Hong Kong to be global hub for ‘patient capital' by nurturing tech start-ups: Paul Chan
Hong Kong is in a prime position to be a global hub for 'patient capital', an investment strategy that takes a longer view and is driven by 'purpose and impact', as it continues to advocate for technology start-ups,
Financial Secretary Paul Chan Mo-po said on Thursday.
Patient capital plays a critical role in supporting innovation, though it carries higher risks because of extended time frames and uncertain outcomes, Chan said at the inaugural International Forum for Patient Capital hosted by
the Hong Kong Investment Corp (HKIC), the government's investment arm.
'In Hong Kong, we understand the importance of patient capital in our pursuit of a more diversified economic structure with leading-edge competitiveness,' he added.
The HKIC would act as 'a co-investor and a collaborator', working alongside partners to support sectors where it saw long-term potential and where Hong Kong had clear advantages, he said.
'There is no better place than Hong Kong to host this initiative,' Chan said, touting the city's free flow of capital, goods, talent, information and its independent legal system.
About 400 attendees representing 80 global long-term investors were at the forum, according to Clara Chan Ka-chai, CEO of the HKIC. They had total assets under management of more than US$20 trillion.
Attendees represented sovereign wealth funds, pension funds, university endowments, family offices and venture capital firms from Europe, the US, Australia, Japan, the Middle East and Southeast Asia.
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