A Hong Kong-based family office that manages capital for some of the city’s wealthiest families has backed the launch of a new artificial intelligence-focused venture fund targeting up to $100m, according to a report by Bloomberg.
3C AGI Partners, founded by former SenseTime Group managing director Esther Wong, secured $50m at a first close in November and aims to reach its target by March. The fund will invest in AI infrastructure, including hardware and data centres, while avoiding application-layer investments. Wong told Bloomberg these were crowded and overvalued.
The vehicle is backed by VMS Group, which manages more than $4bn. The new fund expands its mandate beyond the US to a broader “US Plus” strategy, maintaining exposure to North American and global startups while balancing the firm’s historic focus on mainland China.
Investments from 3C AGI’s earlier fund include AI chipmakers Cerebras Systems and Groq, as well as Starcloud, a space-based data centre company. The launch comes amid signs of renewed private equity activity across Asia, driven by growing investor interest in generative AI and hardware infrastructure.
