Hong Kong family office operators plan US$100 million capital-investment migrants fund
- Wings Capital has teamed up with other family offices in the city to set up a fund that will invest for CIES applicants, partner Cliff Ip says
Hong Kong’s cash-for-residency scheme has opened up opportunities for local family office operators, with many joining hands to launch a US$100 million fund to manage investments for the applicants.
Wings Capital, a local family office which has taken the initiative on the fund, said the initial target is to raise US$100 million from applicants of the Capital Investment Entrant Scheme (CIES).
The proceeds will be used to invest in private credit, a loan product with collateral that delivers returns of more than 10 per cent, Cliff Ip Wang-hoi, partner of Wings Capital, told a media briefing on Wednesday.
“Many wealthy individuals interested in moving to Hong Kong want to invest through established family office operators because they have the track record, experience and network,” Ip said.
He added that CIES has already attracted several hundred applicants, with their pooled funds exceeding HK$10 billion (US$1.3 billion).
Launched on March 1, the investment-migration scheme requires each individual to invest at least HK$30 million in funds, stocks, bonds or other vehicles for the applicant and their family to get residency in the city. Some 346 applications had been received until July 5, according to data from InvestHK, the government agency handling the scheme.
