Investment Body Partners Appointed

The Government announced today that the Investment Committee of the Hong Kong Growth Portfolio (HKGP) has decided to appoint three private equity firms as the first batch of general partners to make strategic investments.

All three private equity firms either have their headquarters based in Hong Kong, or have substantial offices established in the city.

Financial Secretary Paul Chan noted the three private equity firms are all visionary and have outstanding cross-sectoral investment capabilities.

Each of them currently has more than HK$100 billion of assets under management and possesses rich experience in making investments in projects with a Hong Kong nexus, he said.

Mr Chan said he welcomes the decision of appointing these firms as partners, and has every confidence that the HKGP could help enhance Hong Kong's productivity and competitiveness in the long run.

In February last year, the financial secretary accepted the recommendations of the Group of Experienced Leaders to deploy 10% of the Future Fund to set up the investment portfolio for making strategic investments in projects with a Hong Kong nexus.

It aims to reinforce Hong Kong's status as a financial, commercial and innovation centre and raise the city's productivity and competitiveness in the long run, while seeking reasonable risk-adjusted returns.

The Government established last September a governance committee and an investment committee to take forward the initiative.

The financial secretary chairs the governance committee with six non-official members who have rich experience in investment to provide strategic steering for HKGP and give guidance on matters such as investment mandates and asset allocation.

The investment committee is chaired by the Secretary for Financial Services & the Treasury Christopher Hui, and comprises representatives from relevant government agencies to decide on the appointment of general partners in accordance with the parameters specified by the governance committee and to oversee the performance of the general partners.

The Monetary Authority is responsible for providing necessary executive support to the operation of the investment portfolio, including sourcing general partners, conducting due diligence and making recommendations.

Click here for both committees' membership and terms of reference.