Top 10 Family Offices in Hong Kong (2026 Guide)

Hong Kong now has more single family offices than Singapore. Over 2,700 versus roughly 2,000, and the gap is widening.

Government data from mid-2025 showed 19% growth in the first five months alone. By year-end, Hong Kong likely crossed 3,000. The driver: Mainland Chinese wealth seeking offshore access without Singapore's S$20-50m minimum AUM requirements.

For fund managers, that creates a question: where should you focus? This guide breaks down Hong Kong's top family office platforms, what they actually invest in, and how to access them. We also cover the practical differences between HK and Singapore that determine which hub fits your strategy.

Dakota Marketplace tracks 89 family offices and 115 verified contacts across Hong Kong. What follows is the intel behind those numbers.

Hong Kong vs. Singapore Decision

Fund managers often ask which hub to prioritise. The answer depends on what you're raising and who you're targeting.

Hong Kong family offices tend to be more opportunistic and transaction-driven, particularly in real estate, structured credit, and special situations. They have higher tolerance for complex or idiosyncratic deals where they feel they have edge. Singapore family offices are more process and governance-driven, with stronger bias toward globally diversified portfolios and institutional-grade reporting requirements.

For Greater China strategies, Hong Kong is the natural base. For global or Southeast Asia-focused funds, Singapore may offer easier access to a broader LP set. Many large families now run dual structures across both hubs.

The Hong Kong vs. Singapore Decision

Ticket sizes vary by family wealth and relationship stage:

The hybrid model dominates: core exposure via commingled funds, with strong appetite for co-investment rights to deploy larger cheques with lower fee drag. Direct deals are concentrated where the family has sector edge, typically real estate, consumer, logistics, or healthcare, with tickets often US$20m or above.

Private bank relationships remain the primary access channel. Hong Kong manages over HK$35 trillion in asset and wealth management, and banks serve as both gatekeepers and validators. If you're not on key private bank platform lists, scaling across multiple families is difficult. Bank introductions provide warm validation in a trust-driven culture where families use bank due diligence as a filter.

Common mistakes fund managers make:

• Treating them like institutional LPs. Sending standard RFP decks and expecting IC-style processes misses the mark. Hong Kong families are personality and trust-driven.
• Over-indexing on Zoom and emails. Relationships are built in person. Lunches, dinners, office visits, repeat trips. Remote-only outreach rarely closes.
• Ignoring China risk. Pitching Greater China or Asia strategies without a clear, nuanced view on PRC policy, capital controls, and FX raises immediate red flags.
• No local partner or references. Arriving without bank, EAM, advisor, or family office references makes social diligence difficult.
• Pushing rigid fund terms. Hong Kong families increasingly expect fee discussions, co-invest rights, and transparency. Take-it-or-leave-it terms are a turn-off.

Top 10 Family Offices and Wealth Platforms in Hong Kong

1. VMS Group

Type: Multi-Family Office / Asset Manager
Headquarters: Central, Hong Kong
AUM: ~US$4.3 billion (2024)

Formed in 2006 with backing from the Cheng family (Chow Tai Fook Enterprises), VMS has evolved from a family office serving Hong Kong's wealthiest families into an institutional-scale platform. It now serves over 25 family groups with several wealthy families as anchor LPs.

Investment focus has historically concentrated on Greater China private equity, growth capital, pre-IPO, and structured investments. The platform is currently expanding into public markets with a hedge fund arm spanning macro, credit, event-driven, and quantitative strategies. They have invested in approximately 150 companies since inception.

VMS offers LPs both fund exposure and direct deal streams, making them accessible through standard institutional channels. They increasingly target institutional LPs from Europe and the Middle East alongside family office capital.

2. Nan Fung Trinity

Type: Single Family Office
Headquarters: 24/F, Nan Fung Tower, 88 Connaught Road Central, Hong Kong
AUM: Undisclosed (40-person investment team)

The investment and family office arm of Nan Fung Group, a Hong Kong conglomerate founded in 1954 as a textile business. Family wealth derives primarily from Hong Kong and Mainland real estate, now diversified globally.

