Hong Kong Appoints 10 Firms to Manage $385 Million Residency Fund

Hong Kong has selected ten asset management firms to oversee a major government investment fund linked to its residency program. The managers will handle at least HK$3 billion (US$385 million) as part of an updated "cash-for-residency" scheme. The Hong Kong Investment Corp. (HKIC), the government's investment arm, announced the appointments on Tuesday. The selected firms specialize in venture capital, private equity, private credit, and hedge funds. One appointed manager is Hong Kong-based Value Partners, among Asia's largest asset management companies. The firms will manage the investment portfolio for the New Capital Investment Entrant Scheme (New CIES). This enhanced program requires applicants to make a minimum investment of HK$30 million. A portion of that capital is now directed into this new portfolio managed by the appointed firms.