Private Equity Firms in Hong Kong
35 private equity firms are on this list. Of those that report private fund gross assets from a main office in Hong Kong, HongShan (HSG) is the largest: $57.8 billion through HongShan Capital Advisors Limited (filed ).
MBK Partners follows with $18.3 billion. The 35 firms counted report $131.8 billion together; the ten largest hold 86% of it, and half report less than $1.1 billion.
Updated . Rechecked quarterly; next check . Figures read , as filed to .
- $25BN and over44%1 firm
- $10BN to $25BN23%2 firms
- $5BN to $10BN4%1 firm
- $1BN to $5BN24%14 firms
- $500MM to $1BN3%6 firms
- Under $500MM2%11 firms
Latest Form ADV of each, filed Feb 2026 to Aug 2026. Read ; sources at the end of the page.
- Private equity firms listedList of October 2026; 27 are private equity firms and 8 are advisers with private equity funds
- 35
- Combined fund assets35 counted; as filed to Aug 2026
- $131.8BN
- Median firmHalf of the 35 report less
- $1.1BN
- Held by the ten largestOf the $131.8BN combined
- 86%
HongShan (HSG), MBK Partners and IDG Capital lead the Hong Kong private equity firms by fund assets
The ten largest by private fund gross assets on their latest Form ADV. Together they report $114.0BN, 86% of the $131.8BN the 35 counted report.
- 1
HongShan (HSG)
Private equity firm, Hong Kong
- 2
MBK Partners
Private equity firm, Hong Kong
- 3
IDG Capital
Adviser with private equity funds, Hong Kong
- 4
Janchor Partners
Adviser with private equity funds, Hong Kong
- 5
Centurium Capital
Private equity firm, Hong Kong
- 6
Hony Capital
Private equity firm, Hong Kong
- 7
Gaw Capital
Private equity firm, Hong Kong
- 8
Yunfeng Capital
Private equity firm, Hong Kong
- 9
Capital Today
Private equity firm, Hong Kong
- 10
Trustar Capital
Private equity firm, Hong Kong
Gross assets of the private funds each adviser reported in its latest Form ADV. Each pin opens the filing behind the figure; the ranking rule and sources are at the end of the page. Read .
One firm holds 44% of the fund assets
How the 35 firms counted spread by size: most are small, the dollars sit at the top.
One dot per firm counted. Read .
Fund assets each reported in its latest filing; shares are of the $131.8BN combined, one row per firm. Read .
44%
of the fund assets reported sits with one firm, HongShan (HSG). The five largest hold 74%; 17 of 35 report under $1 billion.
- Private equity firms27
- Advisers with private equity funds8
Kind of each, from its own website and filings, checked October 2026.
- Hong Kong33
- Kowloon2
Main office on each firm's Form ADV.
Leaders beyond the ranking
Figures the main ranking does not compare: the largest holdings of US listed stocks, most private funds.
| Rank | Name | Figure |
|---|---|---|
| 1 | Keywise Capital Management | $734MMQ2 2026 |
| 2 | PineBridge Investments Asia | $292MMQ2 2026 |
| 3 | All-Stars Investment | $199MMQ2 2026 |
| 4 | Q Fund Management | $110MMQ2 2026 |
4 firms counted here report listed stocks for a 2026 quarter.
| Rank | Name | Figure |
|---|---|---|
| 1 | HongShan (HSG) | 65Mar 2026 |
| 2 | Gaw Capital | 20Mar 2026 |
| 3 | IDG Capital | 20Mar 2026 |
| 4 | TR Capital | 14Mar 2026 |
| 5 | CLSA Capital Partners | 11Mar 2026 |
| 6 | CDH Mid Market Management Company | 10Mar 2026 |
| 7 | Keywise Capital Management | 9Mar 2026 |
| 8 | PineBridge Investments Asia | 8Jun 2026 |
The list is public. The warm path is not. Schedule a conversation
All 35 private equity firms
A to Z, with each firm's private fund gross assets, private funds, listed stocks and fund offerings, each with a pin to its filing; firms with no figure show the interests they state on their own sites.
Showing all 35 firms
The first 30 are shown here; find, a kind or a size shows every match.
No row matches. Clear the find field or choose All.
Fund assets are the gross assets of the private funds in the adviser's latest Form ADV (solid bar; grey when the firm is not in the totals). Listed stocks are the US listed securities a firm reports each quarter; fund offerings count the private offering notices of funds named for the firm in two years. Each pin opens the filing behind the figure. The square beside a name opens every figure with its filing and notes.
