Family Offices in Hong Kong

Founded in 2018, Aspex runs a fundamental research-driven book across pan-Asian public and private equity. The firm has carved out a niche bridging hedge fund-style public market strategies with private co-investment and direct deal capabilities, an increasingly common hybrid model in Hong Kong but one Aspex has executed particularly well. Aspex raised its Delivery Hero stake to 15% on May 10, 2026, piling pressure on the CEO; separately, Prosus sold a 5% interest in Delivery Hero to Aspex Management on May 11, 2026. Bloomberg reported in January 2026 that the fund gained 26% during a banner year for Asia-focused hedge fund managers.

Mary Chiu and Yugi Lee left UBS directorships in 2021 and scaled Blackhorn to $1B AUM and roughly 200 family clients in under three years, unusual velocity for an independent MFO. SFC-licensed. In 2022 they carved out the Blackhorn Family Office as a dedicated advisory arm alongside the core wealth management platform. Former Julius Baer executive Andy Yuen joined as COO in January 2026.

Joseph Tsai and other early Alibaba executives parked their liquidity event proceeds here. Blue Pool now runs $50B+ across capital markets, PE, VC, and sports, SFC Type 9 licensed. The Riverside Fund, Blue Pool's debut PE vehicle, raised over $1B in March 2026 targeting mid-sized enterprises ($100M-$1B valuations) in premium retail, fintech, digital banking, and AI/SaaS. One of Asia's largest single-source family pools.

Hilton Tam's family made their money in consumer electronics manufacturing, hard drives, flash memory, medical devices, smartphones, drones. That supply chain expertise now backs a stage-agnostic venture portfolio: 23andMe, ATAI Life Sciences, Core Photonics (acquired by Samsung), FlixBus, and Knightscope among the names. The thesis: find exceptional founders and give them room to run.

Philip L. Carret, whom Buffett called the holder of "the best long-term investment record of anyone in America", founded Carret Asset Management in New York in 1963. Carret Private launched in 2016 to bring that value investing heritage to UHNW families across Hong Kong and Asia, covering wealth management, principal investing (direct mid-market PE since 2007), and corporate advisory through separately managed accounts with independent custody. Wealth platform Endowus acquired a majority stake in the firm in October 2022.

Hong Kong-based SFO investing across real estate, VC, and philanthropy with a multi-generational time horizon. Centurion keeps a low profile, limited public disclosure on portfolio specifics or allocation strategy.

The Cheng family's flagship holding company, dating to 1929 and one of Hong Kong's most storied conglomerates. Henry Cheng ($28B+ net worth) runs the show across 24+ countries. CTFE anchors LP positions in platforms like VMS Group and holds a diversified book: marquee real estate and hospitality, PE in tech-oriented growth companies, and a deep liquid portfolio of equities and bonds.

One of Hong Kong's earliest MFOs, founded in 2012 and SFC-licensed for both securities advisory (Type 4) and asset management (Type 9). Chairman Donny Lam spent 30+ years at J.P. Morgan before building DL into a platform serving 600+ UHNW families across Hong Kong, mainland China, Singapore, North America, and Japan. Listed parent DL Holdings Group (HKEX: 1709) targets $10B+ in AUM within five years.

A digital-first MFO built for next-generation Chinese entrepreneurs and their families. Founded in 2017 by Jefferson Sun, Fargo operates outside traditional banking systems, managing cross-border and multi-bank accounts with integrated wealth management, asset management, fintech, and incubation. The firm opened Fargo Space in Tsim Sha Tsui, Asia's first MFO collaboration workspace, overlooking Victoria Harbour. Euromoney named it Hong Kong's Best Chinese Multi-Family Office in 2024.

Founded in 2005 by brothers Goodwin and Kenneth Gaw, Gaw Capital manages roughly $8B in property investments including the family's own capital (~$1.5B). The firm invests across the full spectrum of real estate strategies from opportunistic to core-plus, with holdings spanning office, retail, hospitality, logistics, and data centers across Asia-Pacific, and also manages separate account mandates for select institutional investors and family offices seeking Asia real estate exposure. In October 2025, Gaw announced plans to wind down its US and Europe institutional businesses. In March 2026, the firm launched a new growth equity fund and regional GCC offices to expand its Gulf presence.

Li Ka-shing's venture arm, deploying from a $35B+ personal fortune since 1999. Over 330 investments in disruptive technology globally. The hit rate speaks for itself: Carmot Therapeutics (Roche acquired for $2.7B), Spotify, Zoom, DeepMind, Impossible Foods. Current portfolio leans hard into biotech, synthetic biology, sustainable packaging, alternative proteins, and computational biology. Recently opened a Singapore office to widen Asian deal flow.

