Sovereign wealth fund of Hong Kong
The Exchange Fund of Hong Kong is the primary investment arm and de facto sovereign wealth fund of the Hong Kong Monetary Authority. First established in 1935 in order to provide backing to the issuance of Hong Kong dollar banknotes, over the years the role of the Fund has continually expanded to now include management of fiscal reserves, foreign currency reserves, real estate investments, and private equity.
Portfolio of Funds.
The Exchange Fund, which oversees over HKD 4 trillion of assets as of 31 December 2019, consists of a number of different portfolios. The Exchange Fund runs three main portfolios with the Government's fiscal reserves, investing in a number of different assets (for varying risk and return levels), while separate funds set up (with funding coming from other sources) may also choose to invest in these core portfolios. In other words, portfolios indicate assets being held by the Exchange Fund, while funds indicate other funding sources.
Future Fund.
The Land Fund was established in 1986 to specifically manage the Government's revenue obtained from land sales during the period commencing from the entry into force of the Joint Declaration (27 May 1985) until the Handover of Hong Kong (1 July 1997). It was managed as a part of the Investment Portfolio since 1 July 1997 until 1 January 2016, when the Future Fund was established. The funds were then transferred to the Future Fund, and the Land Fund ceased to exist.