The Securities and Futures Commission of Hong Kong has issued a revised Guidance on Licensed Funds Investing in Private Market Assets, setting out a clearer regulatory framework for authorized funds with exposure to the private market. The updated guidance covers fund valuation, liquidity management, disclosure, and the handling of conflicts of interest. According to the SFC, the changes respond to the growing presence of private market assets in fund portfolios and are intended to make sure fund managers have the right capabilities and procedures in place to manage the risks involved. The revised rules will take effect on Dec. 1, 2026, and will apply to both new applications and existing authorized funds.
Hong Kong’s Securities and Futures Commission has released a revised Guidance on Licensed Funds Investing in Private Market Assets, laying out a clearer regulatory framework for authorized funds that invest in private market assets.
The updated guidance addresses fund valuation, liquidity management, disclosure, and conflicts of interest. The regulator said the revisions are aimed at improving market transparency and investor protection.
The SFC said the move is intended to respond to the rising share of private market assets in fund portfolios and to ensure that fund managers have appropriate capabilities and procedures to manage related risks.
The revised guidance will take effect on Dec. 1, 2026, and will apply to all new applications as well as existing authorized funds.
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