Advertisement
Exclusive | Selection of fund managers to help run Hong Kong’s new US$2.8 billion investment vehicle to begin in year’s second half, Paul Chan says
- Finance secretary tells Post the monetary authority will be ‘open and transparent’ in choosing who works with Hong Kong Growth Portfolio
- The unprecedented HK$22 billion fund will focus on local projects aimed at investing in ‘Hong Kong’s economic future’
Reading Time:2 minutes
Why you can trust SCMP
Hong Kong’s de facto central bank will begin choosing the private equity funds that will help manage the city’s unprecedented new HK$22 billion (US$2.8 billion) investment vehicle by the second half of the year, the financial secretary has told the Post.
Advertisement
In an exclusive interview, Paul Chan Mo-po updated the progress in setting up the Hong Kong Growth Portfolio, which will see government-formed committees oversee the fund’s investments and governance and the Hong Kong Monetary Authority select fund managers.
“Instead of having the government evaluating projects one by one, we will partner with private equity funds as general partners and we will be a limited partner,” he said on Thursday. “The selection process will be open and transparent.”
He added that it was still unknown how many fund managers would be selected.
Advertisement
Floated in his February budget speech, the unprecedented investment vehicle will use 10 per cent of the government’s HK$224.5 billion Future Fund to sow the seed for future growth.
Advertisement