Innovation and Technology Venture Fund adds one co-investment partner

The Hong Kong Innovation and Technology Commission announced that it has selected a new venture capital fund (VC fund) to participate in the Innovation and Technology Venture Fund (ITVF) program which now makes it a total of 17 VC funds under the program. The ITVF is a $2 billion co-investment fund established by the Government to encourage „Venture Capital investment in local innovation and technology (I&T) start-ups“. Participating VC funds are responsible for identifying investment targets, conducting due diligence, and making investment proposals to the Government. Furthermore, they participate moneywise in the investments at a ratio of 2:1 with two parts on the side of the VC fund and 1 part on the side of the government. The selection criteria include a fund’s experience and track record as well as its investment strategy. The newly added VC fund is the BOC PRD II Equity Investment Fund managed by BOC Investment Private Equity Management (Beijing) Co.