Investment approach spans public securities, structured products, private direct investments, and private fund-of-funds across Asia, the US, and Europe. Sector interests extend beyond real estate into life sciences and financials.

Known for direct real asset investments including The Mills lifestyle complex. In mid-2025, announced plans to open a New York office to expand US investment opportunities, signaling increased activity outside Asia.

3. DL Family Office

Type: Multi-Family Office
Headquarters: 22/F, 92 Wellington Street, Central, Hong Kong
AUM: ~US$2.3 billion (2023)

Established 2010-2012 and positioned as Hong Kong's first financial institution providing comprehensive multi-family office services. Operates under DL Holdings Group (1709.HK), which acquired the remaining 55% stake in 2023 at a valuation of up to HK$500 million.

Full MFO suite including cash management, global asset allocation, family trusts, venture capital, and fixed-asset investment. Clients are UHNW families from Greater China including Hong Kong, Mainland, and overseas Chinese communities.

Regulated platform with SFC Type 4 and Type 9 licences. Formal institutional channel with documented processes.

4. Raffles Family Office

Type: Multi-Family Office
Headquarters: 23/F, The Center, 99 Queen's Road Central, Hong Kong
AUM: Multi-billion USD (exact figure undisclosed)

One of Asia's largest independent multi-family offices, operating across Hong Kong, Singapore, Shanghai, Beijing, and Taipei. Serves UHNW families throughout Greater China and the broader region.

Full suite across public markets, alternatives, private equity, credit, real estate, and bespoke solutions via an independent open-architecture platform. Strong Greater China and pan-Asia orientation with thematic and discretionary mandates. Also co-structures club deals and bespoke alternatives for client families.

Publishes regular CIO commentary and investment outlooks, indicating institutional-grade research function.

5. The Mari-Cha Group

Type: Single Family Office
Headquarters: 57/F, Cheung Kong Center, 2 Queen's Road Central, Hong Kong
AUM: Undisclosed

The family office of the Miller family, whose wealth originated from co-founding DFS (Duty Free Shoppers) Group. Established in the early 1970s as Search Investment Group before rebranding. One of Hong Kong's longest-established family offices.

Investment focus spans alternative strategy investments, private equity funds, special situations, and direct investments globally. Historically operated SAIL Advisors, one of Asia's largest hedge fund-of-funds platforms with reported AUM around US$2 billion, which wound down in 2025 after 20 years. Positions reportedly transferred to Blackstone.

The wind-down signals strategic repositioning, though the family office continues to operate. The transition may create opportunities for managers to establish new relationships.

6. Blackhorn Wealth Management

Type: Multi-Family Office / External Asset Manager
Headquarters: Hong Kong (Central)
AUM: ~US$1 billion (2025)

Founded in 2021, Blackhorn operates as both multi-family office and external asset manager serving UHNW families. Launched Blackhorn Family Office as a dedicated division in 2022 focusing on legacy planning, trusts, cross-border tax, and estate planning.

Discretionary portfolio management and global asset allocation across listed and private assets. Client base includes approximately 200 affluent families as of 2025. Holds SFC Type 4 and Type 9 licences.

Rapid growth from launch to US$1 billion AUM in four years indicates strong traction with Hong Kong and regional families seeking independent wealth management outside traditional private banks.

7. Youxfort Family Office

Type: Multi-Family Office
Headquarters: 710 East Ocean Centre, 98 Granville Road, Tsim Sha Tsui East, Hong Kong
AUM: Undisclosed

Multi-family office service brand under Youxfort Holdings Group, targeting Chinese-speaking families with wealth succession and governance services.

Focus is heavily on wealth succession, family governance systems, and solutions addressing financial, human, cultural, and social capital. More planning and structuring-led than product-manufacturing, operating client-by-client across external products and structures.

Serves families requiring comprehensive succession planning alongside investment management.

