The University of Hong Kong (HKU) has reached a first close for its FutureTech Stars-HKU Venture Limited Partnership Fund, which has a target size of HK$300 million.
The fund has been established in partnership with CAS Star Technology Venture Capital. CAS Star is a venture capital firm backed by the Chinese Academy of Sciences.
Investors in the new vehicle include HKU’s own Entrepreneurship Engine Fund, Bank of China Group Investment, and communications equipment manufacturer Yangtze Optical Fibre and Cable Joint Stock.
The fund will tap into CAS Star’s tech transfer expertise to accelerate the commercialisation of technologies emerging out of Hong Kong. The region already counts more than 5,200 startups, including 20 unicorns.
Alongside the fund launch, the University of Hong Kong also unveiled the HKU Venture Mentoring Service, which will work to connect faculty, students, and alumni with industry leaders to help them turn their ideas into successful companies.
The Venture Mentoring Service uses a model designed by the Massachusetts Institute of Technology, which has formally recognised HKU’s offering.
HKU’s ecosystem already includes the aforementioned Entrepreneurship Engine Fund, which backs early-stage venture funds globally, and the Co-Branded Joint Fund, which primarily backs startups affiliated with the university.
Hong Kong’s institutions are no strangers to operating multiple spinout investment funds. For example, the Hong Kong University of Science and Technology recently launched another venture fund together with venture capital firm Gobi Partners.