One firm holds 44% of the money
Six findings from the filings of the 35 firms counted.
- 44%
of the $131.8 billion the 35 firms counted report is one firm's: HongShan (HSG). Without it, the other 34 report $74.1 billion.
Fund assets, latest Form ADV of each; sums of filed figures
- $1.1BN
is the median: half of the 35 report less, and 17 report under $1 billion.
Fund assets, latest Form ADV of each
- 263
private funds are advised by the firms counted; HongShan (HSG) advises the most, 65.
Private funds on each Form ADV (Schedule D); sums of filed figures
- $1.3BN
of US listed stocks reported by 4 firms counted for a 2026 quarter; the largest, Keywise Capital Management, reported $734 million.
Quarterly listed stock reports (Form 13F), 2026
- 4
private offering notices in two years were filed by funds and vehicles named for 1 firm; Janchor Partners leads with 4.
Private offering notices, to
- 33
of the 35 have their main office in Hong Kong; the next place is Kowloon, with 2.
Main office on each Form ADV
Questions
How many private equity firms are there in Hong Kong?
This list holds 35 private equity firms in Hong Kong; 35 of them report private fund gross assets on Form ADV, $131.8 billion together.
What are the largest private equity firms in Hong Kong?
By the private fund gross assets they report: HongShan (HSG) $57.8 billion, MBK Partners $18.3 billion, IDG Capital $11.9 billion, Janchor Partners $5.2 billion, Centurium Capital $4.2 billion.
How much do private equity firms in Hong Kong typically manage?
Of the 35 that report, the median reports $1.1 billion in private fund gross assets; 17 report under $1 billion.
How do you start a relationship with private equity firms in Hong Kong?
Each firm on this page links to its own website, and each figure carries a pin that opens the public filing it comes from. For fund managers and companies raising capital, Praxis Rock runs capital formation programs; see Raise Capital.
Sources and method
- Who is listed
- 35 private equity firms, 27 are private equity firms and 8 are advisers with private equity funds, as researched for this list; no row leaves the list. Private equity firms with their main office in Hong Kong that file Form ADV with the SEC and report at least one private equity fund, placed by the main office on their own filing. Only SEC filers are listed: a firm registered only with the Securities and Futures Commission is not on this list.
- Ranking rule
- The top 10, every total, share and median, the charts and the answers to the questions use one set: the 35 advisers that report private fund gross assets in their latest SEC Form ADV, with a main office in Hong Kong, that the filing itself ties to the row (the CRD the list cites, or the row's own website in Item 1.I), one figure per adviser. A name match with no such tie is shown in the row's detail only, never ranked or counted.
- Our arithmetic
- The $131.8BN, the median, shares, charts and boards are sums and medians of filed numbers over that one set; 0 firms with a figure outside it stay listed with the figure and the reason.
- Pins
- Each figure's pin opens the filing it comes from: the adviser's Form ADV as filed, or the SEC filing index of its 13F report or of the latest private offering notice (Form D). The pin's label names the source and its date.
- What we searched
- On we searched every firm by its website against the websites advisers list on Form ADV, by the CRD the list cites, by name for Form ADV, and by every CIK found for 13F reports, and searched private offering notices for funds named for it. Of the 35, 35 report on a current Form ADV, 4 file 13F reports (4 for a 2026 quarter with a value), 1 have funds named for them in private offering notices, and 0 more show a possible match by name only in their detail, not counted.
- Words
- Kinds and interests are each firm's own, from its website. No person names are shown.
| Figure | Source | Period, read |
|---|---|---|
| Assets, private funds, client types, main office, employees | SEC Form ADV adviser data, October 2026 report, and each adviser's Form ADV as filed, 35 advisers | Filings to 2026-10-01; read 2026-10-31 |
| Listed stocks | SEC EDGAR Form 13F, 4 filers | Latest quarter; read 2026-10-31 |
| Private offering notices of funds named for a firm | SEC EDGAR full text search, Form D and D/A | 2024-10-31 to 2026-10-31 |
| Kind, interests and website | Each firm's own website, as researched for this list | Checked 2026-10-31 |
| Logos | Each firm's own website; a monogram where none checks | Read 2026-10-31 |
Cite as: Praxis Rock Advisors, "Private Equity Firms in Hong Kong," updated October 31, 2026, praxisrock.com/resources/investors/pe-firms-hong-kong