Innovation and Technology Venture Fund (ITVF)

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ITVF Enhanced Scheme - Selection of Fund Managers

The Innovation and Technology Venture Fund (ITVF) enhanced scheme invites applications as fund managers. The application deadline is 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:

• it must be incorporated in Hong Kong under the predecessor Companies Ordinance (Cap. 32) or the Companies Ordinance (Cap. 622);
• it must hold or will hold a Securities and Futures Commission licence for Type 9 regulated activity (asset management). For an applicant which does not hold the licence at the time of submitting the application, the applicant shall provide the Government with the application progress (if any) and the expected date of obtaining the licence. The Government will only commit to the Proposed Fund after the applicant obtains the licence by the date as specified by the Government;
• it must have previously raised venture capital or private equity funds of at least HK$1 billion in aggregate;
• it must, at the time of the application, have an assets under management of at least HK$1 billion;
• it must maintain or will maintain an office in Hong Kong with a local team working at the office in Hong Kong for the ITVF enhanced scheme. For an applicant which does not maintain an office in Hong Kong at the time of submitting the application, the applicant shall provide the Government with the expected date of establishing the office in Hong Kong. The Government only commit to the Proposed Fund after the applicant maintains the office in Hong Kong;
• it must have completed at least 10 successful equity investment cases (such as exited an investment with positive return, an investee company succeeded in listing on a stock exchange etc.) in relevant strategic industries, namely artificial intelligence and data science, life and health technology, and advanced manufacturing and new energy;
• it must have the capability of bringing start-ups established outside Hong Kong to establish in Hong Kong and have relevant track record and pipeline; and
• it must provide signed letter(s) of intent for investment of at least HK$200 million Non-Government Capital from the market when submitting the application.

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

How to apply

To obtain the application guidelines, interested companies are invited to provide your (i) company name; (ii) name and position; (iii) telephone no.; (iv) email address; and (v) office address by email to itvf-enquiry@itc.gov.hk.

Interested companies should submit an application form together with relevant supporting documents, the duly-signed declaration form and letter(s) of intent to the ITVF Secretariat by 19 March 2025 (Hong Kong time) by email (itvf-enquiry@itc.gov.hk).