technologies, the advantages of market digitisation, and the integration of “mechatronics” in the high-end manufacturing industry of the Guangdong-Hong Kong-Macao Greater Bay Area have greatly attracted their interest into the development of I&T enterprises in Mainland China and the Asian region. They look forward to exploring and discovering new investment opportunities more quickly through discussions and exchanges at the IPC. They also believe that HKIC’s efforts to bring together more international long-term capital will help promote more cross-jurisdictional collaboration and unlock greater potential for regional economic growth.” In 2025 February, Hong Kong Investment Corporation (HKIC) formed a partnership to invest in Hong Kong private healthcare group New Frontier Group to identify & grow biotech startups, with New Frontier Group to provide contract research services including clinical trials, licensing & registration. New Frontier Group was founded in 2016 by ex-Hong Kong Financial Secretary Antony Leung & Blackstone Managing Director Carl Wu. In 2024 June, 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.
“ $8 Billion Sovereign Wealth Fund Hong Kong Investment Corporation (HKIC) Organized Inaugural International Forum for Patient Capital (22/5/25) Attended by 400 Attendees from 80 Institutions with Combined $20 Trillion AUM, Announced 3 Investment Themes in 1) Hard & Core Technology, 2) Biotech & 3) New Energy / Green Technology, Announced 3 Investment Partnerships with 1) Gobi Partners Patient Capital Strategic Fund Investing in Innovation & Technology, 2) Lanchi Ventures Co-Investment Partnership Programme to Support China Technology Entrepreneurs & 3) Gaw Capital International Strategic Expansion Platform to Accelerate the Commercialisation & Application of R&D Outcome “
Paul Chan, the Financial Secretary of the HKSAR Government: “Technological change is reshaping the global economy at an accelerated pace, driven by the rapid emergence of new technologies and pathways. While these developments present immense opportunities, they also involve navigating uncharted waters. Patient capital, with its long-term vision, plays a pivotal role in supporting frontier innovations and fast-tracking the commercialisation of outcomes. Moreover, collaboration among international capital is essential to transform innovations and breakthroughs into tangible benefits. This Forum serves as an ideal international platform to bring together patient capital leaders from various regions, and connect them with pioneering projects. As an international financial and innovation centre, Hong Kong is committed to connecting capital, technologies and talent, and to working with our global partners to chart new pathways for innovation.”
Clara Chan, CEO of the HKIC: The IPC brings together numerous top international Patient Capital institutions, reflecting the strong demand from global long-term capital for strategic deployment amid the current technological transformation, especially during the explosive growth phase of artificial intelligence. As an international hub, Hong Kong provides an efficient platform for investors to engage deeply with cutting-edge technology enterprises, grasping trends in technology commercialisation and capital momentum. The HKIC, adhering to long-termism, is committed to building a cross-jurisdictional ecosystem, facilitating the perfect matching between Patient Capital and innovative companies. Through this platform, we look forward to establishing regular exchanges with more international capital, curating more international long-term capital to invest jointly, accelerating the growth of technology enterprises, and enabling frontier technologies to truly become the driving force behind global progress, achieving win-win development.”
HKIC – The HKIC was established and is wholly owned by the HKSAR Government. As Patient Capital, it carries a dual mandate – seeking reasonable financial return in the medium to long term through optimising the use of fiscal reserves, and leveraging its ability to guide and channel capital to build a more vibrant innovation and technology ecosystem and industry chain. The HKIC manages HK$62 billion currently, covering 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.
$8 Billion Sovereign Wealth Fund Hong Kong Investment Corporation (HKIC) Forms Partnership to Invest in Hong Kong Private Healthcare Group New Frontier Group to Identify & Grow Biotech Startups, New Frontier Group to Provide Contract Research Services Including Clinical Trials, Licensing & Registration, New Frontier Group Founded in 2016 by ex-Hong Kong Financial Secretary Antony Leung & Blackstone Managing Director Carl Wu
13th February 2025 – Hong Kong $8 billion (HKD 62 billion) sovereign wealth fund Hong Kong Investment Corporation (HKIC) has formed a partnership to invest in Hong Kong private healthcare group New Frontier Group to identify & grow biotech startups, with New Frontier Group to provide contract research services including clinical trials, licensing & registration. New Frontier Group was founded in 2016 by ex-Hong Kong Financial Secretary Antony Leung & Blackstone Managing Director Carl Wu. New Frontier Group – New Frontier Group was founded in 2016 by Mr. Antony Leung, former Financial Secretary of Hong Kong, and Mr. Carl Wu, former Managing Director at Blackstone, with the goal of addressing some of the most pressing healthcare needs today.In the short time since its founding, New Frontier Group has become one of the leading private healthcare service providers in Greater China, offering a comprehensive range of services that span across the entire healthcare continuum. This includes general and specialty healthcare, rehabilitation care, home care, health insurance services, health technology, and more. Currently, the group operates 32 hospitals with over 9,000 beds, serving 77 cities. It is supported by a dedicated workforce of approximately 12,000 full-time staff, including over 3,000 doctors and more than 2,000 nursing staff. This year, the group expects to exceed 12 million patient visits, with in-patient days totaling 1.9 million. In 2024 June, 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
13th June 2024 – 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.
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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