The Innovation and Technology Commission (ITC) today (April 23) announced the selection, in principle, of nine companies as the first batch of fund managers of the Innovation and Technology Venture Fund (ITVF) enhanced scheme, and they are as follows:

• CC SIF Advisory Limited
• Cloudview Asset Management Limited
• CMB International Asset Management Limited
• Cowin Asset Management (HongKong) Limited
• Dalton Venture Hong Kong Limited
• Gobi Admiralty Limited
• Templewater Hong Kong Limited
• Tsinghua Innovation Ventures (Hong Kong) Limited
• Waterwood Asset Management Limited

 
     "The ITVF enhanced scheme aims to, through a top-level design, leverage more market capital to invest in local innovation and technology (I&T) start-ups. It is a significant attempt by the current Hong Kong Special Administrative Region Government to reform our investment approach for I&T industries. The enhanced scheme provides practical experience and reference for the Government to introduce more market-oriented investment tools in the future," said Secretary for Innovation, Technology and Industry, Professor Sun Dong.

     "The ITC is very pleased to partner with these nine fund management companies with a view to driving investments into start-ups of strategic industries. By leveraging the expertise of professional fund managers, the enhanced scheme shall attract more market capital in order to provide more financing and other support for start-ups and further enrich the local I&T ecosystem. We look forward to the selected fund managers completing their fundraising as soon as possible to match with government capital, so that the funds can commence operations early and start investing in technology start-ups," said a spokesman for the Commission.
      
     The ITC received 65 applications following an open invitation for the ITVF enhanced scheme. Selection of the abovementioned nine companies as the first batch of fund managers was made in principle based on assessment criteria including the applicants' background, team experience, investment strategy and processes, investment performance, fee structures and its industry network and support both in and outside Hong Kong, and after consulting the ITVF Advisory Committee's advice.
      
     Each selected fund manager will serve as a general partner (GP) of a fund and has to raise at least $450 million in non-government capital, and establish a limited partnership fund in Hong Kong with a minimum fund size of $600 million (including the Government's contribution). The fund managers will, as the GPs, be responsible for managing the daily operations of the fund, investing in target start-ups in accordance with the investment mandate, providing support to investee start-ups and preparing regular reports. The Government, as one of the limited partners, will commit one dollar for every three dollars raised from the market on a matching basis, with a contribution ranging from $150 million to $250 million for each fund. Upon the successful raising of capital and fulfillment of relevant regulations and requirements, the Government, in its capacity as a limited partner, will enter into the limited partnership agreement of the funds with the fund managers.
      
     The $2 billion ITVF was set up to encourage private investment in local I&T start-ups. Under the ITVF enhanced scheme, the Government will redeploy at most $1.5 billion to set up funds jointly with the market, on a matching basis, to invest in start-ups of three strategic industries, namely (a) AI and data science, (b) life and health technology, and (c) advanced manufacturing and new energy. Details are available on the ITVF website (www.itf.gov.hk/l-eng/ITVF.asp).

Ends/Thursday, April 23, 2026
Issued at HKT 14:00

NNNN