Innovation and Technology Venture Fund enhanced scheme invites applications as fund managers
The Innovation and Technology Commission today (December 19) launchedthe Innovation and Technology Venture Fund (ITVF) enhanced scheme and invites applications as fund managers for the scheme. The deadline for application will be March 19, 2025.
"Under the ITVF enhanced scheme, the Government will redeploy at most $1.5billion to set up funds jointly with the market, on a matching basis, to invest in start‑ups of strategic industries. We believe that through the integration of capital raised from the market, it will empower start-ups with more financing support, and help enrich the local innovation and technology (I&T) ecosystem," a spokesman for the Commission said.
The ITVF enhanced scheme will select professional fund managers to invest in start-ups of strategic industries, namely (a) artificial intelligence and data science, (b) life and health technology, and (c) advanced manufacturing and new energy. The Government, as one of the Limited Partners of the funds, will commit one dollar into the funds for every three dollars of investment raised by the fund managers on a matching basis, with the Government's contribution ranging from $150 million to $250 million for each fund. Each of the selected fund managers shall act as a General Partner and are responsible for setting up limited partnership funds in Hong Kong, with a minimum fund size of $600 million (including the Government's contribution), raising non-Government capital of not less than $450 million for the fund, managing the day-to-day operations of the fund, investing in target start-ups in accordance with the investment mandate, providing support to the investee start-ups and producing regular reports. The Commission will base on the assessment criteria including the fund manager applicant's background, management team's resources, investment strategy and processes, investment performance, its industry network and support in and beyond Hong Kong as well as fees, together with the advice of the ITVF Advisory Committee, to select fund managers.
Details of the application are available on the ITVF website (www.itf.gov.hk/l-eng/ITVF.asp). For enquiries, please contact the ITVF Secretariat (Tel: 3855 7723; email: itvf-enquiry@itc.gov.hk).
To date, the ITVF has invested over $330 million in 40 local I&T start-ups and attracted over $3.1 billion of private investment at an investment ratio of approximately 1:9. The business areas of these start-ups include supply chain management, e-commerce, financial technology, biotechnology and artificial intelligence.
Partnership Fund for the Disadvantaged and its Dedicated Portion for implementing After-school Learning and Support Programmes open for new round of applications
The Partnership Fund for the Disadvantaged (PFD), managed by the Social Welfare Department (SWD), is inviting the 18th round of Regular Portion applications and the 11th round of Dedicated Portion applications for implementing After-school Learning and Support Programmes starting from today (December 19). Welfare non-governmental organisations (NGOs) and eligible primary and secondary schools can submit proposals from today to October 31, 2025. The PFD Secretariat will process and grant approval to the applications in two periods in accordance with the chronological order that the applications are received.
The Government set up the PFD in 2005 to promote a tripartite partnership among the welfare sector, business corporations and the Government for helping the disadvantaged. The Government provides matching grants with regard to the donations made by business partners to support welfare NGOs in running social welfare projects. Up till now, the Government has injected a total of $1.2 billion into the PFD, including around $800 million for the Regular Portion to help the disadvantaged and around $400 million for the Dedicated Portion. Since its launch in 2015, the Dedicated Portion has been actively promoting the "Government-Welfare Sector-Business-School" collaboration to implement more after-school learning and support programmes for primary and secondary students from grassroots families to enable their whole-person development.
A spokesman for the SWD said that in the earlier 17 rounds of Regular Portion applications of the PFD, matching grants totalling over $600 million were approved for 233 welfare NGOs to implement a total of 1 209 welfare projects sponsored by over 1 900 business organisations, benefiting around 1 025 000 disadvantaged persons. The first 10 rounds of Dedicated Portion applications attracted a favourable response. Over $346 million in matching grants have been approved for 568 after-school learning and support projects. Over 490 business organisations have participated in the projects, benefiting around 138000 primary and secondary students.
For the new round of applications, the ceiling of grants for each Regular Portion project is $3million, and that for each Dedicated Portion project is $4.5 million. Applications for the Regular Portion and the Dedicated Portion are open today. Details are as follows –
18th Round Regular Portion applications |
11th Round Dedicated Portion applications |
Eligible applicants |
Bona-fide charitable welfare NGOs having tax-exempt status under section 88 of the Inland Revenue Ordinance (Cap. 112) |
Bona-fide charitable welfare NGOs having tax-exempt status under section 88 of the Inland Revenue Ordinance (Cap. 112)
Public sector primary and secondary schools including government schools, aided schools and caput schools, and schools under the Direct Subsidy Scheme
Contents of the projects |
Social welfare projects for the disadvantaged |
After-school learning and support programmes for primary and secondary students from grassroots families |
Application guides and forms |
SWD homepage:
www.swd.gov.hk/en/svcdesk/funds/
partnership/ |
SWD homepage:
www.swd.gov.hk/en/svcdesk/funds/
dedicatedportion/ |
Application periods (Note) |
Period 1: December 19, 2024, to May 30, 2025
Period 2: December 19, 2024, to October 31, 2025 |
Period 1: December 19, 2024, to April 30, 2025
Period 2: December 19, 2024, to October 31, 2025 |
Note: Applicants can submit proposals at any time from today till the end of the first and the second application periods. The PFD Secretariat will process and grant approval to the applications in accordance with the chronological order that the applications are received.
Details of the Regular Portion and the Dedicated Portion of the PFD are available on the SWD homepage: www.swd.gov.hk. For enquiries about the applications, please contact the Secretariat of the PFD during office hours on 3468 2710 or 3468 2718, or by email to pfdenq@swd.gov.hk.
