Innovation and Technology Venture Fund (ITVF)


ITVF Enhanced Scheme - Selection of Fund Managers

The application for the Innovation and Technology Venture Fund (ITVF) enhanced scheme was closed on 19 March 2025 (Hong Kong time).

Eligibility of a Fund Manager

To be eligible as a fund manager, an applicant must meet the following criteria:

Eligibility of a Proposed Fund

The Proposed Fund must meet the following criteria:

  1. it must be a limited partnership fund registered under the Limited Partnership Fund Ordinance (Cap. 637);
  2. it must be managed by the applicant;
  3. it must have a list of pipeline within the investment mandate; and
  4. it must satisfy all key terms and conditions stated in Annex I to the "Application Guidelines".

Engagement Arrangements

The selected fund manager must raise Non-Government Capital of not less than HK$450 million within 12 months from the date of notification of the application result. Details are as follows:

  1. The Government will commit to the Proposed Fund as the last limited partner, subject to sub-paragraphs (b) to (d) below;
  2. The Government will commit HK$1 to the Proposed Fund for every HK$3 of Non-Government Capital raised from the market by the selected fund manager, subject to paragraph (c) below;
  3. The maximum Government's Commitment to each Proposed Fund is HK$250 million; and
  4. If the selected fund manager cannot raise the minimum Non-Government Capital of HK$450 million within the 12-month period, the Government will not commit or make any contribution into the Proposed Fund.

Selection criteria

The selection of fund managers will be based on the following criteria:

  1. General Background
  2. Personnel
  3. Investment strategy and processes
  4. Investment performance
  5. Local presence and support
  6. Fees
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