In Hong Kong, a New $28 Billion SWF Targets Alternative Investments

January 18, 2016 by Loch Adamson

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Kowloon Clock Tower, Hong Kong. Photograph: J. Aaron Farr. Hong Kong launched the Future Fund, a $28 billion savings vehicle, on January 1. Designed to support the Chinese territory’s economy as welfare costs soar, the new fund is seeking aggressive returns in private markets. With its high-tech skyscrapers, blinking neon signs and state-of-the-art infrastructure, Hong Kong has long resembled a city of the future. But time is catching up on its seven million inhabitants. The number of Hong Kong citizens aged 65 or older is expected to almost double over the next 15 years to 30 percent of the population. That demographic shift could have damaging economic consequences. According to government projections, spending on healthcare alone could rise from 2.6 percent of the overall budget in 2015 to 7.4 percent in 2041 — in cash terms, that’s an increase of HK$466 billion ($60 billion). After two years spent…

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