HKIC reports double-digit investment return as ‘patient capital’ strategy bears fruit

The Hong Kong Investment Corporation (HKIC) recorded a major jump in investment income during its second year of operation, as it expanded its role as the city’s “patient capital” engine driving local economic development.The wholly state-owned investment firm generated about HK$6.46 billion (US$824 million) in investment income in 2025, a stunning 175 per cent year-on-year increase, according to its latest financial report released on Thursday.The fund achieved a net internal rate of return of 14 per cent, an impressive return that indicates the vehicle has already defied the typical early-stage “J-curve” downturn typically seen in new venture capital funds, as HKIC’s CEO confirmed during a meeting of the Legislative Council’s Financial Affairs Panel last month.