8. Chow Tai Fook Enterprises (Cheng Family)

Type: Conglomerate Investment Arm
Headquarters: Hong Kong
AUM: Tens of billions USD (group assets; no separate FO AUM disclosed)

The Cheng family's flagship private investment arm spanning real estate, energy, hotels, consumer, and financial services. Functionally operates as the family's SFO but structured as an operating holding company rather than a regulated family office.

Chow Tai Fook Enterprises serves as anchor LP and sponsor for platforms including VMS Group. Investment activity occurs through the corporate structure and related vehicles rather than a separately branded family office.

For fund managers, access typically comes through corporate development or investment functions, or via platforms like VMS where the family has anchor positions.

9. Hysan Development (Lee Hysan Estate)

Type: Conglomerate with Embedded Family Office
Headquarters: Lee Gardens, Causeway Bay, Hong Kong
AUM: Listed property portfolio (no separate FO AUM disclosed)

The Lee family's wealth, built from land in Causeway Bay developed into a substantial commercial property empire since the 1920s, flows through Hysan Development Company Limited (listed) and Lee Hysan Estate family holding entities.

Core focus remains Hong Kong commercial and residential real estate in the Causeway Bay and Lee Gardens area, plus selected development projects. Any family-office-style global portfolio management is not publicly documented.

Recent activity includes internal family asset movements, with 2025 transactions involving flats sold to family-related buyers for approximately US$17 million.

10. Sun Hung Kai Properties (Kwok Family)

Type: Conglomerate with Embedded Family Office
Headquarters: Sun Hung Kai Centre, Wan Chai, Hong Kong
AUM: Listed group assets in tens of billions USD (no separate FO AUM disclosed)

The Kwok family controls Sun Hung Kai Properties, one of Hong Kong's largest developers. Family capital deploys both through SHKP and via private Kwok family investment vehicles, though there is no separately branded family office.

Focus remains Hong Kong and Mainland property development, offices, retail, residential, and infrastructure-adjacent projects. Recent family-linked transactions include selling a 30% stake in West Kowloon office space to Ping An Life for HK$11.27 billion (2020) and subsequently investing HK$9.4 billion for a 25% stake in office towers in the same project (2022).

Access for fund managers comes through corporate channels or relationship introductions rather than a dedicated family office function.

Accessing Hong Kong Family Office Capital

Timeline: Budget 12-18 months from first meeting to commitment for new relationships. Where relationships exist through private banks or trusted GPs, follow-on commitments can close in 3-6 months.

In-person presence: Plan at least 2-3 trips during a fundraising cycle. Hong Kong families rarely commit on the back of a single roadshow.

Private bank channel: If you're not on key private bank platform lists (UBS, J.P. Morgan, Citi, Julius Baer), your ability to scale across multiple families is limited. Consider working with a Hong Kong-licensed placement agent or MFO/EAM partner for introductions.

Co-investment structure: Lead with a fund plus structured co-invest programme. Pure blind-pool allocations with no co-invest or transparency are increasingly difficult to close.

Regulatory: Marketing collective investment schemes in Hong Kong requires SFC licences (Type 1/4/9) unless relying on Professional Investor exemptions. Most family offices qualify as Professional Investors. Work with local counsel to structure marketing activities.

Key events: Wealth for Good in Hong Kong Summit (government flagship), InvestHK FamilyOfficeHK roadshows, Campden Wealth Asia-Pacific events, and private bank closed-door forums are the primary networking channels.

What This Means for Fund Managers

Hong Kong's family office ecosystem is growing faster than Singapore's, driven by Mainland wealth seeking offshore access. The FIHV tax regime removes minimum AUM barriers, and the 19% growth rate through mid-2025 shows momentum continuing into 2026.

The practical challenge is that Hong Kong family wealth is more fragmented across conglomerate structures and relationship-driven SFOs than Singapore's more institutionalised ecosystem. Fund managers need multi-channel strategies: private bank platforms for scale, direct relationships for large SFOs, and corporate development approaches for conglomerate families.

Dakota Marketplace tracks 89 family offices and 115 verified contacts across Hong Kong. Filter by investment preferences, AUM, and metro area to build targeted prospect lists.

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