The Lee family's multi-generational enterprise traces to 1923 when Lee Hysan acquired land in what is now Causeway Bay. Listed on HKEX, the company manages a premier office, retail, and residential portfolio of roughly 4.5M sq ft with a market cap above HK$20B. The Lee Hysan Family Office and Lee Hysan Foundation extend the family's activities into broader investment management and philanthropy focused on education and healthcare.

Cai Kui co-founded Longfor Group, one of China's largest property developers, and parked the proceeds into Junson Capital in 2013. Forbes top 250 globally with a $7.8B+ net worth. The SFO deploys across Asia, Europe, and North America through public and private markets. The Junson Foundation focuses on art and education including the Asia Artist in Residence program. Offices in Hong Kong, Singapore, New York, Frankfurt, and Palo Alto.

The private investment and governance arm of the Lee family, separate from the publicly listed Hysan Development. The family's wealth traces to early 20th-century Causeway Bay land acquisitions and has since diversified into financial investments and impact initiatives. The Lee Hysan Foundation handles philanthropy focused on education and healthcare.

The investment arm of Nan Fung Group, which started as a Hong Kong textile manufacturer in 1954 and evolved into an international conglomerate spanning property, life sciences, shipping, and financial investments. NF Trinity runs a 40-person team (20+ investment specialists) deploying across Asia, the US, and Europe for both the family and third-party institutional investors. Opened a New York office in May 2025 to push deeper into US markets.

Richard Li sold STAR TV to Rupert Murdoch for $950M in 1993 and built PCG from the proceeds. The portfolio now spans financial services, TMT, insurance, and property. Key positions: PineBridge Investments (sold to MetLife for up to $1.2B in 2024 after managing $93.5B AUM), PCCW (Hong Kong's leading telecoms group), and FWD Group, the pan-Asian insurer that listed on HKEX in 2025 with Richard Li retaining a 66% stake worth roughly $4.1B. Portfolio company bolttech closed a Series C round in June 2025 with new strategic investors Sumitomo Corporation and Iberis Capital.

Chi Man Kwan left private banking (BNP Paribas, Standard Chartered) to launch Raffles in 2016. Dual-headquartered in Hong Kong and Singapore with offices in Bangkok, Beijing, Shanghai, and Taipei, the firm handles investment management and succession planning for UHNW families across Asia. A notable move: launching Revo Digital Family Office, positioned as Asia's first digital MFO for crypto and digital asset wealth management. In March 2026, Raffles partnered with GoUpscale and Synpulse to launch Quantive Partners, building integrated wealth operating infrastructure for EAMs and MFOs.

Annie Chen, daughter of Hang Lung Group's former chairman and cousin of current chairman Ronnie Chan, took her share of the family property fortune and built RS Group around a conviction: 100% of the portfolio should generate both economic and social returns. That total-portfolio impact approach is rare globally, almost unheard of in Asia. Founded in 2009, RS Group later created the Sustainable Finance Initiative to pull other Asian private investors toward impact allocation.

Robert W. Miller co-founded Duty Free Shoppers with Charles Feeney, built it into the world's leading travel retailer alongside LVMH, and has deployed capital through this vehicle since the early 1970s (originally Search Investment Group, renamed Mari-Cha). Focus: alternatives, PE, special situations, and direct deals globally. The firm previously ran SAIL Advisors, one of Asia's largest hedge FoF platforms (~$2B AUM), which wound down in 2025. The family's investment team was reportedly disbanded in March 2024.

Launched in 2006 with Chow Tai Fook's Cheng family as backing, VMS started as a family office and scaled into an institutional platform with 25+ family groups as anchor LPs. Roughly 150 portfolio companies to date, about 50 active. The sweet spot: growth-stage Greater China deals in healthcare, tech, and consumer. Founder Chong Tin Lung Benny built the franchise from a single-family mandate into a $4.3B multi-strategy operation.

One of the largest family offices in Asia and a founding member of FOAHK. Wisdom manages over $7B, holding SFC Type 1, 4, and 9 licenses in Hong Kong and a CMS license from MAS. The firm partners with over 30 private banks and 10+ investment banks, providing custom investment strategies and risk management for HNW clients through an in-house automated quoting system for financial planning and reporting.

SFC-licensed MFO blending Chinese and Western wealth management approaches. Youxfort covers the full stack: investment advisory, asset management, risk management, real estate, tax, offshore structuring, and succession planning. As an independent EAM with no proprietary products, the firm can shop across global private banks and fund platforms without conflicts.