Innovation and Technology Venture Fund adds two co-investment partners

On October 20, 2023, the Hong Kong Innovation and Technology Commission (ITC) announced that it has selected two new venture capital funds (VC funds) to participate in the Innovation and Technology Venture Fund (ITVF) program which now makes it a total of 19 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 funds are
– the Qiming Venture Partners VIII, L.P. managed by Qiming GP VIII, LLC and
– the Qiming Venture Partners VIIIHC, L.P. managed by Qiming GP VIII-HC, LLC.