Fangda represented CITIC Capital in the establishment, fundraising and closing of Victoria Harbour Nexus Innovation LPF (the “Fund”), a Hong Kong limited partnership fund established under the Hong Kong Government’s Innovation and Technology Venture Fund (“ITVF”) enhanced scheme. The Fund held its closing on 30 July 2026 and has a total fund size of HK$600 million, including HK$150 million commitment from ITVF. The transaction represents the first fund successfully launched under the ITVF enhanced scheme.
The Fund is backed by a consortium of leading institutional investors and strategic participants. Shanghai State-owned Capital Investment Co., Ltd. acts as the cornerstone investor, CITIC Capital serves as the lead manager, and BOCOM International and Taiping Asset Management (Hong Kong) act as co-managers. The Fund is further supported by Fortera Capital and BOC Investment as industry consultants.
Fangda acted as lead counsel and advised on all aspects of the Fund’s formation and closing, including fund structuring, establishment of the Fund as a limited partnership fund domiciled in Hong Kong, drafting and negotiation of fund documentation, regulatory and compliance matters, investor subscription arrangements, investor negotiations, signing and closing mechanics, and coordination among multiple institutional stakeholders.
The Fund focuses on investments in artificial intelligence and data science, life and health technology, and advanced manufacturing and new energy, with a particular emphasis on Hong Kong-related innovation and technology enterprises. The Fund’s initial investment pipeline includes nine technology projects originating from Hong Kong universities and innovation ecosystems.
The transaction represents a landmark example of Shanghai-Hong Kong innovation collaboration and the first successfully closed fund under the enhanced ITVF programme. The Fund is expected to facilitate the commercialization of Hong Kong research and innovation, attract cross-border capital, and promote technology transfer between Hong Kong and the Yangtze River Delta region.
The Fangda team was led by ZHANG Yue, Flora QIAN and Alice ZHU, together with other members of the firm’s funds practice.
